Petroleum Intelligence Weekly articles from April 2004

Petroleum Intelligence Weekly archives from April 2004

Opec embraces the futures market players.(Organization of Petroleum Exporting Countries)
April 5, 2004... Opec washed its hands of responsibility for high oil prices last week, placing the blame firmly with the futures market speculators who have run up record length in recent months--plus a tight US gasoline market and broad geopolitical unease....

US refining: are hot margins here to stay?
April 5, 2004... Has the US refining industry really entered a new era of greater profitability? Some downstream executives think so. They are convinced that the typically low-return refining business is in the midst of a sustained revival, spurred by a...

Project Kuwait gets set for take off, again.
April 5, 2004... The slow motion reopening of Kuwait to foreign upstream investment is about to speed up again and may gain enough to momentum to finally take off. The government has prepared a new draft law for upstream service contracts that is due to go to...

Saudis miss out on China's oil boom.(Saudi Arabia )
April 5, 2004... Saudi Arabia is struggling to maintain its share of Asian crude markets, despite robust regional refining margins and the magnet of the world's fastest growing oil market, China. PIW's latest review of Saudi term contracts in Asia shows that...

LNG building craze hits the buffers.
April 5, 2004... The pace at which new liquefied natural gas (LNG) projects are being launched may be heading for a slow-down in the near term, due to a shortage of contractors available to build liquefaction and regasifying facilities as well as growing...

Transneft seeks slower Russian oil growth.
April 5, 2004... High oil prices have encouraged Russia's top oil companies to set another ambitious round of production targets this year, raising doubts about the ability of the strained pipeline network to move the incremental crude to the export markets at...

KPC's Sultan: capacity gains, gas imports and project Kuwait.(Nader Sultan, Kuwait Petroleum Corp.)(Interview)
April 5, 2004... Kuwait is moving slowly but cautiously on several large-scale projects to expand oil output, increase exports and boost refining capacity. Plans to import natural gas from Iran. Iraq and Qatar" are also bearing fruit. The long heralded Project...

Futures--China's State Council or cabinet finally approved the resumption of fuel oil futures trading at the Shanghai Futures Exchange (SHFE) but there is some doubt about whether the exchange will attract enough liquidity, particularly from oil companies.(General)
April 5, 2004... Futures--China's State Council or cabinet finally approved the resumption of fuel oil futures trading at the Shanghai Futures Exchange (SHFE) but there is some doubt about whether the exchange will attract enough liquidity, particularly from...

Industry restructuring--BP continues to beat a retreat in Southeast Asia with plans to sell all or part of its 100% interests in two large gas blocks, Kangean and Muriah, offshore East Java (PIW Mar.8, 8).(General)(Brief Article)
April 5, 2004... Industry restructuring--BP continues to beat a retreat in Southeast Asia with plans to sell all or part of its 100% interests in two large gas blocks, Kangean and Muriah, offshore East Java (PIW Mar.8, 8). Australia's Woodside is selling a 40%...

Reserves--China's CNOOC has booked around 47 million boe of net proved reserves for its 30% equity stake in the Xihu Trough joint venture in the East China Sea, as of the end of 2003.(General)(Brief Article)
April 5, 2004... Reserves--China's CNOOC has booked around 47 million boe of net proved reserves for its 30% equity stake in the Xihu Trough joint venture in the East China Sea, as of the end of 2003. CNOOC's announcement followed a surprise drop of 3.5% in...

Egypt--BP has won exploration rights in the offshore Gulf of Suez and the northern Red Sea after announcing recently a gas and condensate discovery in the western Nile Delta.(Countries)(Brief Article)
April 5, 2004... Egypt -- BP has won exploration rights in the offshore Gulf of Suez and the northern Red Sea after announcing recently a gas and condensate discovery in the western Nile Delta. "We are discovering gas in quantities now that allow us to have...

Greenland--the Bureau of Minerals and Petroleum launched its 2004 license round on Apr. 1 in four areas off the west coast, with 10-year licenses offered covering four offshore areas between the 62nd and 69th latitude lines, and an option for a 30-year extension where development is planned.(Countries)
April 5, 2004... Greenland -- The Bureau of Minerals and Petroleum launched its 2004 license round on Apr. 1 in four areas off the west coast, with 10-year licenses offered covering four offshore areas between the 62nd and 69th latitude lines, and an option for...

