The Oil Daily articles from January 2005

The Oil Daily archives from January 2005

China May Win Stake in Yukos Subsidiary.(Yuganskneftegas)
January 3, 2005... The Yukos saga continues to take interesting turns on a daily basis. In a new twist, the Russian government has decided to fold Yuganskneftegas, the Yukos production arm that was sold last month, into a separate company fully owned by the...

Herold Picks Unocal, Nexen, Total for 2005.(Nexen Inc)(Unocal Indonesia Inc)(oil and gas companies best positioned for share price)
January 3, 2005... Nexen, Norsk Hydro and Unocal all make repeat appearances in John S. Herold's pick of a dozen oil and gas companies best positioned for share price appreciation in the New Year. The list also includes Total as the lone major, replacing BP...

Iraq Awards $136M Contract for Khurmala Dome Project.
January 3, 2005... An international consortium involving UK engineering specialist Dynamic Processing Solutions (DPS), Turkey's Avrasya and Iraq's Kar Group, has won an upstream contract worth $136 million to develop the Khurmala Dome in northern Iraq. The...

Nymex Slips on Forecast of Warmer Northeast Weather.(New York Mercantile Exchange, Crude oil prices )(Brief Article)
January 3, 2005... Crude oil prices slipped on the New York Mercantile Exchange (Nymex) on Thursday after traders realized the market was overbought and that mild weather in the US Northeast could pull prices lower this week. Nymex light, sweet crude for...

January Natural Gas Falls $2 on Rising Storage Concerns.
January 3, 2005... US natural gas markets remain vulnerable to upward price shocks with the worst of winter temperatures still ahead in January. But the weight of near-record storage inventories for late December and so-far uninspiring heating demand are pushing...

Asia, North America Gain as Global Refining Capacity Sets Record.
January 3, 2005... Refineries added 354,000 barrels per day of capacity worldwide in 2004, for a total of a record 82.055 million b/d, but just one new refinery came on stream, the Oil & Gas Journal (OGJ) said in its annual global refining survey. In its...

EIA Gas Storage.(Energy Information Administration )(Brief Article)
January 3, 2005... Gas in Storage Falls 178 Bcf Stocks of working natural gas in US storage facilities fell 178 Bcf for the week ended Dec. 24, leaving storage levels at 2,849 Bcf, according to the Energy Information Administration (EIA). Stocks are 230...

Canadian Gas Storage.(Brief Article)
January 3, 2005... Enerdata reported that the amount of natural gas in Canadian storage facilities fell 30.3 Bcf to 388.2 Bcf for the week ended Dec. 24. Storage caverns are 80.4% full, down from 86.6% the previous week but up from 76.3% a year ago. (Bcf)...

Daily Oil & Gas Price Review.(Illustration)
January 3, 2005... Daily Oil & Gas Price Review Prices for Thursday, December 30, 2004 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rd Chg Month Avg....

Stock Market Scorecard.(Petroleum industry)(Illustration)
January 3, 2005... Stock Market Scorecard Close 1-Day. % Chg. 12/30 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors Statoil 15.94 +0.33 ...

Nigeria Oil Dispute Defused.(Brief Article)
January 3, 2005... A Nigerian community, which forced ChevronTexaco to shut in 20,000 b/d of crude for weeks, has ended its dispute with the US oil giant, saying it can resume production. Unarmed villagers from the Niger Delta village of Kula besieged three...

Exxon Provides $5M in Aid.(Exxon Mobil Corp.)(Brief Article)
January 3, 2005... Exxon Mobil said Thursday that the company and its employees are contributing $5 million to assist relief efforts following the devastating earthquake and tsunamis that hit the eastern Indian Ocean earlier this week (OD Dec.28,p1). "Exxon...

BJ Services Delays SEC Filing.(Securities and Exchange Commission)(Brief Article)
January 3, 2005... Oilfield services company BJ Services on Wednesday said it would delay filing its annual report with US market regulators for another month, in a move that would trigger defaults under certain debt agreements. The company is delaying...

Banks Buy Extra Warren Shares.(Warren Resources)(Brief Article)
January 3, 2005... Warren Resources announced on Thursday that the underwriters of its recent initial public offering have exercised in full the over-allotment option related to the offering, issuing an additional 1,425,000 shares of common stock at $7.50 per...

