Petroleum Intelligence Weekly articles from August 2002

Petroleum Intelligence Weekly archives from August 2002

Radical routes steer Tengiz toward Asia.
August 5, 2002... The marketing of Kazakstan's Tengiz crude oil, which currently constitutes the Caspian Pipeline Consortium (CPC) blend, has not been smooth sailing. After a bumpy start last year when ChevronTexaco-led operator Tengizchevroil (TCO) scrambled to...

Energy merchants bounce back, Buffett is buyer.(Warren Buffet)
August 5, 2002... What could have been a deathwatch of the US energy merchants last week was relieved by financial transfusions to the two weakest players in the sector, Dynegy and Williams. In fact, Dynegy was able to sell a crown-jewel asset, the Northern...

BP's Vietnam gas gamble shows the way.(Illustration)
August 5, 2002... Supermajor BP blazed a trail in Vietnam, gambling early on to invest heavily in a country notorious for its bureaucracy and distrust of multinational companies. With most of Vietnam's oil production in the hands of established producers such as...

Diesel demand catches Europe's refiners short.(Industry Overview)
August 5, 2002... The trend towards diesel-powered cars in Europe is set to push the region's fuel supply/demand picture even further off balance. Europe is already structurally long gasoline--which it exports to the US--and short gas oil--which it imports...

Nigeria's ban on gas flaring raises new challenges.(Industry Overview)
August 5, 2002... Nigeria's drive to end the flaring of associated natural gas is gathering pace with several new projects under development that should ensure oil companies comfortably meet a government deadline to end the practice by 2008 at the latest....

New Aramco data confirm PIW figures.(Saudi Aramco and Petroleum Intelligence Weekly)(Company Profile)
August 5, 2002... Saudi Aramco's just-released official crude oil output data for 2001 provide close confirmation of the monthly production figures published earlier in Petroleum Intelligence Weekly. The state oil company reports production at 7.6 million...

Petroecuador's president looks on the bright side.(Gustavo Gutierrez Vera is president)(Interview)
August 5, 2002... In an occasional series of interviews with senior executives and officials in the energy industry, the president of state Petroecuador, Gustavo Gutierrez Vera, spoke to PIW about the prospects for an improvement in the checkered fortunes of...

Can Ecuador realize its full energy potential?(Industry Overview)
August 5, 2002... At first glance, Ecuador's energy sector seems poised for a remarkable recovery that could lead to a promising period of sustained growth. Crude oil production is rising steadily and investment is pouring in as private producers gear up for the...

Corporate--BP posted pro forma second-quarter earnings, including special items, of $2.18 billion, down 36% year-on-year but towards the top end of analysts' forecasts. (General).(Brief Article)
August 5, 2002... CORPORATE -- BP posted pro forma second-quarter earnings, including special items, of $2.18 billion, down 36% year-on-year but towards the top end of analysts' forecasts. The supermajor also felt confident enough to increase its dividend by 9%,...

Corporate--Royal Dutch/Shell brought forward its acquisition of the remaining 50% of the Shell & DEA Oil downstream joint venture formed last year in Germany with RWE-DEA. (General).(Brief Article)
August 5, 2002... CORPORATE -- Royal Dutch/Shell brought forward its acquisition of the remaining 50% of the Shell & DEA Oil downstream joint venture formed last year in Germany with RWE-DEA. That deal gave RWE an option to sell its stake to Shell some time...

Brazil--officials worked overtime to reassure foreign investors--already spooked by the prospect of a leftist victory in the October presidential elections--that a plan to cap LPG prices did not herald a return of fixed fuel prices. (Countries).(Brief Article)
August 5, 2002... BRAZIL -- Officials worked overtime to reassure foreign investors--already spooked by the prospect of a leftist victory in the October presidential elections--that a plan to cap LPG prices did not herald a return of fixed fuel prices. President...

China--upstream heavyweight PetroChina is taking the retail war with downstream rival China Petrochemical Corp. (Sinopec) to new heights, with plans to spend close to $500 million to build or acquire 1,500 retail outlets this year. (Countries).(Brief Article)
August 5, 2002... CHINA -- Upstream heavyweight PetroChina is taking the retail war with downstream rival China Petrochemical Corp. (Sinopec) to new heights, with plans to spend close to $500 million to build or acquire 1,500 retail outlets this year. The...

