Petroleum Intelligence Weekly articles from April 2005

Petroleum Intelligence Weekly archives from April 2005

New recipe needed for IOC-NOC mix.(international oil companies)(national oil companies)
April 4, 2005... If the world is to find the reserves and produce the oil to meet future demand--which could be roughly 50% higher than today at some 120 million barrels per day by 2030, according to the International Energy Agency--most people agree that the...

Second quarter is critical for oil shares.
April 4, 2005... Oil company shares have done remarkably well this year. The trouble is, some argue, the run-up has echoes of the technology stock boom of the late 1990s. While share values of Exxon Mobil, ChevronTexaco and others haven't doubled over the past...

Nymex, IPE need to watch their backs.(International Petroleum Exchange)
April 4, 2005... While archrivals the New York Mercantile Exchange (Nymex) and London's International Petroleum Exchange (IPE)--owned by the Atlanta-based IntercontinentalExchange (ICE)--continue to battle for control of Brent futures trade, other new exchanges...

Cheap coal blurs China's LNG vision.(liquefied natural gas)
April 4, 2005... China's potential demand for natural gas is usually assumed to be limitless. But analysts and China's planners are starting to doubt the conventional assumptions. So far, Beijing has approved the construction of 10 LNG terminals up and down...

Unconventional wisdom works for EnCana.
April 4, 2005... Declarations that North America's natural gas potential is rapidly waning doesn't resonate with EnCana President Gwyn Morgan. The chief executive of North America's largest natural gas producer believes the continent still has plenty of...

Iran raises its game in gulf gas.(plans for gas pipeline construction to meet demand)
April 4, 2005... As it makes snail-like progress towards producing LNG for export, Iran is latching on to other ways of monetizing its massive offshore gas reserves. A pipeline to India via Pakistan is under serious negotiation, but huge costs, regional...

EnCana's Gwyn Morgan: it pays to be contrary.(management and planning)(Interview)
April 4, 2005... Some in the industry view Gwyn Morgan, the president and chief executive of Calgary-based EnCana, as an iconoclast who rejects the conventional strategy of the super-independent oil and gas company. Others credit his foresightedness for finding...

Corporate--Royal Dutch/Shell's annual 20-F filing to the US Securities and Exchange Commission (SEC) shows a reserve replacement ratio for 2004 of just 19%.(Royal Dutch-Shell Group of Cos.)(Brief Article)
April 4, 2005... CORPORATE -- Royal Dutch/Shell's annual 20-F filing to the US Securities and Exchange Commission (SEC) shows a reserve replacement ratio for 2004 of just 19%. Shell also cut its previously reported net income for 2004 of $18.54 billion--the...

Industry Restructuring--US Comstock Resources is paying $192.5 million to acquire oil and gas properties in East Texas, North Louisiana and Mississippi from privately-owned EnSight Energy Partners.(General)
April 4, 2005... INDUSTRY RESTRUCTURING -- US Comstock Resources is paying $192.5 million to acquire oil and gas properties in East Texas, North Louisiana and Mississippi from privately-owned EnSight Energy Partners. US independent XTO Energy is swapping...

OPEC--as US crude stocks showed further gains and oil prices eased from their recent peaks, informal talks about an early 500,000 b/d increase in the Opec production ceiling to 28 million b/d were halted last week.(Organization of the Petroleum Exporting Countries)(Brief Article)
April 4, 2005... OPEC -- As US crude stocks showed further gains and oil prices eased from their recent peaks, informal talks about an early 500,000 b/d increase in the Opec production ceiling to 28 million bid were halted last week. But a rise of around 1...

Sinopec Corp.(Wang Tianpu appointed)(Brief Article)
April 4, 2005... PEOPLE -- Sinopec Corp., the listed arm of China's Sinopec Group, has appointed Wang Tianpu as president to succeed Wang Jiming, who will remain vice chairman. Rodney Wagner, a long serving board member of Saudi Aramco and a former vice...

