The Oil Daily articles from March 2005

The Oil Daily archives from March 2005

Qatar pushes LNG with clutch of deals.(Liquefied natural gas)
March 1, 2005... Qatar has confirmed its dramatic entry to the European LNG market by signing several agreements worth some $20 billion--a preliminary accord on the $7 billion Qatargas-4 venture, the formal launch of the $12 billion-plus Qatargas-2 project and...

Oil service stocks hit record heights.
March 1, 2005... The Philadelphia Stock Exchange Oil Service Sector index--a basket of 15 service firms, from offshore drillers to worldwide service experts like Schlumberger--closed at an all-time high last Friday, causing several Wall Street analysts to...

Petrobras profits up sharply but fall short of expectations.
March 1, 2005... Brazil's state oil company Petrobras said its fourth-quarter profit grew 52% to 4.6 billion reais ($1.7 billion) from the same period in 2003. The results were a disappointment compared to the third quarter, when Petrobras earned 5.5 billion...

Crude futures ride heating oil, storm to post gain.(Brief Article)
March 1, 2005... Crude futures rallied late Monday on a strong heating oil market that was spurred by a winter storm expected to dump substantial snow in parts of the US Northeast, the nation's biggest heating oil market. US light sweet crude for April...

Daily oil & gas price review.(Illustration)
March 1, 2005... Daily Oil & Gas Price Review Prices for Friday, February 28, 2005 [GRAPHIC OMITTED] US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) -0.19 47.06 ...

US natural gas production stabilizes, could be set for rebound.
March 1, 2005... Increased drilling activity over the last year could be starting to pay off in the form of stabilizing--or even growing--US natural gas production. That is the cautious conclusion some analysts are reaching after crunching recently...

Heating degree days.(Illustration)
March 1, 2005... Heating Degree Days For the week of Feb. 26, 2005 --Week Dev-- From Week From Year Cum State/City (PADD) Total Norm...

Clayton Williams tops energy share winners on strong reserves.(Clayton Williams Energy Inc.)
March 1, 2005... The strength in worldwide crude oil prices has made it easy for investors to cash in on energy stocks. Week to week, energy stocks have generally been trending higher as benchmark West Texas Intermediate (WTI) crude refuses to give up...

Oil & gas share gainers and decliners.(Illustration)
March 1, 2005... Oil & Gas Share Gainers and Decliners Week Ended Feb. 25, 2005 Top 15 Gainers Close Close Company Ticker 2/25 2/18 % Chg. Clayton Williams Energy CWEI ...

Fourth quarter profits jump for Eni, but reserves take hit.
March 1, 2005... Italy's Eni completed the reporting season for the European majors Monday with annual figures that largely mirrored the performance of its peers--soaring profits, driven by high commodity prices, but some disappointments, also price related, in...

Exxon seeks Orinoco arbitration.(Top Briefs)(Exxon Mobil Corp.)(Brief Article)
March 1, 2005... US supermajor Exxon Mobil will seek international arbitration in its dispute with the government of Venezuela over an increase in royalties last year on its Cerro Negro heavy crude project. Exxon has requested meetings with Venezuelan...

Moscow to raise crude duties.(Top Briefs)(oil tariff)(Brief Article)
March 1, 2005... Russia's crude export duties could hit a new record high, with the fees poised to rise to as much as $101.70 per ton, roughly $13.87 per barrel, from Apr. 1. The hike would occur after Moscow completes its monitoring of oil prices in...

Vintage replaces reserves.(Corporate News)(Vintage Petroleum Inc.)(Brief Article)
March 1, 2005... Tulsa, Oklahoma-based Vintage Petroleum on Monday announced that it had proved oil and gas reserves of 437.2 million boe (68% oil) as of the end of 2004. In addition, the company said it produced 24.5 million boe of oil and gas while adding...

GlobalSantaFe adds to fleet.(Corporate News)(GSF Development Driller II)(Brief Article)
March 1, 2005... Houston-based GlobalSantaFe said Monday it is in the process of moving its latest ultradeepwater semi-submersible drilling rig to the Gulf of Mexico for sea trials and plans to commence commercial service for the unit by June. The GSF...

