Petroleum Intelligence Weekly articles from April 2006

Petroleum Intelligence Weekly archives from April 2006

LNG projects face delays, cost overruns.
April 3, 2006... Liquefied natural gas (LNG) and other gas-related processing projects are encountering a slew of financial and logistical challenges that could delay completion by six to 18 months--and could even force some projects into the questionable...

Big gains, big risks for Africa upstream.(Petroleum industry of Africa )
April 3, 2006... The largest regional growth in oil supply this year could be coming from Africa, exceeding that from the former Soviet Union, but not without a substantial risk of more disappointments. Including Africa's three Opec member states--Nigeria,...

US motor fuels in for a long hot summer.
April 3, 2006... Today's US retail gasoline prices of $2.50 per gallon will probably seem like a bargain before summer's end. US motorists have come to expect fuel prices to rise each year with the onset of the summer driving season. But this year threatens to...

Eni faces flak over Kazakh field.
April 3, 2006... Managing one of the world's biggest oil and gas projects is never going to be easy, as Eni was reminded last week. The Italian major was forced to issue a statement describing as "completely groundless" reports that it was being replaced as...

Oil boom benefits hitting service firms.
April 3, 2006... Upstream producers are not the only beneficiaries of the current boom in the oil and gas industry. Oilfield service heavyweights Halliburton and Schlumberger are enjoying the trickle-down effect of high commodity prices and the accompanying...

Iran strives to shore up Asian crude sales.
April 3, 2006... The recent decision of Japanese refiner Nippon Oil to reduce its intake of Iranian crude this year by some 15 % for largely political reasons has raised fears in National Iranian Oil Co. (NIOC) that other customers in Asia and Europe could...

China hikes prices but avoids radical reform.(petroleum industry)
April 3, 2006... To curb oil demand growth and bring internal prices closer to international levels, China is introducing a fresh wave of domestic oil price hikes and other measures that are carefully calibrated not to impinge on the economy. The latest moves...

Industry restructuring--Finland's Neste Oil is selling its 10% holding in Saudi European Petrochemical Co. to Saudi Basic Industries Corp. (Sabic) for $120 million.(GENERAL)
April 3, 2006... INDUSTRY RESTRUCTURING--Finland's Neste Oil is selling its 10% holding in Saudi European Petrochemical Co. to Saudi Basic Industries Corp. (Sabic) for $120 million. The deal boosts Sabic's stake in the petrochemical company to 80%. US firm...

Insurance--Oil Insurance Limited (OIL), the industry's in-house mutual insurance company, has reported an underwriting loss of $225 million for 2005, thanks largely to some $2 billion in claims for hurricane-related damages in the Gulf of Mexico.(GENERAL)
April 3, 2006... INSURANCE--Oil Insurance Limited (OIL), the industry's in-house mutual insurance company, has reported an underwriting loss of $225 million for 2005, thanks largely to some $2 billion in claims for hurricane-related damages in the Gulf of...

Markets--About $86 billion is now invested in various commodity indexes worldwide, up about $13 billion from the end of 2005, according to the latest estimate from Goldman Sachs.(GENERAL)
April 3, 2006... MARKETS--About $86 billion is now invested in various commodity indexes worldwide, up about $13 billion from the end of 2005, according to the latest estimate from Goldman Sachs. Some $52 billion tracks the Goldman Sachs Commodity Index (GSCI),...

China--February crude imports rose 7.9%, compared with February 2005, to 2.92 million bid.(COUNTRIES)
April 3, 2006... CHINA -- February crude imports rose 7.9%, compared with February 2005, to 2.92 million bid. Angola supplied the largest volume, 554,000 b/d, which is a year-on-year increase of 27%, but imports from Yemen--China's sixth largest...