Israel--cancellation of a Jul. 26 tender has thrown construction of a $250 million-$300 million domestic gas grid up in the air again. (Countries).(Brief Article)
August 5, 2002... ISRAEL -- Cancellation of a Jul. 26 tender has thrown construction of a $250 million-$300 million domestic gas grid up in the air again. The government is now expected to get the project started by hiring its own contractor to build the first...

Kazakstan--Russia sidelined its top producer, Lukoil, to pick state Rosneft to explore the giant Kurmangazy structure, one of three fields on the joint border in the Caspian Sea. (Countries).(Brief Article)
August 5, 2002... KAZAKSTAN -- Russia sidelined its top producer, Lukoil, to pick state Rosneft to explore the giant Kurmangazy structure, one of three fields on the joint border in the Caspian Sea. Rosneft will get half of Russia's 50% share in a consortium...

Malaysia--at its third attempt, Murphy Oil struck lucky with the country's first deepwater oil find, encountering several hundred feet of high quality oil reserves with an 11,000 foot deep well in Block K. (Countries).(Brief Article)
August 5, 2002... MALAYSIA -- At its third attempt, Murphy Oil struck lucky with the country's first deepwater oil find, encountering several hundred feet of high quality oil reserves with an 11,000 foot deep well in Block K. Working from pre-drill estimates of...

Oman--buoyed by the success of Oman LNG, the government is to take a direct 75% interest in a third LNG train, relegating Spain's Union Fenosa, which has agreed to buy half of the output of the proposed 4.4 million ton per year train, to just 5%. (Countries).(Brief Article)
August 5, 2002... OMAN -- Buoyed by the success of Oman LNG, the government is to take a direct 75% interest in a third LNG train, relegating Spain's Union Fenosa, which has agreed to buy half of the output of the proposed 4.4 million ton per year train, to just...

Philippines--state-owned Philippines National Oil Co. (PNOC) is to sell its 10% stake in the $2.5 billion Malampaya natural gas project, handing a potential $400 million to the government to help cover the budget deficit (PIW Dec.10,p7). (Countries).(Brief Article)
August 5, 2002... PHILIPPINES -- State-owned Philippines National Oil Co. (PNOC) is to sell its 10% stake in the $2.5 billion Malampaya natural gas project, handing a potential $400 million to the government to help cover the budget deficit (PIW Dec.10,p7). PNOC...

Russia--seaborne exports of oil products fell slightly in July to 1.617 million b/d, down 2% from the previous month's 1.647 million b/d, but way above July 2001 levels of 1.533 million b/d. (Countries).(Brief Article)
August 5, 2002... RUSSIA -- Seaborne exports of oil products fell slightly in July to 1.617 million b/d, down 2% from the previous month's 1.647 million b/d, but way above July 2001 levels of 1.533 million b/d. Fuel oil exports soared to an all-time high of...

Saudi Arabia--coincidence or not, state Saudi Aramco last week trumpeted progress on its 1.5 Bcf/d Haradh natural gas plant, as gridlock descended on the $20 billion natural gas initiative with international oil companies (p5). (Countries).(Brief Article)
August 5, 2002... SAUDI ARABIA -- Coincidence or not, state Saudi Aramco last week trumpeted progress on its 1.5 Bcf/d Haradh natural gas plant, as gridlock descended on the $20 billion natural gas initiative with international oil companies (p5). Demonstrating...

United States--in a further blow to prospects for building an Alaska natural gas pipeline anytime soon, Duke Energy pulled out of the Alaska Northwest Natural Gas Transmission Co. which was trying to pitch a proposal to Alaskan oil producers BP, Exxon Mobil, and Phillips Petroleum to build the Alaskan leg of a gas pipeline to the Lower 48 states. (Countries).(Brief Article)
August 5, 2002... UNITED STATES -- In a further blow to prospects for building an Alaska natural gas pipeline anytime soon, Duke Energy pulled out of the Alaska Northwest Natural Gas Transmission Co. which was trying to pitch a proposal to Alaskan oil producers...

