The Oil Daily articles from November 2003

The Oil Daily archives from November 2003

Profits Up, Production Down at Chevron in Q3.(ChevronTexaco 3rd-quarter report)
November 3, 2003... WASHINGTON -- ChevronTexaco closed a wacky week of third- quarter earnings announcements from top US integrated oil companies by beating Wall Street expectations on Friday. However, analysts said the strong performance was more a result of...

Citgo Sees Strong Results, Record Utilization.(Citgo Petroleum)
November 3, 2003... TULSA -- Defying even its own expectations, refiner and marketer Citgo Petroleum has come roaring back from a lengthy, politically-charged oil workers' strike in Venezuela, which paralyzed operations at its main crude source, and is now on...

Crude Jumps After Five Straight Falls as Traders Make a Correction.(petroleum price trends)
November 3, 2003... NEW YORK -- While putting on their Halloween costumes at the end of a lackluster yet bullish Friday trading session, players in the US energy market got all excited and pushed crude oil and products prices higher in volatile trading -- making...

Many Iraqi Crude Cargoes Looking For US Home, But Imports Seen Coming Down Soon.
November 3, 2003... NEW YORK -- Large volumes of Iraqi crude are on their way to the US, and scheduled to arrive from the second half of November onwards, but overall crude oil imports are expected to come down this month, and possibly even more in December,...

Parker Drilling Cuts Q3 Loss; Asset Sales, Debt Reduction on Track.(Parker Drilling)
November 3, 2003... HOUSTON -- Parker Drilling said Friday it narrowed its third- quarter loss versus a year ago, as the Houston-based drilling contractor continues to try to pay down debt and find buyers for some of its assets. For the third quarter, Parker...

Kinder Morgan Sees Output Life Left in Historic Yates Field.
November 3, 2003... HOUSTON -- Buried a scant thousand feet below the canyons and brushlands of the TransPecos region of West Texas, where coyotes and deer still roam, lies a vast sea of oil. The massive reservoir originally contained 5 billion barrels of...

Anadarko Pledges Tighter Focus in International Exploration.
November 3, 2003... HOUSTON -- Anadarko Petroleum, seeking to recapture some of its former luster, pledged to adopt a more focused approach to international exploration on Friday. It also offered investors a sweetener in the form of a 40% dividend increase. ...

Revised Weather Forecast, Injections Buoy Gas Market Bears.
November 3, 2003... WASHINGTON -- A significant reversal in early winter weather forecasts has put gas market bears in the driver's seat and, coupled with upward inventory revisions under the Energy Information Administration's (EIA) new storage survey, raised the...

International Oil Companies Take Aim at Ecuador's Government.(complained to President Lucio Gutierrez about unfavorable guidelines for participating in an upcoming tender )
November 3, 2003... WASHINGTON -- Six of the international oil companies currently operating in Ecuador have complained to President Lucio Gutierrez about unfavorable guidelines for participating in an upcoming tender that will offer four of the country's major...

Canadian Gas Storage Report.(week ended Oct. 24, 2003)(Brief Article)
November 3, 2003... Canadian Enerdata reported that the amount of natural gas in Canadian storage facilities rose 1.6 Bcf to 463.1 Bcf for the week ended Oct. 24. Storage caverns are 93.9% full, up from 93.6% full a week ago and 91.9% full a year ago. (Bcf)...

Baker Hughes Rig Count.(number of rigs searching for oil and gas in the US rose )(Brief Article)
November 3, 2003... US Rig Count Rose by 17 The number of rigs searching for oil and gas in the US rose by 17 to 1,107 last week, oil services firm Baker Hughes said on Friday. During the same week last year, there were 854. The number of rigs searching for...

Daily Oil & Gas Price Review.
November 3, 2003... Daily Oil & Gas Price Review Prices for Friday, October 31, 2003 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rd Chg Month Avg. ...

Stock Market Scorecard.(petroleum industry stock price movements)
November 3, 2003... Stock Market Scorecard Close 1-Day. % Chg. Oct 31 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors ChevronTexaco 74.30 +2.54 ...

Oneok Post Q3 Profit.(Brief Article)
November 3, 2003... Oil and gas producer Oneok announced late Thursday that it posted higher-than-expected third-quarter profits even though earnings fell because of accounting changes at its marketing arm. The Tulsa, Oklahoma-based company's production...

