Petroleum Intelligence Weekly articles from April 2002

Petroleum Intelligence Weekly archives from April 2002

US, Russia keep Iraqi crude flowing.(Brief Article)
April 1, 2002... The stark picture of the US readying for an eventual attack on Iraq, while Russia stands up for its Middle East ally, is the familiar one. At the UN, Russia and the US do battle over Iraqi sanctions and the illegal kickbacks from oil sales that...

Nigerian cuts deal blow to ENI's ambitions.(Brief Article)(Company Profile)(Statistical Data Included)
April 1, 2002... Nigeria's improved compliance with the Opec quota system is threatening to upset ENI's ambitious plans for global production growth of 6% per year. Having expected to achieve production in its Brass River system of 245,000 barrels per day by...

India's IOC gets ready for deregulation.(Indian Oil Corp. )(Brief Article)(Company Profile)(Statistical Data Included)
April 1, 2002... Market deregulation can cut both ways, either promoting competition or entrenching the incumbent. As deregulation of petroleum products marketing and pricing hits India from Apr. 1, state Indian Oil Corp. (IOC) is taking no chances, having...

Japan's refiners get wise, trim capacity.(Brief Article)(Industry Overview)(Statistical Data Included)
April 1, 2002... In the midst of Japan's seemingly endless economic downturn, refiners in the world's second largest oil consuming market are quietly rationalizing their grossly overweight industry. Drastic run cuts this month, on top of recent reductions in...

Delayed MTBE ban is no gift to ethanol.(methyl tertiary butyl ether regulation)(Brief Article)(Industry Overview)(Statistical Data Included)
April 1, 2002... Suppliers of methyl tertiary butyl ether (MTBE) won a temporary reprieve last month when California pushed back its ban of the gasoline additive by one year to the end of 2003, on fears that tighter gasoline supplies during the transition would...

Power giants in Europe go shopping.(Brief Article)(Industry Overview)
April 1, 2002... While many of their US counterparts are still reeling from "Enronitis" and oil company profits have tumbled, Europe's big power companies are on a roll. Their earnings are soaring, while the EU liberalization program is helping to transform...

Price surge test Mexico's export restraint.(Brief Article)(Industry Overview)(Statistical Data Included)
April 1, 2002... Non-Opec Mexico has been a dutiful member of the club of producers propping up oil prices for the past three years. In January and February it surpassed itself, exporting less than its self imposed quota of 1.66 million barrels per day. But as...

Indian Oil's Pathan: ready to defend our turf.(M.A. Pathan)(Company Profile)(Interview)
April 1, 2002... In an occasional series of interviews with senior executives and officials in the energy industry, the chairman of Indian Oil Corp. (IOC), M.A. Pathan, spoke to PIW on the eve of further deregulation of the Indian market. During his tenure,...

Corporate -- ENI Chief Executive Vittorio Mincato indicated that the right price to pay for the UK independent and possible takeover target Enterprise Oil would be near its current share price of about 620 pence ($8.84), plus a small premium. (General).(Brief Article)(Company Profile)
April 1, 2002... CORPORATE -- ENI Chief Executive Vittorio Mincato indicated that the right price to pay for the UK independent and possible takeover target Enterprise Oil would be near its current share price of about 620 pence ($8.84), plus a small premium....

Corporate -- Royal Dutch/Shell paid a whopping 42% premium to snap up US Pennzoil-Quaker State last week, in a deal worth $2.9 billion in cash and assumed debt. (General).(Brief Article)
April 1, 2002... CORPORATE -- Royal Dutch/Shell paid a whopping 42% premium to snap up US Pennzoil-Quaker State last week, in a deal worth $2.9 billion in cash and assumed debt. The purchase catapulted Shell into the top slot in the US lubricants market, ahead...

E-commerce -- US-based Altra Energy Technologies -- which was once the dominant electronic trading exchange and energy software developer -- is winding down its operations. (General).(Brief Article)
April 1, 2002... E-COMMERCE -- US-based Altra Energy Technologies -- which was once the dominant electronic trading exchange and energy software developer -- is winding down its operations. Altra sold its natural gas liquids trading business last week to...

