International Petroleum Finance articles from April 2004

International Petroleum Finance archives from April 2004

Open up.
April 1, 2004... The second reserves downgrade of the year for Royal Dutch/Shell has highlighted the inconsistencies across the industry in both the actual booking of reserves, and companies' willingness to talk about them. The need for the new downgrade...

Exploring the roots of Shell's malaise.
April 1, 2004... The reserves accounting scandal that has hit Royal Dutch/Shell this year can be seen as part of a trend in the oil industry stretching back to the 1980s--a trend of increasing pressure on management to provide value for shareholders. The trend...

Ormen Lange: a tale of six tallies.
April 1, 2004... Ormen Lange, the giant Norwegian gas field at the center of Royal Dutch/Shell's latest reserves downgrade, demonstrates exactly why investors are so confused by the oil industry's approach to booking reserves. A plan for development and...

Reform at Gazprom still a pipe dream.
April 1, 2004... Don't hold your breath if you're waiting for a wholesale restructuring of Gazprom or the Russian gas market. Following his expected election win last month, Russian President Vladimir Putin has reiterated that any reforms should be handled...

Demand soars but China's top two disappoint.
April 1, 2004... Last month, China's leaders announced a package of measures aimed at cooling off the country's overheated economy while at the same time preventing it--hopefully--from being choked by energy shortages. At the annual National People's Congress,...

BP twists the knife with buyback gamble.
April 1, 2004... BP is less dependent than most of its major rivals on oil from Opec producers, but the cartel's ability to support oil prices will go a long way in determining how much cash the UK supermajor can return to shareholders over the coming years....

Bumper year beckons in European power.
April 1, 2004... After enjoying, for the most part, a highly profitable 2003, Europe's power companies look set for an even better 2004, courtesy of higher electricity prices. Following some consolidation in 2003, the replenishment of their coffers is likely to...

Anadarko charts course for renewed growth.
April 1, 2004... Anadarko Petroleum's new CEO, James Hackett, joined the company in December. Here he talks with IPF about the current strategy and future direction of the Houston-based firm, which is one of the world's largest independent oil and gas companies...

Ramco savaged by beast with Seven Heads.
April 1, 2004... If executives at Royal Dutch/Shell think 2004 is going badly, they should spare a thought for the poor folks at Aberdeen-based exploration and oil services group Ramco Energy. Ramco has been enduring its own version of Shell's reserves...

Shell cuts reserves again.
April 1, 2004... Royal Dutch/Shell has made a second cut to its proven oil and gas reserves, following the 3.9 billion boe downgrade announced in January (IPF Jan.,p13). The company is cutting a further 250 million boe from its year-end 2002 reserves, taking...

Japan agrees NIOC loan.
April 1, 2004... Japan has further cemented its energy relations with Iran, arranging a $1.2 billion loan to state-owned National Iranian Oil Co. (NIOC). State-owned Japan Bank for International Corporation (JBIC) will provide 85% of the $1.2 billion...

Shell signs Libya accord.
April 1, 2004... Royal Dutch/Shell has moved quickly to take advantage of Libya's return to the international fold, signing a heads of agreement with state-owned National Oil Corp. (NOC) for the establishment of a long-term strategic partnership in the...

Tullow buys Energy Africa.
April 1, 2004... UK independent Tullow Oil has emerged as the sole suitor for Energy Africa, the South Africa-based explorer that was put on the block in November by its majority owner, Malaysia's state-owned Petronas. Tullow said it had signed an exclusivity...

Statoil names new CEO.
April 1, 2004... Norway's Statoil has ended more than five months of uncertainty by naming--to near universal acclaim--Aker Kvaerner boss Helge Lund as its new chief executive. Lund's appointment was unanimously approved by Statoil directors at a board...

Rosneft stays at home.
April 1, 2004... Russia's state-owned Rosneft has decided to withdraw from overseas projects in order to focus on developments at home and in the broader former Soviet Union, according to the company's first vice president Nikolai Borisenko. Rosneft has...

Money worries at Sakhalin.
April 1, 2004... Cost estimates for the Royal Dutch/Shell-led Sakhalin-2 development in the Russian Pacific shelf could be reviewed in response to pressures on the project, including movements in international currency exchange rates and other external factors....

Kerr-McGee buys Westport.
April 1, 2004... Kerr-McGee Corp. is buying US independent Westport Resources in an all-paper deal worth roughly $3.4 billion. The combined company will be one of the US' largest independent producers, with proven oil and gas reserves of 1.3 billion boe, more...

S&P cuts Hess rating.
April 1, 2004... Credit rating agency Standard & Poor's has downgraded the debt of Amerada Hess to its lowest investment-grade rating, reflecting heightened concerns about the company's ability to meet expectations for production through 2006, in particular,...

Taxman targets Citgo.
April 1, 2004... Venezuela hopes to increase annual income tax revenues on oil operations to as much as $3 billion largely through increased collections on the country's offshore subsidiaries, including US refiner Citgo. Jose Vielma, superintendent of...

Donggi stakes for sale.
April 1, 2004... In a bid to boost lagging exports of LNG, Indonesia's state-owned Pertamina has offered an operating stake in its Donggi project in Sulawesi, along with partial marketing rights to LNG from the area, to a consortium of France's Total, Royal...

SPC issues new debt.
April 1, 2004... Singapore Petroleum Co. (SPC) has issued five-year convertible bonds worth $184.4 million to fund its expansion both at home and overseas. SPC will use the net proceeds of about $180.7 million to fund strategic acquisitions and...

Major oil shares fail to capitalize on oil price surge.(Equity Markets)
April 1, 2004... Shares of leading worldwide oil companies failed to capitalize on the highest oil prices in 13 years and continued strong refining margins in March, as concerns about broader equity market malaise and the sustainability of high commodity prices...

Gas shortages prompt concessions to Argentina's producers.(Emerging Markets)
April 1, 2004... Argentina's natural gas shortages have forced the government to concede ground to the country's gas producers and agree to a 40% increase in well-head gas prices, in return for a commitment from producers to guarantee enough supply to meet...