France--Strikes erupted last week as protest to the proposed merger of Gaz de France and Suez, which workers see as a step toward privatization of the country's energy industry (PIW Mar.6,p2).(COUNTRIES)
April 3, 2006... FRANCE -- Strikes erupted last week as protest to the proposed merger of Gaz de France and Suez, which workers see as a step toward privatization of the country's energy industry (PIW Mar.6,p2). GdF workers prevented four LNG tankers from...

India--BP has withdrawn from an agreement with Hindustan Petroleum to build a $3 billion joint venture refinery in Bhatinda, in the north, telling the refiner that its board found other projects more attractive.(COUNTRIES)
April 3, 2006... INDIA -- BP has withdrawn from an agreement with Hindustan Petroleum to build a $3 billion joint venture refinery in Bhatinda, in the north, telling the refiner that its board found other projects more attractive. Hindustan admitted the...

Indonesia--in a bid to support domestic industry, LNG exports to Japan may be reduced after 2010, President Susilo Banbang Yudhoyone told reporters last week.(COUNTRIES)
April 3, 2006... INDONESIA -- In a bid to support domestic industry, LNG exports to Japan may be reduced after 2010, President Susilo Banbang Yudhoyone told reporters last week. Yudhoyone stressed, however, that Indonesia will not halt Japanese exports but will...

Iraq--Bad weather during the last week of March disrupted tanker loadings at the Basrah Oil Terminal (BOT) and cut exports for the month to 38.5 million bbl, or 1.24 million b/d, down from 1.43 million bid exported in February.(COUNTRIES)
April 3, 2006... IRAQ -- Bad weather during the last week of March disrupted tanker loadings at the Basrah Oil Terminal (BOT) and cut exports for the month to 38.5 million bbl, or 1.24 million b/d, down from 1.43 million bid exported in February. Meanwhile,...

Mexico--crude exports fell to 1.97 million b/d in February, from January's two-year high, although shipments to the US, especially of lighter Isthmus, increased as flows to Europe and Asia-Pacific were cut back (PIW Mar.6,p7).(COUNTRIES)
April 3, 2006... MEXICO -- Crude exports fell to 1.97 million b/d in February, from January's two-year high, although shipments to the US, especially of lighter Isthmus, increased as flows to Europe and Asia-Pacific were cut back (PIW Mar.6,p7). Total oil and...

Nigeria--Eni has resumed pumping through Tebidaba-Brass pipeline in Bayelsa state, restoring 65,000 to 70,000 barrels per day of Brass Blend production shut in by militants' sabotage on Mar. 17.(COUNTRIES)
April 3, 2006... NIGERIA -- Eni has resumed pumping through Tebidaba-Brass pipeline in Bayelsa state, restoring 65,000 to 70,000 barrels per day of Brass Blend production shut in by militants' sabotage on Mar. 17. However, Royal Dutch Shell, which in February...

Norway--the government has agreed to allow state-controlled Statoil to launch its first ever share buyback program, but the repurchases will be structured so that the state's 70.9% interest remains unchanged.(COUNTRIES)
April 3, 2006... NORWAY -- The government has agreed to allow state-controlled Statoil to launch its first ever share buyback program, but the repurchases will be structured so that the state's 70.9% interest remains unchanged. The issue will be put to a formal...

Russia--Gazprom has reportedly asked Norway's Statoil and Norsk Hydro and US majors Chevron and ConocoPhillips to set up two national consortiums to participate in the massive Shtokmanovskoye LNG project, located in the Arctic Barents Sea.(COUNTRIES)
April 3, 2006... RUSSIA -- Gazprom has reportedly asked Norway's Statoil and Norsk Hydro and US majors Chevron and ConocoPhillips to set up two national consortiums to participate in the massive Shtokmanovskoye LNG project, located in the Arctic Barents Sea....