Chesapeake Production Doubles.(Chesapeake Energy 3rd-quarter earnings and production)(Brief Article)
November 3, 2003... Oklahoma City-based Chesapeake Energy Corp. reported net income of $81.88 million on revenue of $454.5 million, compared with profit from the year-ago period of $14.07 million on revenue $196.5 million. During the third quarter, Chesapeake...

Frontier Bounces Back in Q3.(Frontier Oil 3rd-quarter earnings)(Brief Article)
November 3, 2003... Frontier Oil Corp. announced its strongest quarterly earnings in two years, even after recording $11.2 million (42cents/share) in after-tax expenses relating to its terminated merger with Holly Corp. Frontier reported net income of $3.8 million...

EPA Clarifies NSR Rules.(US Environmental Protection Agency on reformed Clean Air Act's New Source Review program)(Brief Article)
November 3, 2003... The Environmental Protection Agency (EPA) last week made small changes to its new air pollution regulation relating to refinery modification and expansion. The new regulation, finalized in December last year, essentially reformed the Clean...

Exxon Hits Again in Angola.(nore offshore oil discoveries)(Brief Article)
November 3, 2003... Exxon Mobil has announced yet more discoveries on its prolific Angolan deepwater Block 15. The new fields, Kakocha- 1 and Tchihumba-1, are the 15th and 16th discoveries on the block. Exxon, the operator with a 40% stake, says it drilled...

Iraq Gasoline Funds Trimmed.(House of Representatives approved $1.89 billion for the Iraqi oil sector, but reduced the purse for the importation and distribution of petroleum products to $690 million)(Brief Article)
November 3, 2003... The House of Representatives on Friday approved $1.89 billion for the Iraqi oil sector, but reduced the purse for the importation and distribution of petroleum products to $690 million. President Bush proposed $2.1 billion for the oil...

Petrobras Energia Output Up.
November 3, 2003... Petrobras Energia, the operating unit of former Argentine oil and gas company Perez Companc, produced 1.6% more oil and gas in September compared with August, as the opening of Ecuador's new heavy crude pipeline allowed increased production in...

Ecuador Output Hits High.(crude oil production)(Brief Article)
November 3, 2003... Crude production in Ecuador hit an historic high of 477,300 b/d in September, after the opening of the new heavy crude pipeline doubled capacity for transporting Amazon production to coastal ports. Nonetheless, the original proposal for the...

Iraqi Oil Exports Resume.(after bad weather at Basrah)(Brief Article)
November 3, 2003... Iraqi exports from the Mideast Gulf Basrah Oil Terminal, which had been curtailed all week on weather delays, resumed Friday morning local shipping agents said. The Ness for trader Bayoil and the New Vista for Royal Dutch/Shell left the...

El Paso Pipeline Execs Named.(Brief Article)
November 3, 2003... El Paso said Friday that Patricia A. Shelton would leave her position as president of El Paso's Western Pipeline Group, effective Dec. 31. Shelton, who joined the company in 1979, was named president of the Western Pipeline Group in January...

Citgo Earnings up 81%; Refineries Run Flat Out.(3rd-quarter earnings)
November 4, 2003... WASHINGTON -- With an 81% increase in the third-quarter earnings, Venezuela's US downstream unit Citgo Petroleum showed that Tulsa is a long way from the domestic political unrest in Caracas. Taking advantage of improved refinery margins...

Oil Majors' Stocks Surged in October.(stock price movements)
November 4, 2003... WASHINGTON -- Shares of leading worldwide oil and gas companies surged in October alongside the broader market led by European firms Norsk Hydro, BG, and Repsol-YPF. The broad equity market opened the fourth quarter with a bang, with the...

Saudi Oil Council Blesses Shell Gas Contract.(Supreme Petroleum Council )(Brief Article)
November 4, 2003... LONDON -- Saudi Arabia's Supreme Petroleum Council (SPC), the highest oil decision-making body in the kingdom, has endorsed a gas development contract awarded to a consortium of Royal Dutch/Shell, Total, and Saudi Aramco, the official Saudi...

Warm Weather Spoils Speculators' Game and Guides Oil Down.(petroleum price trends)(Brief Article)
November 4, 2003... NEW YORK -- Crude oil prices drifter lower on Monday because the US Northeast, the world's largest heating oil market, is expecting higher than normal temperatures for most of the week, according to some energy traders. Surveys showing...

Khordorkovsky Arrest Sends Russian Oil Equities Reeling.
November 4, 2003... WASHINGTON --Shares of Russian companies fell in what proved to be a tumultuous week for the Russian economy, which convulsed upon the news of the arrest and detention of former Yukos Chief Executive Mikhail Khodorkovsky and seizure of...

