The Oil Daily articles from October 2004

The Oil Daily archives from October 2004

ConocoPhillips, Lukoil Tout Deal's Potential.
October 1, 2004... ConocoPhillips President and Chief Executive Jim Mulva and Lukoil President Vagit Alekperov reiterated Thursday day- earlier declarations that Conoco's just acquired equity position in the Russian company and their various joint exploration and...

NGSA Sees Higher Winter Gas Prices.(Natural Gas Supply Association)
October 1, 2004... Natural gas consumers should brace for higher bills this winter due to an anticipated jump in demand, an industry trade group warned Thursday. A week before the Energy Information Administration (EIA) releases its own winter fuels outlook,...

EOG Raises Growth Forecasts, Updates Barnett Shale Plans.(EOG Resources)
October 1, 2004... EOG Resources has raised its production growth targets for 2004, 2005 and 2006 and has also increased its estimate of how much gas it could recover from the Barnett Shale play in North Texas. The Houston-based independent now expects its...

Oil Futures Trade Above $50 on Nigeria, Products Market.(Brief Article)
October 1, 2004... Uncertainty about oil production in Nigeria and a bullish products market pushed crude futures on the New York Mercantile Exchange (Nymex) over $50 per barrel Thursday, but the market backed off to close only slightly up on the day. After...

Ecuador Alarmed By Steep Discount for Exported Crude.
October 1, 2004... Ecuador is looking for ways to stop a further widening of price differentials for its crude that has prevented the country from taking full advantage of high international oil prices. At the same time it is embroiled in an increasing number of...

UAE Drafts Plans for Extra Capacity.(United Arab Emirates)
October 1, 2004... Enjoying unprecedented high oil revenues, and with the world screaming for more production capacity from Opec countries, the United Arab Emirates (UAE) is drawing up plans to increase its sustainable production capacity over the next five...

Economist Sees Possible Recession, Oil at $80.
October 1, 2004... Circumstances are ripe for a global recession because of record-high oil prices, and those prices could be "higher than anyone has ever dreamed" in the next two years unless the US government and oil-producing countries come up with both near-...

El Paso Completes Financial Review, Posts 2003 Loss of $1.93 Billion.
October 1, 2004... El Paso released its long-awaited 2003 financial results on Thursday, and as expected the company posted a steep loss due to various charges, changes in accounting and a previously disclosed downward revision in proved reserves. The one-time...

Refineries Must Return Sweet Crude to SPR.(Strategic Petroleum Reserve)
October 1, 2004... Refineries that borrow sweet crude oil from the US Strategic Petroleum Reserve (SPR) will have to return a comparable grade to the reserve, and are likely to deliver West African crude, an industry official said. One refinery has committed...

EIA Gas Storage.(Brief Article)
October 1, 2004... Gas in Storage Rises 69 Bcf Stocks of working natural gas in US storage facilities rose 69 Bcf for the week ended Sep. 24, leaving storage levels at 3,011 Bcf, according to the Energy Information Administration (EIA). Stocks are 191...

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

Stock Market Scorecard.(Illustration)
October 1, 2004... Stock Market Scorecard Close 1-Day % Chg. 9/30 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors ConocoPhillips 82.85 +1.28 ...

Tesoro Retires More Debt.(Brief Article)
October 1, 2004... Independent refiner Tesoro said Thursday it voluntarily paid- off $100 million of the company's $197.5 million senior secured term loans earlier this week from cash on hand. The term loans, which are due in 2008, currently pay interest at...

Moscow Backs Kyoto Ratification.(Brief Article)
October 1, 2004... Facing increasing diplomatic pressure to ratify the Kyoto treaty on climate change, Russia has made a major step toward allowing the international agreement to take effect. The Russian government decided on Thursday to ratify the treaty and...

Shell Evacuates Nigeria Staff.(Brief Article)
October 1, 2004... Royal Dutch/Shell on Thursday evacuated another 73 workers from Nigeria's Delta region for "security reasons," the company said. "We have withdrawn 73 workers from the Awoba flow station, but production has not been affected, the flow...