Japan--showing signs of oil demand returning to more usual levels, crude imports fell by 7.7% in February, down 374,000 bid on a year ago to an average of 4.48 million b/d.(Countries)(Brief Article)
April 5, 2004... Japan -- Showing signs of oil demand returning to more usual levels, crude imports fell by 7.7% in February, down 374,000 bid on a year ago to an average of 4.48 million bid. Imports from the UAE jumped nearly 10% to 1.22 million b/d, in...

Libya--Tripoli will demand parallel investment in the downstream from international oil companies that secure upstream acreage in future, the new energy minister said last week.(Countries)
April 5, 2004... Libya -- Tripoli will demand parallel investment in the downstream from international oil companies that secure upstream acreage in future, the new energy minister said last week. "We try to make it a package. If you are coming for the upstream...

Russia--taking advantage of the spring thaw, seaborne crude exports are ramping up by 103,000 b/d this month, almost all of it destined for the Baltic Sea ports, mirroring the pattern in March (PIW Mar. 15,p7).(Countries)
April 5, 2004... Russia -- Taking advantage of the spring thaw, seaborne crude exports are ramping up by 103,000 bid this month, almost all of it destined for the Baltic Sea ports, mirroring the pattern in March (PIW Mar. 15,p7). Overall seaborne crude exports...

Russia--Sibneft saw off an attempt by Yukos shareholders to take control of the company which was due to come to a head at a Mar. 29 meeting (PIW Mar.29,p9).(Countries)(Brief Article)
April 5, 2004... Sibneft saw off an attempt by Yukos shareholders to take control of the company which was due to come to a head at a Mar. 29 meeting (PIW Mar.29, p9). Yukos' effort to take over the Sibneft board of directors was thwarted when the Mar. 29...

Syria--a consortium led by PetroCanada and including US Occidental and UK-based Petrofac has been chosen to develop a gas field in the Palmyra region at an estimated cost of $750 million.(Countries)(Brief Article)
April 5, 2004... Syria -- A consortium led by PetroCanada and including US Occidental and UK-based Petrofac has been chosen to develop a gas field in the Palmyra region at an estimated cost of $750 million. The two-stage contract is intended to produce 315...

UAE--Italy's Saipem, a subsidiary of Eni, has been awarded two engineering, procurement and construction contracts worth in excess of $350 million to install pipelines advancing the $3.5 billion Dolphin project, which aims to bring 2 Bcf/d of gas from Qatar's North Field to Abu Dhabi.(Countries)(Brief Article)
April 5, 2004... UAE -- Italy's Saipem, a subsidiary of Eni, has been awarded two engineering, procurement and construction contracts worth in excess of $350 million to install pipelines advancing the $3.5 billion Dolphin project, which aims to bring 2 Bcf/d of...

United States--dry holes on two high-profile exploration wells in the US Gulf of Mexico have raised first-quarter exploration and abandonment expenses to the high end of previous guidance at Pioneer Natural Resources.(Countries)(Brief Article)
April 5, 2004... United States -- Dry holes on two high-profile exploration wells in the US Gulf of Mexico have raised first-quarter exploration and abandonment expenses to the high end of previous guidance at Pioneer Natural Resources. The BP-operated Juno...

Platts: hostility gives way to weary acceptance.
April 5, 2004... Calculating daily prices at the market's close may be gaining in popularity in the equity and financial markets but the market-on-close (MOC) system--launched by pricing agency Platts for its European oil product assessments last April and soon...

Venezuela--increased social spending is expected to drain $1.7 billion from the coffers of PDV this year as the state oil giant helps bankroll the government's social agenda at the expense of its own capital needs.(Countries)(Petroleos de Venezuela S.A.)
April 5, 2004... Venezuela -- Increased social spending is expected to drain $1.7 billion from the coffers of PDV this year as the state oil giant helps bankroll the government's social agenda at the expense of its own capital needs. This year's social outlays...

Taking stock.(Marketview)
April 5, 2004... LONDON -- The market greeted Opec's decision to go ahead with a 1 million b/d output cut from Apr. 1 with derision. With March production from the group's 10 quota-bound members already running nearly 1.4 million bid over the old quota--and 2.4...

Do you need to track the performance of the world's top oil companies?
April 5, 2004... The Energy Intelligence Top I00: Ranking the World's Oil Companies, 2004, is the essential reference tool for oil and gas professionals. Now available in either print or electronic format, the Energy Intelligence Top 100 is the fastest way...