Russia--signaling the demise of Yukos, a Moscow court allowed Rosneft to represent the group of Western banks that filed for the bankruptcy of Yukos, and appointed Rosneft's nominee Eduard Rebgnn as external manager, giving him until Jun. 27 to determine the former oil major's solvency.(COUNTRIES)
April 3, 2006... RUSSIA -- Signaling the demise of Yukos, a Moscow court allowed Rosneft to represent the group of Western banks that filed for the bankruptcy of Yukos, and appointed Rosneft's nominee Eduard Rebgnn as external manager, giving him until Jun. 27...

South Korea--domestic companies look set to gain a stronger foothold in Uzbekistan's upstream sector.(COUNTRIES)
April 3, 2006... SOUTH KOREA -- Domestic companies look set to gain a stronger foothold in Uzbekistan's upstream sector. Companies from the two countries signed several agreements during a three-day visit to Korea by a delegation that was led by Uzbek President...

UAE--Exxon Mobil has finally sealed the deal for development of the giant Upper Zakum oil field with the Abu Dhabi National Oil Co. (Adnoc), one year after the US major won the project (PIW Apr.11,p2).(COUNTRIES)
April 3, 2006... UAE -- Exxon Mobil has finally sealed the deal for development of the giant Upper Zakum oil field with the Abu Dhabi National Oil Co. (Adnoc), one year after the US major won the project (PIW Apr.11,p2). Under the development agreement, signed...

United States--BP is appraising two recent deepwater discoveries in the Gulf of Mexico, Puma and Tubular Bells, with a view to sanctioning them for development in the second half of 2007.(COUNTRIES)
April 3, 2006... UNITED STATES -- BP is appraising two recent deepwater discoveries in the Gulf of Mexico, Puma and Tubular Bells, with a view to sanctioning them for development in the second half of 2007. Tony Hayward, chief executive officer of BP's...

Chicago futures to challenge Nymex, ICE.
April 3, 2006... Competition is heating up further in the energy futures arena, where the New York Mercantile Exchange (Nymex) and Intercontinental Exchange (ICE) have already been going head-to-head in crude oil futures trading for the last year or so. Now,...

Going wild.(Marketview)
April 3, 2006... NEW YORK--For three weeks now, the price for US gasoline has been racing ahead of heating oil, and taking lofty crude prices along for the fide. But with the first summer-grade deliveries due on the expiring April contracts, gasoline may soon...

Kenneth Miller: in memoriam.(obituary)(Obituary)
April 3, 2006... Kenneth Miller, a veteran reporter and editor for Petroleum Intelligence Weekly, died in New York City on Mar. 20 at the age of 83. He was an award-winning international oil analyst and journalist whose work as a foreign correspondent took him...

PIW market indicators.(Petroleum Intelligence Weekly)(Statistical table)
April 3, 2006... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $59.01 $57.15 $57.39 UK Brent (Dated) 64.14 61.51 59.89...

Kremlin calls shots in Putin's brave new Russia.
April 10, 2006... Midway through President Vladimir Putin's final term, the Kremlin has clearly regained command of the Russian oil and gas industry. The privatizations of the last decade have been rolled back and the oligarchs have been silenced, setting the...

Soft oil demand unlikely to slow bull market.
April 10, 2006... Bullish sentiment is rife in world oil markets, with prices again targeting $70 per barrel and above. But one of the pillars supporting this market--demand--is starting to crumble, partly under the weight of these high prices. Global...

Algeria still expanding but shortages hurt.
April 10, 2006... Algeria will probably hold its next upstream bid round late this year, giving the ministry's new licensing and regulatory authorities time to do it properly, Energy Minister Chakib Khelil told journalists at a conference in Algiers. In the...

Oil majors see mixed prospects in India.
April 10, 2006... India's notoriously bureaucratic petroleum industry has never been friendly turf for the international oil majors, despite periodic attempts by both sides over the years to find common ground. Upstream, that may at last be changing, thanks to...

Global tug of war leaves us low on LNG.
April 10, 2006... Global liquefied national gas (LNG) markets saw a dramatic tilt away from the US in favor of Europe and East Asia in the first quarter of 2006. As a result, quarterly imports were pulled down to the lowest level since 2003. The simple...