Majors' second quarter profits plunge further downstream. (What's New Around The World).(Illustration)
August 5, 2002... Weak refining and marketing conditions in most areas of the world and sharply lower US natural gas prices conspired to produce disappointing second-quarter results for the top six US-based integrated oil companies. Total profits excluding...

Strategic support. (Marketview).(The Bush administration intends to add crude to the US Strategic Petroleum Reserve)
August 5, 2002... The Bush administration announced last week its intentions to step up the rate at which more crude is added to the US Strategic Petroleum Reserve (SPR). The plan to fill the SPR to its 700 million bbl capacity by 2005--from about 575 million...

Moscow pulls the plug on Lukoil's London sale.(London Stock Exchange stock placement has been cancelled)(Brief Article)
August 5, 2002... Moscow did nothing to boost international investor confidence when it cancelled at the last minute a placement of 5.9% of Lukoil stock on the London Stock Exchange (LSE). The equity was to be sold off as level-1 American Depository Receipts...

PIW market indicators.(Illustration)
August 5, 2002... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $25.11 $25.18 $24.83 UK Brent (Dated) 25.84 25.41 25.68 UK...

Traders buy into Oman-Dubai pricing.(Brief Article)
August 12, 2002... Combatants in the struggle to determine how North Sea benchmark Brent should best be defined and priced can take some comfort from the success of Asia's gamble with its own sour crude marker. The system of including Omani crude volumes in the...

Market set to weather possible war on Iraq.(Brief Article)
August 12, 2002... When and if it happens, a US-led military attack on Iraq should come as no surprise to oil markets. As the drums of war beat ever louder in Washington, military preparations are being well-flagged in advance. Recent oil prices have contained a...

Canada pipes its way to US market gains.(Brief Article)(Statistical Data Included)
August 12, 2002... As the US seeks to diversify its sources of petroleum away from the Middle East as a matter of policy, it's getting considerable help from Canada, which, since the late 1990s, has boosted exports to the Midwest region, and more recently...

Algeria, Nigeria dip into quota quagmire.(Brief Article)(Statistical Data Included)
August 12, 2002... The first shots have been fired in what may prove to be a long campaign to revise Opec's quota allocations. Algeria is taking formal steps to seek a higher quota and Nigeria is making noises to the same effect, as their output capacities exceed...

Indian refiners opt for more Mideast crude.(Brief Article)(Statistical Data Included)
August 12, 2002... In contrast to the delays over their part-privatization, India's top state refiners are using the greater freedom granted to them since deregulation in April to overhaul their crude oil purchasing. Having escaped the grip of state Indian Oil...

China wrestles Russia over gas supply deal.(Brief Article)
August 12, 2002... The push and pull of negotiation can be a convoluted process. When it involves China and Russia it can appear downright contradictory. Despite an extended courtship, the two Asian giants are pulling in opposite directions over natural gas....

Peruvian gas dreams prove hard to realize.(Brief Article)
August 12, 2002... The popularity of Peruvian President Alejandro Toledo is in free fall, with the controversial privatization of power plants bearing some of the blame for his latest woes. The domestic arm of the $2.6 billion Camisea natural gas project remains...

Corporate--worldwide upstream mergers and acquisitions rebounded last quarter from first-quarter levels, but the total value dipped because of a waning number of expensive corporate transactions. (General).(Brief Article)(Statistical Data Included)
August 12, 2002... CORPORATE -- Worldwide upstream mergers and acquisitions rebounded last quarter from first-quarter levels, but the total value dipped because of a waning number of expensive corporate transactions. The rash of big corporate transactions in...

Formula prices--Saudi Arabia has cut price terms for sales to the US in September, while leaving most prices for Europe and Asia unchanged. (General).(Brief Article)(Statistical Data Included)
August 12, 2002... FORMULA PRICES -- Saudi Arabia has cut price terms for sales to the US in September, while leaving most prices for Europe and Asia unchanged. Price terms for Arab Medium compared to US benchmark grade West Texas Intermediate (WTI) dropped the...