PIW market indicators.(Petroleum Intelligence Weekly )(Illustration)
April 5, 2004... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $31.13 $32.61 $32.25 UK Brent (Dated) 32.91 33.72 ...

Saudis seek to seal China deal.
April 12, 2004... Oil Minister Ali Naimi's rare visit to Saudi Arabia's most important customers in Asia last week seems to have been fruitful. China's refining giant Sinopec is understood to have agreed finally to push ahead with the much-delayed expansion of...

Valero urges brighter view of refining.
April 12, 2004... After Tosco sold itself to Phillips--now part of ConocoPhillips--in early 2001, San Antonio-based Valero quickly filled its shoes by becoming the largest independent refiner in the US through a series of acquisitions based on a bullish outlook...

Argentina gas crisis comes to a head.
April 12, 2004... The chickens have come home to roost in Argentina, where artificially low prices for natural gas have simultaneously boosted demand and depressed production. With a critical gas deficit looming in the coming winter season, Buenos Aires has...

High prices elicit more Opec oil.(Organization of Petroleum Exporting Countries)
April 12, 2004... Quota compliance has always been tough for Opec, especially when oil prices are above $30 per barrel. Indeed, the producer group faces a Herculean task if it intends to bring production down to meet the 23.5 million barrel per day ceiling that...

North American Indies take varied paths to profit.( )
April 12, 2004... One size does not fit all, at least where growth and profit strategies of US independent exploration and production (E&P) companies are concerned. Those presenting at the recent Howard Weil Energy Conference described a broad spectrum of...

Higher price hurdle cuts both ways.
April 12, 2004... Finding the reserves year after year to replace the annual production of a typical supermajor is a daunting, challenging task, and it's getting harder. As Royal Dutch/Shell's recent troubles make clear, the effort can lead companies to find...

Valero's Greehey: the case for greater respect.(Interview)
April 12, 2004... US independent refiner Valero has grown dramatically in recent years, buying both fellow independent Ultramar Diamond Shamrock and El Paso's Corpus Christi, Texas, refinery. Despite a series of record years since 2000, Chairman and Chief...

Formula prices--Saudi Arabia signaled it expected US crude markets to weaken next month by cutting for the fourth straight month its formula price for Arab medium, which accounts for roughly half its US sales.(General)
April 12, 2004... FORMULA PRICES -- Saudi Arabia signaled it expected US crude markets to weaken next month by cutting for the fourth straight month its formula price for Arab Medium, which accounts for roughly half its US sales. May crude destined for Europe...

Industry restructing--US independent Kerr-McGee plans to acquire rocky mountains producer westport resources in a $2.5 billion stock swap, boosting its low-risk US onshore natural gas operations as a counterweight to its deepwater exploration in the US Gulf.(General)(Brief Article)
April 12, 2004... INDUSTRY RESTRUCTURING -- US independent Kerr-McGee plans to acquire Rocky Mountains producer Westport Resources in a $2.5 billion stock swap, boosting its low-risk US onshore natural gas operations as a counterweight to its deepwater...

LNG--US imports almost doubled in the first quarter of 2004 over the year-earlier quarter, aided by increases in export capacity at Atlantic LNG in Trinidad and Tobago through debottlenecking and the addition of a third train in May.(General)(Brief Article)
April 12, 2004... LNG -- US imports almost doubled in the first quarter of 2004 over the year-earlier quarter, aided by increases in export capacity at Atlantic LNG in Trinidad and Tobago through debottlenecking and the addition of a third train in May. Imports...

Reserves--all three of the biggest oil companies in the US have confirmed that the Securities and Exchange Commission (SEC) is questioning them about their reserves.(General)(Brief Article)
April 12, 2004... RESERVES -- All three of the biggest oil companies in the US have confirmed that the Securities and Exchange Commission (SEC) is questioning them about their reserves. Exxon Mobil received a "comment letter" from the SEC in mid-January posing...

Azerbaijan--Russia's Lukoil and Italian Eni will reveal soon the buyer of their 10% stake in the $3.2 billion Shah Deniz natural gas field.(Countries)(Brief Article)
April 12, 2004... AZERBAIJAN -- Russia's Lukoil and Italian Eni will reveal soon the buyer of their 10% stake in the $3.2 billion Shah Deniz natural gas field. Four international companies have submitted bids for Lukagip, the 50-50 joint venture of Lukoil and...