Petrobras Hits Light Crude.(Brief Article)
October 1, 2004... Brazil's Petrobras has announced an oil discovery in the Reconcavo Baiano onshore basin where preliminary estimates indicate recoverable volumes of 4.6 million barrels of light crude. The new find of an estimated 42[degrees] API gravity...

Drummond to Drill for Gas.(Brief Article)
October 1, 2004... The Drummond Co. plans to develop coal bed methane for use in power generation at its Colombian mines, chairman Garry Drummond told Oil Daily Wednesday. Surplus gas could be sold into the Colombian market, via a trunk gas pipeline that runs...

Venezuela Exports Run High.(Brief Article)
October 1, 2004... Venezuela's exports of gasoline to the US remain at record levels in spite of loading delays caused by weather conditions, according to an official at the country's main 940,000 b/d Paraguana (CRP) refinery complex. Exports of conventional...

Shortages Hit Dominican Republic.(Brief Article)
October 1, 2004... The Dominican Republic is working with Venezuela for a line of credit for crude and products imports, Undersecretary of Finance Magin Diaz said Thursday. Electricity blackouts in the Dominican Republic have increased this month, as generators...

TransCanada Buys Power Plants.(Brief Article)
October 1, 2004... TransCanada said Thursday it has agreed to pay $505 million for hydroelectric power plants with a capacity of 550 megawatts from USGen New England, a subsidiary of bankrupt National Energy & Gas Transmission (NE&GT). The transaction,...

FTC Approves Pipe Merger.(Federal Trade Commission)(Brief Article)
October 1, 2004... The Federal Trade Commission (FTC) said Thursday it has approved the $13 billion merger of pipeline operators GulfTerra Energy Partners and Enterprise Products Partners (OD Aug.2,p8) on condition that they divest interests in certain assets....

Plains Sells California Assets.(Brief Article)
October 1, 2004... Houston-based Plains Exploration & Production said Thursday it has struck a deal with privately held Dos Cuadras Offshore Resources to sell producing properties offshore California for $112.5 million. The deal is expected to close by the end of...

Politics Key to LNG Projects.(liquefied natural gas)(Brief Article)
October 1, 2004... Proposals for liquefied natural gas (LNG) receiving terminals on the North American West Coast will be impacted more by politics than by commercial and regulatory factors, according to a study by Houston-based energy consultants Baker &...

MMS, Coast Guard Sign MOU.(Memorandum of Understanding)(Brief Article)
October 1, 2004... The Minerals Management Service (MMS) and US Coast Guard signed a new Memorandum of Understanding (MOU) on Thursday to better coordinate the regulation of oil and gas activity in offshore areas where there has been a surge in interest in...

TXU, CSFB Nix Venture.(Credit Suisse First Boston)(TXU Corporation)(Brief Article)
October 1, 2004... Credit Suisse First Boston (CSFB) and TXU have said they no longer plan to create an energy trading joint venture because they cannot agree on an economic arrangement that meets both company's strategic goals. CSFB still plans to enter the...

Tanker Rates Rise.
October 1, 2004... Autumn is normally a boom time for tanker owners. But this year's season promises to be even better, as charter rates have nearly doubled over the past two to three weeks because of increased demand for crude and products in East Asia and the...

Oil Hits Another Record, This Time Passing $50.
October 4, 2004... Supply worries surrounding the unrest in Nigeria pushed oil futures on the New York Mercantile Exchange (Nymex) to close above $50 per barrel on Friday, a closing price not seen in the 21-year history of the New York exchange. Nigerian...

Sinopec To Build Brazil Gas Pipeline.
October 4, 2004... When China's Sinopec signed a memorandum of understanding for a $1.3 billion Brazil gas pipeline last month, the deal marked more than a giant step towards integrating Brazil's gas market. The project will help support exports to China,...

G7 Ministers Fret Over High Oil Prices.
October 4, 2004... The finance chiefs of the Group of Seven (G7) industrialized nations met in Washington on Friday, amid concerns that economic growth prospects might be affected by the high price of crude oil, which hit $50 per barrel four consecutive days last...