Australia--Independent explorer Santos last week started production at its Mutineer-Exeter field offshore Western Australia, giving a small shot in the arm to the country's flagging crude oil production (PIW Mar.7,p5).(Countries)(Brief Article)
April 4, 2005... AUSTRALIA -- Independent explorer Santos last week started production at its Mutineer-Exeter field offshore Western Australia, giving a small shot in the arm to the country's flagging crude oil production (PIW Mar.7,p5). The A$440 million...

China--both Sinopec Corp. and China National Offshore Oil Corp. (CNOOC) last week reported strong 2004 results on the back of high Chinese crude oil and petrochemical demand.(Countries)
April 4, 2005... CHINA -- Both Sinopec Corp. and China National Offshore Oil Corp. (CNOOC) last week reported strong 2004 results on the back of high Chinese crude oil and petrochemical demand. Sinopec's profits were up 61% over 2003 at $4.35 billion (36.02...

Congo (Brazzaville)--US Murphy Oil has failed to encounter significant hydrocarbons with two exploration wells drilled to try and firm up an oil discovery announced in January.(Brief Article)
April 4, 2005... CONGO (BRAZZAVILLE) -- US Murphy Oil has failed to encounter significant hydrocarbons with two exploration wells drilled to try and firm up an oil discovery announced in January. After the earlier success of the Azurite Marine No. 1 well, the...

India--UK-based independent Cairn Energy has raised further its oil-in-place estimate for the N-V field in Rajasthan, after making two new oil discoveries.(Countries)
April 4, 2005... INDIA -- UK-based independent Cairn Energy has raised further its oil-in-place estimate for the N-V field in Rajasthan, after making two new oil discoveries. Separately, Cairn and its partner, state Oil and Natural Gas Corp. (ONGC), which in...

India--Reliance Industries is hurrying to find a major international investor to help it develop natural gas in the deepwater Krishna-Godavari Basin it hopes to bring to market as early as 2007-08.(Countries)(Brief Article)
April 4, 2005... INDIA -- Reliance Industries is hurrying to find a major international investor to help it develop natural gas in the deepwater Krishna-Godavari Basin it hopes to bring to market as early as 2007-08. Sources tell PIW Exxon Mobil is looking at...

Indonesia--a hike in domestic prices is denting demand for gasoline, kerosene and gas oil, indicating that high subsidies and low prices were artificially stimulating demand.(Countries)
April 4, 2005... INDONESIA -- A hike in domestic prices is denting demand for gasoline, kerosene and gas oil, indicating that high subsidies and low prices were artificially stimulating demand. The government on Mar. 1 raised the price of industrial and...

Kazakhstan--after a two-year wait, BG is to complete the sale of its 16.67% interest in the giant Kashagan oil field on Apr. 6 to project partners Eni, Exxon Mobil, Royal Dutch/Shell, Total and ConocoPhillips.(British Petroleum Company PLC)(Brief Article)
April 4, 2005... KAZAKHSTAN -- After a two-year wait, BG is to complete the sale of its 16.67% interest in the giant Kashagan oil field on Apr. 6 to project partners Eni, Exxon Mobil, Royal Dutch/Shell, Total and ConocoPhillips. Kazakhstan will then buy half of...

Lithuania--the Kremlin's tax crackdown against Yukos looks to be forcing the oil giant to sell off its Lithuanian unit Mazeikiu Nafta (MN), most likely to rival Lukoil.(Countries)
April 4, 2005... LITHUANIA -- The Kremlin's tax crackdown against Yukos looks to be forcing the oil giant to sell off its Lithuanian unit Mazeikiu Nafta (MN), most likely to rival Lukoil. Yukos says it has received formal offers to buy its 53.6% stake in MN...

Russia--President Vladimir Putin seems to want to draw a line under the controversial privatization deals of the past.(Brief Article)
April 4, 2005... RUSSIA -- President Vladimir Putin seems to want to draw a line under the controversial privatization deals of the past. In a Mar. 24 meeting with business leaders, Putin backed moves to defend property rights by reducing the statute of...

