The Oil Daily articles from March 2003

The Oil Daily archives from March 2003

TNK Chief Sees Output, Export Surge to US.(Tyumen Oil Co., Simon Kukes)
March 3, 2003... WASHINGTON -- If pipeline capacity expands and oil prices average $18 per barrel or more, domestic oil production from Russia's oil companies could rise from about 7.52 million barrels per day in 2002 to roughly 11.5 million b/d in 2012,...

Schumer Blames Refiners for Driving Up Prices.(Sen. Charles Schumer)
March 3, 2003... Charging that refiners are cutting back on gasoline production to drive up prices, Sen. Charles Schumer (D-N.Y.) on Friday urged the Federal Trade Commission (FTC) to examine new data on production levels to determine whether there is price...

Energy Bill Unveiled Without Provision Addressing Ethanol in Gasoline.
March 3, 2003... A key House member unveiled Friday a comprehensive energy bill that is silent on the use of ethanol in gasoline, an issue that has far-reaching implications for the refining sector but has deeply divided the oil industry as well as...

Nymex Heating Oil Futures Make History at $1.25/Gallon.(New York Mercantile Exchange)
March 3, 2003... March heating oil went off the board with a bang on Friday, finishing its run as front-month at a record $1.2559 per gallon -- a whopping 10.16cents leap in the single day, and a gain of nearly 20cents for the week. Earlier in the day, heating...

US Sour Crudes Continue Freefall as More Saudi, Venezuela Barrels Hit Market.
March 3, 2003... It was a volatile week on the US spot market last week, as early week, post-expiry clean up gave way to late week widening of the backwardated April-May crude futures spread. Differentials dropped around midweek, rocked by the ups and downs...

Tight Market, High Prices Do Little to Boost US Gas Production.
March 3, 2003... The recent surge in US natural gas prices has coincided with a rise in the number of rigs drilling for gas, but a repeat of the drilling boom of 2001 seems unlikely because of a cautious mood among operators and a scarcity of good prospects to...

Gas Storage, Pipeline Situation Drive March Gas to Record Highs.
March 3, 2003... The natural gas market is in an extremely precarious position due to low storage stocks and continuing weather- related demand, but the extent of the industrial "demand destruction" and damage to the fuel's reputation for dependability won't be...

Fate of Iraqi Oil Development Contracts Hangs in the Balance.
March 3, 2003... BAGHDAD -- In talking about possible war against Iraq, Bush administration officials insist that their main objective is not to get their hands on the country's massive oil reserves. But postwar, fierce competition is almost bound to erupt...

Iraqi Coup Is No Easy Option, Concludes UK Think Tank.
March 3, 2003... US talk of a coup d'etat to replace Iraqi President Saddam Hussein may be an option to allow Washington to avoid war in Iraq. But such a development also would present the US with policy challenges, according to a report published today by a UK...

US, UK Face Growing Security Council Opposition Against War in Iraq.
March 3, 2003... Growing opposition against a US and UK draft United Nations resolution that would implicitly authorize a US-led military attack by saying that Iraq has failed to disarm is increasing the chances that the US and UK might start a war without the...

Daily Oil & Gas Price Review.(prices for the petroleum industry)(Illustration)
March 3, 2003... Prices for Friday, February 28, 2003 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rd Chg Month Avg. Month Month Nymex Light Sweet ...

Canadian Gas Storage.(Canadian Enerdata reports that the amount of natural gas in Canadian storage facilities drops)(Brief Article)(Illustration)
March 3, 2003... Canadian Enerdata reported that the amount of natural gas in Canadian storage facilities fell 19.8 Bcf to 116.4 Bcf for the week ended Feb. 21. Storage caverns are 24.0% full, down from 28.1% full one week ago, and down from 64.0% full a year...

Baker Hughes Drilling Report.(the numbe of rigs searching for oil and gas in the United States drops to 912)(Brief Article)(Illustration)
March 3, 2003... US Rig Count Falls 16 The number of rigs searching for oil and gas in the US fell by 16 to 912 for the week ended Feb. 28, according to Baker Hughes. A year ago there were 782. The number of rigs searching for oil rose by 4 to 161 and...

Stock Market Scorecard.(stock prices for several petroleum industry firms)(Illustration)
March 3, 2003... Stock Market Scorecard Close 1-Day. % Chg. Feb 28 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors Royal Dutch Pet. 39.67 +0.80 ...

