International Petroleum Finance articles from November 2004

International Petroleum Finance archives from November 2004

The cash conundrum.
November 1, 2004... With benchmark oil prices averaging over $40 per barrel, the third quarter results season has provided an awesome demonstration of the international majors' cash-generating power (p8). But high prices are not a straightforward good news...

Libya plays it tough over new acreage.
November 1, 2004... Following the opening of data rooms for the 15 exploration areas on offer in Libya's long-awaited Epsa-4 licensing round, the signs are that state-owned National Oil Corp. (NOC) intends to stick to tough terms. But with over 120 companies...

Shell opts for unity after year of strife.
November 1, 2004... Seeking to rebuild its reputation in the aftermath of this year's reserves accounting humiliations, Royal Dutch/Shell is embarking on the biggest overhaul of its corporate structure since Marcus Samuel's trading company joined forces with its...

Shell finds more holes in its reserves accounting.
November 1, 2004... A radical plan for sweeping corporate reform wasn't the only surprise Royal Dutch/Shell had for shareholders last month--the company also had the latest worrying installment in a reserves accounting fiasco that most investors had thought was...

Tensions emerge as new Gazprom takes shape.
November 1, 2004... Moscow is making progress with its grandiose plan for creating a state-controlled oil and gas behemoth through the marriage of gas giant Gazprom and state-owned oil concern Rosneft. Most analysts are expecting the takeover process to be...

Life gets tougher for Latin American operators.
November 1, 2004... With benchmark oil prices at record highs, the world's major publicly listed oil companies are cashing in, as the third-quarter earnings reported so far have demonstrated. But in many parts of the world, government partners are keen to take an...

Oil giants shine in Q3 as output growth takes shape.
November 1, 2004... The good times don't seem to want to end for the world's largest integrated oil companies. The third-quarter profits from the likes of Exxon Mobil, BP, Royal Dutch/Shell and their rivals again came in at near-record levels, with the big oil...

Asian airlines wrestle with jet hedging strategies.
November 1, 2004... On top of intense competition from both established and budget carriers, airlines in Asia are facing a new financial pressure--rising fuel costs. Jet fuel prices have more than doubled in the past 18 months to over $60 per barrel, and an...

BP chief confident best is yet to come.
November 1, 2004... Though oil markets are going through a turbulent period at the moment, John Browne, the CEO of supermajor BP, does not believe that oil is on the verge of a new era that should prompt major oil companies to revise radically their investment...

Aramco plans next project.
November 1, 2004... Saudi Aramco is pulling together plans for its next big upstream development--the Abu Hadriya, Fadhili and Khursaniya fields--and is expected to invite engineering and construction bids early next year, sources tell IPF. The company is...

IOC, Petropars sign MOU.
November 1, 2004... State-owned Indian Oil Corp. (IOC) has signed a memorandum of understanding with Iran's Petropars, an affiliate of the National Iranian Oil Co. (NIOC), which will give it a role in both upstream gas and liquefaction in Iran. "The...

Costs sink Gabon project.
November 1, 2004... US independent Pioneer Natural Resources has "postponed indefinitely" plans to develop the Olowi field offshore Gabon, saying the estimated costs have risen to a point where the project no longer offers a competitive rate of return. The...

New boss for Repsol.
November 1, 2004... Repsol YPF has named Gas Natural boss Antonio Brufau as its new chairman, replacing Alfonso Cortina, who resigned at the end of last month after eight years in charge. "The change is part of a strategy to strengthen the company's position...

Gasunie split agreed.
November 1, 2004... The Dutch government, Royal Dutch/Shell and Exxon Mobil have signed a heads of agreement on the restructuring of Gasunie, Western Europe's largest midstream gas supplier, separating its transportation and supply businesses. Under the...

BP to sell Ormen Lange.
November 1, 2004... BP wants to sell its 10.34% stake in Norway's giant Ormen Lange gas field and its 10.2% interest in the related 1,200 km Langeled gas export pipeline. The company hopes to reach an agreement by the end of 2004 and conclude the sale early...

EnCana buys into Buzzard.
November 1, 2004... EnCana has sold its UK North Sea assets, including its prized Buzzard discovery, to rival Canadian independent Nexen for $2.1 billion in cash. The Calgary-based company also plans to sell its Ecuador and US Gulf of Mexico assets in order to...

Yukos prepares for bankruptcy.
November 1, 2004... After a long and bitter struggle with the Russian authorities, Yukos finally looks ready to throw in the towel and declare bankruptcy. Yukos' board of directors has called two extraordinary shareholders meetings. On the . agenda for the...

Kashagan talks advance.
November 1, 2004... Kazakhstan has agreed in principle with the partners in the supergiant Kashagan oil and gas field to buy back into the production sharing agreement for the $29 billion project. "The republic and foreign investors have agreed in principle...

InterGen for sale.
November 1, 2004... Royal Dutch/Shell and US engineering group Bechtel have confirmed that they are looking to sell their InterGen power generation venture InterGen. "Given improved power markets and demand for international power assets, and following a...

Cairn gets green light.
November 1, 2004... UK independent Cairn Energy has received formal approval from the Indian government for its declaration of commerciality over a 1,858 sq km section of its prolific Rajasthan Basin block in northwest India. The area approved, the Eastern...

Total inks China deal.
November 1, 2004... France's Total has belatedly nosed its way into China's burgeoning retail marketplace, announcing a joint venture last month with trader and refiner Sinochem to build 200 service stations in the north of the country. The companies said the...

Shell sets the pace among oil shares in October.(Equity Markets)
November 1, 2004... The decision by the parent companies of Royal Dutch/Shell to simplify the supermajor's corporate structure led to big share price gains last month for Royal Dutch Petroleum and Shell Transport & Trading. In US markets, Shell T&T gained...

India eyes Chinese model for state oil reform.(Emerging Markets)
November 1, 2004... As one of the world's faster growing economies, India is experiencing a surge in energy consumption second only to China. In common with its Asian neighbor, India is also facing stagnant indigenous oil production and growing imports, and is...