Sweet Crude Market Tight due to US Gulf Output Shut-ins.
October 4, 2004... A fortnight after Hurricane Ivan damaged production platforms in the Gulf of Mexico, much of the Gulf's sweet crude output was still shut in late last week, creating a tight sweet crude market, with Louisiana Light affected most, traders said...

Unocal Plans to Speed Up Thai Drilling.
October 4, 2004... Unocal plans to accelerate its drilling program at fields in the Gulf of Thailand once deals are worked out with local buyers. The drilling program would involve about 30 to 45 new delineation wells between 2005-07, and is contingent on...

Spot LNG Still Headed East.(liquefied natural gas)
October 4, 2004... Even though natural gas prices in Europe and the US have been rising recently, spot cargoes of liquefied natural gas (LNG) continue to sail away from US shores and unload halfway around the world. A weather-related surge in power demand and...

Record High Oil Prices Lift Energy Shares in September.
October 4, 2004... Oil company shares went on a tear in September as oil prices marched steadily higher throughout the month, hitting an all- time high of $50.47 per barrel on Sep. 27. The IPF Index, which is compiled by Oil Daily sister publication...

Technicals Drive $1 Spike in Nymex Natural Gas Futures.
October 4, 2004... Rising bullishness following Hurricane Ivan culminated in a remarkable 20% surge in Nymex natural gas futures last week that left some traders struggling for explanations and will result in much higher baseload prices through October. ...

Rep. Pombo Turns Spotlight on Unconventional Oil.
October 4, 2004... Citing a host of studies that reveal North America's tremendous oil production potential, an influential House of Representatives Committee chairman is asking the Pentagon to focus on increasing production and not merely on reducing demand. ...

Baker Hughes Rig Count.(Brief Article)(Illustration)
October 4, 2004... US Rig Count Rises by Four The number of rigs searching for oil and gas in the US rose by four to 1,243 last week, oil services firm Baker Hughes said Friday. During the same week last year, there were 1,091 rigs in operation. The...

Canadian Gas Storage.(Brief Article)
October 4, 2004... Canadian Enerdata reported that the amount of natural gas in Canadian storage facilities rose 1.7 Bcf for the week ended Sep. 24. Storage caverns are 95.6% full, up from 95.2% the previous week and 89.1% a year ago. (Bcf) ...

Daily Oil & Gas Price Review.(Illustration)
October 4, 2004... Daily Oil & Gas Price Review Prices for Friday, October 1, 2004 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rd Chg Month Avg. ...

Stock Market Scorecard.(Illustration)
October 4, 2004... Stock Market Scorecard Close 1-Day % Chg. 10/01 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors Statoil 14.80 +0.36 ...

Astra Receives SPR Loan.(Brief Article)
October 4, 2004... The Energy Department said Friday it has approved another emergency oil loan to a refining company to make up for crude supplies disrupted by Hurricane Ivan, granting a 1 million bbl loan from the emergency stockpile. California-based...

Exxon Not Seeking SPR Oil.(Brief Article)
October 4, 2004... Exxon Mobil said on Friday it is not seeking oil from the Strategic Petroleum Reserve (SPR) to feed refineries in the Gulf Coast. A company spokeswoman denied claims by traders who told Oil Daily that Exxon was among the refiners asking for...

Rebels Suspend Offensive.(Brief Article)
October 4, 2004... Nigerian rebels have agreed at peace talks to suspend indefinitely a threatened offensive against the government in the oil-producing Niger Delta, Reuters reported on Friday. The Niger Delta People's Volunteer Force (NDPVF), which had...

Murphy Offers Q3 Guidance.(Brief Article)
October 4, 2004... Murphy Oil said it expects to earn $1.15 to $1.35 per share in the third quarter, which includes a 27cents/share gain on the sale of North Sea properties. Wall Street analysts had expected the Arkansas-based producer and refiner to earn...