Less Drilling Impacts Newpark.(Newpark Resources reports its fourth-quarter and full-year financial results)(Brief Article)
March 3, 2003... Louisiana-based oil services firm Newpark Resources last week reported significant drops in fourth-quarter and full- year income, due largely to decreased drilling activity and lower sales. For the fourth quarter, Newpark earned $747,000...

Pride Down on Slow Drilling.(Pride International reports its 2002 financial results and fourth-quarter results)(Brief Article)
March 3, 2003... Drilling contractor Pride International reported last week a loss for 2002, with earnings cut by the weakened Gulf of Mexico drilling market. Pride reported fourth-quarter earnings of $980,000 (1cents/share) on revenue of $349 million,...

Chesapeake Prices Stock Offer.(Chesapeake Energy prices its offering of 20 million shares of common stock)(Brief Article)
March 3, 2003... Chesapeake Energy, an independent exploration and production company, said Friday it has priced its offering of 20 million shares of common stock at $8.10 each. Oklahoma City-based Chesapeake said it also priced a private offering of 4...

EU Clears Exxon, Total Deal.(the European Commission approves of Exxon Mobil's sale of operations to Total Fina Elf)(Brief Article)
March 3, 2003... The European Commission approved on Friday Exxon Mobil's sale of its British industrial and commercial gas marketing business to Total Fina Elf, a deal struck in late January (OD Jan.23,p5). Total said the deal would increase the number of...

Venezuelan Syncrude Resumes.(the Petrozuata joint venture is being restarted)(Brief Article)
March 3, 2003... Venezuela's four foreign-financed extra heavy oil-upgrading projects from the Orinoco region are back online following the restart of the Petrozuata joint venture on Friday. The projects, which partner state oil firm Petroleos de Venezuela...

Canadian Closes EnCana Deal.(Canadian Oil Sands Ltd. closes its acquisition of 10% of the Syncrude Joint Venture from EnCanad)(Brief Article)
March 3, 2003... Canadian Oil Sands Trust said Friday that its subsidiary, Canadian Oil Sands Limited, closed its acquisition of a 10% interest in the Syncrude Joint Venture from EnCana for C$1.07 billion (US$700 million) (OD Feb.4,p1). "We are now the...

Canada Mulls Lifting Ban.(on Pacifci offshor drilling for oil and gas)(Brief Article)
March 3, 2003... The Canadian government aims to decide by the end of the year whether to lift a 31-year-old moratorium on Pacific offshore drilling for oil and gas, Natural Resources Minister Herb Dhaliwal said Friday. "We'll be working... to set up a...

Bingaman Slams Bush Over SPR Policy.(US lacks clear policy on releasing oil from Strategic Petroleum Reserve)
March 4, 2003... Sen. Jeff Bingaman (D-N.M.), the top Democrat in the Senate Energy and Natural Resources Committee, on Monday flayed the Bush administration for its lack of a clear policy on releasing oil from the emergency reserve, saying its "minimalist...

Soaring Prices No Help to Shares in February.(share prices of international oil and gas companies rise)
March 4, 2003... Despite oil prices surging to nearly $40 per barrel by the end of the month, share prices for leading global oil and gas companies fared poorly in February, continuing a trend that started in the second half of 2002. The IPF Oil and Gas...

Will Venezuela Be Able to Maintain Crude Output Volumes?(oil output volumes)
March 4, 2003... Venezuela's oil output dropped by some 500,000 barrels per day last week due to an export bottleneck that forced state- owned Petroleos de Venezuela (PDV) to shut down production temporarily, according to company officials. But oil experts...

Crude Futures Move Lower on Weekend Events in Iraq, Turkey.(international oil prices)(Brief Article)
March 4, 2003... World oil prices eased further on Monday, as traders interpreted new events to mean a US-led attack on Iraq may not be right around the corner. Crude futures on the New York Mercantile Exchange plummeted more than $1 per barrel, to...

Calpine Changes Financials in Line with Conservative Accounting.
March 4, 2003... Independent power producer Calpine said Monday it has revised downward three years of profits due to accounting changes. However, the San Jose, California-based company said the lower profits resulting from a 2002 audit and re-audits of...

Small US Producers Lead Gainers; Foreign Firms Slip.(U.S. oil and gas share prices fall)
March 4, 2003... Oil and gas firms watched their share prices rise and fall with the impact of production figures and outlook for the week ended Feb. 28, according to data from research firm John S. Herold. For the week, all three key equity markets showed...