Forecasts -- Global oil demand will increase by an average of 2.2% per year to reach 119 million b/d by 2020, according to the US Energy Information Administration (EIA) in its 2002 International Energy Outlook. (General).(Brief Article)
April 1, 2002... FORECASTS -- Global oil demand will increase by an average of 2.2% per year to reach 119 million b/d by 2020, according to the US Energy Information Administration (EIA) in its 2002 International Energy Outlook. With a 58% increase in global...

Industry Resctructuring -- Spanish Iberdrola, already the biggest independent power generator in Mexico, bought 13% of Spanish Gas Natural's Mexican unit for $139 million. (General).(Brief Article)
April 1, 2002... INDUSTRY RESTRUCTURING -- Spanish Iberdrola, already the biggest independent power generator in Mexico, bought 13% of Spanish Gas Natural's Mexican unit for $139 million. Iberdrola will get access to natural gas to run thermal power stations,...

Argentina -- Natural gas distributor Metrogas -- a subsidiary of BG and Spanish Repsol-YPF -- is to default on its $414 million debt, in the wake of the government's decision to switch its 35-year dollar-denominated concession into the local currency. (Countries).(Brief Article)(Statistical Data Included)
April 1, 2002... ARGENTINA -- Natural gas distributor Metrogas -- a subsidiary of BG and Spanish Repsol-YPF -- is to default on its $414 million debt, in the wake of the government's decision to switch its 35-year dollar-denominated concession into the local...

Australia -- US Apache and Australian Santos have made new offshore discoveries on the Australian Northwest Shelf, adding to the recent success of local champion Woodside at Enfield-Vincen. (Countries).(Brief Article)
April 1, 2002... AUSTRALIA -- US Apache and Australian Santos have made new offshore discoveries on the Australian Northwest Shelf, adding to the recent success of local champion Woodside at Enfield-Vincent (PIW Feb.11,p8). Apache has drilled three wells so far...

Canada -- An embryonic oil trade route from British Columbia to markets in Asia and California could get a boost, if plans for a 400,000 b/d new pipeline from Alberta to the West Coast go ahead. (Countries).(Brief Article)
April 1, 2002... CANADA -- An embryonic oil trade route from British Columbia to markets in Asia and California could get a boost, if plans for a 400,000 b/d new pipeline from Alberta to the West Coast go ahead. The Trans Mountain pipeline has long transported...

China -- CNOOC (China National Offshore Oil Corp.) confirmed its interest in acquiring Husky Energy's upstream assets in the South China Sea, creating the prospect of a joint bid with rival PetroChina for Husky's entire upstream portfolio. (Countries).(Brief Article)
April 1, 2002... CHINA -- CNOOC confirmed its interest in acquiring Husky Energy's upstream assets in the South China Sea, creating the prospect of a joint bid with rival PetroChina for Husky's entire upstream portfolio. PetroChina has targeted Husky's upstream...

Kuwait -- Japan's Arabian Oil Co. (AOC) has reached agreement with the oil ministry on five deals laying out the terms for its operations in the Neutral Zone when its 40-year concession expires in January 2003. (Countries).(Brief Article)
April 1, 2002... KUWAIT -- Japan's Arabian Oil Co. (AOC) has reached agreement with the oil ministry on five deals laying out the terms for its operations in the Neutral Zone when its 40-year concession expires in January 2003. AOC president Keiichi Konaga said...

Mexico -- Crude exports in February stayed below the self-imposed 1.66 million b/d ceiling offered in support of Opec, with foreign sales at 1.575 million b/d, down even further from 1.591 million b/d in January. (Countries).(Brief Article)
April 1, 2002... MEXICO -- Crude exports in February stayed below the self-imposed 1.66 million b/d ceiling offered in support of Opec, with foreign sales at 1.575 million b/d, down even further from 1.591 million b/d in January (PIW Mar.4,p6). The February...

Nigeria -- Nigeria LNG Ltd. has fully committed to its two-train, 8 million ton per year NLNG Plus expansion project, with the award of a $1.7 billion EPC contract on Trains 4 and 5 to a consortium of France's Technip-Coflexip, Italy's Snamprogetti, US Halliburton subsidiary Kellogg Brown & Root, and Japan's JGC Corp. (Countries).(Brief Article)(Statistical Data Included)
April 1, 2002... NIGERIA -- Nigeria LNG has fully committed to its two-train, 8 million ton per year NLNG Plus expansion project, with the award of a $1.7 billion EPC contract on Trains 4 and 5 to a consortium of France's Technip-Coflexip, Italy's Snamprogetti,...