Formula prices--Mexico's state Pemex maintained its discount for Maya crude headed for the US Gulf in September, while increasing the discount on Maya headed for the US West Coast by 10 cents/bbl. (General).(Brief Article)(Statistical Data Included)
August 12, 2002... FORMULA PRICES -- Mexico's state Pemex maintained its discount for Maya crude headed for the US Gulf in September, while increasing the discount on Maya headed for the US West Coast by 10 cents/bbl. The discount on US-bound Isthmus was widened...

North Sea--an Aug. 8 statement by London's International Petroleum Exchange that it would settle its contracts against 15-day Brent until "a new dominant trade type for forward Brent emerges" prompted BP to kick start trade in 20-day Brent-Forties-Oseberg (PIW Jul.22,p1). (General).(Brief Article)
August 12, 2002... NORTH SEA -- An Aug. 8 statement by London's International Petroleum Exchange that it would settle its contracts against 15-day Brent until "a new dominant trade type for forward Brent emerges" prompted BP to kick start trade in 20-day...

Bolivia--the newly elected president, Gonzalo Sanchez de Lozada, is a welcome sight to foreign petroleum investors, as he has a track record from his 1993-97 incumbency of privatizing the state company and giving a big impetus to the gas industry, which led to the construction of the Bolivian-Brazil gas pipeline. (Countries).(Brief Article)(Editorial)
August 12, 2002... BOLIVIA -- The newly elected president, Gonzalo Sanchez de Lozada, is a welcome sight to foreign petroleum investors, as he has a track record from his 1993-97 incumbency of privatizing the state company and giving a big impetus to the gas...

China--Australia LNG, the marketing arm of the North West Shelf (NWS) project, bagged the 3 million ton, 25-year supply contract for the country's first LNG terminal, at Guangdong, edging out rival offers from the BP-led Tangguh project in Indonesia and Qatar's Ras Laffan LNG. (Countries).(Brief Article)
August 12, 2002... CHINA -- Australia LNG, the marketing arm of the North West Shelf (NWS) project, bagged the 3 million ton, 25-year supply contract for the country's first LNG terminal, at Guangdong, edging out rival offers from the BP-led Tangguh project in...

Ecuador--the struggle to maintain oil production, let alone increase it as planned, has suffered a setback. (Countries).(Brief Article)(Statistical Data Included)
August 12, 2002... ECUADOR -- The struggle to maintain oil production, let alone increase it as planned, has suffered a setback. Lack of maintenance and transport bottlenecks helped shave 5% off production, which fell to about 392,000 b/d in the first half of...

India--already on an overseas spending binge, Oil & Natural Gas Corporation (ONGC) is looking to buy UK independent Cairn Energy's assets in the subcontinent. (Countries).(Brief Article)
August 12, 2002... INDIA -- Already on an overseas spending binge, Oil & Natural Gas Corporation (ONGC) is looking to buy UK independent Cairn Energy's assets in the subcontinent. Cairo's upstream interests in India are concentrated in the Ravva and...

Indonesia--adding to uncertainty at the traditional center of the country's oil industry, restive Riau province on Sumatra gained control over the Coastal Plains Pekanbaru fields this week from Caltex Pacific Indonesia (CPI) amid threats from residents to blockade state Pertamina's nearby Dumai refinery. (Countries).(Brief Article)
August 12, 2002... INDONESIA -- Adding to uncertainty at the traditional center of the country's oil industry, restive Riau province on Sumatra gained control over the Coastal Plains Pekanbaru fields this week from Caltex Pacific Indonesia (CPI) amid threats from...

Japan--Tokyo Commodity Exchange (Tocom) may decide to rely exclusively on Platts prices to underpin its successful sour crude futures contract, a move that could also make Platts the sole price source for Tocom's new contract, being launched in Singapore next month. (Countries).(Brief Article)
August 12, 2002... JAPAN -- Tokyo Commodity Exchange (Tocom) may decide to rely exclusively on Platts prices to underpin its successful sour crude futures contract, a move that could also make Platts the sole price source for Tocom's new contract, being launched...

Libya--Spanish Repsol YPF has won approval for a development in Block NC-186 in the Murzuk Basin that will add 40,000 b/d to production by the first quarter of 2004. (Countries).(Brief Article)
August 12, 2002... LIBYA -- Spanish Repsol YPF has won approval for a development in Block NC-186 in the Murzuk Basin that will add 40,000 b/d to production by the first quarter of 2004. Repsol will be operator. Its partners are Total Fina Elf, Norsk Hydro,...