Russia--at considerable cost, Royal Dutch/Shell is going out of its way to protect the Western Gray whale, an endangered species that is the focus of an environmentalist campaign.(Countries)(Brief Article)
April 4, 2005... RUSSIA -- At considerable cost, Royal Dutch/Shell is going out of its way to protect the Western Gray whale, an endangered species that is the focus of an environmentalist campaign. The move also happens to be crucial to Shell securing loans...

Russia--in a shift of policy, the Natural Resources Ministry is planning to revive production sharing agreements (PSAs) and will present proposals to the Cabinet in May.(Countries)(Brief Article)
April 4, 2005... RUSSIA -- In a shift of policy, the Natural Resources Ministry is planning to revive production sharing agreements (PSAs) and will present proposals to the Cabinet in May. The aim would he to simplify the PSA rules to attract foreign companies...

United States--Supermajor BP faces official probes and lawsuits after a Mar. 23 explosion at its 470,000 b/d Texas City refinery killed 15 workers and injured scores more.(Countries)(Brief Article)
April 4, 2005... UNITED STATES -- Supermajor BP faces official probes and lawsuits after a Mar. 23 explosion at its 470,000 h/d Texas City refinery killed 15 workers and injured scores more. Attorneys are preparing suits on behalf of the victims, while federal...

Rebel talks provoke Sudan project spurt.(What's New Around the World)(Sudan People's Liberation Movement negotiates to ensure reallocation of exploration contract to Petroliam Nasional Bhd.)
April 4, 2005... After a long hiatus, Sudan's government and Malaysia's Petronas aim to resume drilling on Block 5A in the Muglad basin, Khartoum announced last week, citing a $400 million contract, plans for 45 wells and an intention to start pumping 80,000...

Geared to gasoline.(market research of petroleum industry)
April 4, 2005... WASHINGTON -- US benchmark West Texas Intermediate (WTI) has been trading in a steep contango--with prompt oil selling at a discount to future deliveries--and cash prices have recently fallen to a $4.60 discount to New York Mercantile Exchange...

PIW market indicators.(prices of petroleum)(Illustration)
April 4, 2005... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $49.03 $50.74 $48.80 UK Brent (Dated) 51.11 53.66 ...

Lower returns are the price of growth.(analysis of acquisitions and mergers in petroleum industry)
April 11, 2005... Is Big Oil about to drop its focus on returns and make a dash to grow reserves and production through acquisitions? Some Wall Street analysts are reaching that conclusion after ChevronTexaco last week agreed to pay $18.4 billion, including...

Price war lies behind China decline.(petroleum industry)
April 11, 2005... As the prime driver of global oil demand growth in recent years, China's oil consumption is constantly assessed for signs of a slowdown. That's why a massive drop in January crude imports and weak import growth in February set alarm bells...

Exxon gets to raise stake in Abu Dhabi.(Exxon Mobil Corp., partnership)
April 11, 2005... More than three years after inviting bids for a 28% stake in offshore producer Zakum Development Co. (Zadco), Abu Dhabi's Supreme Petroleum Council (SPC) finally selected Exxon Mobil as its exclusive partner. With upstream opportunities...

Repsol gives in, gains some in Venezuela.(Repsol YPF S.A., contract)
April 11, 2005... Is Venezuela's use of a big stick to persuade foreign companies to accept less favorable contractual terms getting results? ConocoPhillips made major concessions recently to get its blocked Corocoro project back on track. Now an agreement by...

Higher stocks are no comfort to US drivers.(higher gasoline prices)
April 11, 2005... US drivers traveling this summer will be groaning at the price of retail gasoline. Average prices hit a record $2.22 per gallon in the last week of March--up 43 cents from the same time last year--while New York Mercantile Exchange (Nymex)...

Aramco pushes its downstream integration ideas.(Saudi Arabian Oil Co.)
April 11, 2005... Not content with being the world's largest oil producer, Saudi Aramco is planning to pour billions of dollars into a major overhaul and upgrade of its refineries in the kingdom, integrating more existing units with bolted-on petrochemicals...