Harvest reserves grow 176%.(Corporate News)(Harvest Energy Trust)(Brief Article)
March 1, 2005... Bolstered by two acquisitions it made last year, Calgary-based Harvest Energy Trust's proven reserves increased by 176% to 75 million barrels of oil equivalent from 27.2 million boe in 2003. Canadian regulations on determining oil reserves,...

Stock market scorecard.(NEWS ALERT)(Illustration)
March 1, 2005... Stock Market Scorecard Integrated Close 1-Day Majors 2/28 Chg. % Chg. Statoil 18.20 +0.45 2.54% Marathon 47.34 +0.71 +1.52 Murphy Oil 100.04 +0.89...

Oneok posts higher profits.(Earnings)(Brief Article)
March 1, 2005... US natural gas distributor Oneok reported a sharp rise in quarterly profit, boosted by strong energy prices and the benefits of restructuring contracts. Net income in the fourth quarter rose to $98.4 million (90 cents/share) compared with...

Gazprom-Rosneft merger moving.(International)
March 1, 2005... The planned mega-merger of Russia's state-run Rosneft with gas giant Gazprom has received new impetus, after a Houston court last week dismissed a claim by besieged major Yukos for US bankruptcy protection. But still, the future of the...

US raps nations over rights.(International)(human rights)(Brief Article)
March 1, 2005... In its human rights report for 2004, the US government is critical of several leading oil producing countries, including Saudi Arabia, Venezuela, Iran and Russia, for alleged abuses against their citizens and curbing of democracy. The...

Cheniere closes Sabine financing.(Natural Gas)(Cheniere Energy Inc.)(Brief Article)
March 1, 2005... Cheniere Energy's Sabine Pass LNG partnership has closed an $822 million senior secured credit facility with a syndicate of 47 financial institutions, led by HSBC Securities (USA) and SG Corporate & Investment Banking. The credit facility...

Tesoro urged to upgrade plant.(Refining)(Tesoro Crude Oil Co.)(Brief Article)
March 1, 2005... San Francisco-area environmental regulators are attempting to force independent refiner Tesoro to improve pollution control equipment at its Golden Eagle refinery in Martinez, California, which has been in violation of a number of California...

Fire hits BP Indiana plant.(Refining)(BP Petroleum Development Ltd.)(Brief Article)
March 1, 2005... Operations at BP's 420,000 b/d Whiting, Indiana, oil refinery were not affected by a small fire Saturday on a scaffold where workers were overhauling a unit at the plant, a company spokesman said on Monday. The workers were conducting...

Opec waits to gauge price direction.
March 2, 2005... Opec is backing away from the idea of possible cuts in supply in the second quarter due to the extraordinary strength of crude oil prices. The recent surge in prices to over $51 per barrel is forcing Opec to reconsider cuts in production...

Oil inventory options face many questions.
March 2, 2005... With options contracts for weekly crude oil storage now being offered by broker ICAP, another opportunity for investors to enter the oil markets has been opened. However, there are also questions about who is playing this market and how much...

Oil shares skyrocket in February, but analysts warn of correction.
March 2, 2005... Oil company stocks started March on a down note, taking the lead from benchmark West Texas Intermediate (WTI) crude, which tumbled more than $1 per barrel on Tuesday. Share prices were down across the board, with companies such as...

Nymex crude futures saved by heating oil, stays above $51.(Brief Article)
March 2, 2005... A strong heating oil market rescued crude prices in New York from slipping below $50 on Tuesday after an Opec official talked the market lower. Crude futures fell more than $1 to about $50.65 per barrel early Tuesday, but recovered later...

Daily oil & gas price review.(Illustration)
March 2, 2005... Daily Oil & Gas Price Review Prices for Tuesday, March 1,2005 [GRAPHIC OMITTED] US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) -0.40 46.66 ...

Burlington resources lifts veil on East Texas gas drilling.
March 2, 2005... Burlington Resources released details on Tuesday of its recent entry into the Bossier Trend tight gas play in East Texas, which it expects to play a key role in meeting targeted production growth of 3% to 8% in the coming years. The...

Market friendly Energy Minister submits resignation in Colombia.
March 2, 2005... Colombia Energy and Mines Minister Luis Ernesto Mejia submitted his resignation to President Alvaro Uribe over the weekend. Uribe, who has made a priority of reviving his nation's declining oil and gas production, has yet to say whether he will...