Lithuania--cash-strapped US energy merchant Williams' brush with bankruptcy could impact national oil company Mazeikiu Nafta (MN) and the flow of Russian crude exports to the Baltic states. (Countries).(Brief Article)
August 12, 2002... LITHUANIA -- Cash-strapped US energy merchant Williams' brush with bankruptcy could impact national oil company Mazeikiu Nafta (MN) and the flow of Russian crude exports to the Baltic states. In a sign that Williams may want out of MN...

Mexico--digging deeper into the ills of state Pemex, the auditing arm of the lower house of the Mexican congress is scrutinizing 23 operations in the year 2000, going into every major unit and including the fund diversion scandal that has former Pemex President Rogelio Sotomayor fighting extradition and arrest from a refuge in Houston (PIW Jan.28,p8). (Countries).(Brief Article)
August 12, 2002... MEXICO -- Digging deeper into the ills of state Pemex, the auditing arm of the lower house of the Mexican congress is scrutinizing 23 operations in the year 2000, going into every major unit and including the fund diversion scandal that has...

Russia--in another step toward a new Pacific Basin liquefied natural gas (LNG) project, the Royal Dutch/Shell-led Sakhalin-2 project has secured approval for an $8.5 billion full-scale development that involves building a 9.6 million ton/yr plant on southern Sakhalin Island. (Countries).(Brief Article)(Statistical Data Included)
August 12, 2002... RUSSIA -- In another step toward a new Pacific Basin liquefied natural gas (LNG) project, the Royal Dutch/Shell-led Sakhalin-2 project has secured approval for an $8.5 billion full-scale development that involves building a 9.6 million ton/yr...

Correction.(Correction Notice)
August 12, 2002... CORRECTION -- Japan Vietnam Petroleum Corp. is the operator of Vietnam's Rang Dong field, in which Conoco has a 36% interest (PIW Aug.5,p2).

GdF and Total take French pipes for a song.(Jean-Pierre Raffarin plans Electricite de France and Gaz de France privatization program)(Brief Article)(Statistical Data Included)
August 12, 2002... France is finally catching up with the rest of Europe. Prime Minister Jean-Pierre Raffarin kicked off his center-right governmental program last month with a pledge to part-privatize state behemoth Electricite de France and its smaller sister...

Diesel distortions. (Marketview).(Total Fina Elf refinery closure increases ultra-low-sulfur diesel prices)(Brief Article)(Statistical Data Included)
August 12, 2002... LONDON -- The impending closure of Total Fina Elf's 325,000 b/d Gonfreville refinery in northern France--to upgrade the plant to make clean gasoline and diesel--has, rather ironically, pushed European prices for 50 parts per million (ppm)...

Aquila gives up on energy trading.(Brief Article)
August 12, 2002... Aquila, the No. 3 natural gas marketer and No. 4 power marketer in North America, has become the first major energy merchant since the Enron meltdown to throw in the towel and pull out of the blighted energy marketing and trading business...

PIW market indicators.(Petroleum Intelligence Weekly; includes spot crude prices)(Brief Article)(Illustration)(Statistical Data Included)
August 12, 2002... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $24.82 $24.98 $25.69 UK Brent (Dated) 25.46 25.74 26.47...

China holds strong hand in Asia's gas game.(Brief Article)(Statistical Data Included)
August 19, 2002... China is the fresh-faced newcomer to natural gas supply contract negotiations, relative to veterans Japan and South Korea, and the surprise award of its first liquefied natural gas (LNG) supply deal to Australia has propelled it to the center...

Jet fuel faces squeeze from war on Iraq.(European market will suffer if US attacks Iraq)(Brief Article)(Statistical Data Included)
August 19, 2002... The jet fuel market impact of a US attack on Iraq could be far bigger than during the Gulf War in 1991, not because Saudi Arabia is unlikely to supply fuel free-of-charge this time around, but because Europe has since become heavily dependent...

Big oil shoulders new moral burdens.(Brief Article)
August 19, 2002... You hear a lot about corporate governance these days. In the post-Enron, post-WorldCom effort to regain investor trust, executives, politicians, regulators, bankers, and analysts are keen to talk about it, although it can mean different things...

