TABLE OF CONTENTS
OIL PRICE RECOVERY STILL EXPECTED.  3
INTEGRATED OIL COMPANIES.8
E&P UPDATE 11
STATOILHYDRO 16
BP 20
ENI 24
ROYAL DUTCH SHELL 28
TOTAL SA 33
DNO INTERNATIONAL 37
DET NORSKE OLJESELSKAP 41
NORECO 44
PA RESOURCES 47
QUESTERRE 50
ROCKSOURCE 53
ARTUMAS GROUP 56