Shell Gas Transmission and Enterprise Products Partners, L.P. have formed Starfish Pipeline Company, LLC to acquire 100 percent of Stingray Pipeline Company, L.L.C., East Breaks Gathering Company, L.L.C. and West Cameron Dehydration Company, L.L.C. from Deepwater Holdings, L.L.C., an affiliate of El Paso Energy Partners. Shell Gas Transmission and Enterprise will each hold a 50 percent interest in Starfish, and Shell Gas Transmission will serve as operator and commercial manager of the assets.

Addition of the Stingray pipeline, with a capacity of 1.2 billion cubic per day (Bcf/d), will boost the pipeline capacity under Shell Gas Transmission's commercial management to about 7.1 Bcf/d, and strengthen its position as the leading gas transporter serving the growing deepwater Gulf of Mexico.

Stingray is a 325-mile, 36-inch diameter pipeline that transports natural gas and injected condensate from approximately 53 fields in the High Island, West Cameron, East Cameron, Vermilion and Garden Banks areas to onshore interstate and intrastate pipelines in West Cameron Parish, Louisiana. For the full press release, click here... http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/01-29-2001/0001414867&EDATE=

In a Form 8-K filed November 2, 2000, the Company had estimated that fourth quarter diluted earnings per share would be in a range from 18 to 22 cents; analysts who cover the Company's stock have published earnings estimates which currently average 21 cents for the quarter. The Company also announced that fourth quarter and calendar year 2000 earnings results would be released on February 15, with the fourth quarter conference call scheduled for 10:00 a.m. Central Standard Time on Friday, February 16.

Cal Dive International, Inc., headquartered in Houston, Texas, is an energy service company specializing in subsea construction. CDI operates a fleet of technically advanced marine construction vessels and conducts salvage operations in the Gulf of Mexico. Energy Resource Technology, Inc., a wholly owned subsidiary, acquires and operates mature and non-core offshore oil and gas properties. For more information, contact: Jim Nelson, Vice Chairman of Cal Dive International, Inc., 281-618-0400, or fax 281-618-0501/. For the full press release, click here... http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=cdis&script=410&layout=7&item_id=147444

LUKoil's shares fell a sharp 10 percent to $10.20 on Monday following news of the sell-off, but oil analysts said the company's long-term prospects remained stable and many reiterated their buy recommendations. BP was also quick to dismiss investor jitters. Peter Henshaw, head of external affairs for BP Russia, said BP's relationship with LUKoil remains "bigger and healthier than at any time in the past." "We do regard LUKoil as a strategic partner," Henshaw told a news conference. "The list of projects we operate together is a witness to the important relationship we have." Henshaw said BP decided to sell off the equity stake in LUKoil because his company is not a portfolio investor and the share packet is too small to carry any decision-making weight.

The stake will be disposed of by selling $150 million worth of common shares and $500 million in exchangeable bonds, BP said. The five-year bonds will have a yield of 3.25 percent to 3.75 percent and be exchangeable into American depositary receipts at a 17 percent to 22 percent premium during their lifetime. Funds from the sell-off will be used for projects in Russia and elsewhere. LUKoil greeted news of BP's sell-off calmly. "We don't see anything threatening in BP's decision," a LUKoil spokesman said by telephone. "We understand their wish to invest money into their projects, and most likely these will be projects in which LUKoil will be a partner."XX For the full press release, click here... "http://www.themoscowtimes.com/stories/2001/01/30/002.html

On August 21, 2000, Transocean Sedco Forex announced that it had signed a definitive agreement to merge with R&B Falcon in an all stock transaction in which common shareholders of R&B Falcon will receive a fixed ratio of 0.5 shares of newly issued Transocean Sedco Forex ordinary shares for each R&B Falcon share.

Also, today, the company announced that effective upon closing of the merger, its Board of Directors has elected three new members, who presently serve on the R&B Falcon Board of Directors: Charles A. Donabedian, Paul B. Loyd, Jr. and Richard A. "Rich" Pattarozzi. The new directors were proposed by R&B Falcon and will expand the Transocean Sedco Forex Board of Directors from 10 to 13 members, as approved by shareholders of Transocean Sedco Forex on December 12, 2000. For the full press release, click here... http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/01-29-2001/0001414952&EDATE=

These discoveries are part of Texaco's Gulf of Mexico shelf exploration program and follow the December 11th announcement of a discovery at its Cyrus prospect in the Gulf of Mexico. The Cyrus prospect is located approximately 300 miles southwest of New Orleans in High Island Block A-582.