Norway -- Worries about tax breaks that may breach EU competition rules have forced Statoil to put its 4.1 million ton/yr Snohvit LNG project on ice. (Countries).(Brief Article)(Statistical Data Included)
April 1, 2002... NORWAY -- Worries about tax breaks that may breach EU competition rules have forced Statoil to put its 4.1 million ton/yr Snohvit LNG project on ice. Tax concessions granted by Oslo to make the project viable may constitute illegal state...

Russia -- Pledges to Opec notwithstanding, seaborne crude exports continue to ramp up. (Countries).(Brief Article)(Statistical Data Included)
April 1, 2002... RUSSIA -- Pledges to Opec notwithstanding, seaborne crude exports continue to ramp up. April port loading programs show a 103,000 b/d rise from the previous month to 1.761 million b/d, from 1.658 million b/d scheduled in March and 1.596 million...

Russia -- Royal Dutch/Shell has turned to Japan's two leading gas importers -- Tokyo Gas and Tokyo Electric Power Co. (Tepco) -- as lead candidates to buy LNG from its Sakhalin-2 project. (Countries).(liquefied natural gas)(Brief Article)
April 1, 2002... RUSSIA -- Royal Dutch/Shell has turned to Japan's two leading gas importers -- Tokyo Gas and Tokyo Electric Power Co. (Tepco) -- as lead candidates to buy LNG from its Sakhalin-2 project. A preliminary agreement is expected by mid-year, when...

Venezuela -- The cash strapped government is pressing state Petroleos de Venezuela to renegotiate crude oil supply contracts with Citgo. (Countries).(Brief Article)
April 1, 2002... VENEZUELA -- The cash strapped government is pressing state Petroleos de Venezuela to renegotiate crude oil supply contracts with Citgo. This puts further strain on the wholly owned US subsidiary, which has been forced onto the spot market to...

North American supply surge due in 2002.(Brief Article)
April 1, 2002... Just as US policy makers are becoming more concerned than ever about US dependency on crude oil imports from the Mideast Gulf, including Iraq, they have received a reassuring fillip from an impressive 440,000 b/d leap in North American that is...

Longing. (Marketview).(prices)(Brief Article)
April 1, 2002... When speculators are in the mood to buy, even a little fog can spur a rally at the New York Mercantile Exchange (Nymex). From December 2000 through February 2002 -- with the exception of a few short-lived blips -- futures positions held by...

Shell goes East for West Coast LNG.(Royal Dutch/Shell, liquefied natural gas)(Brief Article)
April 1, 2002... Royal Dutch/Shell is pressing ahead with plans to build a $500 million LNG terminal at Costa Azul near Ensenada in Mexico's West Coast state of Baja California by 2006, and says it has contracted 7.5 million metric tons/yr of Asia-Pacific LNG...

PIW market indicators.(Brief Article)(Illustration)(Statistical Data Included)
April 1, 2002... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $23.69 $23.16 $21.02 UK Brent (Dated) 25.03 24.62 22.27...

Norwegian oil could save Brent marker.
April 8, 2002... Alarm bells were set off over using Brent as a global benchmark earlier this year, when heavy manipulation completely dried up all spot trading in the ailing North Sea grade, leaving its massive paper market rudderless (PIW Feb.18,p1). Then,...

Total stumbles over Africa in growth quest.(Total Fina Elf)
April 8, 2002... After boasting the strongest post-merger growth among supermajors in recent years, Total Fina Elf is grappling with uncertainties on key West African projects that could spoil its plans to grow production to around 3 million barrels of oil...

Shell-Enterprise deal shows M&A still has legs.
April 8, 2002... A dearth of deals in North America may have slowed the overall pace of worldwide upstream mergers and acquisitions (M&A) in the first quarter, but Royal Dutch/Shell's $7 billion purchase of UK-based Enterprise Oil last week suggests the era of...

