FOR IMMEDIATE RELEASE

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

INDUSTRY BREAKFASTS TO FOCUS ON KEY GLOBAL ISSUES AT OTC

RICHARDSON, TEXAS, U.S.A. (12 February 2002)-Three specially designed Industry Breakfasts will be held Tuesday, 7 May through Thursday, 9 May from 7:30 to 9:30 a.m. at OTC 2002, featuring broad topics that appeal to key decision-makers. The Industry Breakfasts will take place at Reliant Center and each breakfast is U.S. $25 to attend. The breakfasts debuted in 2001 and brought nearly 200 participants daily.

Tuesday, 7 May - Business Opportunities in Nigeria's Oil and Gas Sector
This breakfast focuses on the emergence and potential for deepwater field projects off the west coast of Nigeria, bringing to light related business opportunities for service and equipment companies hoping to establish a presence in the promising region. Presenters include Nigerian government representatives, major oil companies in the region, and procurement specialists. The session was organized by the U.S. Department of Commerce and the Petroleum Equipment Suppliers Association. Individual business meetings with procurement representatives and interested companies will follow.

Wednesday, 8 May - Geopolitics of Oil an Gas and Its Influence on Prices Into the 21st Century
This session will focus on the political factors that have influenced the supply and price of oil and gas in recent decades along with how the post 11 September 2001 events are changing the outlook for international oil and gas markets in surprising and dramatic ways. The breakfast presentation will further analyze how the changing politics in the Middle East, the United States, and Northeast Asia will affect oil and gas markets in the years to come.

Thursday, 9 May - Offshore Research Development and Delivery Initiative for U.S. Ultra-Deepwater Oil and Gas Production
Using the perspectives of the independent producer, major producer, service/technology providers, academia/research organizations, financial institutions, and government, this breakfast will discuss methods of increasing the natural gas and petroleum R&D investment needed to spur U.S. production. Ultra-deepwater resources will be discussed as a potential solution to reverse the decline in U.S. annual production volume that has been occurring over the last few decades. A U.S. national program of collaborative R&D designed to drive energy supply research at a faster pace will be discussed together with the international implications for world energy supply.

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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