China--crude oil imports soared to an average 2.66 million b/d in February, registering a gain of nearly 55%--or around 940,000 b/d--from one year ago, according to the latest official figures.(Countries)(Brief Article)
April 12, 2004... CHINA -- Crude oil imports soared to an average 2.66 million b/d in February, registering a gain of nearly 55%--or around 940,000 b/d--from one year ago, according to the latest official figures. The rise is all the more impressive in the light...

China--the authorities have come out with another monster claim for new oil discoveries that has puzzled analysts.(Countries)(Brief Article)
April 12, 2004... China -- The authorities have come out with another monster claim for new oil discoveries that has puzzled analysts. Local press reports claimed that 2 billion bbl of oil has been found in six areas near Sinopec's aging Shengli oil fields in...

Iraq--oil exports came in just shy of 2 million b/d in March, at 1.94 million b/d, according to preliminary estimates by Energy Intelligence.(Countries)(Brief Article)
April 12, 2004... IRAQ -- Oil exports came in just shy of 2 million b/d in March, at 1.94 million b/d, according to preliminary estimates by Energy Intelligence. Loadings from the Basrah Oil Terminal and Khor al-Amaya in the Mideast Gulf were an estimated 54...

Mexico--deepwater basins are the main target of coming efforts to raise reserves.(Countries)
April 12, 2004... MEXICO -- Deepwater basins are the main target of coming efforts to raise reserves. "Potential resources detected in offshore zones alone could come to make up nearly half the total reserves of the country," according to remarks last week by...

Nigeria--a series of production sharing agreements was signed by state Nigerian National Petroleum Corp. wrapping up earlier accords for development of three deep-water oil blocks, including the giant ChevronTexaco-operated Agbami field which is estimated to hold reserves of 1 billion bbl.(Countries)(Brief Article)
April 12, 2004... NIGERIA -- a series of production sharing agreements was signed by state Nigerian National Petroleum Corp. wrapping up earlier accords for development of three deep-water oil blocks, including the giant ChevronTexaco-operated Agbami field which...

Russia--higher taxes on oil and products exports are on the way as expected.(Brief Article)
April 12, 2004... RUSSIA -- Higher taxes on oil and products exports are on the way as expected. The Finance Ministry has drafted legislation to raise export duties on crude oil, to take effect in the second half of 2004. The proposal retains an index based on a...

Russia--crude exports soared by nearly 200,000 b/d in march from the previous month to 3.33 million b/d.(Countries)(Brief Article)
April 12, 2004... RUSSIA -- Crude exports soared by nearly 200,000 b/d in March from the previous month to 3.33 million b/d. Seaborne exports from the Black Sea and Baltic Sea accounted for the rise, more than making up for a dip in pumping down the Druzhba...

Iraq: violence is latest blow to oil sector hopes.(What's New Around the World)
April 12, 2004... Iraq's oil installations have so far been spared the brunt of the latest upsurge in violence but this has done little for investor confidence as the countdown continues towards the US handover to an Iraqi interim government on Jun. 30. ...

Chicken and egg.(Marketview)
April 12, 2004... WASHINGTON -- Pinpointing the cause for the relentless strength in oil prices has become a little bit like the chicken and egg debate. Officials from the US and other major consuming countries blame Opec, while Opec fingers speculators and...

Can the major producing countries afford to sell you oil in 2010?
April 12, 2004... Find out with Energy Intelligence Research's new study, The Oil Supply Dilemma: The Financial Positions and Investment Needs of Major Oil Exporters available now. The unique study identifies the state of the economies of the top 17 (Opec...

PIW market Indicators.(Petroleum Intelligence Weekly )(Illustration)
April 12, 2004... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $30.48 $30.87 $32.56 UK Brent (Dated) $32.03 32.19 34.56...

Sasol's passport to global scale: GTL.( gas-to-liquids )
April 19, 2004... The soaring demand for natural gas and the growing interest in gas-to-liquids (GTL) is proving a heaven-sent opportunity for South African fuel producer Sasol, whose other businesses are running out of steam. Created to lessen apartheid South...

In US, drill less, pay back more.
April 19, 2004... With oil and gas prices entrenched at historically high levels, US independents would have every incentive to drill, wouldn't they? It seems not. So far, protracted commodity price strength has hardly triggered a feeding frenzy among...

