International Petroleum Finance articles from May 2008

International Petroleum Finance archives from May 2008

Two strikes and counting.
May 1, 2008... Recent industrial action by workers at a refinery in Scotland and in the oil fields of Nigeria has reminded the world that strikes can still pack a punch--and contribute to oil price spikes. The 48-hour strike at the UK's 200,000 barrel per...

High crude prices boost majors' Q1 earnings.(Financial report)
May 1, 2008... Stock market analysts had plenty of egg on their faces after the bulk of oil company first-quarter earnings was announced. Especially in Europe, the big oil companies performed much better than predicted. But investors were happy: Shares in...

Mexican energy reforms stall amid left's protests.
May 1, 2008... Mexican President Felipe Calderon's attempt to push through a modest energy reform package was presented to the country's congress Apr. 8. The initiative is opposed by most Mexicans and has prompted high-profile protests from the left, as a...

Algeria-focused First Calgary seeks new start.
May 1, 2008... Toronto-listed explorer First Calgary Petroleums (FCP) has lurched from one crisis to the next since striking gas in Algeria five years ago. Last month, FCP's unhappy shareholders ousted longtime Chief Executive Richard Anderson, but the...

Foreign oil groups moving into Libya.
May 1, 2008... Despite continued strains in its relations with the US, Libya--North Africa's biggest holder of oil and gas reserves--is being courted by oil companies from near and far. Late last year, Libyan leader Muammar Qaddafi visited France and Spain...

Gazprom Neft outlines $70B expansion plan.
May 1, 2008... Gazprom Neft, the oil arm of Russian state Gazprom, has announced an ambitious $70 billion plan to become an integrated global major with sizable reserves, production of 2 million barrels per day, a large refining portfolio, and a large network...

Aabar exits oil business, replaces top management.
May 1, 2008... Only last year the Middle East's new club of privately owned oil companies appeared to be prospering. Flush with cash from heavily oversubscribed initial public offerings (IPO), start-ups such as Abu Dhabi's Aabar Investments, Dana Gas and Abu...

Norway and Alaska lead with model SWFs.
May 1, 2008... Two chilly, lightly populated oil-producing territories, Norway and the US state of Alaska, long ago set up state-backed funds to invest their oil and gas revenues on behalf of their citizens. Unlike many other petrodollar sovereign wealth...

Iraq-Shell gas deal.(IN BRIEF)
May 1, 2008... The Iraqi oil ministry and Royal Dutch Shell aim to sign a preliminary agreement within months to set up an associated gas and LNG export joint venture, sources told Energy Intelligence. An investment of between $2 billion and $5 billion would...

Rockefellers criticize Exxon.(IN BRIEF)
May 1, 2008... Members of the Rockefeller family--the oldest continuous shareholders of Exxon Mobil--held a press conference in New York to ask other shareholders to support their proposal to appoint an independent chairman at the supermajor. The family,...

Kazakh export tax shock.(IN BRIEF)
May 1, 2008... The Kazakh government unexpectedly approved a measure Apr. 8 allowing the state to begin claiming a larger percentage of crude oil export revenues. The approval came more than six months ahead of schedule. The bill, signed by Prime Minister...

Bolivian firms nationalized.(IN BRIEF)
May 1, 2008... Bolivian President Evo Morales May 1 announced the nationalization of four foreign-owned energy companies. La Paz will pay $43 million for control of Repsol YPF affiliate Andina; BP subsidiary Chaco; Ashmore Energy's pipeline company...

Indian refinery tax U-Turn.(IN BRIEF)
May 1, 2008... Indian Finance Minister P Chidambaram has extended tax breaks on new refineries in India for another three years. Following a heated parliamentary debate, Chidambaram said he would extend the tax breaks to any refinery that starts up on or...

Kuwait-Vietnam Refinery deal.(IN BRIEF)
May 1, 2008... Kuwait Petroleum International (KPI), the overseas arm of Kuwait Petroleum Corp. (KPC), signed an agreement with Japanese partners Idemitsu Kosan and Mitsui Chemicals to set up a $6 billion downstream joint venture with state Petrovietnam. The...

Lukoil's overseas plans.(IN BRIEF)
May 1, 2008... Lukoil's international priorities are: renewing the West Qurna contract in Iraq; the European downstream; and production projects in Kazakhstan, Uzbekistan and Turkmenistan. Speaking with reporters in Tashkent, Lukoil President Vagit Alekperov...

Total buys oil sands firm.(IN BRIEF)
May 1, 2008... France's Total expanded its Alberta oil sands holdings with the acquisition of Canada-based Synenco Energy. Total agreed to buy the company for C$480 million (US$471 million)--a 22% premium to Synenco's average share price in April. Synenco's...

Statoil sued over Asgard.(IN BRIEF)
May 1, 2008... The Norwegian government issued StatoilHydro with a writ for 7 billion kroner ($1.4 billion) Apr. 30 concerning a long-running dispute over cost overruns at the Asgard gas and condensate development in the Norwegian Sea. The Norwegian state had...

Exxon Hungary E&P moves.(IN BRIEF)
May 1, 2008... Exxon Mobil signed two linked exploration deals in Hungary: a deal with Canada-listed independent Falcon Oil and Gas for work on a gas-prone production license; and a deal with Hungary's Mol to explore two blocks adjacent to the Falcon acreage....

Rising crude lifts oil company equities in April.(EQUITY MARKETS)
May 1, 2008... Oil equities had a breakout month in April, with companies ranging from supermajor Exxon Mobil to smaller integrated firms such as Petro-Canada recording gains of at least 10% in the month. Part of the reason for the increase in oil stocks'...

Eni finds manners matter as Burren deal upsets Turkmens.(EMERGING MARKETS)
May 1, 2008... Turkmen President Gurbanguly Berdimuhammedov has banned Eni employees from visiting Turkmenistan. The block on visas, in place since the start of this year, extends to Eni's top management, including Chief Executive Paolo Scaroni. The ban...