Commenting on the discoveries, Robert Lane, Vice President of Texaco's New Orleans Business Unit, said, "These wells strengthen our position in the Gulf of Mexico and South Louisiana. All three of these discoveries are located in shallow water, close to existing infrastructure with access to natural gas markets. It is expected that these three discoveries will add 5,000 barrels of oil equivalent production per day." For the full press release, click here... http://www.texaco.com/shared/pr/2001pr/pr1_23b.html

Talisman Energy Inc. of Calgary last week became the latest big producer to chime in with a huge capital spending program, announcing a record $1.7-billion exploration and development budget for 2001, up 44 per cent from last year. That came after Calgary-based Nexen Inc.'s announcement of a $1.3-billion budget, up 38 per cent from 2000, adding to a slew of other big capital budget announcements in past weeks.

In all, nine major Canadian oil and gas companies so far have unveiled their capital budgets for 2001. Combined, their spending plans total $13.3-billion, up 14 per cent from 2000. Excluding Calgary-based Suncor Energy Corp. -- whose capital budget will tumble 53 per cent to $935-million this year as it nears completion of its $2.8-billion Project Millennium oil sands expansion -- the increase jumps to 28 per cent from last year. Experts predict that capital spending by all Canadian oil and gas producers will total between $24-billion and $28-billion in 2001, up roughly 15 per cent from 2000. The jump in planned activity, adding to a similar increase last year, reflects surging prices for crude oil and natural gas in recent months, which have sharply increased cash flows and encouraged companies to boost production.

All that spending will generate a record number of wells drilled in the Canadian oil patch. The Canadian Association of Oilwell Drilling Contractors (CAODC) projects that about 18,500 wells will be drilled this year. About 16,400 wells were drilled last year, just shy of the 1997 record of 16,700. For the full press release, click here... http://www.theglobeandmail.com/gam/ROB/20010129/ROILL.html

Texaco has concluded an agreement with UPS to have Internet purchases delivered to Texaco petrol stations where customers can pick up the goods at their own convenience. Private consumers in the Benelux region (Belgium, The Netherlands and Luxembourg) are now able to use any of the 1000 Texaco service stations as a 'drop zone' for purchases bought over the Internet, thus countering problems of receiving the goods.

The technology incorporates a mapping solution linking the Internet retailer's site with a dedicated Texaco website. The customer can then select a service station and view opening hours, directions and phone number. On delivery of the package the UPS system informs the Texaco system, which then emails the customer to let them know the package is available for collection. This is an excellent move from an eCommerce point of view, since service stations have flexible opening hours, often open for 24 hours a day, and are present across a large proportion of the country. Customers can pick up purchases from where, and when, it suits them.

The service will also undoubtedly encourage customers to purchase other products and services, with service stations across Europe actively enhancing their product range. It's already common to see video rental, hot food and drink and dry cleaning at the local petrol station - but this is nothing compared with the range of services we will see in a few years' time. For the full press release, click here... http://www.commentwire.com/commwire_story.asp?commentwire_ID=697

Additionally, it shows C & C's forethought and motivation to invest a significant amount of energy and capital in new technology that could reduce the cost of searching for deepwater hydrocarbon resources. As of January 22, 2001, the HUGIN 3000 AUV was fully operational and had successfully completed several deepwater projects for BP's "Mardi Gras" oil and gas pipeline project.

C & C Technologies' activities include land and offshore oilfield survey services, marine fiber optic cable route surveys, government surveys and differential GPS corrections. The company has 160 employees and operates worldwide. For more information, contact C&C at http://www.cctechnol.com

The presentation will be simultaneously broadcast on the internet and available at Credit Suisse First Boston's website. A replay of the presentation will also be available on Marine Drilling's website at www.mardril.com the day after the presentation.

Marine Drilling Companies, Inc. is an offshore drilling contractor with a fleet of 17 offshore drilling rigs and one jack-up rig currently configured as an accommodation unit. The drilling rig fleet, operating in the U.S. Gulf of Mexico and selected international markets, consists of 15 jackups and two deep-water semi-submersibles. See press release... http://www.businesswire.com/cgi-bin/f_headline.cgi?bw.012901/210291365&ticker=MRL

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