International Petroleum Finance articles from February 2006

International Petroleum Finance archives from February 2006

Advice for the addict.
February 1, 2006... "Addicted to oil" is a soundbite that may well come back to haunt the 43rd President of the United States, but for the moment, George W. Bush's diagnosis of what is ailing America has ruffled a few feathers, both in the US' relations with its...

Repsol reserves cut hits a raw nerve.
February 1, 2006... Reserves are back in the headlines. Spain's Repsol YPF has seen to that with a reserves write-down that, in terms of proportion of group oil and gas resources, surpasses even Royal Dutch Shell's infamous debooking two years ago (IPF...

Strong 2005 just the start for PetroChina.
February 1, 2006... A year of strong production growth is set to push PetroChina's revenues and earnings sharply higher when the state-owned company releases its 2005 financial results next month, with the general view among analysts pointing to a 28% rise in...

Majors reach turning point for output growth.
February 1, 2006... In terms of financial performance, 2005 was a stellar year for the Western oil majors and US-based integrated oil companies, thanks to strong refining margins and oil prices that simply kept marching higher. Exxon Mobil turned in a full-year...

Lukoil spends shrewdly to bolster reserves.
February 1, 2006... Lukoil, Russia's biggest oil company, is going from strength to strength. Last year it splashed out $3.5 billion on exploration and acquisitions that led to a 13% boost in its reserves. For that relatively modest sum, one Lukoil official...

July vote may sink Pemex reforms.
February 1, 2006... After decades of paralysis, energy reform is fast becoming a trend in Mexico. Late last year, the Mexican Congress overwhelmingly approved a tax cut that is expected to save state-owned Petroleos Mexicanos (Pemex) about $2 billion during 2006...

Valero still bullish despite change at top.
February 1, 2006... Anyone who thought Valero would become less bullish on the future of refining after the Jan. 1 retirement of Chief Executive Bill Greehey was mistaken. The San Antonio-based company, North America's largest refiner with 3.3 million barrels per...

Questions emerge over Kuwaiti reserves.
February 1, 2006... For years it was widely assumed in the oil industry that projected long-term increases in global demand would be met predominantly by the oil reserves of the Middle East Gulf, which make up over 60% of the world's total. But in the past few...

Statoil's Iran write-off.
February 1, 2006... Statoil has written off the entire book value of its troubled South Pars Phases 6-8 gas and condensate project in Iran following budget overruns and delays attributable to the project's main local contractor Sadra. The write down will...

Medco wins Oman contract.
February 1, 2006... Petroleum Development Oman (PDO) has awarded Indonesian independent Medco Energi a service contract to develop the Karim cluster of small fields, in the first such contract to be awarded in PDO's giant Block 6. Medco was one of six...

Madrid okays GN's Endesa bid.
February 1, 2006... The Spanish authorities have given their final approval to Gas Natural's hostile takeover of the country's largest power group Endesa, albeit with certain conditions. Among the 20 conditions imposed by Spanish Economy Minister Pedro...

Hydro facing Q4 charges.
February 1, 2006... Norway's Norsk Hydro is facing fourth quarter charges of around $480 million due to write-downs, including its deepwater US Gulf Telemark development, and trading losses. The company will record a noncash, pretax charge of $270 million due...

Gazprom bid for Centrica?
February 1, 2006... Shares in leading UK energy supplier Centrica jumped this month after Russia's Gazprom stoked speculation of a takeover bid. Centrica's shares closed at 300 pence Feb. 2, up 11%, and pushing the company's market value up by $2 billion to...

BP may cut TNK-BP stake.
February 1, 2006... Three years after BP sunk $8 billion into Russia by teaming up with Tyumen Oil Co. (TNK) to form TNK-BP, the UK supermajor could be looking to reduce its 50% stake in a restructuring of the joint venture's ownership. "There is a fairly active...

Asian bidders eye nations.
February 1, 2006... Asian bidders are starting to buzz around Nations Energy, a privately owned Canadian-based oil and gas producer that operates in Kazakhstan and Azerbaijan, with both China National Offshore Oil Corp. (CNOOC) and India's Oil & Natural Gas Corp....

Cal dive buys Remington.
February 1, 2006... Diversified US oilfield services group Cat Dive is advancing its strategy of integrating the services and production segments of the offshore oil and gas industry by acquiring Gulf of Mexico producer Remington Oil & Gas in a $1.4 billion cash...

Dry holes hit Murphy.
February 1, 2006... Shares in US Murphy Oil have taken a pounding following some poor drilling results in Malaysia. Four exploration wells drilled during the fourth quarter on the Lebir, Kerian, Pergau and Pedu prospects in Blocks PM 311-312 offshore Malaysia...

Caracas outlines tax demands.
February 1, 2006... Venezuela will impose a minimum 50% royalty and tax rate on private operators that were recently forced to switch their service contracts to joint ventures with Petroleos de Venezuela (PDV), according to an official with the state-owned firm....

Inpex sets output goal.
February 1, 2006... Japanese exploration firm Inpex has set a production target of 1 million boe/d for 2015, an ambitious leap from its current output level of 370,000 boe/d. Volumes will get a boost from the acquisition of Japan's No. 3 oil company Teikoku...

CNOOC goes organic?
February 1, 2006... China's CNOOC Ltd. is upping its capital expenditure significantly this year to bolster production at home and abroad, with spending set to rise by 35% to $3.06 billion. The increase would seem to point to an emphasis on organic growth,...

Oil prices, earnings help oil shares start 2006 with a bang.(EQUITY MARKETS)
February 1, 2006... Oil equities soared in 2005, leaving investors to wonder how much strength remains in the sector for 2006. The answer would seem to be plenty, if the share price performance of the leading integrated oils in January is anything to go by. ...

Analysts warn of correction as gulf firms plan more flotations.(EMERGING MARKETS)
February 1, 2006... The booming capital markets of the Gulf Cooperation Council (GCC) are overvalued by $300 billion, much of which can be attributed to the world's largest oil-producing nation, Saudi Arabia, according to a report by Japan's Nomura Investment...