Norton pushes for ANWR drilling despite questions over industry interest.
March 2, 2005... Interior Secretary Gale Norton on Tuesday sought to dismiss skepticism over oil company interest in drilling in the Arctic National Wildlife Refuge (ANWR), saying she expects "tremendous interest" once seismic information shows ANWR has...

Petrobras to hike upstream Capex 15%; firm strives for big year in output growth.(Petroleo Brasileiro S.A.)
March 2, 2005... Brazil's state oil company Petrobras plans to invest $5.3 billion in exploration and production this year, up 15% from last year's $4.6 billion, Chief Financial Officer Jose Sergio Gabrielli de Azevedo said Tuesday. Domestic crude output...

Forest makes $230m Texas gas field deal.(Forest Oil)
March 2, 2005... Denver-based Forest Oil has added production of 25 million to 30 million cubic feet of gas equivalent and acreage in the Buffalo Wallow Field in Texas in a deal valued at $230 million. Forest Oil President and Chief Executive Craig Clark...

Frontier CEO to sell shares.(Chief Executive Officers)(Frontier Oil)(Brief Article)
March 2, 2005... Frontier Oil announced Tuesday that Chairman, President and CEO James Gibbs has entered into a contract with Bear, Stearns for the forward sale of 380,000 shares of Frontier stock, a portion of his holdings in the company. The stock...

Valero mulling stock split.(Corporate News)
March 2, 2005... Leading independent US refiner Valero Energy said on Tuesday it might consider a second stock split in as many years if its share price continues to soar. Valero split its stock 2-for-1 on Oct. 7, 2004, when the price was closing in on...

Halliburton revises profits.(Earnings)(Brief Article)
March 2, 2005... Oil field services firm Halliburton said on Tuesday it was revising its fourth-quarter pretax earnings downward by $3 million in part because of a collection of a $10 million receivable in February that was previously reserved. The company had...

Penn West posts higher profits.(Earnings)
March 2, 2005... Canadian oil and gas producer Penn West Petroleum, which has spent the past year considering a conversion into an income trust, said late on Monday that its fourth-quarter profit jumped 77% as it benefited from higher production rates and...

Exxon to sell Sinopec shares.(International)(Exxon Mobil Corp.)(Brief Article)
March 2, 2005... Exxon Mobil said Tuesday that it had sold its 3.7% stake in China's listed Sinopec Corp. for US$1.37 billion, making it the last Western oil major to cash out of the refiner. Exxon sold around 3.2 billion Sinopec shares at HK$3.38 each, for...

Stock market scorecard.(NEWS ALERT)(Illustration)
March 2, 2005... Stock Market Scorecard Integrated Close 1-Day Majors 3/1 Chg. % Chg. Shell T & T 56.95 +0.24 +0.42% Royal Dutch Pet. 63.15 +0.06 +0.10 Kerr-McGee 77.25 -0.41...

Chevron starts Sanha output.(ChevronTexaco Corp.)(Brief Article)
March 2, 2005... ChevronTexaco on Tuesday said its Angolan subsidiary had produced its first condensate from the Sanha field, which is about 23 miles offshore the sub-Saharan African nation. Wells pre-drilled in early 2004 into the Sanha field, along with...

Petro-Canada buys into Fort Hills.(Brief Article)
March 2, 2005... Petro-Canada, Canada's fourth largest oil producer and refiner by market value, on Tuesday said it was joining the Fort Hills oil sands mining project owned by UTS Energy. Under the agreement, approved by the boards of both companies,...

Conoco, CNOOC order FPSO.(China National Offshore Oil Corp)(Floating Production Storage and Off-loading )(Brief Article)
March 2, 2005... China's top offshore oil and gas producer China National Offshore Oil Corp. (CNOOC) said on Tuesday it and US producer ConocoPhillips have placed an order for a floating production and oil storage vessel worth more than $200 million. ...

Canadians promote their reserves accounting.
March 3, 2005... While the debate continues in the US over whether the Securities and Exchange Commission (SEC) should allow US registered oil companies to book probable oil reserves in addition to more rigidly defined proven reserves, officials at the Alberta...

