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FOR IMMEDIATE RELEASE

CONTACT: KEVIN MCPHERSON (+1-972-952-9371, e-mail kmcpherson@otcnet.org)

DEEPWATER OFFSHORE, GLOBAL ISSUES HIGHLIGHT OTC GENERAL SESSIONS, TOPICAL LUNCHEONS

RICHARDSON, TX, U.S.A. (5 February 2002) - The future of deepwater offshore exploration and production and the new global energy economy in the upstream oil and gas industry are two of the key topics of discussion at the General Sessions and Topical Luncheons planned for the 34th Offshore Technology Conference (OTC), 6 - 9 May, at Reliant Center.

Going to the heart of the most substantial issues for offshore professionals, the OTC 2002 General Sessions offer expert perspectives and global examinations. The panel discussions provide a platform for unfettered presentations and unrehearsed discussions about the current landscapes and the probable futures of these issues.

"Offshore Gas Development: A Critical Factor in Global Energy Markets"
2 to 4 p.m., Tuesday, 7 May
Moderator: Michelle Michot Foss, Director, Energy Institute, University of Houston.
Panelists: James Ball, Gas Strategies and Managing Partner, Managing Director, EconoMatters Ltd.; Donald Condon Jr., President and General Manager, Conoco Energy Venturus Inc.; John Darley, Director, Shell Technology E&P; Kathleen Eisbrenner, Chief Commercial Officer, El Paso Global LNG.

Offshore natural gas reserves promise significant potential to meet critical energy needs today and in the future. However, recovery of these resources represents a number of challenges. The panel will address the technological requirements necessary to develop offshore natural gas resources along with the commercial strategies needed, including policy considerations.

"What Is the Future Model for Offshore Project Execution?"
2 to 4 p.m., Wednesday, 8 May
Moderator: William R. Barger, E&P Area Manager, Independent Project Analysis Inc.
Panelists: Gary Hagstrom, General Manager Project Resources, ChevronTexaco Corp.; Mahdi Hasan, Vice President-Development Execution, Shell International E&P Inc.; Bill Higgs, Co-Founder and Executive Vice President, Mustang Engineering Inc.; Richard E. Westney, Founder/CEO, Westney Project Services. The climate for offshore project execution is changing rapidly. With downsizing and merging companies, increasing reliance on service and support organizations, fewer new graduates entering the industry, and growing complexity, the future success of offshore projects will require major changes in current project execution models. This session will address the changing landscape and discuss the issues related to major project execution in the oil and gas industry.

Eight Topical Luncheons that bring specific issues or emerging world regions to a special setting for conference attendees are slated for Monday and Wednesday. Topical Luncheons include presentations and discussions about current and future offshore developments, industry challenges, best practices, new concepts, case studies, and future opportunities.

12:15 to 1:45 p.m., Monday, 6 May

Subsea Project Execution - The Vision
Hal Goldie, Vice President Offshore Systems, Cooper Cameron Corp.

This presentation will describe a vision and plan to meet the industry's subsea field development needs around the world. Goldie will discuss the technical advances, effective project management, new technical challenges and solutions, and project management innovations needed to work toward successful subsea field developments anywhere in the world.

Getting Ready for Deep Water
Paul J. Pluta, Rear Admiral, Assistant Commandant for Marine Safety and Environmental Protection, United States Coast Guard

Pluta will discuss the philosophical foundation, the process, and the status of deepwater petroleum reserves in the Gulf of Mexico, as a major development which looms large on the horizon.

Deepwater Drilling Systems: Evolution and Integration With Production Systems
Norman Brammer, Vice President, ABB Vetco Gray

New drilling challenges, techniques, and equipment will all contribute to the future of the industry, but the integration of drilling and completion offers the additional, significant promise of cost reduction and risk mitigation. Brammer will discuss drilling solutions and industry barriers in some depth with examples of breakthrough thinking, producing the potential of considerable improvement in the economics of these activities in very deep water.

Supercavitation Technology
Ivan Kirschner, Senior Principal Scientist, Anteon Corp.

In this presentation, Kirschner provides an overview of recent research in the supercavitation of high speed bodies, including the results of selected experiments with supercavitating projectiles at supersonic speeds in water and several topics in computational methods and simulation.

12:15 to 1:45 p.m., Wednesday, 8 May

Management Actions Implemented After the P-36 Accident
Carlos Tadeu da Costa Fraga, South-Southeast Executive Manager, Petrobras E&P

Fraga will discuss the Operational Excellence Program for the Offshore Units that was created after the conclusion of the P-36 accident investigations. This program includes several actions in different areas, such as safety, engineering, operations, stability and ballast, maintenance, and human resources.

The World Economy: Sluggish or Vigorous Recovery
Malcolm Gillis, President, Rice University

Energy markets have been sensitive to the vicissitudes of the global economy in recent years. In this presentation, Gillis will attempt to access the recent record and prospects of U.S. and world economic performance, with some extensions to the outlook for oil and gas.

Global Deep Offshore Strategy
Michel Benezit, President, TotalFinaElf Exploration & Production, Africa

Benezit will introduce one of TotalFinaElf's most innovative projects, GOM Canyon Express. This global deep offshore strategy, a follow up to 40 years of innovation from the Girassol field, will be presented.

Achieving Best in Class: A Contractor's Challenge
Tom Ehret, President, Offshore Branch, Technip-Coflexip

Ehret will review and analyze the challenge of being best in class among offshore contractors by identifying those areas that can make the most difference in terms of successful and competitive project execution. His presentation will focus on human resources, technologies, assets and management principles.

Founded in 1969, the Offshore Technology Conference is the world's foremost event for the development of offshore resources in the fields of drilling, exploration, production and environmental protection. OTC is held annually in May at Reliant Center at Reliant Park in Houston. For more information, visit the OTC 2002 Web site at www.OTCnet.org.

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