Eastern Canada losing upstream momentum.
April 10, 2006... Recriminations flew between Chevron and the Newfoundland provincial government last week when the US major halted development of the Hebron heavy oil project. When the dust settled, there were no winners. But one thing is clear: Eastern...

Aramco refining expansion moves full speed ahead.
April 10, 2006... Saudi Aramco's plans to expand domestic refining capacity appear to be quickly taking form. The construction of two new refineries and the upgrade of four of Saudi Arabia's existing plants are moving ahead at full speed. Just one year after...

Global oil supply growth stumbles in March.
April 10, 2006... After months of steady gains, global supply growth hit the skids in March, as Nigerian disruptions combined with some maintenance closures elsewhere and the effects of an oil spill on Alaska's North Slope to take 465,000 barrels per day off the...

The price of oil market transparency.
April 10, 2006... Over the last few months, PIW has presented a variety of views about the current high level of oil prices. Continuing that series, David Hufton, Managing Director of PVM Oil Associates Ltd. in London, provides the following assessment of the...

Corporate--after a steep drop in February, oil equities rebounded in March, a month in which global oil prices climbed higher.(GENERAL)
April 10, 2006... CORPORATE--After a steep drop in February, oil equities rebounded in March, a month in which global oil prices climbed higher. Norway's Norsk Hydro was the top performer last month; it's stock rose 15.6%. Fellow Norwegian firm Statoil was also...

European Union--as part of an ongoing drive to boost energy competition, Brussels has threatened legal action against EU member states that have dragged their feet in opening markets in compliance with existing legislation.(GENERAL)(Brief article)
April 10, 2006... EUROPEAN UNION -- As part of an ongoing drive to boost energy competition, Brussels has threatened legal action against EU member states that have dragged their feet in opening markets in compliance with existing legislation. The countries in...

Formula prices--Saudi Arabia is adjusting its May term prices by narrowing differentials for crude exports to the US, while easing differentials for cargoes to Asia and Europe.(GENERAL)
April 10, 2006... FORMULA PRICES--Saudi Arabia is adjusting its May term prices by narrowing differentials for crude exports to the US, while easing differentials for cargoes to Asia and Europe. Traders say state-owned Saudi Aramco is hoping to cash in on rising...

Industry restructuring--ConocoPhillips has closed its $33.9 billion purchase of US gas producer Burlington Resources.(GENERAL)
April 10, 2006... INDUSTRY RESTRUCTURING--ConocoPhillips has closed its $33.9 billion purchase of US gas producer Burlington Resources. Announced late last year, the deal makes Conoco the biggest gas producer in North America (PIW Dec.19,pl). US independent...

Algeria--US Anadarko and Canada's First Calgary Petroleums are each pressing ahead with plans to boost oil and gas output.(COUNTRIES)
April 10, 2006... ALGERIA -- US Anadarko and Canada's First Calgary Petroleums are each pressing ahead with plans to boost oil and gas output. Anadarko and state Sonatrach have awarded an initial engineering and design contract to Brown and Root-Condor on their...

Angola--Italy's EUI raised eyebrows this week when it offered a staggering $902 million signature bonus for relinquished areas of Block 15, beating off competition from Sinopec--the second highest bidder with $750 million--and Exxon Mobil and Statoil, Eni's co-investors on the unrelinquished part of the block.(COUNTRIES)
April 10, 2006... ANGOLA -- Italy's EUI raised eyebrows this week when it offered a staggering $902 million signature bonus for relinquished areas of Block 15, beating off competition from Sinopec--the second highest bidder with $750 million--and Exxon Mobil and...

China--Beijing is levying a special tax on the domestic production of crude oil from Apr. 1, taking advantage of high oil prices that are enabling firms to reap record profits, the Ministry of Finance confirmed last week.(COUNTRIES)
April 10, 2006... CHINA -- Beijing is levying a special lax on the domestic production of crude oil from Apr. 1, taking advantage of high oil prices that are enabling firms to reap record profits, the Ministry of Finance confirmed last week. Sinopec, China...