Supply gains failing to calm prices.(supply of petroleum )
April 11, 2005... Global oil balances point to a market with strong but manageable demand growth that is being fed by much higher global supplies than a year ago. Yet buyers of both physical and paper oil are looking beyond any second quarter weakness to the...

Corporate--oil shares moved against the grain in March, declining a collective 3.8%, while oil prices rose sharply.(GENERAL)(Brief Article)(Illustration)
April 11, 2005... CORPORATE--Oil shares moved against the grain in March, declining a collective 3.8%, while oil prices rose sharply. Though down for the month, the index is still up 11% for the year, compared with a 2.6% decline in the S&P 500 Index and a 1.4%...

Corporate--US independent Devon Energy has reached agreements to sell most of the US oil and gas properties that it put on the block last year and will close the deals in the next few weeks.(GENERAL)(Brief Article)
April 11, 2005... CORPORATE--US independent Devon Energy has reached agreements to sell most of the US oil and gas properties that it put on the block last year and will close the deals in the next few weeks. Devon expects to raise about $1.2 billion, or about...

Formula prices--Saudi Arabia widened the discounts in its May price terms for all crude grades to the US and Europe and pressed the same strategy in Asia--by lowering the premium--on Extra Light only.(GENERAL)(Brief Article)(Illustration)
April 11, 2005... FORMULA PRICES--Saudi Arabia widened the discounts in its May price terms for all crude grades to the US and Europe and pressed the same strategy in Asia--by lowering the premium--on Extra Light only. Arab Medium and Heavy to Asia had their per...

IEA--consumers should step up efforts to conserve energy as lower demand--especially for transportation fuels--can make a substantial contribution to reducing record-high oil prices, the International Energy Agency stresses in a report to be published later this month.(GENERAL)
April 11, 2005... IEA--Consumers should step up efforts to conserve energy as lower demand--especially for transportation fuels--can make a substantial contribution to reducing record-high oil prices, the International Energy Agency stresses in a report to be...

Industry Restructuring--Texas-based XTO Energy agreed to buy producing properties in its core East Texas/North Louisiana operating area from Plains Exploration & Production for $350 million.(GENERAL)
April 11, 2005... INDUSTRY RESTRUCTURING--Texas-based XTO Energy agreed to buy producing properties in its core East Texas/North Louisiana operating area from Plains Exploration & Production for $350 million. China National Petroleum Corp. (CNPC) is transferring...

Australia--ChevronTexaco has agreed with Exxon Mobil and Royal Dutch/Shell to combine their massive gas reserves of the Greater Gorgon area off the West Coast into a single LNG project.(liquefied natural gas )(Brief Article)
April 11, 2005... AUSTRALIA -- ChevronTexaco has agreed with Exxon Mobil and Royal Dutch/Shell to combine their massive gas reserves of the Greater Gorgon area off the West Coast into a single LNG project (p7). Chevron will hold a 50% operating stake in the...

Brazil--Petrobras set a new domestic oil production record of 1.66 million b/d last week as new capacity in the Campos Basin kicked in, edging the state-controlled company towards its 1.7 million b/d target for this year.(Petroleo Brasileiro S.A.)(Brief Article)
April 11, 2005... BRAZIL -- Petrobras set a new domestic oil production record of 1.66 million b/d last week as new capacity in the Campos Basin kicked in, edging the state-controlled company towards its 1.7 million b/d target for this year. The new figures...

Cameroon--as the government tries to ward off a steady decline in oil production, France's Total has taken a stake in the Dissoni exploration block in the offshore Rio del Ray Basin.(COUNTRIES)(Brief Article)
April 11, 2005... CAMEROON -- As the government tries to ward off a steady decline in oil production, France's Total has taken a stake in the Dissoni exploration block in the offshore Rio del Ray Basin. Total has a 50% interest in the PSC for the 143 sq km block...

Egypt--US Apache Corp. made two new gas discoveries, including one on its Khalda concession that could hold some 500 Bcf of reserves.(COUNTRIES)(Brief Article)
April 11, 2005... EGYPT -- US Apache Corp. made two new gas discoveries, including one on its Khalda concession that could hold some 500 Bcf of reserves. The Syrah 1X well was drilled to a total depth of 14,445 feet, logging 266 ft of net pay and testing at 46.5...