Jailed Yukos Head Khodorkovsky Steps Down Hinting at a Deal.
November 4, 2003... MOSCOW -- Jailed Russian oligarch Mikhail Khodorkovsky said Monday that he was stepping down as chief executive of oil major Yukos, following a stream of conciliatory remarks by top government officials -- suggesting that a compromise may have...

Environmental Groups Plan to Block BLM Leasing in Utah.(Bureau of Land Management plans to make wilderness areas available for oil and gas exploration)
November 4, 2003... WASHINGTON -- The Bush administration is set to offer areas in Utah with wilderness characteristics for oil and gas leasing later this month, but environmental groups last week vowed to block the move, condemning what they called the...

IEA Exec Mandil Encourages Good Relations With Opec.(Claude Mandil, executive director of the International Energy Agency)
November 4, 2003... PARIS -- Claude Mandil, executive director of the International Energy Agency (IEA), is setting the oil watchdog on a new course by stressing a role for government in energy markets and the importance of relations with Opec -- both of which...

Court Orders Halliburton to Pay Damages in Kazakh Oil Field Dispute.
November 4, 2003... DUBAI -- Halliburton is again under the spotlight after being ordered to pay over $70 million in damages to Houston- based minnow Anglo Dutch Petroleum in a dispute over an onshore oil development project in Kazakhstan. A Houston, Texas,...

Heating Degree Days.
November 4, 2003... Heating Degree Days Week Dev Cum Dev For week of From From From November 1, 2003 Week From Year...

Daily Oil & Gas Price Review.
November 4, 2003... Daily Oil & Gas Price Review Prices for Monday, November 3, 2003 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rd Chg Month Avg. ...

Stock Market Scorecard.(petroleum industry stock price movements)
November 4, 2003... Stock Market Scorecard Close 1-Day. % Chg. Nov 03 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors Statoil 9.69 +0.29 ...

NCE Petrofund Changes Name.(to Petrofund Energy Trust)(Brief Article)
November 4, 2003... NCE Petrofund has changed its name to Petrofund Energy Trust, effective Nov. 1. In conjunction with the name change, Petrofund Energy Trust has also changed its ticker symbols. The Trust will begin trading under the symbol PTF.UN on the...

GulfTerra Energy Earnings Soar.(Brief Article)
November 4, 2003... GulfTerra Energy Partners, among the largest US natural gas pipeline and processing firms, on Monday said third-quarter profit more than doubled on higher gas prices and a one-time asset sale gain. The Houston company, until recently known...

Denbury's Net Up, Output Down.(Denbury Resources 3rd-quarter report)(Brief Article)
November 4, 2003... Dallas-based Denbury Resources posted a relatively modest 13% increase in third-quarter earnings as costs rose, production slipped from year-earlier levels and hedges ate up most of the increase that occurred in oil and gas prices. Net...

Husky Expands China Activities.(Husky Energy )(Brief Article)
November 4, 2003... Calgary-based Husky Energy said Monday that it has signed a petroleum contract with the China National Offshore Oil Corp. (CNOOC) for the 04/35 exploration block in the East China Sea. The block is located 350 kilometers east of the city of...

First Calgary in Algeria Deal.(Brief Article)
November 4, 2003... First Calgary Petroleums announced on Sunday an agreement in principle with the Algerian national oil company, Sonatrach, to jointly develop a natural gas field in the North African nation. The Calgary, Alberta-based company said the...

Iraq Pipeline Delayed Again.(northern oil export pipeline to Turkey )(Brief Article)
November 4, 2003... Iraq's northern oil export pipeline to Turkey is highly unlikely to reopen this week as previously planned, and it could take up to three weeks to resume operations, an oil ministry source said on Monday. "I seriously doubt that the...

Ecopetrol Signs 3 Contracts.(in Colombia)(Brief Article)
November 4, 2003... Ecopetrol signed association contracts with three Colombian firms for exploration in blocks in Colombia's Upper and Middle Magdalena Valley. The Magdalena Valley is one of the areas Ecopetrol believes holds significant oil and gas reserves. ...

Senate Approves Iraq Funding.(funding package to rebuild Iraq)(Brief Article)
November 4, 2003... A $18.6 billion funding package to rebuild Iraq, including $1.89 billion for the oil sector, is headed to President Bush's desk for his signature after the US Senate on Monday followed the House of Representatives in approving it. ...

