International Petroleum Finance articles from September 2007

International Petroleum Finance archives from September 2007

Will subprime crisis sink energy?
September 1, 2007... Will the energy sector ride out the subprime debt debacle or will it suffer damage comparable to the 1998 "Asian flu" that saw oil prices slide to around $10 per barrel? Most companies will experience some impact, but the extent depends largely...

Mulva defends Conoco's big bet on natural gas.
September 1, 2007... When ConocoPhillips spent $36 billion buying North American independent producer Burlington Resources in late 2005, the company was gambling on natural gas prices remaining closer to $10 per million Btu than the $5.50-$6/Btu range where they...

Players race for position, seek riches in Arctic.
September 1, 2007... A handful of Northern Hemisphere nations are scrambling to claim their rightful share of the Arctic's vast potential oil and gas resources, but a host of issues suggest they may want to curb their enthusiasm. The US Geological Survey (USGS) has...

Eni, Kashagan partners up against deadline from Kazakhs.
September 1, 2007... Alarm bells are ringing over the Eni-led development of Kazakhstan's giant offshore Kashagan oil field. With its targeted peak production of 1.5 million barrels per day within 15 years, the project is supposed to make up a large chunk of future...

Low gas prices cause E&P firms to rethink strategies.
September 1, 2007... North American producers have started rethinking their upstream strategies as a result of US Henry Hub natural gas futures continuing to trade under $6 per million Btu. A handful of major gas producers have begun keeping some of their gas...

Fiscal reform becomes more pressing for Pemex.
September 1, 2007... A fiscal reform bill under debate in both houses of Mexico's congress could ultimately help lighten Pemex's massive tax burden, allowing the state oil company to set aside more revenue for investments in exploration and production and halt a...

Mosonyi makes case for an independent Mol.
September 1, 2007... Hungarian energy group Mol continues to balk at holding merger discussions with Austria's OMV, and Mol Chief Executive Gyorgy Mosonyi says that position is unlikely to change anytime soon. "A combination of the two companies will be value...

Energy intelligence introduces uranium intelligence weekly.
September 1, 2007... Uranium Intelligence Weekly is a new pricing and market analysis tool for the global uranium business that offers comprehensive global analysis of all the key issues in the uranium and nuclear energy markets, including: * The Energy...

Blockbuster deals reshape Australia's LNG landscape.
September 1, 2007... A string of multibillion-dollar deals in Australia's burgeoning liquefied natural gas (LNG) business went down in late August and early September, blockbuster transactions that could reshape the landscape of the Asia-Pacific LNG market and the...

Kurds ink deal with hunt despite absence of oil law.
September 1, 2007... The Kurdistan Regional Government (KRG) of northern Iraq has signed a production sharing contract (PSC) with privately owned US Hunt Oil and Canada-based Impulse Energy, covering petroleum exploration activities in the Dihok area of the...

Ex-BP boss joins Riverstone.(IN BRIEF)
September 1, 2007... Former BP boss John Browne is taking his energy expertise to the private equity market, joining New York-based Riverstone Holdings as a managing director and managing partner. Browne will help manage Riverstone's operations in Europe from...

Mittal eyes Indian refineries.(IN BRIEF)
September 1, 2007... Indian steel tycoon Lakshmi Mittal is considering taking stakes in two large refinery projects currently under development in India. Mittal's oil point man, Sudhir Maheshwari, was in New Delhi last month for talks with state refiners Bharat...

Marubeni buys into Peru LNG.(IN BRIEF)
September 1, 2007... Japanese trading house Marubeni has bought a 10% stake in Peru LNG from South Korea's SK Energy for $100 million. The Peru project gives Marubeni another source of natural gas supply to bring back to Japan. The LNG project, which is...

Nigeria to split up NNPC.(IN BRIEF)
September 1, 2007... Nigeria's federal government plans to split the country's state oil and gas giant, Nigeria National Petroleum Corp. (NNPC), into five new independent organizations over the next six months in a wide-ranging reform of Nigeria's ailing energy...

Long Lake over budget.(IN BRIEF)
September 1, 2007... The Long Lake oil sands project in Western Canada is running into significant cost increases, as well as a slight delay in the estimated start-up date for the first phase, project partners Nexen and Opti Canada announced. Costs, previously...

Sonatrach boots Spanish firms.(IN BRIEF)
September 1, 2007... Algerian state Sonatrach has terminated a 2004 agreement with Spain's Repsol YPF and Gas Natural to develop the 4 million ton/yr integrated Gassi Touil LNG project. Sonatrach, citing delays in the investment plan for Gassi Touil, now plans to...

Alaska seeks higher oil tax.(IN BRIEF)
September 1, 2007... Alaska Governor Sarah Palin has unveiled a plan to boost the state's royalty rate on oil production, saying the existing tax system is tainted by political corruption and has failed to work as promised, mostly due to higher-thanexpected...

Total trims output target.(IN BRIEF)
September 1, 2007... Total has trimmed its medium-term annual oil and gas production growth target to allow for the impact of higher oil prices on some of its production sharing contracts (PSAs) and problems relating to certain of its key projects. The French...

Taqa strikes in Canada again.(IN BRIEF)
September 1, 2007... Abu Dhabi National Energy (Taqa) has struck again in Canada, announcing the $540 million purchase of Pioneer Natural Resources' upstream assets there. The deal with Pioneer is Taqa's second major Western Canadian deal in three months....

BP offers LNG to Gazprom.(IN BRIEF)
September 1, 2007... BP has offered to contribute part of its global LNG business--in particular its Trinidad and Tobago LNG assets--to a proposed joint venture with Gazprom, providing Russia's state gas concern with access to the lucrative US LNG market. The...

Oil equities slide on lower on crude prices, weaker margins.(EQUITY MARKETS)
September 1, 2007... Oil equities moved lower again in August, marking the second straight month of declines for oil investors. A mix of slightly lower oil prices, weaker refining margins and investor concerns regarding the overall health of the stock market in...

Oil equities in key worldwide markets.(EQUITY MARKETS)
September 1, 2007... Oil Equities in Key Worldwide Markets At End Monthly Chg. 52-Wk. Market Index August Level % Chg. High Low US IPF Global 429 -2 -0.5 435 348 Oil & Gas ...

Gas sector next for Chavez in Venezuela's nationalization drive.(EMERGING MARKETS)
September 1, 2007... With Orinoco Belt nationalizations under its belt, Venezuela is turning its attention to the natural gas sector--an emerging industry that enjoyed more lenient terms than oil in recent years. The government has sent the National Assembly...

Oil and gas equities in emerging markets.(EMERGING MARKETS)
September 1, 2007... Oil and Gas Equities in Emerging Markets Company/Country 30 52 Week % Day State Market Asia Latest % Chg. High Low Held Cap. ...