Hungary--for the second time in six months, Russia's Gazprom has expressed interest in the 11.8% stake the state plans to sell in Mol, the biggest importer of Russian natural gas in Eastern Europe.(COUNTRIES)
April 11, 2005... HUNGARY -- For the second time in six months, Russia's Gazprom has expressed interest in the 11.8% stake the state plans to sell in Mol, the biggest importer of Russian natural gas in Eastern Europe. The government is to unload its Mol stake,...

Nigeria--US independent Pioneer Natural Resources acquired a 51% operated interest in an existing PSC on deepwater Block 320.(COUNTRIES)(Brief Article)
April 11, 2005... NIGERIA -- US independent Pioneer Natural Resources acquired a 51% operated interest in an existing PSC on deepwater Block 320. The 442,000-acre block is about 90 miles southeast of Lagos in water depths of 6,900 to 8,900 feet. The contract...

Nigeria--the government has high hopes of the bid round it is promoting with an international road show that kicked off in London last week.(COUNTRIES)(Brief Article)
April 11, 2005... NIGERIA -- The government has high hopes of the bid round it is promoting with an international road show that kicked off in London last week. Officials expect signature bonuses of $50 million for each deepwater block, which could rise to $80...

Norway--new drilling the Barents Sea has made a disappointing start, with the failure of Norsk Hydro's Obelix exploration well.(COUNTRIES)(Brief Article)
April 11, 2005... NORWAY -- New drilling the Barents Sea has made a disappointing start, with the failure of Norsk Hydro's Obelix exploration well (PIW Dec. 13,p5). Norway's Statoil has now started drilling a wildcat well at its Guovca prospect in the Barents...

Russia--crude exports slipped by 95,000 b/d in March in line with stagnating production.(COUNTRIES)(Brief Article)(Illustration)
April 11, 2005... RUSSIA -- Crude exports slipped by 95,000 b/d in March in line with stagnating production. Shipments abroad amounted to 3.457 million b/d last month, compared to February levels of 3.552 ion b/d. Exports dropped out of the Baltic Sea ports and...

Venezuela--the first phase of a long-promised license round was launched last week, offering six of an eventual 29 offshore natural gas prone blocks in the western Gulf of Venezuela and Northeast Falcon regions.(COUNTRIES)(Brief Article)
April 11, 2005... VENEZUELA -- The first phase of a long-promised license round was launched last week, offering six of an eventual 29 offshore natural gas prone blocks in the western Gulf of Venezuela and Northeast Falcon regions. The so-called Rafael Urdaneta...

Asian gas is key to Chevron-Unocal deal.(ChevronTexaco Corp. acquisition deal)
April 11, 2005... ChevronTexaco, already the world's fifth biggest public oil company, looks set to cross the production threshold of 3 million barrels of oil equivalent per day as a result of last week's agreement to acquire Unocal. Chief Executive Dave...

Physically full.(Marketview)(petroleum futures)
April 11, 2005... MOSCOW -- Fears over inadequate oil products supplies, rather than crude, drove up European crude futures prices last week. Crude futures in London soared more than $6/bbl on the International Petroleum Exchange to over $56/bbl, despite much...

IPE falls silent on death of open outcry.(International Petroleum Exchange of London Ltd.)(Brief Article)
April 11, 2005... The trading floor at London's International Petroleum Exchange (IPE) fell silent on Apr. 7 with the closure of its open outcry pits, after almost a quarter of a century of activity. Starting Apr. 8, the IPE's crude oil and gas oil contracts...

PIW market indicators.(petroleum industry)(Illustration)
April 11, 2005... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $52.43 $49.16 $50.14 UK Brent (Dated) 54.82 52.08...