New US Gulf pipes to alter supply, pricing.
April 8, 2002... The Gulf of Mexico oil upstream is holding up its end of the bargain. It is now time for midstream activity to kick into high gear to provide the pipe needed to get the oil from the deep waters to shore. For the central Gulf that is primarily a...

Colombian energy sector poised for brisk recovery.
April 8, 2002... Despite being battered by a seemingly never-ending civil war that has scared off potential investors and much-needed capital, state Ecopetrol is confident that a sharp turnaround in the recent declining fortunes of the Colombian energy sector...

Chinese oil giants face up to weak demand.
April 8, 2002... In stark contrast to early predictions of firm growth, Chinese oil demand contracted last year, when crude imports plunged 17%. Managing the smooth supply of products to China's domestic market has not come easy to integrated giants Sinopec and...

In twist, non-Opec leads supply lower.(global oil supply data for March 2002)(Brief Article)(Statistical Data Included)
April 8, 2002... Global supply dropped in March despite looser Opec compliance, as cuts in Norway -- to make up for above-quota production in January and February -- led non-Opec supply down. Iraq's exports and related production also dropped after recovering...

Caspian -- only six months after it started operating, the Caspian Pipeline Consortium says it is starting work on plans to more than double capacity to 1.34 million b/d from 566,000 b/d, though the expansion won't be completed until early next decade. (General).(Brief Article)(Statistical Data Included)
April 8, 2002... CASPIAN -- Only six months after it started operating, the Caspian Pipeline Consortium says it is starting work on plans to more than double capacity to 1.34 million b/d from 566,000 b/d, though the expansion won't be completed until early next...

Corporate -- Opec output restraints shaved 25,000 b/d from BP's oil production during the first quarter of 2002, but the UK supermajor still managed to post a 2%-3% rise in overall liquids production during the period. (General).(Brief Article)(Statistical Data Included)
April 8, 2002... CORPORATE -- Opec output restraints shaved 25,000 b/d from BP's oil production during the first quarter of 2002, but the UK supermajor still managed to post a 2%-3% rise in overall liquids production during the period. Downstream, however, the...

Formula prices -- Saudi Arabia. (General).(Brief Article)(Statistical Data Included)
April 8, 2002... FORMULA PRICES -- Saudi Arabia has raised prices of all US-bound crude for May, while prices for grades bound for Europe and Asia moved in different directions. For May delivery to the US, prices have gone up uniformly in between a range of 10...

Industry restructuring -- Dutch chemicals giant DSM is to sell its petrochemicals business, based primarily in the Netherlands and Germany, to Saudi petrochemical manufacturer SABIC for 2.25 billion euros ($1.98 billion), it was announced on Apr. 3. (General).(Saudi Arabian Basic Industries Corp.)(Brief Article)(Statistical Data Included)
April 8, 2002... INDUSTRY RESTRUCTURING -- Dutch chemicals giant DSM is to sell its petrochemicals business, based primarily in the Netherlands and Germany, to Saudi petrochemical manufacturer SABIC for 2.25 billion euros ($1.98 billion), it was announced on...

Algeria -- Algeria's Sonatrach has replaced destination clauses with "profit-sharing" clauses in new gas supply contracts to EU members, in reaction to the EU's position that clauses prohibiting the resale of imported gas illegally restrict competition. (Countries).(Brief Article)
April 8, 2002... ALGERIA -- Algeria's Sonatrach has replaced destination clauses with "profit-sharing" clauses in new gas supply contracts to EU members, in reaction to the EU's position that clauses prohibiting the resale of imported gas illegally restrict...

Egypt -- continuing its success in Egypt, US independent Apache has started producing new oil and gas from its Ras Kanayes concession, at a rate of 2,130 b/d of oil and 17.8 MMcf/d of gas. (Countries).(Brief Article)(Statistical Data Included)
April 8, 2002... EGYPT -- Continuing its success in Egypt, US independent Apache has started producing new oil and gas from its Ras Kanayes concession, at a rate of 2,130 b/d of oil and 17.8 MMcf/d of gas. Late last month, Apache announced a commercial...

Indonesia -- Indonesia's state oil firm has taken cover behind Jakarta courts in another bid to avoid paying a $261 million fine levied by international arbitration courts for Karaha Bodas' cancelled power project. (Countries).(Brief Article)
April 8, 2002... INDONESIA -- Indonesia's state oil firm has taken cover behind Jakarta courts in another bid to avoid paying a $261 million fine levied by international arbitration courts for Karaha Bodas' cancelled power project. The contract to build an...