Opec Unsuccessful at Efforts to Cool Crude Price Rally.
March 4, 2003... The efforts of Opec members to cap a sizzling oil price rally that threatens world economic growth -- and ultimately oil demand -- have not worked. But historically low oil inventories in the US and the threat of war in Iraq renders the...

Leaders at Arab Summit Sidestep Call for Saddam to Leave Iraq.
March 4, 2003... SHARM EL-SHEIKH -- The most important outcome of the Arab summit meeting in Egypt over the weekend was what Arab leaders wished for but did not adopt as a resolution: a request that Iraqi President Saddam Hussein step down, leave Iraq, and save...

Alaskan Output Showing Its Age Despite Modest Gain in February.(crude oil output increases)
March 4, 2003... Alaskan crude oil production rose by 32,000 barrels per day in February to 1.07 million b/d, according to data through the end of last week released by the state Dept. of Revenue's Tax Division. But, last month's output also was 1.6% below...

Pemex Overachieves in January; Output Hits Record 3.3 Million b/d.(Mexico exceeds crude oil exports)
March 4, 2003... Mexico exceeded crude oil exports projected by the energy ministry in January according to data released Friday afternoon by state oil company Pemex. The ministry's original expectation of 1.76 million barrels per day in January was...

Daily Oil & Gas Price Review.(U.S. oil and gas prices)(Illustration)
March 4, 2003... Prices for Monday, March 3, 2003 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rd Chg Month Avg. Month Month Nymex Light...

Heating Degree Days.(heating degree report for the U.S.)(Illustration)
March 4, 2003... Heating Degree Days Week Dev Cum Dev For week of From From From March 1, 2003 Week From Year...

Stock Market Scorecard.(petroleum industry stock market statistics)(Illustration)
March 4, 2003... Stock Market Scorecard Close 1-Day. % Chg. Mar 03 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors BP 39.28 +1.17 ...

Magnum Hunter Replaces Reserves.(Magnum Hunter Resources' production increases)(Brief Article)
March 4, 2003... Independent oil and gas producer Magnum Hunter Resources on Monday reported the replacement of 890% of 2002 production, aided by its merger with Prize Energy earlier in the year. On a gas equivalent basis, proved reserves were 837.1 Bcfe,...

Remington Pumps Up Reserves.(Remington Oil and Gas announces growth in oil and gas reserves)(Brief Article)
March 4, 2003... Independent exploration and production company Remington Oil and Gas announced Monday 7% growth in year-on-year proved oil and gas reserves. Dallas-based Remington closed the year with reserves of 204 Bcfe, or 13.1 million bbl of oil and...

Oxy Reports Texas Find.(Occidental Petroleum's discovery and exploration of oil well)(Brief Article)
March 4, 2003... Los Angeles-based Occidental Petroleum announced Monday a wildcat discovery in the Wolfcamp formation in its Anton- Irish Clearfolk field in the Texas Panhandle. The discovery well, Snead #1, was drilled to a total depth of 6,780 feet....

Shell Boosts Nigerian Output.(Sell Petroleum raises crude oil output)
March 4, 2003... Nigeria, the world's seventh-biggest oil exporter, said Monday its crude oil output averaged 2.03 million b/d in December 2002, compared with 1.94 million b/d the previous month. The country's central bank said in its December economic...

Fluor Gets Tengiz Contract.(Fluor and PFD UK Ltd. joint venture gets Tengizchevroil's reconfirmation)(Brief Article)
March 4, 2003... California-based contractor and service firm Fluor announced Monday that its PFD UK Limited joint venture has been reconfirmed by Tengizchevroil (TCO) to provide engineering, procurement, and construction management (EPCM) services for the...

ChevronTexaco Downplays Report.(Caspian Sea exploration report)(Brief Article)
March 4, 2003... ChevronTexaco is not confirming reports that it is pulling out of the Absheron exploration block in the Caspian Sea off Azerbaijan. Last week, a senior official from the Azeri state oil company Socar, told reporters that ChevronTexaco had...

Republicans Seek Security Info.(Republicans want the Environmental Protection Agency to provide more information on its security review of chemical facilities)(Brief Article)
March 4, 2003... Key House Republicans on Monday asked the Environmental Protection Agency (EPA) to provide information on its recent security review of 31 chemical facilities, including oil and gas production facilities, which possess potentially dangerous...

TransMontaigne Closes Deal.(on El Paso petroleum terminals)(Brief Article)
March 4, 2003... Denver-based oil-services firm TransMontaigne on Monday said it closed the purchase of El Paso's Florida petroleum terminals and tug and barge operations, valued at about $155 million, including $35 million of product inventory. The...

