International Petroleum Finance articles from December 2008

International Petroleum Finance archives from December 2008

Obama vs. Big Oil.
December 1, 2008... The incoming administration of Barack Obama in the US is widely viewed as a threat to the oil industry. Obama's plans to reduce dependence on foreign oil, advance alternative energy technologies, implement caps on greenhouse gas emissions and...

Lukoil's Repsol play hits some roadblocks.
December 1, 2008... Spaniards balk at national stereotypes, such as the manana culture and siestas, which they feel are outdated and unfair. But confirmation last month that Russia's Lukoil was negotiating to buy a stake of up to 29.9% in Repsol YPF, at a huge...

Eastern Europe's big three feel recession's pinch.
December 1, 2008... The financial crisis has spread well beyond its original roots in the US. Regions that were formerly posting high rates of economic growth, such as Central and Eastern Europe (CEE), are now feeling the pinch too. CEE energy heavyweights OMV,...

US shale gas lives on but price pressure mounting.
December 1, 2008... Six months ago, North America's unconventional oil and gas resources, such as US shale gas, looked like the silver bullet that would cut the US' reliance on energy imports. Advances in drilling and fracturing technologies, rising natural gas...

Mexico's bold hedges.
December 1, 2008... The Mexican government looks to have moved boldly and swiftly to avoid a potential budget shortfall next year by hedging what amounts to its entire oil export volumes for next year, tying up a $1.5 billion put option package that gives it the...

Suncor CEO sees 'silver lining' in lower prices.(Interview)
December 1, 2008... Less than six months ago, Canada's oil sands developers were proceeding at full speed to take advantage of oil prices close to $150 per barrel. Now, all but one have indicated they will slow down in response to oil prices that have plunged...

High costs, slow growth in Libya's upstream.
December 1, 2008... Over the last year, state Libyan National Oil Corp. (NOC) has signed up producers like Italy's Eni, Spanish Repsol YPF, Austrian OMV, US Occidental and Petro-Canada to invest some $23 billion in exploration and development programs under new...

Algerian energy investors wary of taxes, terms.
December 1, 2008... As a prospect for oil and gas investors, Algeria is starting to look a little shaky. The outlook began deteriorating in late 2006 with the government's introduction of a windfall profits tax and its restoration of state Sonatrach's right to a...

Rankings cast doubts on logic of mega-mergers.
December 1, 2008... A decade after the mega-mergers that created today's international majors, the latest ranking of the world's top 50 oil companies by IPF sister publication Petroleum Intelligence Weekly casts doubt on the wisdom of the supermajor strategy....

Buffett ups Conoco stake.(IN BRIEF)
December 1, 2008... US investment firm Berkshire Hathaway, led by billionaire Warren Buffett, has become the largest shareholder in ConocoPhillips, after more than quadrupling its stake to 5.6% between the start of the year and Sep. 30, according to a November...

Locals bag most Indian blocks.(IN BRIEF)
December 1, 2008... India announced final awards for 44 blocks auctioned in late June. The awards were notable for the limited number of successful bids from international oil companies. Indian state Oil and Natural Gas Corp. (ONGC) was awarded 20 blocks, the...

Aramco delays projects.(IN BRIEF)
December 1, 2008... Saudi Aramco delayed the 900,000 b/d Manifa heavy oil project and the planned upgrade of its onshore Dammam oil field following an early November reassessment of all its projects. Aramco last month told Dammam contracting firms that it had...

Iran courts China for LNG.(IN BRIEF)
December 1, 2008... Iran is inviting new partners into major gas projects stalled by international pressure with the aim of "lubricating" the schemes, a top official at National Iranian Oil Co. (NIOC) told IPF. The two key LNG projects it is targeting are Pars...

Abu Dhabi sets output target.(IN BRIEF)
December 1, 2008... Abu Dhabi will increase onshore oil production capacity from 1.4 million b/d to 1.8 million b/d by 2017, according to latest targets unveiled by Abu Dhabi Co. for Onshore Oil Operations (Adco). The developments were originally scheduled to be...

CNPC makes Kazakh purchase.(IN BRIEF)
December 1, 2008... China National Petroleum Corp. (CNPC) is set to underline its status as the major overseas player in Kazakhstan with a deal to buy 49% of Mangistaumunaigas (MMG). The 100,000 b/d onshore producer was until recently controlled by Rakhat Aliyev,...

Prices threaten Iranian projects.(IN BRIEF)
December 1, 2008... The global credit crunch and sliding oil prices will put a number of Iranian energy projects on hold as the government scrutinizes the money available for oil and gas investment, a top Iranian oil official told IPF. Downstream schemes will...

Premier mulls West Africa sale.(IN BRIEF)
December 1, 2008... UK independent Premier Oil is considering the future of its West African interests after setbacks offshore Mauritania and could sell its upstream assets in the region when oil prices recover. For now, Premier has farmed in a Kuwaiti partner for...

Petrobras makes subsalt find.(IN BRIEF)
December 1, 2008... Brazil's Petrobras has made another big light oil discovery in the subsalt layer of the Espirito Santo Basin. The discovery in the Parque das Baleias (Whale Park) area holds 1.5 billion-2 billion boe of recoverable light, 30[degrees] API oil...

Argentina offers tax incentives.(IN BRIEF)
December 1, 2008... Buenos Aires has announced tax incentives that it hopes will reverse years of decline in Argentina's oil reserves and also boost the nation's refining capacity. Under the Petroleum Plus and Refining Plus programs, the government will grant tax...

Cash-rich major oils outperform market in stormy November.(EQUITY MARKETS)
December 1, 2008... As Wall Street continued its downward spiral in November, the integrated oil companies that make up the International Petroleum Finance (IPF) index largely outperformed the S&P 500 and the FT World index for a second consecutive month. The...

Asia-Pacific refiners brace for rough year ahead.(EMERGING MARKETS)
December 1, 2008... Asian refiners are preparing themselves for a challenging year ahead. The sickly state of the world economy is hurting regional refiners, which are already grappling with the threat posed by new capacity coming on line next year in China,...