Citgo Tries to Give Away Land.(Brief Article)
October 4, 2004... Citgo Petroleum is trying to donate an island off New Jersey as a habitat for endangered species. But state officials aren't sure they want to take Citgo up on the offer. Citgo, the US refining subsidiary of Petroleos de Venezuela (PDV),...

Total Scores in Nigeria.(Brief Article)
October 4, 2004... French major Total said it has made another significant discovery in the western Usan field area of deepwater Oil Prospecting License (OPL) 222, offshore Nigeria. The Usan 5 well, located around 4 miles west of the Usan 4 discovery well,...

Sudan Warns Against Sanctions.(Brief Article)
October 4, 2004... Sudan's foreign minister said last week his government is taking action to comply with a recent United Nations resolution on the Darfur crisis and warned that any attempts to impose oil sanctions would only hurt civilians and aid workers...

Colombia Backs Pipeline Plan.(Brief Article)
October 4, 2004... The Colombian government supports a proposal by Chinese oil companies to pipe Venezuelan crude oil to Pacific ports in Colombia, Mines and Energy Minister Luis Ernesto Mejia told Oil Daily last week. Chinese state-owned companies are interested...

Pioneer Drops Alaska Gas Leases.(Brief Article)
October 4, 2004... Pioneer Natural Resources said it is relinquishing the coalbed methane gas leases it acquired in Alaska's Matanuska- Susitna Valley as part of its recent acquisition of Evergreen Resources. The decision was prompted by opposition from local...

Traders Boost Net Longs.(Brief Article)
October 4, 2004... Noncommercial crude oil speculators on the New York Mercantile Exchange (Nymex) increased their net long positions in the week ended Sep. 28 in a bet prices would rise, the Commodity Futures Trading Commission said on Friday. Noncommercial...

Enron CFO Resigns.(Brief Article)
October 4, 2004... Enron said Friday Chief Financial Officer Raymond Brown has resigned to pursue other job opportunities and will be replaced on an interim basis by Robert Bingham. Houston-based Enron, whose record-shattering bankruptcy in 2001 turned it...

El Paso Ranks Low on Employee Survey.
October 5, 2004... The troops toiling for Houston-based El Paso are not happy these days. A survey of El Paso employees to determine job satisfaction, understanding of the company's direction, confidence in leadership, cultural alignment, employee trust and...

US Lawmakers Introduce Tough Iran Sanctions Bill.
October 5, 2004... Key congressional members introduced bipartisan legislation last week that would toughen sanctions against Iran, including setting a timeframe for the US president to take actions against non-US oil and gas companies investing in that country....

Pan Andean's Stock Gets a Boost from Bolivia Gas Find.(Pan Andean Resources )
October 5, 2004... Dublin-based Pan Andean Resources saw its shares rise 26.8% for the week ended Oct. 1 after reporting "significant gas shows" at a gas well drilled in Boliva in partnership with BP. The move placed Pan Andean at the top of the weekly list...

Oil Dips Below $50/bbl as Nigerian Tensions Ease.(Brief Article)
October 5, 2004... Light profit-taking and lower tensions in Nigeria pushed crude oil prices down Monday on the New York Mercantile Exchange (Nymex). Futures traded in a tight range in the absence of fresh news, a change from the market's recent volatility. ...

Iraq Starts Oct. With Full Schedule Of Oil Loading.
October 5, 2004... Although Iraq's security situation remains extremely grave, the schedule for tanker loadings has been unaffected while the country's crude exports have actually climbed during the past two months. Preliminary data compiled by Oil Daily...

Russian Venture Drives Output Growth at BP.(British Petroleum Company PLC)
October 5, 2004... BP is expecting to report an 11% year-on-year rise in oil and gas production when it announces its third-quarter results later this month, the company said Monday in its quarterly trading statement. BP said it expects third-quarter...

Cooling Degree Days.(Illustration)
October 5, 2004... Cooling Degree Days Week Dev Cum Dev For week of From From From October 2, 2004 Week From...

Iraqi Loading Schedule table.(Brief Article)
October 5, 2004... PRELIMINARY LOADING SCHEDULE OCTOBER 2004 Basrah Oil Terminal, Khor al-Amaya Date Vol. Vessel CompanyDestination 4 2,000 Greco Unipec China 4 2,000Eco...