Dynegy Sells Illinois Power.(to Exelon)(Brief Article)
November 4, 2003... Dynegy announced Monday that it agreed to sell Illinois Power, its regulated energy delivery business, for $2.225 billion to Chicago-based Exelon, a utility holding company. Exelon will acquire 750 miles of natural gas pipelines, some 7,600...

Shell Submits LNG Application.(seeks to construct an offshore liquefied natural gas receiving terminal in the Gulf of Mexico )(Brief Article)
November 4, 2003... Royal Dutch/ Shell yesterday submitted a formal application to the US Coast Guard -- under whose jurisdiction a deepwater port facility falls -- to construct an offshore liquefied natural gas (LNG) receiving terminal in the Gulf of Mexico (OD...

Speculators Increase Net Longs.(petroleum futures trends)(Brief Article)
November 4, 2003... New York Mercantile Exchange crude oil speculators boosted net long positions in the week ended Oct. 28 in a bet prices would rise, the Commodity Futures Trading Commission (CFTC) said Friday. Noncommercial crude speculators increased net...

IPE Sets Record in October.(International Petroleum Exchange trading record)(Brief Article)
November 4, 2003... London's International Petroleum Exchange (IPE) set a new trading record in October when 3,354,804 contracts, with an underlying value of $83.3 billion, changed hands. At more than 3 billion boe/d, overall October volume was 2.5% higher...

Williams Expansion Starts Up.(Transco pipeline natural gas system expansion became operational)(Brief Article)
November 4, 2003... A unit of Williams Monday said an expansion on its Transco pipeline natural gas system became operational. The Trenton-Woodbury expansion increases firm transportation capacity by approximately 51,000 dekatherms per day to serve markets in...

Teppco Exceeds Capacity.(Teppco Pipeline )(Brief Article)
November 4, 2003... The Teppco Pipeline for products has exceeded capacity and, as a result, cut about 40,000 b/d of November nominations for four terminals in Louisiana, Arkansas, and Missouri, the company confirmed on Monday. Teppco said in a Friday...

Marathon Restarts Illinois Unit.(Marathon Ashland Petroleum Robinson, Illinois, refinery )(Brief Article)
November 4, 2003... Marathon Ashland Petroleum restarted a 200,000 b/d crude distillation unit at its Robinson, Illinois, refinery over the weekend after it was shut Oct. 26 for unplanned repairs, a source familiar with the company's refineries said. And...

Exxon's Raymond Sees Opportunities in Russia.(Exxon Mobil CEO Lee Raymond)
November 5, 2003... LONDON -- Exxon Mobil's plans for a deal with Russia's Yukos are obviously on hold following the arrest of former head Mikhail Khodorkovsky, but Exxon Chairman and Chief Executive Lee R. Raymond remains convinced that Exxon will have...

Marathon Unveils Ambitious Plan to Wall Street.(Marathon Oil annual meeting with analysts)
November 5, 2003... WASHINGTON -- For years considered one of the industry's upstream performance laggards, Marathon Oil on Tuesday put its neck on the line, promising investors that its recently revamped portfolio of assets would deliver annual reserve...

KBR Dealing with Criticism Over Iraq Contracts.(Halliburton's KBR engineering construction unit )
November 5, 2003... LONDON -- Executives at Halliburton's KBR engineering construction unit weren't surprised at the criticism leveled against the company's operations in support of the US-led invasion and occupation of Iraq, two key company officials told Oil...

Crude Oil Slips as Market Fears Another Glut of Imported Oil.(petroleum price trends)(Brief Article)
November 5, 2003... NEW YORK -- Ahead of petroleum data to be released today, market players traded crude oil prices down on Tuesday on worries that a glut of imported oil again could push up US petroleum inventories, as happened in the past months. But...

EOG Steps Up Gas Hedging But Takes Bullish Long Term View.(EOG Resources )
November 5, 2003... HOUSTON -- EOG Resources has hedged itself against the possibility of some weather-related weakness in US gas prices in the short term, but Chief Executive Mark Papa says the company is well positioned to profit from strong market fundamentals...

Natural Gas Producers Lack Concensus on How to Meet Demand.
November 5, 2003... CALGARY -- North American natural gas producers are on a treadmill, and they are pedaling very fast to keep up with demand. Industry experts at Ziff Energy's North American Gas Strategies Conference agreed that the North American gas...

Seeking Foreign Investment, Libya Wants US Sanctions Lifted.
November 5, 2003... London -- Libya aims to attract $30 billion in foreign oil investment by the end of the decade to meet its production goal of 2 million barrels per day. Committed to attracting international oil and gas firms, the country -- long bound by...