Horizon Gets Africa Contract.(Horizon Offshore Inc.)(Brief Article)
January 3, 2005... Horizon Offshore said Thursday that it has signed a contract with West Africa Gas Pipeline Co (WAPCo) to install the proposed West Africa Gas Pipeline. WAPCo, a consortium of ChevronTexaco, Royal Dutch/Shell, Nigerian National Petroleum...

PDV, Unions Reach Deal.(Petroleos de Venezuela S.A.)(Brief Article)
January 3, 2005... Venezuela state oil company Petroleos de Venezuela (PDV) and its powerful labor unions have agreed on a new wage contract that when implemented, will reduce union control over new hiring. To ensure the implementation of an overall wage...

Ecuador Mulls Reorganization.(Petroleos del Ecuador capacity planning)(Brief Article)
January 3, 2005... In order to stay competitive and expand its exploration and production capacities, Ecuador's state oil company, Petroecuador should adopt corporate practices, according to a report by international consultancy Gaffney Cline & Associates. ...

Alon Plans Big Spring Turnaround.(Alon U.S.A.)(Brief Article)
January 3, 2005... Alon USA's crude oil refinery in Big Spring, Texas, is planning maintenance on a sulfur unit beginning Jan. 9, according to a state environmental report. Possible tube leaks have been found at one of the refinery's sulfur recovery units,...

Mirant CEO Resigns.(Marce Fuller)(Brief Article)
January 3, 2005... Bankrupt energy trader Mirant on Thursday said Chief Executive Marce Fuller will resign from the company and will be paid a separation payment of $3.4 million. The company said it reached a separation agreement with Fuller, who will resign...

Battles Loom in Congress Over ANWR, Energy Bill.(Arctic National Wildlife Refuge )
January 4, 2005... The 109th Congress convening today is expected to revive a comprehensive energy bill and a proposal to drill for oil and gas in the Arctic National Wildlife Refuge (ANWR) -- two issues that could see close, bruising battles this year despite...

Warm Weather Leads Energy Complex Lower.
January 4, 2005... In the first trading session of the New Year, crude futures on the New York Mercantile Exchange (Nymex) tumbled on the back of plummeting heating oil prices amid warmer-than- normal weather in key demand regions. With forecasts for above-normal...

Cuban Oil Discovery Boosts Canada's Sherritt International.
January 4, 2005... An oil discovery offshore Cuba made Sherritt International one of the top gainers among energy stocks during the quiet trading period between the Christmas and New Year holidays. Shares of Toronto-based Sherritt rose 13.6% in the week...

Enron Goes Out With a Whimper as Stock Stops Trading in 2004.
January 4, 2005... The tombstone could well read "Enron, 1986-2004, Rest in Pieces," because all that remains of the once vaunted energy trading giant is a handful of pieces scattered around the world. At its peak, Enron stock was trading for as much as...

Halliburton Clears Asbestos Hurdle.(Brief Article)
January 4, 2005... Oil services heavyweight Halliburton said Monday it has permanently resolved its lingering asbestos liability problems after a bankruptcy court confirmed that reorganization plans filed by two of its subsidiaries, Kellogg Brown and Root (KBR)...

Heating Degree Days.(oil statistics)(Illustration)
January 4, 2005... Heating Degree Days Week Dev Cum Dev For week of From From From January 1, 2005 Week From Year...

Baker Hughes Rig Count.(Brief Article)(Illustration)
January 4, 2005... US Rig Count Falls by 14 The number of rigs searching for oil and gas in the US fell by 14 to 1,243 last week, oil services firm Baker Hughes said Friday. During the same week last year, there were 1,114 rigs in operation. The number...

Daily Oil & Gas Price Review.(Illustration)
January 4, 2005... Daily Oil & Gas Price Review Prices for Monday, January 3, 2005 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rd Chg Month Avg. ...

Stock Market Scorecard.(Stock prices)(Illustration)
January 4, 2005... Stock Market Scorecard Close 1-Day. % Chg. 1/03 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors Royal Dutch Pet. 56.46 -0.97 ...