Japan -- with little else to lose, Tokyo's Arabian Oil Co. (AOC) eagerly agreed this week to a 20-year term contract to buy crude from Kuwait -- crude that for the last 40 years AOC pumped itself. (Countries).(Brief Article)
April 8, 2002... JAPAN -- With little else to lose, Tokyo's Arabian Oil Co. (AOC) eagerly agreed this week to a 20-year term contract to buy crude from Kuwait -- crude that for the last 40 years AOC pumped itself. After being dropped by Saudi Arabia from its...

Mexico -- state company Pemex hopes to reverse the steady decline in oil and gas reserves, with a 1 billion boe addition this year, replacing 67% of oil and gas production. (Countries).(Brief Article)(Statistical Data Included)
April 8, 2002... MEXICO -- State company Pemex hopes to reverse the steady decline in oil and gas reserves, with a 1 billion boe addition this year, replacing 67% of oil and gas production. This would be 40% above the average 26% replacement rate of the past 10...

Oman -- Gaz de France has signed up to import nine cargoes of 138,000 cubic meters each, or some 500,000 tons in total, from Oman LNG between March and December this year, for delivery to GdF's Montoir-de-Bretagne terminal. (Countries).(Brief Article)(Statistical Data Included)
April 8, 2002... OMAN -- Gaz de France has signed up to import nine cargoes of 138,000 cubic meters each, or some 500,000 tons in total, from Oman LNG between March and December this year, for delivery to GdF's Montoir-de-Bretagne terminal. The deal helps...

Russia -- the privatization of a 5.9% stake in Lukoil, Russia's largest oil company, is back on track, one year after it was postponed because of unfavorable market conditions. (Countries).(Brief Article)(Statistical Data Included)
April 8, 2002... RUSSIA -- The privatization of a 5.9% stake in Lukoil, Russia's largest oil company, is back on track, one year after it was postponed because of unfavorable market conditions. The stake will be listed on the London stock exchange in June-July...

Russia -- oil and gas majors are stepping up their usage of Western production-enhancing technologies. (Countries).(Brief Article)
April 8, 2002... RUSSIA -- Oil and gas majors are stepping up their usage of Western production-enhancing technologies. In a move that would have been unthinkable under Gazprom's former management, the natural gas monopoly has signed a memorandum of...

Russia -- pledges to Opec notwithstanding, Russia continued ramping up crude exports in March, registering a 67,000 b/d rise over the previous month's level to hit 2.55 million b/d. (Countries).(Brief Article)(Statistical Data Included)
April 8, 2002... RUSSIA -- Pledges to Opec notwithstanding, Russia continued ramping up crude exports in March, registering a 67,000 b/d rise over the previous month's level to hit 2.55 million bid. This is 138,000 b/d higher than a year ago. Almost the entire...

Pemex sees upgrade payoff in refining. (What's New Around the World).(Brief Article)(Statistical Data Included)
April 8, 2002... After years of delays and disappointments, Mexico's state Pemex expects to see payoff in 2002 from its multi-year, $5.5 billion program to upgrade six refineries, with a expected boost in refining capacity this year to 1.442 million barrels per...

Turkey -- Turkey and Greece have signed a memorandum of understanding to build a $300 million gas pipeline that will transport 500 million cubic meters of gas per year from the Turkish grid at Karacabey near Bursa to Komotini in northern Greece from 2005. (Countries).(Brief Article)
April 8, 2002... TURKEY -- Turkey and Greece have signed a memorandum of understanding to build a $300 million gas pipeline that will transport 500 million cubic meters of gas per year from the Turkish grid at Karacabey near Bursa to Komotini in northern Greece...

Correction.
April 8, 2002... CORRECTION- The Kainan and Sodegaura refineries belong to Nippon Mitsubishi's Wakayama Petroleum Refining subsidiary and Fuji Oil, respectively, not Idemitsu, as stated in an Apr. 1 story on Japanese refinery run cuts.