Firm prices drive global supply gains.(Brief Article)(Statistical Data Included)
August 19, 2002... With oil prices holding up this summer, production is rising on all sides and further gains remain likely in the months ahead. Opec quota-busting drove global oil supply up by 590,000 barrels per day in July with help from Iraq and key non-Opec...

July stockdraw takes backseat to politics.(global oil inventories)(Brief Article)(Statistical Data Included)
August 19, 2002... Global oil inventories have not built by as much as they usually do at this time of year, latest data from PIW sister publication Oil Market Intelligence show, but so far that's not enough to explain crude prices in the mid- to upper-$20 per...

Nigeria pins hopes on LNG growth.(liquefied natural gas)(Brief Article)(Statistical Data Included)
August 19, 2002... Nigeria is making progress towards its stated goal of carving out a leading role in natural gas to match its position in crude oil markets, largely through the expansion of its liquefied natural gas (LNG) export capacity--but there are still...

Brazil--while the second-quarter earnings of state Petrobras fell 35% from a year earlier, to $680 million, largely on currency devaluation, they were some 135% better than the feeble first-quarter 2002 performance of $290 million, thanks to outstanding upstream results and improved refining margins. (Countries).(Brief Article)(Statistical Data Included)
August 19, 2002... BRAZIL -- While the second-quarter earnings of state Petrobras fell 35% from a year earlier, to $680 million, largely on currency devaluation, they were some 135% better than the feeble first-quarter 2002 performance of $290 million, thanks to...

Canada--a natural gas find by EnCana and Marathon Oil in deepwater offshore Nova Scotia boosted claims that the Scotian Shelf will play a big role over the next five to 10 years as Canada looks to replace dwindling gas production from its Western Canadian Sedimentary Basin. (Countries).(Brief Article)
August 19, 2002... CANADA -- A natural gas find by EnCana and Marathon Oil in deepwater offshore Nova Scotia boosted claims that the Scotian Shelf will play a big role over the next five to 10 years as Canada looks to replace dwindling gas production from its...

Colombia--incoming energy Minister Luis Ernesto Mejia has set his sights high, forecasting that Latin America's third largest crude oil exporter can boost oil reserves by 1 billion bbl over the next four years to about 3 billion bbl. (Countries).(Brief Article)(Statistical Data Included)
August 19, 2002... COLOMBIA -- Incoming Energy Minister Luis Ernesto Mejia has set his sights high, forecasting that Latin America's third largest crude oil exporter can boost oil reserves by 1 billion bbl over the next four years to about 3 billion bbl. As part...

Ecuador--the OCP consortium building the 450,000 b/d heavy oil export pipeline is adding 2,000 workers to overcome delays and try to meet the July 2003 deadline for completion. (Countries).(Brief Article)
August 19, 2002... ECUADOR -- The OCP consortium building the 450,000 b/d heavy oil export pipeline is adding 2,000 workers to overcome delays and try to meet the July 2003 deadline for completion. Construction, which has been dogged by environmental activists,...

Indonesia--as the first gas from Conoco's Block B concession in West Natuna flowed into Duyong offshore facilities in Malaysia as part of a $6.2 billion gas supply contract between state Pertamina and Malaysian state-owned energy firm Petronas, the two partners signed an initial agreement to launch a second gas export deal from south Sumatra to Port Dickson. (Countries).(Brief Article)(Statistical Data Included)
August 19, 2002... INDONESIA -- As the first gas from Conoco's Block B concession in West Natuna flowed into Duyong offshore facilities in Malaysia as part of a $6.2 billion gas supply contract between state Pertamina and Malaysian state-owned energy firm...

Israel--bouncing back from last month's rejection of its bid to build and operate the proposed 450 km natural gas grid, the local consortium of Paz Oil, Africa Israel Investments, and Bateman Engineering last weekend proposed a new foreign partner--US-registered gas trader Itera, which acts as an agent for Russia's Gazprom (PIW Aug.5,p8). (Countries).(Brief Article)
August 19, 2002... ISRAEL -- Bouncing back from last month's rejection of its bid to build and operate the proposed 450 km natural gas grid, the local consortium of Paz Oil, Africa Israel Investments, and Bateman Engineering last weekend proposed a new foreign...

