International Petroleum Finance articles from July 2005

International Petroleum Finance archives from July 2005

A NOC at the door.
July 1, 2005... In case you hadn't noticed, the national oil companies are coming. The publicly listed western majors have been growing accustomed to having NOCs as rivals in their efforts to gain access to reserves in the Middle East and elsewhere, but CNOOC...

CNOOC raises stakes in battle for Unocal.
July 1, 2005... CNOOC Ltd.'s offer for US independent Unocal is clearly a deal which would transform an offshore China exploration firm into a global company with significant operational presence in Asia-Pacific, US and Azerbaijan and the financial heft to...

Shell broadens horizons with new Mideast ally.
July 1, 2005... Royal Dutch/Shell's latest roller coaster experience in Oman has served as a wake up call to the Anglo-Dutch major. After the loss of the exclusivity over the biggest license area in the sultanate with the relinquishment of the Mukhaizna oil...

Strong oil prices lift upstream budgets.
July 1, 2005... Oil prices of $60 per barrel have a way of loosening the purse strings of oil companies. Oil companies--from tiny independents to supermajors--are opening their checkbooks and spending more freely on upstream projects. Exploration and...

Ethical funds see climate change for the better.
July 1, 2005... This year's "proxy season" among US corporations has extended the good run enjoyed by investors with an ethical, social and environmental agenda. These socially responsible investment (SRI) funds have achieved greater success of late in terms...

New owner and new ambitions for Gazprom.
July 1, 2005... After months of deliberation, the Russian government is now the proud owner of a majority stake in Gazprom, the world's largest gas producer. The government is to pay $7.12 billion for an additional 10.74% stake in Gazprom in three...

Africa tackles oil revenue management.
July 1, 2005... Africa will top the agenda at this month's G8 summit in Scotland, where leaders of the world's eight richest countries will again debate the wisdom and effectiveness of providing more aid and debt relief to a region often characterized by waste...

Chad experiment hangs by a thread.
July 1, 2005... July marks the second anniversary of first oil flowing through the $3.5 billion Chad-Cameroon pipeline, a unique project partially financed and structured by the World Bank in an attempt to bring transparent revenue management to Africa's...

World Gas Handbook 2005-06 the indispensable guide to the world of gas.
July 1, 2005... Now in its fifth edition, the World Gas Handbook has the enviable reputation as the must-have guide for anyone operating in international gas. This essential reference breaks the industry down into the four main regions Europe, the Mideast...

Regal aid helps to burst AIM bubble.
July 1, 2005... Oil prices remain high, but for one part of the industry the bubble seems to have burst. Oil and gas companies listed on London's Alternative Investment Market (AIM) saw their value plunge by almost 27% between February and May this year,...

New Saudi tender on hold.
July 1, 2005... Saudi Arabia is unlikely to launch another round of gas exploration licenses in the near future, according to local observers, and will probably wait to see the outcome of work under a first set of awards. One industry official said he...

Statoil sells Borealis stake.
July 1, 2005... Norway's Statoil has sold its 50% holding in the Borealis petrochemicals group to Abu Dhabi's state-owned International Petroleum Investment Co. (Ipic) and Austria's OMV for 1 billion [euro] ($1.2 billion). OMV and Ipic now own 100% of the...

Regal's Ukraine shock.
July 1, 2005... The strange tale of UK-listed independent Regal Petroleum has taken a fresh twist with news that the company's founder and former chief executive had signed an agreement effectively approving the sale of Regal's assets in Ukraine without...

Novatek Set For IPO.
July 1, 2005... Russian independent Novatek has paved the way for a planned initial public offering for international investors with the sale of non-core assets. A road show for the IPO to sell 29.99% of the company's shares was expected to kick off early this...

TNK-BP upbeat on tax.
July 1, 2005... TNK-BP is confident of a positive resolution of tax claims received earlier this year, according to Robert Dudley, chief executive of the UK-Russian venture. Speaking at an investment conference in Moscow last month, Dudley emphasized that...

Slavneft carve-up agreed.
July 1, 2005... TNK-BP and Sibneft have finally reached an agreement on how to carve up Slavneft, which the two companies own on an equal basis, by agreeing to split its crude output 50-50 effective from Jul. 1. Slavneft produces around 480,000 b/d, or 2...

Tax boost for Pemex.
July 1, 2005... Mexico's Congress has approved tax reforms expected to free up billions of dollars for Pemex to invest in exploration and production, but industry analysts are warning that more needs to be done if the state-owned company is to increase its...

Bolivia's new oil tax.
July 1, 2005... Bolivia has implemented a controversial new 32% nonrefundable tax on private oil and gas companies operating in the country, President Eduardo Rodriguez signed the 32% tax on output at the wellhead--which is on top of current royalties of...

Pogo sells Thai assets.
July 1, 2005... US independent Pogo Producing has agreed to sell its assets in Thailand to a joint venture of Thai exploration company FIT Exploration and Production (PTTEP) and Japan's Mitsui for $820 million in cash. Under the deal, expected to close in the...

Exxon ends Cepu row.
July 1, 2005... Indonesia's state-owned Pertamina and Exxon Mobil have reached an agreement in principle that finally settles their dispute over the 600 million bbl Cepu Block, paving the way for development. Production could possibly begin as early as 2007....

PetroChina adds assets.
July 1, 2005... PetroChina has bought a large chunk of its state-owned parent's overseas assets in a deal worth $2.5 billion, the company said. PetroChina and China National Petroleum Corp. (CNPC) will set up a 50-50 joint venture company which will hold most...

Aramco ups Showa stake.
July 1, 2005... Saudi Aramco has increased its interest in Japanese refiner Showa Shell to just under 15%, in line with a deal originally forged in July last year. Aramco has bought an additional 5% stake, or 18.84 million shares, from Royal Dutch/Shell for an...

Crude price rise pulls equities out of short slump in June.(EQUITY MARKETS)
July 1, 2005... Oil equities rebounded sharply in June after a lackluster May. Benchmark West Texas Intermediate crude ended June at $56.50 per barrel, a rise of $5 over the course of the month. Such strong oil prices pushed up company share prices, with some...

PetroKazakhstan shaping up as China's new takeover target.(EMERGING MARKETS)
July 1, 2005... Nine years after it burst onto the scene by scooping up Kazakh oil producer Yuzhneftegas for $120 million, PetroKazakhstan, formerly known as Hurricane Hydrocarbons, has become the target of takeover offers valuing it at over $2.5 billion. ...