US Majors Provide Disaster Aid.(Brief Article)
January 4, 2005... ConocoPhillips said Monday that it will contribute $1 million to help victims of the recent tsunami in Southeast Asia. In addition, the company will match up to $1 million of employee and retiree contributions from around the world. ...

NYSE Extends Key Filing Time.(Brief Article)
January 4, 2005... Key Energy Services on Monday said the New York Stock Exchange (NYSE) has given the oilfield service company more time to file its 2003 financial results. Key now has until Mar. 31, when the exchange could start procedures to suspend...

ANS Output Grows in December.(Brief Article)
January 4, 2005... Alaskan North Slope (ANS) oil production finished 2004 at slightly over 1 million b/d and averaged 983,000 b/d in December. That is 22,000 b/d higher than in November but 2,000 b/d lower than in December 2003, despite colder temperatures. ...

Ivan Shut-Ins Linger Into '05.(Department of the Interior. Minerals Management Service)(Brief Article)
January 4, 2005... The US Minerals Management Service (MMS) said Monday that roughly 145,000 b/d of crude oil production and 585 MMcf/d of natural gas remain closed following Hurricane Ivan's sweep through the US Gulf in September (OD Oct.12,p1). According...

FX Hits Gas in Poland.(Brief Article)
January 4, 2005... Utah-based FX Energy said Monday that its Rusocin-1 well, located in the company's Fences 1 project area in Poland, flowed gas in an initial test of a 50 foot section of the Rotliegendes sandstone target reservoir, which was encountered at a...

Ecuador Oil Exports Rise.(Brief Article)
January 4, 2005... Ecuador's crude exports in November increased 16% to 10.597 million bbl from 9.111 million bbl in November 2003, according to the country's Central Bank. Through the first 11 months of 2004, exports surged 44% compared with 2003. Private...

Groups Urge Better Gas Policies.(Brief Article)
January 4, 2005... A mix of industry representatives and environmental groups on Monday urged President Bush and Congress to adopt a balanced portfolio of policies to temper natural gas demand and ensure adequate supplies. Representatives from paper,...

Dynegy Completes Upgrade.(Brief Article)
January 4, 2005... Dynegy said Monday that it completed $7 million in upgrade work to the Monument natural gas field processing facility in Lea County, New Mexico, including the installation of four 3,250-horsepower compressors to replace 18 compressors....

Sempra Awards LNG Contract.(Sempra Energy contracts with Aker Kvaerner ASA and Ishikawajima-Harima Heavy Industries Company Ltd.)(Brief Article)
January 4, 2005... Sempra Energy announced Monday that it has awarded a $500 million construction contract for its liquefied natural gas (LNG) terminal in Louisiana to Norway's Aker Kvaerner and Japan's Ishikawajima-Harima Heavy Industries (IHI). Aker...

Traders Boost Net Longs.(Brief Article)
January 4, 2005... Noncommercial crude speculators on the New York Mercantile Exchange (Nymex) boosted their light net long positions in the week ended Dec. 28, the Commodity Futures Trading Commission (CFTC) said Monday. The weekly CFTC report was released...

Valero to Shut Houston Plant.(Brief Article)
January 4, 2005... Valero Energy plans to shut a gasoline-producing unit for maintenance at its 83,000 b/d Houston, Texas, refinery on Jan. 9, according to a filing with the Texas Commission on Environmental Quality. The fluid catalytic cracker's regenerator...

Oil Shares Post Rare Dip in December.
January 5, 2005... December wasn't a good month for oil equities. With oil prices falling 12% during the month, oil shares followed commodity prices lower in the final month of 2004. Although December was a down month, luckily for investors that month...

Iraq Seeks Bidders for Kormor Gas Field.
January 5, 2005... Iraq's State Co. for Oil Projects (Scop) has invited companies to submit bids by Mar. 1 for the development of the Kormor gas field in northern Iraq. The tender announcement, published by Scop late last month, called on interested bidders...

Nymex Heating Oil, Crude Rebound on Revised Weather Forecasts.(New York Mercantile Exchange)(Brief Article)
January 5, 2005... In a surprise move, crude and heating oil futures on the New York Mercantile Exchange (Nymex) rebounded sharply Tuesday afternoon on technical support and revised weather reports that now call for colder weather to hit the Northeast US by the...