Culture change behind Shell's reserves woes.
April 19, 2004... Former upstream chief Walter van de Vijver's public claims that he was forced out of Royal Dutch/Shell unfairly and "without credible explanation" has added a fresh twist to the reserves accounting scandal still engulfing the Anglo-Dutch...

Reforms create energy rivals in Indonesia.
April 19, 2004... Governments around the world are relying on deregulation and reform of national oil companies to encourage foreign investment and domestic competition. But the experience in Indonesia provides a vivid example of how this modernizing effort can...

Iran aims LNG at new friends from the east.
April 19, 2004... Hot on the heels of its $2 billion deal with Japan to develop the giant onshore Azadegan oil field, Iran is busy courting China, which is already a major oil buyer but could now provide a huge market for Iranian liquefied natural gas (LNG). In...

Baltic states pay price of Turkish controls.
April 19, 2004... Russia's surging oil shipments out of the Baltic Sea are upsetting its northern European neighbors. One of the ironies of the situation is that Turkish restrictions on tankers exiting the Black Sea have contributed to the surge of Russian...

Norway needs new terms for longer life.
April 19, 2004... Norwegian oil production may have passed its peak, but that doesn't mean there isn't potential in the oil province yet. However, securing a productive future for Norway's aging fields and infrastructure and its as yet undeveloped and...

Industry Restructuring--North America has reclaimed its position as the world's most active mergers and acquisitions market for upstream oil and gas deals after a flurry of high-profile deals had shifted momentum overseas in 2002 and early 2003.(General)
April 19, 2004... INDUSTRY RESTRUCTURING--North America has reclaimed its position as the world's most active mergers and acquisitions market for upstream oil and gas deals after a flurry of high-profile deals had shifted momentum overseas in 2002 and early...

Ipe--Shareholders could soon get their first cash installment from the IntercontinentalExchange (ICE), almost three years after the all-electronic exchange bought the London home of Brent futures for an estimated $75 million-$130 million in June 2001.(General)(Brief Article)
April 19, 2004... IPE--Shareholders could soon get their first cash installment from the IntercontinentalExchange (ICE), almost three years after the all-electronic exchange bought the London home of Brent futures for an estimated $75 million-$130 million in...

LNG--El Paso's once dormant Bahamian LNG terminal and gas pipeline to Florida moved a giant step forward last week when an affiliate of FPL Group Resources signed up for approximately 800 MMcf/d of firm capacity in the planned Seafarer Pipeline System.(General)(Brief Article)
April 19, 2004... LNG--El Paso's once dormant Bahamian LNG terminal and gas pipeline to Florida moved a giant step forward last week when an affiliate of FPL Group Resources signed up for approximately 800 MMcf/d of firm capacity in the planned Seafarer Pipeline...

Angola--Royal Dutch/Shell is pulling back from investment in the local upstream by selling its half stake in the BP-operated offshore Block 18 to India's ONGC Videsh for $600 million.(Countries)(Brief Article)
April 19, 2004... ANGOLA -- Royal Dutch/Shell is pulling back from investment in the local upstream by selling its half stake in the BP-operated offshore Block 18 to India's ONGC Videsh for $600 million. Shell's decision to sell leaves Angola's offshore...

Angola--a group of international banks led by Standard Chartered has agreed to lend some $2.5 billion to Sonangol in an oil export-backed loan, which is the largest ever syndicated by the state oil company.(Countries)(Brief Article)
April 19, 2004... ANGOLA -- A group of international banks led by Standard Chartered has agreed to lend some $2.5 billion to Sonangol in an oil export-backed loan, which is the largest ever syndicated by the state oil company. The five-year facility carries...

Brazil--state oil company Petrobras reported a net profit of $6.56 billion in 2003, nearly three times the 2002 level, in a filing with the US Securities and Exchange Commission last week.(Countries)(Brief Article)
April 19, 2004... BRAZIL -- State oil company Petrobras reported a net profit of $6.56 billion in 2003, nearly three times the 2002 level, in a filing with the US Securities and Exchange Commission last week. Thanks to higher production and higher world oil...