Nuevo Sells California Field.(Nuevo Energy sells mineral rights of oil field to BlackSand Partners)(Brief Article)
March 4, 2003... Oil and gas producer Nuevo Energy announced Monday the sale of the mineral rights of the Brea Olinda Field to BlackSand Partners for $59 million effective Jan. 1, 2003. Houston-based Nuevo had a 100% working interest and was operator of...

Valero Pays for Refinery.(Valero Energy pays El Paso for refinery)(Brief Article)
March 4, 2003... El Paso said on Monday it received a $289 million payment from independent refiner Valero Energy as part of the planned sale of a refinery in Corpus Christi, Texas. San Antonio, Texas-based Valero operates the 115,000 b/d refinery under a...

Cheniere Sells LNG Stake.(Cheniere Energy sells interest in terminal to Michael Smith)(Brief Article)
March 4, 2003... Independent gas and power company Cheniere Energy sealed Monday a previously announced deal to sell a 60% interest in the Freeport regasification terminal to Michael Smith, former head of Basin Exploration, for $5 million in cash. Cheniere will...

Speculators Boost Longs.(fuel and gasoline shares on the New York Mercantile Exchange)(Brief Article)
March 4, 2003... Crude speculators on the New York Mercantile Exchange (Nymex) increased net long futures and options positions during the week ended Feb. 25, amid concerns of a short-term price spike in the event of a US war on Iraq, the Commodity Futures...

AET Scores Tanker Contract.(American Eagle Tankers wins contract with Bitor to transport fuel to Asia from Venezuela)(Brief Article)
March 4, 2003... Neptune Orient Lines (NOL), the world's seventh-largest container shipping group, said Monday its unit American Eagle Tankers (AET) had won a US$220 million long-term contract to transport fuel from Venezuela to Asia. In a statement, NOL...

Top Dog Exxon Plans to "Stay the Course".(Exxon Mobil, financial strategy)
March 5, 2003... Reveling not so discreetly in the setbacks experienced by some of its rivals recently, Exxon Mobil said it would continue to focus on capital discipline and the delivery of superior financial returns during a strategy session Tuesday with...

Experts Say Alaska Oil Drilling Hurts Wildlife, Local Culture.
March 5, 2003... In what could be ammunition in the bruising battle later this month over drilling in the Arctic National Wildlife Refuge (ANWR), a panel of experts has highlighted the adverse and far-reaching impacts Alaska North Slope oil and gas development...

Spot Differentials Widen as Imports Maintain Pressure on Crudes.(oil prices, United States)
March 5, 2003... Differentials for sweet and sour grades on the US spot market widened early this week, as a rise in the futures market and continued competition from foreign barrels maintained pressure on crudes. Sour grades, which have been on a freefall...

Frontier, LNG Seen as Future of North American Natural Gas.(liquefied natural gas, frontier sources; analysis of potential new supplies of natural gas, Canada)
March 5, 2003... CALGARY -- With traditional sources of natural gas drying up in Canada and the US, many believe new supplies will have to come from frontier and other non-traditional sources including liquefied natural gas and coalbed methane. That was...

Saudi Aramco Ready to Fill Any Breach in Supply in Event of War.(oil production plans, possible war in Iraq)
March 5, 2003... Dhahran -- Saudi Aramco, the world's largest oil producer, is currently playing as critical a role in stabilizing near- term oil markets as it has for many years. Saudi crude is stepping into the breach left by Venezuela's strike, while meeting...

US Was Largest Importer of Iraqi Crude in February.(petroleum, 2003 period)
March 5, 2003... Some two-thirds of official Iraqi crude oil exports in February left for the Americas, which was unchanged from January, while roughly one-third was destined for Europe, and Asian sales dropped to a trickle, an analysis of Iraqi export data...

Oil Futures Rebound Ahead of Stock Data, More Troops Sent to Gulf.(petroleum industry, possible war in Iraq)(Brief Article)
March 5, 2003... Oil prices rose more than $1 a barrel on Tuesday, recovering all ground lost on Monday and then some, as traders bought futures in expectation of another cold-weather-driven fall in US fuel stocks and in reaction to the US forging ahead with...

Daily Oil & Gas Price Review.(statistics, United States and the world)
March 5, 2003... Prices for Tuesday, March 4, 2003 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rd Chg Month Avg. Month Month Nymex Light...