New Members In Energy and Environment Panels Back Bush Agenda.(Richard Burr, Mel Martinez and George Allen joins Energy and Natural Resources Committee)
January 5, 2005... With four new senators swelling the Republican numbers in the Senate, two key committees that have much say in energy and environmental issues have not only gained in Republican strength but also inducted new members who, industry and...

Group Demands Full Assessment of Mackenzie Pipe Project.(Canadian Arctic Resources Committee)(Imperial Oil Company Inc.)
January 5, 2005... The proponents of the proposed C$7 billion ($5.8 billion) Mackenzie Valley natural gas pipeline in Canada's Northwest Territories came under fire this week from advocacy group Canadian Arctic Resources Committee (CARC), who accused the lead...

Sour Crudes Gain on Saudi Export Cuts in US Spot Market.
January 5, 2005... US spot crudes have gained more than $1 per barrel in recent days as traders returned from the holidays and began to cover short positions amid concerns about foreign crude supplies. Domestic sour grades on Tuesday traded at tighter...

Rosneft Takes Control of Yugansk, Installs New Top Executive.
January 5, 2005... Russian state oil firm Rosneft has put its man in charge of Yuganskneftegas, taking control of the main production unit of oil major Yukos, which is challenging the government auction of the asset in US courts. Rosneft managers, escorted...

Shell, ChevronTexaco Prepare to Restart Nigerian Output.
January 5, 2005... Royal Dutch/Shell on Tuesday was due to start the gradual reopening of three of its flow stations in Nigeria's Rivers State, which have been closed since Dec. 5 following protests by the local Kula community. Villagers from the village of...

Daily Oil & Gas Price Review.(Illustration)
January 5, 2005... Daily Oil & Gas Price Review Prices for Tuesday, January 4, 2005 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rd Chg Month Avg. ...

Stock Market Scorecard.
January 5, 2005... Stock Market Scorecard Close 1-Day. % Chg. 1/04 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors Murphy Oil 77.01 +0.36 ...

Arc Announces 2005 Capex.(Brief Article)
January 5, 2005... Calgary-based Arc Energy Trust said Tuesday it plans to spend C$240 million (US$199 million) on capital projects in 2005. Arc said its spendng plan should keep production levels at its target rate of 54,800 boe/d. The company also...

Toreador to Issue Shares.(Brief Article)
January 5, 2005... Independent exploration and production outfit Toreador Resources filed on Tuesday to sell 1.25 million shares of common stock. The company plans to use the net proceeds for general corporate purposes, including for its 2005 capital spending...

Woodside Teams Up in Gulf.(Brief Article)
January 5, 2005... Australia's Woodside has formed an alliance with Explore Enterprises of Louisiana to jointly conduct exploration, acquisition, development and production activities in the Gulf of Mexico. Under the agreement, Woodside and Explore will...

Statoil Spuds Venezuela Gas Well.(Brief Article)
January 5, 2005... Norwegian oil and gas group Statoil spudded its first gas exploration well as an operator off Venezuela on Jan. 1, the company said on Tuesday. The well drilled by Transocean's Sovereign Explorer rig in block 4 of the Plataforma Deltana...

Sincor Back After Maintenance.(Brief Article)
January 5, 2005... Exports from Venezuela's foreign-financed Sincor synthetic crude project are back to full volumes following recent maintenance on an upgrading unit, a project official said on Tuesday. Sincor, which upgrades 200,000 b/d of extra heavy...

Sempra Awards Baja LNG Contracts.(Brief Article)
January 5, 2005... Sempra Energy has awarded $670 million in contracts for the construction of its Energia Costa Azul liquefied natural gas (LNG) terminal in Baja California, Mexico, bringing the total construction contracts for Sempra's liquefied natural gas...

Citgo to Shut Corpus Cracker.(Brief Article)
January 5, 2005... Citgo said Tuesday that it will shut a catalytic cracker at its 165,000 b/d Corpus Christi refinery beginning on Jan. 8 for 16 days of maintenance on the unit's reactor cyclones, regenerator, heat exchanger and cooling tower, according to a...