Gazprom-Rosneft deal back on track.
March 3, 2005... The mega-merger of Gazprom, the world's largest natural gas producer, with Russian state oil company Rosneft is back on the fast-track after a Houston court last week dismissed Yukos' claim for US bankruptcy protection. The terms of the merger...

Flurry of Qatari LNG contracts full of questions for majors.
March 3, 2005... This week's multiple announcements on Qatar's rapidly evolving liquefied natural gas (LNG) and related businesses may have raised more questions than answers in terms of who is actually getting what in the various deals. Take the...

Record gasoline prices boost crude futures above $53.
March 3, 2005... Despite a relatively bearish inventory report from the Energy Information Administration (EIA), crude futures settled above $53 per barrel on Wednesday as gasoline prices reached an all-time high. On the New York Mercantile Exchange...

EIA weekly statistics.(United States. Energy Information Administration)(Illustration)
March 3, 2005... EIA Weekly Statistics For Week Ended Feb. 29, 2005 US Crude Oil: Stocks (1) (millions of bbl) Current Previous Week Week Chg. PADD 1 16.3 15.9 2.5%...

Daily oil & gas price review.(Illustration)
March 3, 2005... Daily Oil & Gas Price Review Prices for Wednesday, March 2, 2005 [GRAPHIC OMITTED] US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) +1.39 48.05 ...

Petro-Canada upbeat on future.
March 3, 2005... Since Ron Brenneman took over as CEO in 2000, Petro-Canada's share price has leapt from C$20 to C$70, making the Calgary-based company one of the global leaders in increasing shareholder value among integrated oil companies. Andrew Stephens,...

Talisman continues drilling success offshore Malaysia, Vietnam.(Talisman Energy)
March 3, 2005... Talisman Energy is rethinking its development plan for a project off Malaysia and Vietnam after a string of drilling successes in the area. "The recent successes at West Bunga Orkid and North Bunga Orkid have boosted the oil reserves to...

Lukoil mulls building Venezuelan refinery, supplying Citgo.
March 3, 2005... Russian major Lukoil is interested in building a refinery in Venezuela as well as supplying Citgo refineries in the US with Russian oil, the company's president said Wednesday. "We are holding talks on supplying crude from our fields to...

Stone profits up, output down.(Earnings)(Brief Article)
March 3, 2005... Louisiana-based Stone Energy on Wednesday reported that fourth-quarter net income rose 38% to $37.7 million ($1.40/share). According to Stone, fourth-quarter production was hurt by Hurricane Ivan, which closed some of the company's offshore...

Roads add to drilling impact.(Environment)(Brief Article)
March 3, 2005... Natural gas drilling and healthy wildlife populations can co-exist in the Upper Green River Valley of western Wyoming, but only if the federal government adopts measures to close and reclaim unnecessary roads and minimize the impact of...

Shell gets offshore Canada stake.(Exploration & Production)(Brief Article)
March 3, 2005... Royal Dutch/Shell said Wednesday that it has acquired a 20% interest in eight offshore exploration licenses located in the deepwater Orphan Basin off Labrador and Newfoundland as the result of a farm-in agreement with Exxon Mobil and Imperial...

US inks contracts for SPR fill.(Strategic Petroleum Reserve)(Brief Article)
March 3, 2005... The US government has awarded contracts to three oil majors--ChevronTexaco, Exxon Mobil and Shell Trading--to deliver more than 92,000 b/d of oil into the Strategic Petroleum Reserve (SPR), filling the nation's emergency reserve to its capacity...

Stock market scorecard.(Illustration)
March 3, 2005... Stock Market Scorecard Integrated Close 1-Day Majors 3/2 Chg. % Chg. Occidental 70.94 +1.63 +2.35% Kerr-McGee 78.99 +1.74 +2.25 Amerada Hess 99.32 ...

Conoco, Petronas sign PSC.(production sharing contract)(Petroliam Nasional Bhd.)(Brief Article)
March 3, 2005... Malaysian state oil company Petronas said on Wednesday that it has signed a production sharing contract (PSC) with its subsidiary Petronas Carigali and ConocoPhillips for the Kebabangan oil field offshore Sabah, near the island of Borneo. ...