Ecuador--new Energy Minister Eduardo Lopez cancelled the Oriente fields tender just four days before bids were due. President Lucio Gutierrez named Lopez--his representative on the Petroecuador board--following the surprise resignation last week of Energy Minister Carlos Arboleda.(Countries)(Brief Article)
April 19, 2004... ECUADOR -- New Energy Minister Eduardo Lopez cancelled the Oriente fields tender just four days before bids were due. President Lucio Gutierrez named Lopez--his representative on the Petroecuador board--following the surprise resignation last...

Iraq--plans by Russian companies to take part in reconstruction work could be set back, after nine workers for Interenergoservice were kidnapped last Monday in northeast Baghdad.(Countries)
April 19, 2004... IRAQ -- Plans by Russian companies to take part in reconstruction work could be set back, after nine workers for Interenergoservice were kidnapped last Monday in northeast Baghdad. Although all the hostages had been freed by Tuesday, some...

Russia--although bottlenecks in the Turkish straits are hampering exports out of the Black Sea, Moscow has ruled out using the Baku-Tbilisi-Ceyhan (BTC) line as a way to bypass the Bosporus congestion.(Countries)
April 19, 2004... RUSSIA -- Although bottlenecks in the Turkish straits are hampering exports out of the Black Sea, Moscow has ruled out using the Baku-Tbilisi-Ceyhan (BTC) line as a way to bypass the Bosporus congestion. Moscow is refusing to reverse the...

Russia--Sibneft is starting to shift the focus of activity to smaller oil fields to keep its production growing rapidly.(Countries)(Brief Article)
April 19, 2004... RUSSIA -- Sibneft is starting to shift the focus of activity to smaller oil fields to keep its production growing rapidly. The company expects new drilling and increased operating efficiency to boost its crude production by 20.5% in 2004 from...

Russia--the Royal Dutch/Shell-led Sakhalin-2 consortium is in trouble again, this time with Russian industrialists who are complaining that 90% of the $9 billion capital investment in the huge liquefied natural gas (LNG) scheme will be distributed among foreign companies.(Countries)(Brief Article)
April 19, 2004... RUSSIA -- The Royal Dutch/Shell-led Sakhalin-2 consortium is in trouble again, this time with Russian industrialists who are complaining that 90% of the $9 billion capital investment in the huge liquefied natural gas (LNG) scheme will be...

Singapore--ChevronTexaco's wholly owned subsidiary, Caltex Singapore, is increasing its equity interest in Singapore Refining Co. (SRC) to become a 50-50 joint venture partner with Singapore Petroleum Co. (SPC).(Countries)(Brief Article)
April 19, 2004... SINGAPORE -- ChevronTexaco's wholly owned subsidiary, Caltex Singapore, is increasing its equity interest in Singapore Refining Co. (SRC) to become a 50-50 joint venture partner with Singapore Petroleum Co. (SPC). Caltex and SPC have each...

South Korea--refiners are following in the footsteps of their Chinese counter-parts, trying their hand at alternatives to Middle East crude--a trend that could accelerate this year, after the government's recent decision to modify its freight subsidy policy.(Countries)
April 19, 2004... SOUTH KOREA -- Refiners are following in the footsteps of their Chinese counter-parts, trying their hand at alternatives to Middle East crude--a trend that could accelerate this year, after the government's recent decision to modify its freight...

United Kingdom--Britain's energy regulator Ofgem said the European Commission last week had consented to an arrangement curtailing third-party access to what could become the world's largest LNG import terminal.(Countries)(Brief Article)
April 19, 2004... UNITED KINGDOM -- Britain's energy regulator Ofgem said the European Commission last week had consented to an arrangement curtailing third-party access to what could become the world's largest LNG import terminal. The EU nod was the final UK...

United States--EnCana, already North America's biggest independent, plans to buy US Rockies natural gas producer Tom Brown Inc. for $2.3 billion in cash, strengthening its position in Colorado's Piceance Basin and also giving it a foothold in East Texas.(Countries)(Brief Article)
April 19, 2004... UNITED STATES -- EnCana, already North America's biggest independent, plans to buy US Rockies natural gas producer Tom Brown Inc. for $2.3 billion in cash, strengthening its position in Colorado's Piceance Basin and also giving it a foothold in...

IEA revises up demand, swipes gently at Opec.(What's New Around the World)(International Energy Agency)(Organization of Petroleum Exporting Countries)
April 19, 2004... The International Energy Agency (IEA) has again raised its projection for 2004 global demand--to 80.3 million b/d--with the expected 1.68 million b/d gain representing the largest annual increase since the Asian economic crisis of 1997. The...