Fire Hits Suncor Upgrader.(Brief Article)
January 5, 2005... Suncor Energy said on Tuesday that one of the upgraders at its Alberta oil sands facility had caught fire, though no injuries have been reported. The company said oil production at the facility is currently operating at about 110,000 b/d and it...

Syntroleum Realigns Management.(Brief Article)
January 5, 2005... Syntroleum President and Chief Operating Officer Jack Holmes has assumed the position of CEO of the Tulsa-based natural gas-to-liquids (GTL) technology. Ken Agee, who founded the company and had been its chief executive, will continue as...

Correction.(Correction Notice)
January 5, 2005... In the Jan. 4 issue of Oil Daily, it was reported that House Budget Committee Chairman Jim Nussle (R-Iowa) and Vice Chair Chris Shays (R-Conn.) do not favor including legislation for drilling in the Arctic National Wildlife Refuge (ANWR) in the...

Chevron Starts Up Sanha Project.(Brief Article)
January 6, 2005... ChevronTexaco is on track to produce 30,000 barrels per day of oil by year-end at its $1.9 billion Sanha project offshore Angola. The California-based major said Wednesday that a field in its Sanha complex -- the Bomboco field on Block O --...

Latin America Puts Focus on Expanding, Upgrading Refineries.
January 6, 2005... Besides investing in exploration and production to boost their sagging oil sectors, Latin American producers are also planning major refinery upgrades, with much of the costly investments to be funded by private money. In Ecuador, the...

Mideast Offers Prospect of Fruitful Year for Foreign Firms.
January 6, 2005... After a slow 2004, this year could prove to be a period of progress in oil and gas developments in the Middle East, with the conclusion of many large deals for upstream developments and a greater role for foreign companies in the region,...

US Refiners Make Plans for Turnarounds in First Half of 2005.
January 6, 2005... US refiners have made plans for turnarounds in 2005, and maintenance is scheduled to kick off as early as this week. In PADD 3, which includes the Gulf Coast where a majority of US refineries are based, approximately 200,000 barrels per day of...

Conoco Pulls Out of ANWR Lobby Group.
January 6, 2005... ConocoPhillips has pulled out of Arctic Power, an Alaska- based lobbying group set up years ago to promote the opening of the Arctic National Wildlife Refuge (ANWR) coastal plain for exploration. "We have not been involved in the ANWR...

Global Oil Supplies More Than Adequate to Meet Seasonal Demand.
January 6, 2005... Preliminary data for December collected by Oil Daily sister publication Oil Market Intelligence show supply continues to run contra-seasonally ahead of demand, although the cushion shrunk slightly to 900,000 barrels per day. Demand added...

EIA Weekly Statistics.(Illustration)
January 6, 2005... Summary of Weekly Petroleum Data for the Week Ending December 31, 2004 Crude Oil: StocksCrude Oil: Production and Imports (millions of bbl)(Average, thousands of bbl) Domestic Current WeekPreviousWeek Chg. ...

Suncor Starts Upgrader Repairs.(Brief Article)
January 6, 2005... Suncor Energy has started repairs on a fire-damaged oil sands upgrader in Alberta, company officials said on Wednesday, but they did not know when the unit would return to operation. Tuesday's fire in Upgrader 2, one of two upgraders Suncor...

Cheniere Expands Creole Trail.(Brief Article)
January 6, 2005... Cheniere Energy has boosted the size of its proposed liquefied natural gas (LNG) receiving terminal at Cameron, Louisiana, by more than 25% to 3.3 Bcf/d from 2.6 Bcf/d. That would make the facility, named Creole Trail, the largest LNG...

Petsec Output Up 26%.(Brief Article)
January 6, 2005... Petsec Energy reported Wednesday that it ended 2004 with a 26% increase in production over 2003 levels. Petsec said net production reached 5.7 Bcf of natural gas in 2004. Petsec's operations are centered around two Gulf of Mexico shelf...

McMoRan Starts Gulf Output.(Brief Article)
January 6, 2005... McMoRan Exploration announced Wednesday that on Dec. 30, 2004, it established production from the Deep Tern C-2 well at Eugene Island Block 193 in the Gulf of Mexico at an initial rate of approximately 17 Mmcfe/d. Since the Eugene Island...