Iraq Names New Head of Crude Marketing as Part of SOMO Shakeup.(Shamkhi Faraj, State Oil Marketing Organization )
November 5, 2003... LONDON -- Iraq's State Oil Marketing Organization (Somo) was swept by change on Tuesday that saw the head of the sales body Mohammad al-Jibouri replaced by an oil ministry veteran Shamkhi Faraj, less than six months after the restart of Iraqi...

Opec Asks Market Critics, Observers to Give Cuts a Chance.(petroleum production cuts)
November 5, 2003... WASHINGTON -- Opec wants time to gauge the impact of nascent production cuts before making a decision on its next production move, but that has not stopped the usual barrage of often conflicting sideline coaching from analysts, traders, major...

Schlumberger CEO Sees Russian Market Rivaling US, Canada.( oil-field services sector )
November 5, 2003... LONDON -- The Russian oil-field services sector could be as big as the US and Canadian market combined if it opens up to foreign companies, Andrew Gould, chairman and chief executive of oil services giant Schlumberger, told Oil Daily Tuesday at...

Daily Oil & Gas Price Review.
November 5, 2003... Daily Oil & Gas Price Review Prices for Tuesday, November 4, 2003 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rd Chg Month Avg. ...

Stock Market Scorecard.(petroleum industry stock price movements)
November 5, 2003... Stock Market Scorecard Close 1-Day. % Chg. Nov 04 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors Total 78.10 +0.46 ...

Talisman Profits Slip in Q3.(Talisman Energy 3rd-quarter earnings)(Brief Article)
November 5, 2003... Talisman Energy, Canada's No. 2 oil explorer and producer, said on Tuesday third-quarter profit fell, compared with last year, after selling its Sudan assets. Talisman, which operates at home and in the North Sea, Southeast Asia, and the...

Cal Dive's Q3 Revenue Up.(Cal Dive International 3rd-quarter earnings)(Brief Article)
November 5, 2003... Cal Dive International, an energy services provider, said on Monday its quarterly net income and revenue jumped thanks to improved oil and gas prices and higher production related to property acquisitions. Houston-based Cal Dive, which...

Ultra's Earnings Jump in Q3.(Ultra Petroleum 3rd-quarter earnings)(Brief Article)
November 5, 2003... Ultra Petroleum on Tuesday reported earnings of $10.3 million for the third quarter, an increase of 974% compared with $961,286 for the same period in 2002. For the nine months ended Sep. 30, earnings increased to $26.2 million from $4...

Magnum Hunter Earnings Rise.(3rd-quarter earnings)(Brief Article)
November 5, 2003... Magnum Hunter more than doubled its earnings in the third quarter but production lagged year-earlier levels, mainly because of the sale of non-core assets over the last year and a half. The Irving, Texas-based independent -- with operations...

BJ Services' Q4 Falls Short.(4th-quarter earnings)(Brief Article)
November 5, 2003... BJ Services on Tuesday posted earnings that fell short of estimates and said it would not meet next year's projections. The Houston-based oilfield services company said net income for its fourth quarter ended Sep. 30 was $60.4 million...

Exploration Co. Revenue Up.(3rd-quarter earnings)(Brief Article)
November 5, 2003... The Exploration Co. reported third-quarter earnings of $58,466 on revenue of $9.4 million, compared with net income of $931,953 on revenue of $6 million reported in the third quarter of 2002. Revenue for the company increased 58% from the...

Stone Reports Solid Q3.(Stone Energy Corp. 3rd-quarter earnings)(Brief Article)
November 5, 2003... Stone Energy Corp. reported Tuesday net income of $22.8 million (86cents/share) on revenue of $116 million for the third quarter, a 66% increase over the $13.7 million (52cents/share) earned in the third quarter of 2002. The company said...

BP Files $9.15B Shelf Offer.
November 5, 2003... British oil major BP on Monday filed with the US Securities and Exchange Commission (SEC) to periodically sell up to US$9.15 billion in guaranteed debt securities. The London-based company plans to use the net proceeds for general...

World Bank OKs Caspian Project.(loans for a major oil project that will carry Caspian Sea-drilled crude oil from Azerbaijan to international markets)(Brief Article)
November 5, 2003... The World Bank's private sector arm on Tuesday approved up to $310 million in loans for a major oil project that will carry Caspian Sea-drilled crude oil from Azerbaijan to international markets, an official at the International Finance Corp....