Stress factors.(Marketview)
April 19, 2004... NEW YORK -- A growing glut of oil available in the physical market is putting increasing pressure on the sustainability of the price rally on the New York Mercantile Exchange (Nymex). Nymex futures prices are hovering around $37/bbl. But...

Platts Lands Airlines in a jet price jam.
April 19, 2004... Airlines risk signing themselves up for larger fuel bills if they switch from Platts to rival Petroleum Argus pricing, as many have suggested they would like to do in a bid to avoid being the victims of possible market manipulation in the...

PIW market indicators.
April 19, 2004... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $32.63 $30.85 $32.61 UK Brent(Dated) 33.97...

PIW scorecard: as US thirsts, oil prices soar.(Petroleum Intelligence Weekly)
April 26, 2004... PIW's latest quarterly price Scorecard shows that Saudi Arabia sold Arab Light to the US for more than $30 per barrel in January and February--the highest price in at least a decade--as it made the most of the apparently tight oil market that...

Shell looks beyond fiasco over reserves.
April 26, 2004... Investors could be forgiven for losing track of everything that's happened to Royal Dutch/Shell this year, so here's a quick recap: 4.35 billion barrels of oil equivalent cut from end-2002 proven reserves and a further 520 million boe slashed...

Pricey Rockie gas deals raise eyebrows.
April 26, 2004... Two recent big-ticket acquisitions of Rocky Mountain natural gas producers have caused many a raised eyebrow among analysts because of the lofty valuations they placed on the target companies' proved gas reserves. Kerr-McGee's $3.4 billion...

Libyan opening nears; US oils poised to return.
April 26, 2004... Libya is getting serious about boosting its oil and gas output, but much remains to be learnt on how it will be done. Though officials bang on about the need for a $30 billion investment in hydrocarbons, the details remain sketchy. Progress...

Deregulation misses target in Indonesia.
April 26, 2004... Indonesia's upstream sector is in a tailspin as aging fields, slumping exploration spending and bureaucratic delays combine to drive output down to the lowest level in a decade. The energy ministry is trying to reverse this trend by offering...

Heavy issues for SEC Revamp on reserves.(Securities and Exchange Commission ()
April 26, 2004... The US Securities and Exchange Commission (SEC) allows companies to book proven reserves from so-called "extra heavy oil" upgrading schemes in Venezuela, but it does not allow the same for oil sands projects in Western Canada, which are...

Pertamina's Ariffi: reform shapes strategy.
April 26, 2004... Indonesian state energy company Pertamina is being prepped for a partial privatization later in the decade while retaining a public service mandate to be responsible for keeping the giant southeast Asian nation supplied with o and gas. This has...

Industry restructuring.(General)(Brief Article)
April 26, 2004... INDUSTRY RESTRUCTURING--Romania hopes to have the sale of a strategic stake in oil company Petrom closed by June, after receiving offers last week. Austria's OMV, US Occidental and Hungary's Mol submitted binding offers to acquire 51% of...

Brazil--after months of feuding with local authorities, state-controlled Petrobras has dropped plans to build a $1.6 billion pipeline from its offshore reserves in the Campos Basin to Sao Paulo via the state of Rio de Janeiro.(Countries)(Brief Article)
April 26, 2004... BRAZIL -- After months of feuding with local authorities, state-controlled Petrobras has dropped plans to build a $1.6 billion pipeline from its offshore reserves in the Campos Basin to Sao Paulo via the state of Rio de Janeiro. The clincher...

China--China National Petroleum Corp. (CNPC) is leveraging its experience with mature production challenges to pursue development rather than exploration projects in its overseas expansion drive.(Countries)(Brief Article)
April 26, 2004... CHINA -- China National Petroleum Corp. (CNPC) is leveraging its experience with mature production challenges to pursue development rather than exploration projects in its overseas expansion drive. "CNPC will focus on more oil development...

China--work has begun on a strategic oil reserve program that will store the equivalent of around 20-30 days of crude oil supply in a first phase, but Beijing is still dickering over the capital costs and ways of making the project commercially viable.(Countries)(Brief Article)
April 26, 2004... CHINA -- Work has begun on a strategic oil reserve program that will store the equivalent of around 20-30 days of crude oil supply in a first phase, but Beijing is still dickering over the capital costs and ways of making the project...