Clouds gather over prospects in Russia.(petroleum)
April 18, 2005... Just a misunderstanding or another wake-up call for foreign investors in Russia? Anglo-Russian TNK-BP reckons the receipt of backdated tax demands for nearly $1 billion is the former, while investors eyeing recent developments in Russia might...

Upstream buzz picks up in Asia's offshore.(oil and gas exploration)
April 18, 2005... Oil and gas exploration in Southeast Asia is seeing something of a revival, evidenced by many more seismic survey vessels and drilling rigs out on the water. The region's national oil companies (NOCs) are leading the charge, acquiring more...

US gas drilling boom keeps land rigs busy.(oil exploration)
April 18, 2005... While global oil exploration is focused increasingly on offshore prospects, US demand for natural gas is driving a rise in domestic onshore drilling. Rig owners have reaped the benefits of a tightening market in the form of rising day rates for...

Iraq's road to recovery still long, unclear.(petroleum )
April 18, 2005... After enduring a torrid two years since the toppling of the former Baathist regime, has Iraq finally turned the corner? The success of the end-January elections offered encouragement, with the Shia, Sunnis and Kurds since showing some capacity...

Domestic blues spoil Sasol's global splash.(Sasol Ltd.)
April 18, 2005... South African energy firm Sasol is transforming itself from the world's biggest synthetic fuel producer into a pioneer in the new global gas-to-liquids (GTL) industry and the change could not come fast enough for the firm, which is fighting a...

Colombia looks offshore to pump more.(offshore oil fields exploration)
April 18, 2005... Two years into a restructuring effort, Colombia is starting to see some upside. Latin America's fifth largest producer has not yet reversed its output slide, but there is now a glimmer of hope that it may slow down. The big plus is an influx of...

New law caps appeal of Opec Algeria.(Organization of the Petroleum Exporting Countries)
April 18, 2005... Algeria is on the move. Its new hydrocarbons law has cleared the upper house of the National Assembly and will come into force soon. Officials hope that the new regime will draw in more foreign investment and energize state Sonatrach to compete...

Formula prices--Mexico tightened its May discount for US-bound cargoes of its heavy sour Maya, flying in the face of moves by Saudi Arabia to widen discounts to benchmark prices for all four of its crude grades to the US and Europe next month.(GENERAL)(Brief Article)
April 18, 2005... FORMULA PRICES -- Mexico tightened its May discount for US-bound cargoes of its heavy sour Maya, flying in the face of moves by Saudi Arabia to widen discounts to benchmark prices for all four of its crude grades to the US and Europe next month...

IEA--in a change in tone, the International Energy Agency sees demand risks "edging toward the downside" for the first time in two years, as fears of a second quarter Chinese demand surge recede.(GENERAL)
April 18, 2005... IEA -- In a change in tone, the International Energy Agency sees demand risks "edging toward the downside" for the first time in two years, as fears of a second quarter Chinese demand surge recede. The Paris-based agency cut its 2005 global...

Industry restructuring--US natural gas producer Chesapeake Energy is to pay $686 million in four separate deals with private companies to acquire upstream assets in South Texas, East Texas and the Permian Basin, adding production by 61 MMcfe/d and estimated reserves of 566 Bcfe.(GENERAL)
April 18, 2005... INDUSTRY RESTRUCTURING -- US natural gas producer Chesapeake Energy is to pay $686 million in four separate deals with private companies to acquire upstream assets in South Texas, East Texas and the Permian Basin, adding production by 61...

LNG--US imports continued their upward trend during the first quarter of 2005, totaling 157 Bcf or 1.74 Bcf/d, up nearly 4% from year-earlier levels.(GENERAL)(liquefied natural gas)
April 18, 2005... LNG -- US imports continued their upward trend during the first quarter of 2005, totaling 157 Bcf or 1.74 Bcf/d, up nearly 4% from year-earlier levels. Trinidad and Tobago remained the baseload supplier to the US, accounting for over 75% of the...