Stock Market Scorecard.(petroleum industry, stock prices)
March 5, 2003... Stock Market Scorecard Close 1-Day. % Chg. Mar 04 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors Statoil 7.84 +0.02 ...

Shell, GM Join on Hydrogen.(General Motors, hydrogen fuel cell vehicles)(Brief Article)
March 5, 2003... Shell and General Motors (GM) said Wednesday they will join forces to commercialize fuel cell vehicles run on hydrogen gas, with GM providing the vehicles and Shell lending its expertise to constructing fuel stations. "The partnership...

US Royalties Down in 2002.(mineral, oil, and natural gas production; states' royalties)(Brief Article)
March 5, 2003... The US government said Monday it distributed $753.3 million in royalties to 33 states in 2002 from mineral, oil, and natural gas production, down from $1 billion in 2001 and $800 million in 2000, said the Interior Department, which collects the...

Record Revenue Boosts Brigham.(Brigham Exploration )(Brief Article)
March 5, 2003... Austin, Texas-based independent Brigham Exploration said Monday that fourth-quarter profits were bolstered by an 18% increase in daily production and record sales revenue compared with the year-ago period. Brigham reported net income of...

Apache Taps Well Offshore Egypt.(offshore oil project, Apache Corp.)(Brief Article)
March 5, 2003... Independent producer Apache announced Tuesday the successful appraisal of its deepwater Abu Sir field discovery in the west Mediterranean Sea offshore Egypt. The Abu Sir-2X was drilled to a total depth of 13,162 feet and penetrated...

Quicksilver Reserves Swell.(Quicksilver Resources, oil and natural gas reserves)(Brief Article)
March 5, 2003... Natural gas and crude oil developer Quicksilver Resources Tuesday reported a 25% increase in year-end reserves and a 408% reserve replacement rate when compared with year-end 2001. Fort Worth, Texas-based Quicksilver said that proved...

Williams to Process Shell Gas.(Williams Cos., natural gas processing deal; Shell Exploration and Production)(Brief Article)
March 5, 2003... Natural gas company Williams announced Tuesday that its midstream business has been selected by Shell Exploration & Production to process natural gas produced by Shell from the Pinedale Anticline in southwestern Wyoming. Shell entered the...

Iraqi Oil Exiles Meet with State.(US State Department-sponsored talks, Iraqi oil professionals; planning for Iraqi oilfields)(Brief Article)
March 5, 2003... The US State Department-sponsored talks between former Iraqi oil professionals and the department's "Future of Iraq" office ended over the weekend with agreement that no new oil fields in a post-Saddam Iraq "would be developed without political...

Ecopetrol Announces Major Find.(Colombia, oil discovery)(Brief Article)
March 5, 2003... Colombia's state oil firm Ecopetrol said it discovered up to 200 million barrels of "very high quality" crude at its northeast Gibraltar prospect, which US-based Occidental Petroleum abandoned last year. "We estimate it could be about 200...

Plains Buys Texas Pipeline.(Plains All American Pipeline, oil pipeline)(Brief Article)
March 5, 2003... Plains All American Pipeline said Tuesday it acquired a West Texas crude oil gathering system from Navajo Refining for $24 million. The assets, located in the Permian Basin of West Texas, consist of 367 miles of crude oil gathering lines...

Pump Prices at Fifth Highest.(gasoline prices, United States)(Brief Article)
March 5, 2003... US consumers were again pinched at the pump as gasoline prices jumped an average 2.8cents per gallon over the last week to the fifth-highest level on record, and truckers paid record prices for diesel fuel, the government said Monday. The...

IPE Pleased with ICE Changeover.(International Petroleum Exchange, transition to IntercontinentalExchange's online trading platform )
March 5, 2003... LONDON -- London's International Petroleum Exchange (IPE) declared its Feb. 27 partial transition to the IntercontinentalExchange's (ICE) online trading platform a resounding success. The IPE said Tuesday that nearly twice the usual number...

DOE Defers April SPR Delivery.(US Energy Department, Strategic Petroleum Reserve oil delivery)(Brief Article)
March 5, 2003... The US Energy Department said Tuesday it will allow oil companies to defer delivering 3.5 million bbl of oil that was supposed to be shipped to the Strategic Petroleum Reserve (SPR) during April. The department's decision will keep more oil...