Kazakhstan--in a possible breakthrough to expand crude exports, an agreement has been reached with Russia to more than double the capacity of the Caspian Pipeline Consortium (CPC) system to 1.35 million b/d.(COUNTRIES)
April 10, 2006... KAZAKHSTAN -- In a possible breakthrough to expand crude exports, an agreement has been reached with Russia to more than double the capacity of the Caspian Pipeline Consortium (CPC) system to 1.35 million b/d. As a condition, Kazakhstan might...

Mauritania--Australia's Woodside Petroleum has resolved a dispute with the government over amendments to production agreements covering the country's only producing field, Chinguetti, and nearby discoveries.(COUNTRIES)
April 10, 2006... MAURITANIA -- Australia's Woodside Petroleum has resolved a dispute with the government over amendments to production agreements covering the country's only producing field, Chinguetti, and nearby discoveries. The Woodside-led operating...

Russia--crude oil exports in March were up slightly from the previous month due to increased seaborne loadings, which compensated for the fall in Druzhba pipeline shipments.(COUNTRIES)
April 10, 2006... RUSSIA -- Crude oil exports in March were up slightly from the previous month due to increased seaborne loadings, which compensated for the fall in Druzhba pipeline shipments. Exports through the Transneft system were 24,000 b/d higher than in...

Russia--Gazprom plans to unveil partners later this month for its high-profile Shtokman field in the Barents Sea, where gas reserves have just been revised to 3.68 Tcm (129.9 Tcf) from 3.2 Tcm.(COUNTRIES)
April 10, 2006... RUSSIA -- Gazprom plans to unveil partners later this month for its high-profile Shtokman field in the Barents Sea, where gas reserves have just been revised to 3.68 Tcm (129.9 Tcf) from 3.2 Tcm. The company received new proposals from...

Turkmenistan--China has extended its quest for new energy supplies by signing agreements with the Central Asian producer to buy natural gas and build a pipeline linking the two countries.(COUNTRIES)
April 10, 2006... TURKMENISTAN -- China has extended its quest for new energy supplies by signing agreements with the Central Asian producer to buy natural gas and build a pipeline linking the two countries. The 30-year deal would entail developing Turkmen...

Venezuela--State-owned oil company Petroleos de Venezuela (PDV) has retaken control of the Jusepin and Dacion oil fields from France's Total and Italy's Eni, respectively, after the private companies refused to accept new, less favorable contract terms for those assets.(COUNTRIES)
April 10, 2006... VENEZUELA -- State-owned oil company Petroleos de Venezuela (PDV) has retaken control of the Jusepin and Dacion oil fields from France's Total and Italy's Eni, respectively, after the private companies refused to accept new, less favorable...

Nymex & CME: partners not competitors.(What's New Around the World)
April 10, 2006... With the Chicago Mercantile Exchange (CME), the world's largest futures marketplace, mounting a direct competitive threat to the position of the New York Mercantile Exchange (Nymex) as the world's largest energy futures bourse, the two have...

Pedal to the metal.(Marketview)(market condition and output of petroleum products and gasoline)
April 10, 2006... WASHINGTON -- Atlantic Basin benchmarks, West Texas Intermediate (WTI) and Brent, are showing remarkable strength. Both of them passed the $68 per barrel mark last week. A lot of that price strength for crude oil is coming directly from a rally...

PIW market indicators.(Petroleum Intelligence Weekly)(statistics)(Statistical table)
April 10, 2006... PIW Market Indicators Last 2 Weeks 4 Weeks Week Ago Ago Spot Crude Opec Basket $61.30 $59.14 $57.21 UK Brent...

Drop in exploration drilling saps reserves growth.
April 17, 2006... For the world's leading oil companies, as well as for many midsized firms, replacing reserves has become a challenging business. Royal Dutch Shell's problems have been well chronicled, but their travails are far from unique. Despite huge cash...