Australia--the ChevronTexaco-led Gorgon venture is jumping up the list of near-term LNG projects, with partner Royal Dutch/Shell signing up to take 2.5 million tons/yr to the Costa Azul terminal in Mexico from 2010.(COUNTRIES)(Brief Article)
April 18, 2005... AUSTRALIA -- The ChevronTexaco-led Gorgon venture is jumping up the list of near-term LNG projects, with partner Royal Dutch/Shell signing up to take 2.5 million tons/yr to the Costa Azul terminal in Mexico from 2010. Shell, which shares the...

Bangladesh--foreign producers are pumping more natural gas in response to rising demand and a resolution of previous payments delays.(COUNTRIES)(Brief Article)
April 18, 2005... BANGLADESH -- Foreign producers are pumping more natural gas in response to rising demand and a resolution of previous payments delays. UK independent Cairn Energy has raised output at its offshore Sangu gas field to 170 MMcf/d initially, with...

Brazil--production by state-controlled Petrobras increased to 1.734 million b/d of crude and 2.197 MMcf/d of natural gas in March from its domestic and international fields, a 3.1% gain compared to the 1.687 million bid of crude and 2.148 MMcf/d of gas produced in February.(COUNTRIES)(Petroleo Brasileiro S.A.)(Brief Article)
April 18, 2005... BRAZIL -- Production by state-controlled Petrobras increased to 1.734 million b/d of crude and 2.197 MMcf/d of natural gas in March from its domestic and international fields, a 3.1% gain compared to the 1.687 million bid of crude and 2.148...

Iraq--crude oil exports from the south are expected to rise in April to 1.69 million b/d, or 50.7 million bbl, if all the scheduled vessel loadings go according to plan.(COUNTRIES)(Brief Article)
April 18, 2005... IRAQ -- Crude oil exports from the south are expected to rise in April to 1.69 million b/d, or 50.7 million bbl, if all the scheduled vessel loadings go according to plan. This would be 220,000 b/d higher than in March, when a combined 1.47...

Nigeria--Royal Dutch/Shell has joined the Olokola LNG project--first unveiled by ChevronTexaco, BG Group and state Nigerian National Petroleum Corp. (NNPC) three months ago--to develop an LNG export complex by 2010.(COUNTRIES)
April 18, 2005... NIGERIA -- Royal Dutch/Shell has joined the Olokola LNG project--first unveiled by ChevronTexaco, BG Group and state Nigerian National Petroleum Corp. (NNPC) three months ago--to develop an LNG export complex by 2010. While the original trio...

Oman--Muscat is aiming to drill a first well in July on its part of the offshore Henjam gas field--also known as West Bukha--which straddles the maritime border with Iran.(COUNTRIES)(Brief Article)
April 18, 2005... OMAN -- Muscat is aiming to drill a first well in July on its part of the offshore Henjam gas field--also known as West Bukha--which straddles the maritime border with Iran. Muscat and Tehran are currently finalizing a joint development plan,...

Russia--with an eye to Western Europe's gas market, Gazprom has laid more groundwork for a direct Russia-Germany gas pipe by 2010 through deals struck last week with two key German buyers.(COUNTRIES)(Brief Article)
April 18, 2005... RUSSIA -- With an eye to Western Europe's gas market, Gazprom has laid more groundwork for a direct Russia-Germany gas pipe by 2010 through deals struck last week with two key German buyers. The gas giant signed an MOU with Germany's BASF,...

Russia--officials signed a memorandum of cooperation on Apr. 12 with Greece and Bulgaria on construction of the Bourgas-Alexandroupolis oil pipeline, which would carry crude from the Black Sea to the Agean Sea, bypassing Turkey's congested Bosporus Strait.(COUNTRIES)(Brief Article)
April 18, 2005... RUSSIA -- Officials signed a memorandum of cooperation on Apr. 12 with Greece and Bulgaria on construction of the Bourgas-Alexandroupolis oil pipeline, which would carry crude from the Black Sea to the Agean Sea, bypassing Turkey's congested...