EnCana hints at Chad sale.(Brief Article)
March 3, 2005... After exiting the UK North Sea and putting its assets in Ecuador up for sale, Canadian independent EnCana has signaled that its exploration acreage in Chad could be next to go. EnCana is still in the early phases of exploring its 108...

Qatargas-2 awards contract.(Brief Article)
March 3, 2005... Whatever controversies may be affecting the corporate makeup of the Qatargas-2 LNG project are not stopping its sponsors from proceeding with infrastructure development (see page 2). CB&I has received a lump-sum turnkey contract for the...

Pemex output up slightly.(Petroleos Mexicanos)(Brief Article)
March 3, 2005... Mexican state oil company Pemex's oil production averaged 3.35 million b/d in January, up from 3.22 million b/d in December. Output of flagship Maya crude increased 6% to 2.4 million b/d from 2.3 million in December, while production of the...

Venezuela, Uruguay ink pact.(Brief Article)
March 3, 2005... Oil-rich Venezuela has signed an agreement with Uruguay to study potential joint oil exploration and refining projects, Venezuelan state oil firm Petroleos de Venezuela (PDV) said on Wednesday. "Included in the areas of cooperation are...

Ecuador to report oxy actions.(Petroleos del Ecuador)(Occidental Petroleum)(Brief Article)
March 3, 2005... Ecuador's state oil company Petroecuador expects to issue a report on alleged contract violations by Occidental Petroleum next week, according to company head Hugo Bonilla. The report follows accusations by the Ecuadorian government that...

Petrobras to appeal tax decision.(Latin America)
March 3, 2005... Brazil's state-controlled energy giant Petrobras will appeal a decision by the country's tax authority requiring the company pay $1.14 billion in tax for importing offshore rigs. "The arguments expounded by the company persuaded half of the...

US to probe Halliburton bids.(Brief Article)
March 3, 2005... Halliburton said in a regulatory filing that the Justice Department is looking into whether former employees of the oil services company may have worked with competitors to rig bids for foreign construction projects. In an annual 10-K filing...

FERC approves Canada oil pipe.(Federal Energy Regulatory Commission)(Brief Article)
March 3, 2005... The Federal Energy Regulatory Commission (FERC) approved on Wednesday restarting an idled pipeline and reversing its flow in order to ship Canadian crude oil supplies to the US market. The pipeline will carry about 125,000 b/d of oil that...

Pipe tests ahead of schedule.(Brief Article)
March 3, 2005... US pipeline operators are ahead of schedule in conducting federally required pipeline integrity assessments, which are designed to test pipelines and identify potential problems before problems occur, the Association of Oil Pipe Lines (AOPL)...

Chevron is latest linked to Unocal takeover.
March 4, 2005... Might ChevronTexaco be looking to snap up Unocal in a pricey transaction that would be the first $10 billion-plus deal in North America since Conoco's 2002 merger with Phillips Petroleum? Officials from Chevron and Unocal aren't commenting,...

Oil prices ignore stocks, trade above $55/bbl.
March 4, 2005... The crude futures market is seeing a "growing disconnect" with fundamentals. For a second straight day, crude prices moved significantly higher on the back of dubious news--or no news at all. Market analysts point to a hoard of fund-buying...

Energy Secretary says US influence over Opec is 'limited'.
March 4, 2005... As oil prices continue to soar, Energy Secretary Samuel Bodman conceded Thursday that Washington's ability to influence Opec is limited, although there are ongoing efforts by the Bush administration to get the producer group to help moderate...

Daily oil & gas price review.(Illustration)
March 4, 2005... Daily Oil & Gas Price Review Prices for Thursday, March 3, 2005 [GRAPHIC OMITTED] US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) +0.49 48.54 ...

ICE to conduct IPO in move that could help fend off Nymex.(IntercontinentalExchange)(initial public offering)
March 4, 2005... The IntercontinentalExchange (ICE) said Wednesday it would conduct an initial public offering (IPO) of its stock. An IPO that would open ownership to public investors would reverse the course of the online exchange that was started by private...

Surplus of tankers spurs plunge in rates; Mideast market hit particularly hard.
March 4, 2005... A surplus of tonnage is forcing tanker owners to cut rates for shipping crude oil to some of the world's major markets, and the trend may continue through the end of March, shipping and trading sources say. "The paper market for tankers is...

