International Petroleum Finance articles from November 2008

International Petroleum Finance archives from November 2008

Playing the waiting game.
November 1, 2008... "Delay always breeds danger and to protract a great design is often to ruin it," wrote Miguel de Cervantes, the author of Don Quixote. Yet, from Saudi Aramco through to Royal Dutch Shell, the message of recent weeks has been one of delays:...

Obama set to back greener energy agenda.
November 1, 2008... Senator Barack Obama's election to the US presidency on Nov. 4 and the expanded Democratic majority in Congress are likely to add momentum to the US' efforts to curb greenhouse gas emissions, reduce the nation's dependence on foreign sources of...

Majors post record third-quarter earnings.(Financial report)
November 1, 2008... The leading integrated oil companies bucked the gloomy global economic trend, reporting uniformly strong third-quarter profits. Most of the big six oil majors' earnings beat analysts' estimates as the summer's high oil and gas prices helped...

Moscow gains as BP, Oman sell CPC stakes.
November 1, 2008... Moscow has strengthened its hold over the strategic Caspian Pipeline Consortium (CPC) following confirmation that BP and Oman are selling their stakes in the Chevron-led pipeline, which currently pumps 660,000 barrels per day of crude from...

Mideast investors commit billions to UK's Barclays.
November 1, 2008... After a quiet period, coinciding with the worsening global credit crisis, sovereign wealth funds (SWF) and wealthy private investors from the Middle East hit the headlines again late last month when they agreed to invest heavily in the UK's...

Asia energy projects suffer as banks retreat.
November 1, 2008... The ongoing global financial turmoil and falling energy prices are casting a shadow over several large oil and gas projects in the Asia-Pacific region. The easy money and high oil prices that made many projects viable until recently are a thing...

African independents adapting to new realities.
November 1, 2008... Spurred by recent oil discoveries in Ghana and Uganda, technical innovations, emerging local energy markets and rising oil prices, exploration and production companies big and small have stepped up their investments in sub-Saharan Africa. But...

LNG projects in doubt as credit crisis lingers.
November 1, 2008... The credit crisis will make it more difficult and costly for companies to obtain finance for LNG projects, in the short term at least. As a result, some projects will be delayed while others might even be suspended. However, analysts suggest...

Shell names Voser CEO.(IN BRIEF)
November 1, 2008... Royal Dutch Shell delivered a major surprise with the announcement that the company's chief financial officer (CFO) Peter Voser will replace Jeroen van der Veer as the group's chief executive when van der Veer retires next summer. Voser...

Saudi refinery project delays.(IN BRIEF)
November 1, 2008... Saudi Aramco and ConocoPhillips are delaying the bidding for their Yanbu refinery on the Red Sea coast of Saudi Arabia in the hope of reducing the project's soaring costs. The Nov. 5 announcement followed reports that state Aramco had delayed...

Lukoil slashes 2009 capex.(IN BRIEF)
November 1, 2008... Russian producer Lukoil has approved big cuts to its 2009 investment budget, approving capital spending of $7.5 billion-$9 billion for next year, down from an initial 2009 budget of $11 billion. Lukoil said it may reduce spending next year to...

Anadarko quadruples earnings.(IN BRIEF)
November 1, 2008... US independent Anadarko Petroleum reported that third-quarter net income more than quadrupled to $2.2 billion, up from $481 million in the same period a year ago, due in large part to a $1.5 billion hedging gain. Anadarko's sales volumes...

Chinese firms' mixed results.(IN BRIEF)
November 1, 2008... Two of China's state oil firms reported contrasting fortunes in the third quarter: Sinopec posted a near 40% drop in profits, while PetroChina's earnings rose 30%. Sinopec's third-quarter profit fell 39% year-on-year to 8.17 billion yuan...

BG's Q3 profits soar.(IN BRIEF)(Financial report)
November 1, 2008... Higher realized oil prices, an increase in production, and strong LNG results helped BG post net third-quarter profits, excluding one-off items, of [pounds sterling]777 million ($1.24 billion), up 111% year-on-year. The UK-based group...

Refining boosts Marathon's Q3.(IN BRIEF)
November 1, 2008... Third-quarter net profits at US integrated Marathon Oil more than doubled on the back of higher oil prices and improved refining margins. The company reported net income for the quarter of $2.1 billion, up from just over $1 billion in the...

New Kashagan deal signed.(IN BRIEF)
November 1, 2008... The Eni-led consortium developing the Kashagan oil field in Kazakhstan signed a new agreement with the Kazakh authorities Oct. 31. The deal essentially confirmed a deal reached earlier this year under which the consortium agreed to replace Eni...

Pemex reforms approved.(IN BRIEF)
November 1, 2008... Mexico's congress approved energy reform bills late last month designed to bring more private-sector expertise into the state-run oil sector, putting the final seal on a reform package first proposed by President Felipe Calderon in April. The...

Energy stocks down, but outperform overall market in October.(EQUITY MARKETS)
November 1, 2008... October was another tumultuous month for Wall Street as concern over the continued credit freeze and a looming global recession mounted. The energy industry remained one of the market's more volatile sectors, suffering from the falling oil...

Brazilian stocks fall in line with lower commodity prices.(EMERGING MARKETS)
November 1, 2008... Brazil's stock markets have plummeted over the past three months as shares in companies linked to oil, minerals and agricultural products have all suffered from the global downturn in commodity prices. Shares in state-controlled oil company...