Aramco sets sights on post-2010 growth.
April 17, 2006... Saudi Aramco is studying different options to develop the giant Manifa oil field, ahead of board approval needed to move forward, which is expected by the third quarter of 2006. Manifa offers a good idea of what the world's largest oil producer...

C[O.sub.2] emission permits hit new highs in Europe.
April 17, 2006... Prices for carbon dioxide (C[O.sub.2]) emission permits have soared to record highs in Europe in recent weeks and this in turn has pushed up electricity prices. The higher power prices have given a further boost to generators' earnings after a...

Opec call for secure demand falls short.
April 17, 2006... Security of demand was Opec's cri de coeur at the seventh International Oil Summit in Paris earlier this month, but it was a call that met with a mixture of sympathy and bafflement by conference delegates who are not part of the producer group....

UK tax rules to further crimp Brent trading.
April 17, 2006... The liquidity of the forward Brent-Forties-Oseberg trade, which forms the underlying market for Brent crude futures and determines the price of benchmark dated Brent, may be about to take a hit, thanks to new UK tax rules that make it much...

Switch to ethanol boosts US gasoline prices.
April 17, 2006... Crude oil owes much of its recent strength to lofty US gasoline prices, which in turn are being driven by an impending switch to ethanol as an additive. As a May 5 deadline approaches, there is mounting anxiety about how smoothly the transition...

Companies split over Venezuela's renationalization.
April 17, 2006... Although resource nationalism has been on the rise in Venezuela for some time, the renationalization of the country's oil industry began in earnest on Apr. 1, when state-owned oil company Petroleos de Venezuela (PDV) took back some 115,000...

Corporate--in a possible $5 billion deal, Lyondell Chemical and Citgo Petroleum are considering selling Lyondell-Citgo Refining, a partnership that operates a 268,000 b/d refinery in Houston.(GENERAL)
April 17, 2006... CORPORATE -- In a possible $5 billion deal, Lyondell Chemical and Citgo Petroleum are considering selling Lyondell-Citgo Refining, a partnership that operates a 268,000 b/d refinery in Houston. The partnership, a troubled alliance that recently...

IEA--the International Energy Agency (IEA) has uncovered additional demand in the Middle East and some smaller Asian industrializing countries which helps reduce its problematic "miscellaneous to balance," better known as "missing barrels," entry in the agency's supply-demand balances.(commercial stock data)
April 17, 2006... IEA -- The International Energy Agency (IEA) has uncovered additional demand in the Middle East and some smaller Asian industrializing countries which helps reduce its problematic "miscellaneous to balance," better known as "missing barrels,"...

LNG--Russian Gazprom has sold its first LNG cargo into the UK, as the natural gas giant develops its global LNG trading operations.(GENERAL)
April 17, 2006... LNG -- Russian Gazprom has sold its first LNG cargo into the UK, as the natural gas giant develops its global LNG trading operations. The UK delivery was Gazprom's third spot LNG sale, after two earlier ones to the US. The UK cargo was...

Australia--Woodside Energy plans to bring its 100,000 b/d Enfield oil project on line by early in the third quarter, several months earlier than the original fourth-quarter target.(COUNTRIES)
April 17, 2006... AUSTRALIA--Woodside Energy plans to bring its 100,000 b/d Enfield oil project on line by early in the third quarter, several months earlier than the original fourth-quarter target. Woodside is the operator of Enfield and has 60% ownership of...

Brazil--Brazil's National Council for Energy Policy has approved 54 exploration areas for the country's eighth upstream licensing round, as proposed by the National Petroleum Agency (ANP), Brazil's independent regulator.(COUNTRIES)
April 17, 2006... BRAZIL -- Brazil's National Council for Energy Policy has approved 54 exploration areas for the country's eighth upstream licensing round, as proposed by the National Petroleum Agency (ANP), Brazil's independent regulator. The two government...