Bullish bent. (Marketview).(Brief Article)(Statistical Data Included)
April 8, 2002... Refinery throughput is down marginally on the year, but crude imports are down significantly over the last four weeks on average -- even after fog-delayed crude arrived in the US Gulf, according to latest data from the Energy Information...

The EIG Top 100: Ranking the World's Oil Companies, 2002.(Brief Article)
April 8, 2002... Energy Intelligence Group is pleased to announce the eighth edition of THE EIG TOP 100: Ranking the World's Oil Companies. THE EIG TOP 100 has been acknowledged as the only comprehensive summary of data on the private sector majors and the most...

PIW market indicators.(spot crude, formula prices, spreads, netbacks)(Brief Article)(Illustration)(Statistical Data Included)
April 8, 2002... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $25.79 $23.93 $22.34 UK Brent (Dated) 26.47 25.21 ...

Why Iraq oil embargo didn't rattle market.(Brief Article)(Statistical Data Included)
April 15, 2002... Iraq's imposition of an oil embargo in support of Palestinians may have earned Baghdad political capital, but the absence of any wider support bolsters consuming countries' confidence that oil has lost its power as a broader weapon. The world...

Majors tread diverse paths in US downstream.(oil companies, United States downstream)(Brief Article)(Statistical Data Included)
April 15, 2002... At a time when US refining and marketing margins are beginning to rebound from record lows for the past decade, major oil companies are in the midst of implementing vastly different downstream strategies. Supermajors Exxon Mobil and BP appear...

Western banks warm up to Russian oils.(Brief Article)
April 15, 2002... Russian oil companies are reveling in the renewed attention that high oil prices, tight markets, and anxieties about Middle East security are bringing them. Amid fears of more Mideast turmoil, Russia is starting to look like a relatively safe...

Economic upturn, climbing prices blur oil demand.(United States)(Brief Article)(Statistical Data Included)
April 15, 2002... Just as the US-led economic recovery seems to be taking root, a tightening global oil market is threatening the possibility of resurgent oil demand. Until recently, oil demand had been pushed down by slowing economic growth on the one side, and...

Big Oil wins recent round in e-trade battle.(OceanConnect)(Brief Article)
April 15, 2002... Barely a year ago, three rival electronic trading exchanges -- Bunkerstem, OceanConnect, and Smartbunkers -- began taking on the $25 billion per year global bunker fuels market. Today, only OceanConnect, the Big Oil-backed exchange, remains a...

Enron recovery no more than a pipe dream.(Brief Article)
April 15, 2002... While the sale of its far-flung assets continues, embattled Enron is committed to returning to its roots and re-inventing itself as a pipeline company. The new core would rely on its wholly owned Transwestern Pipeline, which runs from West...

Bolivia counts on LNG in wake of Brazil's retreat.(liquefied natural gas)(Brief Article)(Statistical Data Included)
April 15, 2002... In southern South America, natural gas is the big attraction. Brazil is the big consumer while Bolivia, with proven reserves of 47 trillion cubic feet and growing, is trying to become the production hub. Local firms, like Brazil's...

Formula prices -- Mexico's state Pemex narrowed its discount on US-bound Maya crude by 10 cents/bbl both for US Gulf and US West Coast destinations. (General).(Petroleos Mexicanos)(Brief Article)(Statistical Data Included)
April 15, 2002... FORMULA PRICES -- Mexico's state Pemex narrowed its discount on US-bound Maya crude by 10 cents/bbl both for US Gulf and US West Coast destinations. The discount on US-bound Isthmus was also trimmed by 10 cents/bbl while the discount on Olmeca...

IEA -- the market's muted reaction to interrupted crude supplies from Iraq and Venezuela is the result of above-average OECD industry crude oil stocks; other spare Opec capacity; and the IEA's own strategic reserves -- as well as "producer commitments to market stability," the IEA said in its latest monthly Oil Market Report. (General).(Brief Article)(Statistical Data Included)
April 15, 2002... IEA -- The market's muted reaction to interrupted crude supplies from Iraq and Venezuela is the result of above-average OECD industry crude oil stocks; other spare Opec capacity; and the IEA's own strategic reserves -- as well as "producer...