Daily Oil & Gas Price Review.(Illustration)
October 5, 2004... Daily Oil & Gas Price Review Prices for Monday, October 4, 2004 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rd Chg Month Avg. ...

Stock Market Scorecard.(petroleum industry)(Illustration)
October 5, 2004... Stock Market Scorecard Close 1-Day % Chg. 9/04 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors ConocoPhillips 84.67 +0.60 ...

IEA Backs G7 Ideas.(International Energy Agency, Group of 7)(Brief Article)
October 5, 2004... Paris-based International Energy Agency (IEA) sees G7 comments calling for more transparency in oil markets as encouraging, although the process of improving data is something that will not happen overnight, but longer term. The IEA cites...

Calm Returns to Nigeria.(political scenario and petroleum industry)(Brief Article)
October 5, 2004... Friday's peace agreement between rebel militias and President Olusegun Obasanjo lasted the weekend -- longer than some previous such pacts -- and oil companies are now hoping to get back to business after a week of high tension and threats of...

Explorer Fined For MTBE Spill.(Explorer Pipeline Co., methyl tertiary butyl ether )(Brief Article)
October 5, 2004... The Explorer Pipeline Co. paid a civil penalty of $3 million for violation of the Clean Water Act and settled a complaint against it, the Justice Department and the Environmental Protection Agency (EPA) announced Friday. According to the...

BHP Signs Up Deepwater Rig.(BHP Billiton Ltd., GlobalSantaFe Corp.)(Brief Article)
October 5, 2004... GlobalSantaFe said its Development Driller I ultra-deepwater drilling rig has won a two-year contract from BHP Billiton to put the rig to work in the Gulf of Mexico. The contract is worth about $157 million and covers work on a multi-well...

Alaska Output Rebounds.(Brief Article)
October 5, 2004... Alaskan crude output bounced back last month, but only managed to top the 1 million b/d mark on two days during late September, according to data from the state's Department of Revenue Tax Division. September output averaged 910,800 b/d --...

Ecuador Dispute Tied to Talks.(Andean Free Trade Agreement )(Brief Article)
October 5, 2004... Ecuador's ongoing disputes with its largest energy investors could jeopardize its inclusion in a trade deal with the US, leading Ecuador's foreign minister to depart from the government's current stance and call for a negotiated settlement with...

PDV Denies Shell Asset Buy.(Petroleos de Venezuela S.A., Royal Dutch-Shell Group of Cos.)(Brief Article)
October 5, 2004... Venezuela's state oil company Petroleos de Venezuela (PDV) is not planning to buy Royal/Dutch Shell assets in Argentina and Chile, said company President Ali Rodriguez. Rodriguez said that Shell has not made any firm proposal. For the past...

Petrobras Union Flexes Muscle.(Petroleo Brasileiro S.A.)(Brief Article)
October 5, 2004... Union leaders at Petrobras delayed the start of the morning shift Monday as a warning that they were prepared to go on strike. Company management will meet with union leaders Tuesday for further negotiations on the annual wage increase (OD...

EPA Rejects RFG Request.(Environmental Protection Agency, reformulated gasoline program)(Brief Article)
October 5, 2004... The Environmental Protection Agency (EPA) last week denied Georgia's request for a waiver from the Clean Air Act's reformulated gasoline (RFG) program, which requires use of additives like methyl tertiary butyl ether (MTBE) or corn- based...

Comstock Closes Land Deal.(Comstock Resources Inc., Ovation Energy )(Brief Article)
October 5, 2004... Frisco, Texas-based Comstock Resources said Monday it has closed its previously announced $62 million acquisition of natural gas properties in the East Texas, Arkoma, Anadarko and San Juan basins from Ovation Energy (OD Aug.26,p5). ...

San Juan Sale Completed.(Western Gas Resources Inc.)(Brief Article)
October 5, 2004... Officials with Denver-based Western Gas Resources said Monday they have completed the purchase of about 32,000 gross acres of oil and gas assets in the San Juan Basin of New Mexico in a deal worth $82.2 million. Selling the property, which...