Bolivia--Repsol YPF declared force majeure early last week on natural gas deliveries to power companies in Chile, citing reduced output from damaged pipelines in Bolivia.(COUNTRIES)
April 17, 2006... BOLIVIA--Repsol YPF declared force majeure early last week on natural gas deliveries to power companies in Chile, citing reduced output from damaged pipelines in Bolivia. Repsol normally pipes about 175 MMcf/d of Bolivian gas into northern...

Ecuador--crude exports by state oil company Petroecuador crashed by 28% in March to 156,190 b/d from 215,556 b/d in February after protests in oil-rich eastern provinces led the company to declare force majeure on part of its exports.(COUNTRIES)
April 17, 2006... ECUADOR--Crude exports by state oil company Petroecuador crashed by 28% in March to 156,190 b/d from 215,556 b/d in February after protests in oil-rich eastern provinces led the company to declare force majeure on part of its exports. The...

India--US oil major Chevron is spending $300 million to purchase a 5% stake in Reliance Petroleum Ltd. (RPL), an affiliate of Indian oil giant Reliance Industries that is building a 580,000 b/d export refinery in Jamnagar, India.(COUNTRIES)
April 17, 2006... INDIA -- US oil major Chevron is spending $300 million to purchase a 5% stake in Reliance Petroleum Ltd. (RPL), an affiliate of Indian oil giant Reliance Industries that is building a 580,000 b/d export refinery in Jamnagar, India. China...

India--India's efforts to build a 110 million bbl crude reserve have gained momentum after US consultancy KPMG and Engineers India submitted proposals that have won support from the country's Petroleum Ministry.(COUNTRIES)
April 17, 2006... INDIA -- India's efforts to build a 110 million bbl crude reserve have gained momentum after US consultancy KPMG and Engineers India submitted proposals that have won support from the country's Petroleum Ministry. The government has shown...

Iraq--Norwegian independent DNO says it could start oil production at its Tawke discovery in the Kurdish north in 2007, following the gathering of data that showed oil in five reservoirs in the area.(COUNTRIES)
April 17, 2006... IRAQ -- Norwegian independent DNO says it could start oil production at its Tawke discovery in the Kurdish north in 2007, following the gathering of data that showed oil in five reservoirs in the area. DNO has given no indication of the size of...

Iraq--State Oil Marketing Organization (Somo) has scheduled April liftings of 45.2 million bbl, or 1.51 million b/d, a spike of 160,000 b/d over exports in March, when loadings of Iraqi crude totaled 42 million bbl, or 1.35 million b/d.(COUNTRIES)
April 17, 2006... IRAQ--State Oil Marketing Organization (Somo) has scheduled April liftings of 45.2 million bbl, or 1.51 million b/d, a spike of 160,000 b/d over exports in March, when loadings of Iraqi crude totaled 42 million bbl, or 1.35 million b/d. Bad...

Kuwait--bidding is expected by the end of this month for construction of the new 615,000 b/d Al-Zour refinery, which will be one of the largest in the region.(COUNTRIES)
April 17, 2006... KUWAIT--Bidding is expected by the end of this month for construction of the new 615,000 b/d Al-Zour refinery, which will be one of the largest in the region. Kuwait National Petroleum Co. (KNPC) expects to award contracts for the estimated...

Namibia--a consortium headed by Russia's Sintez Group has been awarded exploration and production rights to an offshore block near Angola.(COUNTRIES)
April 17, 2006... NAMIBIA--A consortium headed by Russia's Sintez Group has been awarded exploration and production rights to an offshore block near Angola. The Ministry of Mines and Energy agreed to give the consortium--in which Sintez Group's surveying and...