Guatemala plans new upstream tender.
March 4, 2005... Eager to cash in on high oil prices, Guatemala plans to grow its oil and gas sector. The Central American nation, better known for its coffee exports and budding tourism industry, is launching bidding rounds for two upstream blocks. The level...

Icahn spells out plan to unlock value of Kerr-McGee shares.
March 4, 2005... Corporate raider Carl Icahn has spelled out his plans to correct what he sees as a severe undervaluation of Kerr-McGee's shares, calling for the sale of its chemicals business, forward sales of future production and a massive share buyback...

Iraq readies plan for downstream reform; plans hatched to liberalize markets.
March 4, 2005... Iraq has hatched plans to liberalize its domestic products market in an attempt to stifle smuggling and reduce wasteful usage, interim Oil Minister Thamer al-Ghadban told Oil Daily Thursday. A plan to liberalize gasoline and gas oil prices...

PetroKazakhstan has strong Q4.(Earnings)(Brief Article)
March 4, 2005... Calgary-based PetroKazakhstan reported a stronger fourth-quarter profit on Thursday on higher revenue but said a build-up of crude oil inventory crimped results. The Canadian energy exploration firm, which operates entirely in Kazakhstan,...

Alaskan oil output falls.(Exploration & Production)(Brief Article)
March 4, 2005... Warmer-than-normal weather and sporadic equipment replacement led to a slight decline in Alaskan North Slope (ANS) crude production in February, according to data from the state's Department of Revenue Tax Divisions. February ANS crude...

Gas in storage falls 107 Bcf.(EIA Gas Storage Report)(Brief Article)
March 4, 2005... Stocks of working natural gas in US storage facilities fell 107 Bcf for the week ended Feb. 25, leaving storage levels at 1,613 Bcf, according to the Energy Information Administration (EIA). Stocks are 415 Bcf higher than last year at this...

Rosneft-Gazprom deal hits snag.(International)(OAO Gazprom)(Brief Article)
March 4, 2005... Just as it seemed to be back on track, Moscow's plan to merge Gazprom, the world's largest natural gas producer, with Russian oil company Rosneft could be delayed by clashes between rival factions in the Kremlin. The day after Gazprom...

Stock market scorecard.(NEWS ALERT)(Illustration)
March 4, 2005... Stock Market Scorecard Integrated Close 1-Day Majors 3/3 Chg. % Chg. Kerr-McGee 81.65 +2.66 +3.37% Occidental 73.01 +2.07 +2.92 Amerada Hess 102.15 +2.83 ...

Venezuela devalues currency.(Latin America)(Brief Article)
March 4, 2005... Venezuela on Thursday devalued its bolivar currency by 10.7% to take advantage of high oil prices and generate more revenue from petroleum sales to bolster its finances for the year. The adjustment of the fixed exchange rate to 2,150...

Hunt contracts for Peru gas.(Latin America)
March 4, 2005... Hunt Oil said Thursday that is has agreed to buy the equivalent of 602 MMcf/ d of natural gas for 18 years from the consortium operating Peru's Camisea gas project. The gas will be used for Hunt's Peru LNG Project, planned for construction at...

Brazil oil pipe planned.(Latin America)(Brief Article)
March 4, 2005... Japanese firms Mitsubishi and Marubeni have teamed up to develop a $900 million project to transport oil from Brazil's offshore Campos Basin to onshore refineries, according to a statement by Mitsubishi Thursday. The project was designed...

Mexico ups Maya export prices.(Latin America)
March 4, 2005... Mexican state oil company Pemex tightened its April discount for heavy Maya crude for US deliveries. The increase seeks to counter the company's low export prices for its Maya crude, which has been brought down by low fuel oil prices Pemex uses...

Mexican price adjustments.(NEWS ALERT)(Brief Article)(Illustration)
March 4, 2005... Mexican Price Adjustments ($/bbl) Isthmus-34 Maya-22 Olmeca-39 US Gulf Apr. -$3.75 -$5.05 $0.05 US Gulf Mar. -4.35 -5.90 -0.20 US W. Coast Apr. ... -10.70 ...