Gazprom Eyes LNG Stake.(Gazprom Russian Joint Stock Co., Liquefied natural gas )(Brief Article)
October 5, 2004... Russian company Gazprom is planning to secure equity in a regasification terminal in the US or Canada between 2006 and 2009, according to company officials. Gazprom Chief Executive Alexei Miller Saturday told journalists the Russian gas...

Oil, Wind Energy Hook Up.(Wind Energy Systems Technologies, Unocal Corp.)(Brief Article)
October 5, 2004... A private partnership aims to use abandoned oil platforms to build wind farms offshore in the Gulf of Mexico, possibly taking advantage of a recent extension to the wind production tax credit, provided they get built before the end of next...

Baker Hughes Names New CEO.(Chad Deaton)(Brief Article)
October 5, 2004... Oil field services firm Baker Hughes said Chad Deaton, 51, will take over as chairman and chief executive officer on Oct. 25 when current Chief Executive Mike Wiley is set to retire. Deaton has been chief executive and president of Hanover...

Crude Futures Top $51/bbl on Supply Concerns.
October 6, 2004... Crude oil futures traded at new all-time highs Tuesday on slower-than-expected restoration of oil production in the Gulf of Mexico following Hurricane Ivan and doubts that last week's peace accord between Nigeria and rebel groups in the Niger...

Venezuela Increases Exports.
October 6, 2004... Officials at Venezuela's state-owned oil company Petroleos de Venezuela (PDV) say the country is exporting an average 2.7 million barrels per day of crude and products, up 500,000 b/d from the first half of the year. According to Asdrubal...

Thomas Blocks Broad Energy Bill, Energy Tax Incentives Included.
October 6, 2004... Rep. Bill Thomas (R-Calif.) has stymied an effort to attach a comprehensive energy bill to a corporate tax bill being finalized by a panel he heads, though Thomas included tax incentives for oil and gas and other energy industries and remains...

Marathon Inks Short-term LNG Deal.(Marathon Oil Co., liquefied natural gas)
October 6, 2004... Marathon Oil has agreed to buy 58 billion cubic feet (1.2 million tons) of liquefied natural gas (LNG) per year from BP for a minimum of five years starting mid-2005, the company announced on Tuesday. The volumes are to be delivered to the Elba...

Saudi Arabia Lowers November Export Crude Prices.
October 6, 2004... Saudi Arabia is cutting its official selling prices for November crude exports but is not offering term clients in the US and Europe extra spot cargoes on top of maximum contractual volumes, traders said Tuesday. "There's no allocations...

TNK-BP Chief Sees 6% Annual Growth Over Next Few Years.
October 6, 2004... Despite Russia's weak transportation infrastructure, both the country's oil production and exports should grow at 6% each year over the next few years, according to the chief executive of the country's third largest oil producer. Speaking...

Conoco, Marathon Lower Q3 Production Forecasts.(ConocoPhillips, Marathon Oil Co.)
October 6, 2004... ConocoPhillips expects third-quarter oil and gas output to be down from the second quarter, but the Houston-based major does not expect the most recent quarterly decline to affect full-year volumes. Conoco said Tuesday in a third-quarter...

Daily Oil & Gas Price Review.(Illustration)
October 6, 2004... Daily Oil & Gas Price Review Prices for Tuesday, October 5, 2004 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rd Chg Month Avg. ...

Stock Market Scorecard.(Illustration)
October 6, 2004... Stock Market Scorecard Close 1-Day % Chg. 10/05 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors ConocoPhillips 86.70 +2.03 ...

Petrobras Discovers Heavy Crude.(Petroleo Brasileiro S.A.)(Brief Article)
October 6, 2004... Petrobras has discovered heavy oil deposits in the onshore portion of the Espirito Santo Basin, the Brazil state company said late Monday. Preliminary results indicate 50 million recoverable bbl of 13[degrees] API gravity crude in Block BT-...