International Petroleum Finance articles from May 2007

International Petroleum Finance archives from May 2007

Murky waters.
May 1, 2007... Nigeria's outgoing government launched its final licensing round in early April. It should have been a win-win scenario, giving foreign companies a crack at some of West Africa's most coveted acreage and reserves in an era of increasingly...

China accelerates offshore exploration.
May 1, 2007... As onshore production stagnates, China has shifted its focus to offshore exploration in an effort to increase its domestic oil and gas reserves. And the initiative got a welcome boost recently when Canada's Husky Energy underscored the...

Don't hold your breath for advent of gas Opec.
May 1, 2007... As the hysteria surrounding the potential creation of a "gas Opec" subsided after last month's gathering of gas-exporting countries in Qatar, it has given way to a more dispassionate discussion of the role that gas will play in meeting the...

Industry safety record seems to be improving.
May 1, 2007... The Texas City refinery explosion in 2005 focused regulatory and media attention on the safety record of UK supermajor BP, and the intermittent appearance of reports into the accident, as well as further incidents involving BP kept the company...

Improved terms pay off down under.(Company overview)
May 1, 2007... Improving fiscal terms for companies while offering them plenty of prospective acreage to come and explore is not a strategy that many petroleum-producing countries are employing during these days of high oil prices and resource nationalism....

Big oil boosted by downstream strength.
May 1, 2007... Weaker oil and natural gas prices didn't slow down the US oil majors in the first quarter. A remarkably strong downstream environment lifted quarterly profits for Exxon Mobil, Chevron and ConocoPhillips despite a somewhat unimpressive upstream...

PIW Reserves Survey: stagnation and decline.
May 1, 2007... In contrast to the gradual rise in global oil reserves that has been reported annually in most surveys based on public sources, a new assessment released recently by IPF sister publication Petroleum Intelligence Weekly shows that the trend in...

Beleaguered Total CEO keeps eye on the ball.(Interview)
May 1, 2007... Christophe de Margerie took over as chief executive of French major Total earlier this year as an investigation continued into payments that the company made to secure a contract in Iran in the 1990s when he was in charge of the company's...

Russia creates state oil pipeline behemoth.
May 1, 2007... Russia's campaign to extend government control over the energy industry and other strategic sectors of the economy took another step forward last month as President Vladimir Putin signed a decree to create a giant, state-owned pipeline company....

CEO Browne resigns.(IN BRIEF)
May 1, 2007... John Browne has resigned as chief executive of BP, leaving the job three months earlier than planned. His sudden exit followed the lifting of a court injunction against a UK newspaper and an admission by Browne that he had lied in court when...

Eni buys US Gulf assets.(IN BRIEF)
May 1, 2007... Eni has continued its recent buying spree with the $4.8 billion acquisition of US independent Dominion's Gulf of Mexico portfolio, a deal which triples the Italian major's US production and takes its confirmed spending on asset deals this year...

Orinoco projects change hands.(IN BRIEF)
May 1, 2007... Venezuela officially assumed operational control over four large heavy-oil projects in the Orinoco Basin on May 1 from Western majors as part of President Hugo Chavez's nationalization effort. Thousands of workers gathered at the sites of...

Statoil buys oil sands firm.(IN BRIEF)
May 1, 2007... Norway's Statoil has agreed to acquire privately held North American Oil Sands Corporation (NAOSC) for C$2.2 billion (US$1.97 billion), becoming the latest European oil major to diversify into the Canadian oil sands business. "The NAOSC...

ONGC faces farm-in pressure.(IN BRIEF)
May 1, 2007... India's petroleum minister, Murli Deora, is to push state-run Oil and Natural Gas Corp. (ONGC) to allow foreign companies to farm in to ONGC's Indian producing fields and acreage containing known discoveries. To date ONGC has opposed...

Iraq may renegotiate PSC.(IN BRIEF)
May 1, 2007... The Iraqi oil ministry could revive Lukoil's production sharing contract (PSC) for the West Qurna oil field if the federal government decides it is in its interest to try to salvage the deal, which was revoked by the regime of Saddam Hussein...

Angola discovery for BP.(IN BRIEF)
May 1, 2007... UK supermajor BP has made a 13th oil discovery in the ultra-deepwater Block 31 off the Angolan coast. The Miranda oil find is 11 km (7 miles) south of the recently announced Titania discovery, the company said. It tested at a flow rate of...

China protests Ethiopia deaths.(IN BRIEF)
May 1, 2007... China has condemned an attack launched by separatist rebels on a Sinopec oil exploration site in eastern Ethiopia last month and has formed an emergency team to deal with the crisis. A foreign ministry spokesman confirmed that nine Chinese...

Majors bid for sour gas fields.(IN BRIEF)
May 1, 2007... At least eight international oil companies, including several majors, submitted bids to Abu Dhabi National Oil Co. (Adnoc) for sour gas development contracts by an Apr. 15 deadline, according to industry sources. Adnoc sent out tender...

Iran gives Total more time.(IN BRIEF)
May 1, 2007... Iran has given Total a three to four-month extension for the French major to reach a final investment decision on the Pars LNG project and lower its initial cost estimate, a senior Iranian official said last month. The Tehran government...

Shell seeks to settle claims.(IN BRIEF)
May 1, 2007... Royal Dutch Shell will offer $80 million to US-based shareholders to settle the final remaining lawsuit over its 2004 reserves overbooking scandal, after agreeing to pay $352.6 million to settle claims by non-US based shareholders in April. ...

Conoco inks biodiesel deal.(IN BRIEF)
May 1, 2007... ConocoPhillips has announced a partnership with Tyson Foods to produce biofuels from meat byproducts. The alliance envisions converting animal fats from Tyson's facilities to an ultra-low-sulfur diesel fuel at Conoco refineries. Conoco...

Oil equities swept along by market momentum.(EQUITY MARKETS)
May 1, 2007... Oil companies had no trouble turning in strong share price performances in April. The integrated oil companies were swept along by the broader equity market's momentum, giving the sector one of its strongest monthly showings in years. The...

Malaysia eyes role as regional refining center.(EMERGING MARKETS)
May 1, 2007... Ambitious plans are being developed to build two refineries in northern Malaysia that could supply export markets across Asia. The huge project, with total development costs pegged at $14.5 billion, involves building a 310 kilometer (190 mile)...