Sao Tome--Exxon Mobil has chosen not to exercise its preferential rights to equity stakes in two out of five exploration blocks offered in the Nigeria-Sao Tome Joint Development Zone (JDZ).(COUNTRIES)(Brief Article)
April 18, 2005... SAO TOME -- Exxon Mobil has chosen not to exercise its preferential rights to equity stakes in two out of five exploration blocks offered in the Nigeria-Sao Tome Joint Development Zone (JDZ). This clears the way for the Joint Development...

Saudi Arabia--contractors have received invitations to express initial interest in the 1.2 million b/d Khurais field development.(COUNTRIES)(Brief Article)
April 18, 2005... SAUDI ARABIA -- Contractors have received invitations to express initial interest in the 1.2 million b/d Khurais field development. They will be briefed by Saudi Aramco this month and bids for the front-end engineering development (Feed) work...

Sticky moments.(Marketview)(petroleum stocks)
April 18, 2005... WASHINGTON -- Brent crude on the International Petroleum Exchange, which traded more than $2.50 below US crude futures at the beginning of the year, closed above US benchmark West Texas Intermediate (WTI) on Apr. 13. This was not because...

PIW market indicators.(Illustration)
April 18, 2005... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $48.80 $52.05 $50.74 UK Brent (Dated)...

Growth slows, signs of stress still elusive.
April 25, 2005... Consistently high oil prices have started to concentrate the minds of everyone from finance ministers to active investors and those advising US President George W. Bush. At their recent meeting, the International Monetary Fund (IMF) and the...

Why the US should welcome Chinese money.
April 25, 2005... US paranoia about a growing dependence on imported energy usually focuses on the turbulent Middle East and rogue regimes that might one day hold America to ransom by cutting off the oil. The security of nearby supplies from Canada, Mexico and...

Oil flows add to Woodside's gas-led growth.(Woodside Energy Ltd.)
April 25, 2005... As global demand for LNG grows, Australian independent producer Woodside Petroleum is in a prime position to raise its game. Its strength lies in extensive experience as an exporter of LNG into the Asia-Pacific region from the North West Shelf...

Nigeria raises capacity targets, doubts abound.
April 25, 2005... Nigeria's top oil officials rolled out some ambitious new output targets last week, announcing a 60% rise in the country's oil production capacity to an eye-catching 4.5 million barrels per day by 2010. The new numbers caused eyes to roll among...

No one looks goods in Iraq blame game.(Bayoil )
April 25, 2005... The Apr. 14 indictment by a US attorney of three executives of Houston-based trader Bayoil accused of paying millions of dollars in illegal "surcharges" to the Iraqi government in 2000-03 has raised the prospect of other oil industry figures...

Buybacks roll on, peak in sight in 2005.
April 25, 2005... Exxon Mobil has long been a buyer of its own shares, acquiring nearly $10 billion worth of company stock in 2004, including $3 billion spent in the fourth-quarter alone. When Exxon reports first-quarter results later this week, analysts expect...

Woodside's Don Voelte chases growth, diversity.(Woodside Energy Ltd.)(Don Voelte )(Interview)
April 25, 2005... As Australia's largest E&P company and the main operator of the country's largest resource development, Perth-based Woodside is a regional giant. In an interview ahead of Woodside's first quarter results last week, Managing Director and Chief...

Caspian--Moscow is blocking plans to bump up the capacity of the Caspian Pipeline Consortium (CPC) pipeline, putting the squeeze on a key export route from Kazakhstan at a time when Caspian oil flows are rising sharply.(GENERAL)
April 25, 2005... CASPIAN -- Moscow is blocking plans to bump up the capacity of the Caspian Pipeline Consortium (CPC) pipeline, putting the squeeze on a key export route from Kazakhstan at a time when Caspian oil flows are rising sharply. CPC wants to raise...

Corporate--stronger oil and gas prices enabled Australia's Woodside Petroleum to report higher revenues for the first quarter of 2005 compared to the same time last year, despite slight drops in sales and production.(GENERAL)
April 25, 2005... CORPORATE--Stronger oil and gas prices enabled Australia's Woodside Petroleum to report higher revenues for the first quarter of 2005 compared to the same time last year, despite slight drops in sales and production (p6). Revenues at the...