Japan--the prospect of a US-led attack on Iraq disrupting oil supplies has prompted Nippon Oil's plans to boost its crude and product reserves to 78 days cover for refining operations by the end of the year, up from 75 at present. (Countries).(Nippon Oil Company Ltd.)(Brief Article)(Statistical Data Included)
August 19, 2002... JAPAN -- The prospect of a US-led attack on Iraq disrupting oil supplies has prompted Nippon Oil's plans to boost its crude and product reserves to 78 days cover for refining operations by the end of the year, up from 75 at present. But the...

Mexico--President Vicente Fox has taken a harder line on energy reform, circulating to members of Congress a set of draft bills that call not only for the greater involvement of private investors in the electricity sector, but also for the granting of concessions to private companies to refine oil and to extract non-associated natural gas. (Countries).(Brief Article)
August 19, 2002... MEXICO -- President Vicente Fox has taken a harder line on energy reform, circulating to members of Congress a set of draft bills that call not only for the greater involvement of private investors in the electricity sector, but also for the...

Namibia--Royal Dutch/Shell is to shut down its natural gas operations on the offshore Kudu field after failing to find the 5 Tcf of reserves it was targeting for a proposed floating LNG export scheme. (Countries).(liquefied natural gas)(Brief Article)
August 19, 2002... NAMIBIA -- Royal Dutch/Shell is to shut down its natural gas operations on the offshore Kudu field after failing to find the 5 Tcf of reserves it was targeting for a proposed floating LNG export scheme. Having spent $140 million on appraisal of...

Russia--Moscow is hatching plans to tighten its grip on production sharing agreements (PSAs) and has mandated state Rosneft to start working on amendments to PSA legislation that would give the state an increased role in such projects--and likely strain relations with foreign oil firms. (Countries).(Brief Article)(Statistical Data Included)
August 19, 2002... RUSSIA -- Moscow is hatching plans to tighten its grip on production sharing agreements (PSAs) and has mandated state Rosneft to start working on amendments to PSA legislation that would give the state an increased role in such projects--and...

Thailand--local Sukhothai Petroleum plans a 160 km pipeline across the southern tip of the country, cutting Mideast-Asia freight times by two days and allowing oil tankers to avoid the pirate-prone Straits of Malacca. (Countries).(Brief Article)(Statistical Data Included)
August 19, 2002... THAILAND -- Local Sukhothai Petroleum plans a 160 km pipeline across the southern tip of the country, cutting Mideast-Asia freight times by two days and allowing oil tankers to avoid the pirate-prone Straits of Malacca. Sukhothai claims the...

Ukraine--moving closer to Kiev's goal of becoming a transit state for Caspian crude exports to Europe, test shipments are underway on a 280,000 b/d pipeline linking the Black Sea port of Odessa to Eastern Europe. (Countries).(Brief Article)(Statistical Data Included)
August 19, 2002... UKRAINE -- Moving closer to Kiev's goal of becoming a transit state for Caspian crude exports to Europe, test shipments are underway on a 280,000 b/d pipeline linking the Black Sea port of Odessa to Eastern Europe. But the economics of the line...

United Kingdom--Qatari gas imports to the London area moved a step closer to reality last week when UK-based Lattice formally applied to build a new LNG import terminal. (Countries).(Lattice Group PLC)(Brief Article)
August 19, 2002... UNITED KINGDOM -- Qatari gas imports to the London area moved a step closer to reality last week when UK-based Lattice formally applied to build a new LNG import terminal. If it is approved, Lattice says the import terminal on the Isle of Grain...

United States--Saudi Arabia regained its position as the top foreign crude oil supplier in June. (Countries).(United States' crude oil import data)(Brief Article)(Statistical Data Included)
August 19, 2002... UNITED STATES -- Saudi Arabia regained its position as the top foreign crude oil supplier in June. The world's largest oil market imported 1.565 million b/d from the kingdom, according to preliminary data from the Energy Information...

Moscow forecasts massive export rise. (What's New Around the World).(Brief Article)(Statistical Data Included)
August 19, 2002... Protests from Opec notwithstanding, the Russian government has approved a plan to massively hike crude oil production and exports over the next three years. Crude exports are set to rise faster than crude output, as Russia plans to shift its...