Industry restructuring -- US firms Marathon, CMS, and XTO Energy have struck a deal in which XTO will purchase CMS' coalbed methane holdings in the Powder River Basin of Wyoming and Montana for $101 million, then swap these assets with Marathon for onshore oil and gas properties in east Texas and north Louisiana. (General).(Brief Article)
April 15, 2002... INDUSTRY RESTRUCTURING -- US firms Marathon, CMS, and XTO Energy have struck a deal in which XTO will purchase CMS' coalbed methane holdings in the Powder River Basin of Wyoming and Montana for $101 million, then swap these assets with Marathon...

Algeria -- US Anadarko last week added yet another 75,000 b/d to oil production, but says it has been impacted by Opec quota restrictions. (Countries).(Brief Article)(Statistical Data Included)
April 15, 2002... ALGERIA -- US Anadarko last week added yet another 75,000 b/d to oil production, but says it has been impacted by Opec quota restrictions. The start-up of the fourth production train at its Hassi Berkine Basin Block 404 comes just three months...

Argentina -- oil production is beginning to show the effects of government actions to deal with its financial crisis (PIW Feb.25,p9). (Countries).(Brief Article)(Statistical Data Included)
April 15, 2002... ARGENTINA -- Oil production is beginning to show the effects of government actions to deal with its financial crisis (PIW Feb.25,p9). Crude oil output in January fell to 763,000 b/d, a decline of 14,000 b/d from December levels and 21,000 b/d...

Canada -- Nexen and technology partner Opti Canada are moving toward construction of a 60,000 b/d synthetic crude project to deliver a premium-grade, light-sweet product at an estimated cost of US$1.5 billion. (Countries).(Brief Article)(Statistical Data Included)
April 15, 2002... CANADA -- Nexen and technology partner Opti Canada are moving toward construction of a 60,000 b/d synthetic crude project to deliver a premium-grade, light-sweet product at an estimated cost of US$1.5 billion. The 50-50 joint venture, to be...

Colombia -- strengthening its foothold in Latin America, Russia's Lukoil agreed with Colombian state Ecopetrol to explore the Condor Block, located in the Llanos Basin, where seven prospective structures are estimated to hold recoverable reserves of up to 2 billion boe. (Countries).(Empresa Colombiana de Petroleos S.A.)(Brief Article)
April 15, 2002... COLOMBIA -- Strengthening its foothold in Latin America, Russia's Lukoil agreed with Colombian state Ecopetrol to explore the Condor Block, located in the Llanos Basin, where seven prospective structures are estimated to hold recoverable...

Egypt -- El Paso Global LNG joined the fray last week, signing a memorandum of understanding with Egypt's Natural Gas Holding Co. (Egas) and state Egyptian General Petroleum Corp. (EGPC) to cooperate in the exploration, production, gathering, transportation, and processing of natural gas, as well as the possible development of another LNG plant. (Countries).(liquefied natural gas)(Brief Article)(Statistical Data Included)
April 15, 2002... EGYPT -- El Paso Global LNG joined the fray last week, signing a memorandum of understanding with Egypt's Natural Gas Holding Co. (Egas) and state Egyptian General Petroleum Corp. (EGPC) to cooperate in the exploration, production, gathering,...

India -- the third bid round of the New Exploration and Licensing Policy (NELP) seems to be going better than the second, with UK Cairn Energy, the country's most successful upstream player over the past decade, deciding to participate (PIW Feb.11,p5). (Countries).(Brief Article)(Statistical Data Included)
April 15, 2002... INDIA -- The third bid round of the New Exploration and Licensing Policy (NELP) seems to be going better than the second, with UK Cairn Energy, the country's most successful upstream player over the past decade, deciding to participate (PIW...

Japan -- plans are afoot to speed up deregulation of the country's gas sector by cutting short the documentation process for new entrants (PIW Mar.25,p4). (Countries).(Brief Article)
April 15, 2002... JAPAN -- Plans are afoot to speed up deregulation of the country's gas sector by cutting short the documentation process for new entrants (PIW Mar.25,p4). Foreign companies have found Japan's bureaucracy a major hurdle to investment, and the...

Netherlands -- the state is to retain control of the gas pipeline network in the three-way break-up of Gasunie, Western Europe's largest natural gas supplier. (Countries).(Brief Article)
April 15, 2002... NETHERLANDS -- The state is to retain control of the gas pipeline network in the three-way break-up of Gasunie, Western Europe's largest natural gas supplier. Gasunie's other shareholders -- Royal Dutch/Shell and Exxon Mobil -- will each take...