FERC May Regulate Price Indices.(Federal Energy Regulatory Commission )(Brief Article)
November 5, 2003... The Federal Energy Regulatory Commission (FERC) may take steps to regulate the publishing of natural gas and electricity price indices, according to William Hederman, head of FERC's Office of Market Oversight and Investigation. FERC and...

Pump Price Lowest Since July.(US retail gasoline prices)(Brief Article)
November 5, 2003... US consumers are enjoying the lowest gasoline costs since last July, with the average pump price dropping another 0.7cents last week to $1.535/gallon, the government said on Monday. Since reaching a record high of almost $1.75/gallon on...

IPE Signs MOU With Tocom.(International Petroleum Exchange memorandum of understanding with the Tokyo Commodity Exchange )(Brief Article)
November 5, 2003... London's International Petroleum Exchange (IPE) said Tuesday that it has entered into a memorandum of understanding (MOU) with the Tokyo Commodity Exchange (Tocom) that will allow Asian traders to trade IPE contracts in Tokyo. Tocom struck a...

Sunoco Plant Shut to Nov. 20.(Gerard Point oil refinery in Philadelphia will be shut for scheduled maintenance )(Brief Article)
November 5, 2003... Sunoco's 330,000 b/d Gerard Point oil refinery in Philadelphia will be shut for scheduled maintenance until Nov. 20, trading sources said. A Sunoco spokesman declined to comment, citing A policy of not talking about day-to-day refining...

MAP Expands Detroit Refinery.(Marathon Ashland Petroleum plans)(Brief Article)
November 5, 2003... Marathon Ashland Petroleum (MAP) said it will increase the crude refining capacity at its Detroit oil refinery by 26,000 b/d to 100,000 b/d by 2005 as part of $300 million in new capital projects for the plant. Other projects MAP announced...

New President for BP Canada.(Brian E. Frank )(Brief Article)
November 5, 2003... BP Canada Energy Co. announced Tuesday Brian E. Frank as president and chief executive. Frank is the first Canadian to serve as the president and chief executive of BP Canada. He succeeds Dennis Roemmich, who is retiring. Frank brings over...

EnCana Urges Ecuador to Improve Royalty Terms.
November 6, 2003... LONDON -- Canada's EnCana, a top producer in Ecuador that accounts for around one-fifth of its oil production, has called on the government to improve terms on offer in an upcoming upstream tender. The comments, by EnCana Chief Executive...

US May Strip KBR of Iraq Fuel Contract.(Kellogg Brown and Root)
November 6, 2003... WASHINGTON -- Amid a firestorm of criticism over Halliburton's alleged gouging of American taxpayers, the Army Corps of Engineers (USACE) may strip the company's subsidiary Kellogg Brown & Root (KBR) of its contract to import and distribute...

Canadian Natural Sees 5% Growth in 2004, Big Projects on Track.
November 6, 2003... HOUSTON -- Canadian Natural Resources has set a C$2.3 billion (US $1.7 billion) capital spending budget for 2004 that it expects to result in production growth of over 5% next year. On Wednesday, it also reported progress on two big long-term...

Falling Stocks and Technical Triggers Send Futures Past $30.(crude oil)
November 6, 2003... NEW YORK -- Crude futures soared past $30 in heavy trading on Wednesday, lifted by US inventory reports showing a smaller-than-expected crude inventory built and large product stocks draws last week, with gasoline being the main driver of the...

Bidders Spurn Mexico's Latest MSC Tender.(multiple service contract)
November 6, 2003... NEW YORK -- Pemex has gone back to the drawing board, after failing to attract any bids on its latest multiple service contract (MSC) Wednesday. Both Total and Repsol-YPF passed on the Corindon-Pandura Block, one of the largest on offer. ...

CNOOC Reportedly Eyeing Acquisition of Husky Energy.(China National Offshore Oil Corp.)
November 6, 2003... SINGAPORE -- Is China National Offshore Oil Corp. (CNOOC) finally going to bite the bullet and buy into Alberta's oil patch? Analysts in Hong Kong say the timing may be right for CNOOC to buy a stake in Calgary-based Husky Energy, although...

Shell Executive Sees US as Major Pull on Global LNG Supply.(Malcolm Brinded)
November 6, 2003... LONDON -- Gas markets are becoming global, liquefied natural gas (LNG) will play a critical role in linking those markets, and the US will exert a major pull on global LNG supply, said Malcolm Brinded, a Royal Dutch/Shell managing director and...