Russia reaches out. (Marketview).(new petroleum export markets)(Brief Article)(Statistical Data Included)
August 19, 2002... LONDON -- European oil producers are going to ever-greater lengths to protect their differentials, quite literally. Russia is looking beyond its traditional market for Urals in the Mediterranean in favor of the US, Asia, and even the...

Gas grids: Oman's hare to Israel's tortoise.(Brief Article)(Statistical Data Included)
August 19, 2002... When it comes to developing domestic gas grids, Oman has been the hare to Israel's tortoise (p6). Last week, India's Dodsal completed construction of the 700 km pipeline in Oman, connecting central gas fields to the southern coastal town of...

PIW market indicators.(Petroleum Intelligence Weekly: petroleum prices)(Brief Article)(Illustration)(Statistical Data Included)
August 19, 2002... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $25.62 $24.80 $25.18 UK Brent (Dated) 26.37 25.50 ...

Growth pains punish Shell's performance.(Royal Dutch/Shell )
August 26, 2002... Over the past 18 months, Royal Dutch/Shell has been on a spending spree, snapping up a mix of upstream and downstream assets in North America, Europe, and New Zealand, shaking off the wallflower tag that dogged it during Big Oil's years of...

Russia's US export drive faces limits.(petroleum industry exports )
August 26, 2002... Russia's intention to boost oil exports and become a top supplier to the US could be a long time coming. Capacity gains should present few problems, but leading producers and pipeline operators are tugging in different directions, favoring...

Brakes on for Indian oil oil demand.(Petroleum Industry )
August 26, 2002... What ails Indian product demand? What should be one of Asia's most vibrant energy growth markets is heading into a third fiscal year of low or no expansion, forcing fresh downward revisions of official growth estimates. The latest culprit is a...

Saudi grip on US imports in doubt too.(Saudi Arabia petroleum exports )
August 26, 2002... Although oil is considered the underlying bond in the currently much-troubled US relationship with Saudi Arabia, even the kingdom's position as the top crude oil supplier to the US is under threat. In the first half of this year, Mexico gained...

State sales: the rebound rattles Europe.(energy industry privatization )
August 26, 2002... Has the ideology that launched the privatization of energy companies and utilities in the UK in the 1980s finally conquered all in Europe? A last bastion of state control does appear to be wavering, with the new French government announcing...

Iran opening grinds to a standstill.(petroleum )
August 26, 2002... Frustration is mounting for the foreign oil companies chasing upstream deals in Iran, where progress has been slowed by a combination of political infighting, tougher investment terms, and various technical hurdles. While the big European guns...

North Sea oil output nears climax.
August 26, 2002... Predicting the peak for North Sea oil production has been a mug's game in the past, as year after year the expected peak receded into the future. Next year may be different. Technology has moderated the aggregate decline rate, but can no longer...

Although Exxon Mobil has yet to confirm plans for a GTL project on Alaska's North Slope, the supermajor has developed a process for shipping unfinished GTL waxes through conventional pipelines. (General).(gas-to-liquids)
August 26, 2002... GAS-TO-LIQUIDS -- Although Exxon Mobil has yet to confirm plans for a GTL project on Alaska's North Slope, the supermajor has developed a process for shipping unfinished GTL waxes through conventional pipelines. Exxon is seeking a patent on an...

US independent Unocal is paying $440 million to buy the 35% of rival Pure Resources it does not already own. (General).(acquisition details)(Brief Article)
August 26, 2002... INDUSTRY RESTUCTURING -- US independent Unocal is paying $440 million to buy the 35% of rival Pure Resources it does not already own. With assets in Texas and the Gulf of Mexico, Pure expects to produce the equivalent of up to 400 MMcf/d of...

Spot tanker rates have tumbled over the past month, and are now flirting with this year's lows reached back in April. (General).(oil tanker transportation )(Illustration)
August 26, 2002... TANKERS -- Spot tanker rates have tumbled over the past month, and are now flirting with this year's lows reached back in April. Rates along routes from the Middle East fell most steeply. It now costs just 86 cents/bbl to transport Arab Light...