Schlumberger Gets Pemex Contract.(information management solutions contract, Pemex Exploration and Production)(Brief Article)
March 5, 2003... Schlumberger, the world's largest oilfield services company, announced Tuesday a $60 million, two-year contract to provide information management solutions to all of the upstream units of Pemex Exploration and Production, a division of the...

Patterson Buys Seven Rigs.(Patterson-UTI Energy, land-based drilling rigs)(Brief Article)
March 5, 2003... Patterson-UTI Energy, a North American onshore drilling services provider, reported Tuesday that it has entered into an agreement to acquire seven land-based drilling rigs for $10 million in cash. The acquisition also includes spare drilling...

Dynegy Names General Counsel.(Brief Article)
March 5, 2003... Dynegy has named Carol Graebner as executive vice president and general counsel, where she will be responsible for all of Dynegy's legal, regulatory, and government affairs activities. Graebner, 49, joins Dynegy from Duke Energy...

Futures Ease as Russia, France Seek to Block US Use of Force.
March 6, 2003... World oil prices eased Wednesday, as France and Russia said they would use their veto power in the United Nations to block a US resolution authorizing military force in Iraq. Prices hit the intra-day lows early in the day on the France and...

Unocal Charged With Fraud Over Gasoline Patent.
March 6, 2003... The ongoing dispute over clean burning gasoline patents took another turn when the Federal Trade Commission (FTC) late Tuesday sued California-based Unocal for fraud and anticompetitive practices in an alleged effort to acquire monopoly power...

Abraham To Congress: There Is No Solution to Higher Energy Prices.(Energy Secretary Spencer Abraham )
March 6, 2003... WASHINGTON -- Energy Secretary Spencer Abraham told Congress Wednesday that he sees no short-term solutions to skyrocketing energy prices. He also reiterated that a release of oil from the nation's strategic reserve is not warranted and said...

Growing Talisman Expects to Close Sudan Oil Sale this Month.
March 6, 2003... Canadian independent Talisman Energy expects to wrap up the sale of its 25% stake in the Greater Nile oil project in Sudan by the end of March, Chief Executive Jim Buckee said Wednesday. Talisman agreed to sell its stake in the project to...

Daily Oil & Gas Price Review.(Illustration)
March 6, 2003... Prices for Wednesday, March 5, 2003 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rd Chg Month Avg. Month Month Nymex Light...

EIA Weekly Statistics.(Illustration)
March 6, 2003... Department of Energy Weekly Statistics For Week Ended February 28, 2003 Crude Oil: StocksCrude Oil: Production and Imports (millions of bbl)(Average, thousands of bbl) Domestic Current Week Previous Week Chg. ...

Stock Market Scorecard.(Illustration)
March 6, 2003... Stock Market Scorecard Close 1-Day. % Chg. Mar 05 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors Marathon 23.38 +0.48 ...

"You Go First" IEA Tells Saudis.( International Energy Agency )(Brief Article)
March 6, 2003... The new executive director of the International Energy Agency (IEA) Claude Mandil certainly has not wasted any time in getting to the heart of the action in world oil markets. After going to see Opec Secretary General Alvaro Silva, Mandil...

US Would Take More Russian Oil.(Brief Article)
March 6, 2003... The US is ready, willing, and able to take on increased Russian crude imports and is sending a strong signal to Moscow to open up its transportation system to allow this to take place, says US Undersecretary of State Alan Larson. Speaking...

Venezuelan Output Improving.(Brief Article)
March 6, 2003... Oil exports and production from eastern Venezuela were returning to normal Wednesday after a temporary dip late last week, oil officials said. Exports by state oil firm Petroleos de Venezuela (PDV) in the nation's east dipped last week...

Premcor Closes Williams Deal.(Brief Article)
March 6, 2003... Independent refiner Premcor said it completed the purchase of the Memphis, Tennessee, refinery from Williams effective Mar. 3, for approximately $455 million (OD Nov.27,p1). The purchase agreement also includes an earn-out provision that...

Baytex Sells Alberta Fields.(Brief Article)
March 6, 2003... Canadian oil firm Baytex Energy said it sold central Alberta oil and gas properties to Calgary-based royalty trust Shiningbank Energy for C$133 million ($90 million), and that it intends to use the proceeds to reduce debt. Shiningbank...

Diamond Gets Unocal Contract.(Brief Article)
March 6, 2003... Houston-based deepwater driller Diamond Offshore said Wednesday that it has entered into a drilling contract with Unocal Indonesia for the semisubmersible Ocean Baroness offshore Indonesia. Subject to final Indonesian government approvals,...