International Petroleum Finance articles from June 2002

International Petroleum Finance archives from June 2002

The gaps in GAAP.(generally accepted accounting princples)(Brief Article)
June 1, 2002... For years, oil companies in emerging markets have been adapting their books to meet US generally accepted accounting principles (GAAP) in hopes of increasing their foreign investor base and boosting their market values. Having watched Russian...

Mincanto survives again at Italy's ENI.(Vittorio Mincato)
June 1, 2002... The Italian government had the chance to ring the changes last month at oil and gas giant ENI, but chose not to. Silvio Berlusconi's center-right coalition announced its five nominations for the nine-person ENI board ahead of the company's May...

Majors still seeking ways to deal with cash "problem".
June 1, 2002... With credit rating agencies now uncovering potential liquidity problems at different energy merchants or independent power producers on an almost daily basis, major oil companies remain a paradigm for balance sheet strength. As many energy...

Pickens sees Vintage chance to turn a quick buck.
June 1, 2002... T. Boone Pickens is at it again. The corporate raider who made numerous bids--mostly unsuccessful--for oil companies in the past 20 years has targeted Tulsa-based independent producer Vintage Petroleum this time, in hopes of making a quick...

Petronas leads hungry Asian firms into capital markets.(Statistical Data Included)
June 1, 2002... Look out for a ratcheting-up of the increasingly fierce competition for upstream assets among Asia's top oil companies. To overcome domestic constraints, they are bent on global expansion, and are spending liberally to achieve it. Having found...

Capital markets remain wide open for energy firms.(Statistical Data Included)(Brief Article)
June 1, 2002... Highly volatile commodity prices, weak financial results, and the implosion of Enron might normally be enough to close the doors of capital markets to energy companies. However, this simply has not been the case over the past seven months. ...

US producers fail to replace gas reserves yet again.(Brief Article)(Statistical Data Included)
June 1, 2002... US producers managed to replace their oil reserves via the drillbit but failed yet again to replace gas reserves in 2001, a year that saw finding and development costs jump to their highest level since 1998. According to a recent study by John...

Energy merchants stuck in stock market nightmare.
June 1, 2002... In the early days of the US space program, when chimpanzees were still the "test pilots," scientists used mild electric shocks to train the animals on which buttons to push in what order. On one flight, however, the chimp got a shock no matter...

EEX in over its head in deepwater Gulf of Mexico.(to be acquired by Newfield Exploration)
June 1, 2002... In the end, EEX was the little engine that couldn't. Since its inception in the mid-1990s, the small Houston-based independent has strived to play alongside the major oil companies in the deepwater Gulf of Mexico, hoping to strike the next...

International Oil Daily is here!(Brief Article)(Product Announcement)
June 1, 2002... Energy Intelligence Group recently launched of our new daily publication: International Oil Daily. Building on a 50-year tradition of publishing industry standards such as IPF, International Oil Daffy will bring a global perspective on the...

Merger in Bahrain.(Bahrain National Oil, Bahrain Petroleum Co.)(Brief Article)
June 1, 2002... Bahrain National Oil Co. (Banoco), the state-owned upstream and marketing arm, and downstream sister company Bahrain Petroleum Co. (Bapco) formally merged on Jun. 1 under the Bapco name. Bahraini officials say the merger makes better use of the...

Delayed returns.(Saudi Arabia, limit on rate of returns)(Brief Article)(Statistical Data Included)
June 1, 2002... Representatives of Exxon Mobil and Royal Dutch/Shell, the consortium leaders in Saudi Arabia's natural gas opening, met again with Oil Minister Ali al-Naimi late last month in a bid to settle the troublesome issue of rates of return. The two...

Shake-up in Nigeria.(Nigerian National Petroleum reorganization)(Brief Article)
June 1, 2002... A shakeout is in the cards at state Nigerian National Petroleum Corp. (NNPC), which plans to reshuffle key personnel, slash 1,000 jobs, and commercialize the company, in the wake of a recent Supreme Court ruling that changed the way NNPC and...

BP slams new tax.(North Sea oil and gas profit tax)(Brief Article)(Statistical Data Included)
June 1, 2002... The chores of voices protesting the new 10% supplementary North Sea oil and gas profit tax is becoming deafening. BP Chief Executive John Browne, speaking at the Smith Institute in Aberdeen, slammed the tax as, "careless and ill thought out."...

Rio Alto falls.(Canadian Natural takes over Rio Alto Exploration)(Brief Article)(Statistical Data Included)
June 1, 2002... Long rumored to be the next big takeover target in Western Canada, Rio Alto Exploration finally succumbed to a US$1.54 billion (C$2.4 billion) offer from larger rival Canadian Natural. The deal will make Canadian Natural the sixth largest North...

Play on Fortum.(Brief Article)
June 1, 2002... State-controlled Finnish energy company Fortum should become a more active player in regional mergers and acquisitions, analysts said last month, after the state announced plans to sell a further 9% stake in the group. The sale will cut the...

E.On exits downstream.(acquisitions)(Brief Article)
June 1, 2002... Power giant E.On is pushing ahead with its retreat from the downstream oil sector with plans to sell its outstanding 49% share in Veba Oel to BP in July for a total of $3.08 billion, chief executive Ulrich Hartmann announced. E.On already sold...

Petrobras boosts output.(Brief Article)(Statistical Data Included)
June 1, 2002... In contrast to rival oil giants, first quarter results from Brazilian state Petrobras showed a sparkling 10% rise in year on year crude oil output to 1.48 million b/d. Far less spectacular was the 62% drop in earnings from the previous year to...

New retail team.(China Petrochemical Corp. and Royal Dutch Shell)(Brief Article)
June 1, 2002... In the first firm deal of its kind, Royal Dutch/Shell has teamed up in a 50-50 joint venture with China Petrochemical Corp. (Sinopec) to invest $200 million to build some 500 retail outlets in Jiangsu province over three years. The deal...

On the move.(multiple briefs)(Brief Article)
June 1, 2002... Conoco is bidding $329 million for the minority shares of Gulf Indonesia that it does not already own to consolidate its Southeast Asian oil and gas holdings ahead of its merger with Phillips. El Paso Energy Partners is acquiring San Juan Basin...

EIG to honor Phillips' Mulva as Petroleum Executive of the Year.(James J. Mulva, Phillips Petroleum Co.)(Brief Article)
June 1, 2002... James J. Mulva, chairman and chief executive officer of Phillips, will be honored as the recipient of the EIG's Petroleum Executive of the Year Award for 2002. Mulva was chosen for this prestigious award by other senior executives in the...

Oil equities hold firm in middling May market. (Equity Markets).(analysis)(Brief Article)(Statistical Data Included)
June 1, 2002... Shares of top oil and gas companies managed to perform flat in May, despite falling crude oil and natural gas prices and continued weakness in most refining markets. The IPF Oil and Gas Index, which is comprised of 15 of the largest oil and gas...

Argentine crisis wipes $5.4 billion off big oil assets. (Emerging Markets).(petroleum industry securities)(Brief Article)(Statistical Data Included)
June 1, 2002... Emergency measures taken by the Argentine government to soften the blow of the country's financial collapse wiped some $5.4 billion off the net value of upstream gas operators, with those dependent on sales into the domestic market the hardest...