Norway -- Statoil Chief Executive Olay Fjell is confident that Norway's far north Snohvit LNG development will proceed, saying he'd be surprised if tax concessions granted by Oslo were blocked by an EU state aid tribunal (PIW Apr.1,p9). (Countries).(Brief Article)
April 15, 2002... NORWAY -- Statoil Chief Executive Olay Fjell is confident that Norway's far north Snohvit LNG development will proceed, saying he'd be surprised if tax concessions granted by Oslo were blocked by an EU state aid tribunal (PIW Apr.1,p9). Oslo...

Singapore -- despite the poor results obtained by other Mideast Gulf investors in Asian downstream assets, Oman Oil Co. is reportedly in talks to buy a refinery stake in Singapore or Thailand. (Countries).(Brief Article)
April 15, 2002... SINGAPORE -- Despite the poor results obtained by other Mideast Gulf investors in Asian downstream assets, Oman Oil Co. is reportedly in talks to buy a refinery stake in Singapore or Thailand. BP's one-third share of the 290,000 b/d SRC...

United States -- ChevronTexaco announced a significant oil discovery at its deepwater Tahiti prospect on Green Canyon Block 640 in the US Gulf of Mexico. (Countries).(Brief Article)(Statistical Data Included)
April 15, 2002... UNITED STATES -- ChevronTexaco announced a significant oil discovery at its deepwater Tahiti prospect on Green Canyon Block 640 in the US Gulf of Mexico. Total net pay of more than 400 feet of high-quality reservoir sand indicates potential...

Brent squeezes: a thing of the past? (What's New Around the World).(Platts pricing service)(Brief Article)
April 15, 2002... In its continuing campaign to eliminate the trading squeezes that have often plagued the Brent spot crude oil market, the Platts pricing service is moving to redefine what it means by Brent -- both physical dated Brent and trade in the forward...

Regrets only. (Marketview).(market prices)(Brief Article)(Statistical Data Included)
April 15, 2002... NEW YORK -- Iraq threw an embargo party last week -- but nobody came. Last Monday's announcement by Baghdad that it was cutting off exports for 30 days in protest of Israeli actions against Palestinians in me occupied territories caused only a...

EIG to launch International Oil Daily on April 23. (Marketview).(Energy Intelligence Group)(Brief Article)
April 15, 2002... Energy Intelligence Group is pleased to announce the launch of our new daily publication: International Oil Daily. Building on a 50-year tradition of publishing industry standards such as PIW, International Oil Daily will bring a global...

PIW market indicators.(covers four-week period)(Brief Article)(Illustration)(Statistical Data Included)
April 15, 2002... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $24.55 $25.44 $23.16 UK Brent (Dated) ...

Capacity collapse at PDV is price of Chavez years.(Petroleos de Venezuela)
April 22, 2002... While the political future of Venezuela remains unsure after the sudden fall and even speedier restoration of President Hugo Chavez, there is no such uncertainty about the deterioration at state Petroleos de Venezuela (PDV) on his watch. Over...

Strong refining margins offer US brief respite.(oil refining)
April 22, 2002... The recovery has probably come too late to save refiners from likely losses for the first quarter, but a rebound in US refining margins since the end of February points to a rosier outlook going forward, with the upcoming gasoline season...

Syria still seeks outside aid to arrest decline.(oil production)
April 22, 2002... Syria hasn't done badly to keep its oil production front sliding below 500,000 barrels per day, but its hopes of arresting the decline depend increasingly on plans to award new exploration acreage, and to get foreign companies to help boost...

Latin America is losing US market share.(crude oil market)
April 22, 2002... Latin America's once-dominant share of the US' oil import pie is weakening. Latin producers--such as Venezuela, Mexico, and Colombia--have failed to grow crude sales in step with demand in the US, the world's largest consuming nation. Although...

Canadian oil firms go for heavy and gas.
April 22, 2002... Canadian oil and gas producers outlining their drilling and development plans for 2002 are talking about heavy crude, bitumen, tar sands, northern frontier natural gas, offshore East Coast natural gas, deep gas, and coalbed methane as the...