Russia--six months after selling his stake in Sibneft for $13.1 billion, Roman Abramovich has registered an investment bank in Russia as part of his plans to continue investing in the country.(COUNTRIES)
April 17, 2006... RUSSIA--Six months after selling his stake in Sibneft for $13.1 billion, Roman Abramovich has registered an investment bank in Russia as part of his plans to continue investing in the country. Chelsea soccer club owner Abramovich, who rarely...

Russia--Russian-UK joint venture TNK-BP's hopes of starting production at the massive Kovykta gas field in East Siberia have hit a new hurdle as Russian gas monopoly Gazprom has decided that large-scale production at the field cannot begin before 2015.(COUNTRIES)
April 17, 2006... RUSSIA -- Russian-UK joint venture TNKBP's hopes of starling production at the massive Kovykta gas field in East Siberia have hit a new hurdle as Russian gas monopoly Gazprom has decided that large-scale production at the field cannot begin...

Saudi Arabia--Saudi Aramco is expected to formalize agreements for two new joint venture export refineries by the end of the third quarter.(COUNTRIES)
April 17, 2006... SAUDI ARABIA -- Saudi Aramco is expected to formalize agreements for two new joint venture export refineries by the end of the third quarter. At the same time, Aramco is understood to have opened talks with international companies--including...

South Korea--crude oil imports hit 2.63 million b/d in February, an 8.3% rise from a year earlier.(COUNTRIES)
April 17, 2006... SOUTH KOREA -- Crude oil imports hit 2.63 million b/d in February, an 8.3% rise from a year earlier. Saudi Arabia and the UAE remained the country's top suppliers. Imports from Australia dropped to 77,000 b/d in February, down 37.1% from a year...

United States--retail gasoline prices are projected to average $2.62/gallon this summer, 25cents higher than a year ago, with periods of heavy volatility likely, according the Energy Information Administration (EIA).(COUNTRIES)
April 17, 2006... UNITED STATES--Retail gasoline prices are projected to average $2.62/gallon this summer, 25cents higher than a year ago, with periods of heavy volatility likely, according the Energy Information Administration (EIA). The EIA said higher crude...

Vietnam--the government has offered 17 new offshore blocks for exploration, as state Petrovietnam looks to build on recent exploration successes in the country's upstream.(COUNTRIES)
April 17, 2006... VIETNAM--The government has offered 17 new offshore blocks for exploration, as state Petrovietnam looks to build on recent exploration successes in the country's upstream. Ten of the new areas are located in the gas-rich Nam Con Son Basin,...

US natural gas disconnect.(Martkerview)
April 17, 2006... HOUSTON -- in the face of a raging bull crude oil market, it's interesting that US natural gas is barely able to break over $7 per million Btu after tumbling steadily downward since December. The last time crude oil was at today's...

Amex opens oil market trading to all.
April 17, 2006... The American Stock Exchange (Amex) last week launched its Exchange Traded Fund (ETF), which tracks the price of oil and trades like a single stock. But it remains to be seen who ETF investors will be and what positions they will take, as well...

PIW market indicators.(petroleum industry)(Table)
April 17, 2006... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $63.37 $61.44 $57.15 UK Brent (Dated) 68.76 66.97 61.51...

Fundamentals hold little weight as prices soar.
April 24, 2006... The energy industry is set to add some 1 million barrels per day to its already lofty crude oil stocks in the second quarter, and supply should easily outpace demand for the rest of the year, PIW estimates--but these were not the numbers of...

Birds of all feathers flock to US Gulf.(BHP)(EnCana Corp.)(Statoil)(forecasts for mergers in petroleum industry)
April 24, 2006... It's not just ambitious North American independents such as Kerr-McGee, Nexen and Anadarko that are chasing the majors in the deepwater Gulf of Mexico. A growing band of overseas companies are also keen to grab a slice of the action. Some of...

China takes baby steps in liquid coal.
April 24, 2006... Frustrated with runaway energy demand and high oil prices, China is looking for ways to diversify from crude oil and has seized on the idea of tapping the country's vast coal resources in unconventional ways. One--coal liquefaction--has piqued...