DOE: Fuel Cell Costs Way Down.
January 6, 2005... The US Department of Energy (DOE) said Monday that fuel cell technology has improved greatly and costs have been reduced significantly, supporting a move from niche markets into widespread commercial use in the coming years. "The...

Canadian Superior Plans Wells.(Brief Article)
January 6, 2005... Canadian Superior Energy said Wednesday that it has commenced its winter 2005 drilling program in Western Canada, with wells planned in northwest Alberta in the East Ladyfern and Windfall areas. Drilling at East Ladyfern, where the company has...

Nelson Arranges Financing.(Brief Article)
January 6, 2005... Nelson Resources, a leading independent oil exploration and production company operating in Kazakhstan, on Wednesday announced that it has arranged a four and a half year financing agreement in the form of a structured oil pre- export facility...

Peru Output Up in Rare Rise.(Brief Article)
January 6, 2005... With 2004 liquids production averaging 94,000 b/d, Peru recorded the first annual increase in output in eight years, a rise that can largely be attributed to the Camisea project. According to state firm Perupetro, full year average output for...

Ecuador Oil Output Surges.(Brief Article)
January 6, 2005... Average oil output in Ecuador between January and November 2004 increased 28% to 524,269 b/d from 410,689 b/d during the same period in 2003, according to the country's central bank. For all of 2004, the country expects a 32% production...

Canyon Express Stays Down.(Brief Article)
January 6, 2005... The Canyon Express system in the Gulf of Mexico, which normally delivers some 330 MMcf/d of natural gas, has been shut in since early December and will likely remain down through the end of January, system operator Total said on Wednesday. ...

BP to Shut Texas City Unit.(Brief Article)
January 6, 2005... BP shut a resid hydrotreater at its Texas City refinery on Wednesday for 12 days of maintenance, according to a filing with Texas regulators. The unit removes sulfur from heavy oil products. The 435,000 b/d refinery is the third largest in...

IPE Appoints Peniket COO.(International Petroleum Exchange)(David Peniket)(Brief Article)
January 6, 2005... London's International Petroleum Exchange said on Wednesday it had appointed David Peniket as Chief Operating Officer. Peniket, a chartered accountant, was previously Director of Finance, an area of responsibility he will retain, the...

Baghdad Plunges Into Crisis as Vote Nears.
January 7, 2005... Just three weeks ahead of Iraq's first postwar national elections, relentless sabotage attacks against the country's oil infrastructure are focusing on isolating Baghdad, the seat of political power for the current and any future government --...

Oil Prices, Higher Output to Lift Conoco in Q4.
January 7, 2005... With oil prices hitting a record $55.67 per barrel in the fourth quarter, Wall Street is obviously expecting another round of impressive earnings from oil companies. Earnings season kicks off later this month, with ConocoPhillips being the...

Nymex Crude Jumps $2 on Confluence of Bullish Factors.(New York Mercantile Exchange)(Brief Article)
January 7, 2005... A combination of factors conspired to boost crude futures on the New York Mercantile Exchange (Nymex) Thursday. A rally in heating oil prices, hedge fund buying, speculation over Opec production cuts, and fresh news out of Venezuela all...

Buyers Promote Stronger Role for Asia in Oil Markets.
January 7, 2005... At face value, nothing concrete emerged from the first roundtable of Asian and Mideast ministers on regional oil and gas cooperation in New Delhi on Thursday, except the usual proclamations on the importance of stability and security in oil...

Recovering El Paso Ready to Pursue Acquisitions Again.
January 7, 2005... Houston-based El Paso, pushed to the brink of bankruptcy in the energy merchant meltdown following Enron's 2001 collapse, has regained financial stability, but the company still has a way to go before claiming complete recovery, President and...

Kuwait, Saudi Arabia May Carve Up Neutral Zone Operations.
January 7, 2005... Kuwait and Saudi Arabia are considering a major overhaul of current joint operations in their Neutral Zone -- where they share management, production and development -- ahead of the expiry of a concession held by Saudi Arabian Texaco at the end...