Petroleum Intelligence Weekly articles from August 2003

Petroleum Intelligence Weekly archives from August 2003

Confident Opec sticks to its guns.
August 4, 2003... On the face of it, the decision by Opec to leave its 25.4 million barrel per day production ceiling unchanged was a no-brainer: Oil prices are at the top end of its $22-$28 target range, Iraq's return to anything approaching prewar production...

Iraq's Basrah flows faster, Kirkuk coming.(Iraq's Basrah Light crude makes comeback with refiners in Europe, Far East and US )
August 4, 2003... At a quickening pace, Iraq's Basrah Light crude is making a comeback with refiners in Europe, the Far East--and the US above all. Iraq's other crude stream, Kirkuk, could also be flowing down the pipeline to Turkey within days, the de facto oil...

Gulf, Alaska offer US brief respite.(from dependency on foreign oil)
August 4, 2003... Despite all the populist rhetoric in the US about the need to reduce dependence on foreign oil, anybody who does the math has to conclude it would take nothing short of a miracle to reverse more than 30 years of declining domestic production...

Faith, not fact, drives China gas.(China brings on large gas finds, lays pipelines and moves to import liquefied natural gas (LNG) before it has set prices or signed up customers)
August 4, 2003... China is turning the traditional pattern of natural gas market development on its head by bringing on large gas finds, laying pipelines, and moving to import liquefied natural gas (LNG) before it has set prices or signed up customers. There is...

Top majors have upstream gaps to fill.
August 4, 2003... The "Big Five," as Exxon Mobil, Royal Dutch/Shell, BP, Total, and ChevronTexaco have come to be known, are recognized for possessing the best-balanced upstream portfolios in the industry. Superior size, scale, and geographic diversity give them...

Shell plays catch-up in US LNG.
August 4, 2003... Royal Dutch Shell/Group, the world's largest liquefied natural gas (LNG) producer, doesn't want rival supermajor Exxon Mobil to get ahead in the hot US natural gas import sector. Reports that Exxon might build two 1 billion cubic foot per day...

Yukos probe does not rattle others.(Wintershall and gas monopoly Gazprom launch joint venture)
August 4, 2003... The attack on top Russian oil producer Yukos--whose controlling shareholder and other staffers now face charges ranging from theft to murder--has dented the confidence of portfolio investors but does not seem to have deterred oil companies with...

Earnings--US integrated oil companies posted a mixed bag of second-quarter results, with some beating Wall Street profit forecasts and others falling short. (General).(Exxon Mobil Corp and ConocoPhillips)(Brief Article)
August 4, 2003... EARNINGS -- US integrated oil companies posted a mixed bag of second-quarter results, with some beating Wall Street profit forecasts and others falling short. Exxon Mobil and ConocoPhillips capitalized on robust oil and gas prices and refining...

Industry restructuring--having already sold $1.4 billion in assets since completing its merger Aug. 30, 2002, ConocoPhillips plans to unload another $1.3 billion worth in the second half of this year, mostly from its US retail marketing division but also some from its upstream unit. (General).(Brief Article)
August 4, 2003... INDUSTRY RESTRUCTURING -- Having already sold $1.4 billion in assets since completing its merger Aug. 30, 2002, ConocoPhillips plans to unload another $1.3 billion worth in the second half of this year, mostly from its US retail marketing...

LNG--RasGas of Qatar signed a 20-year LNG supply deal with Spain's largest power company Endesa last week, securing a critical mass of firm customers for its RasGas-2 venture. (General).(Brief Article)
August 4, 2003... LNG -- RasGas of Qatar signed a 20-year LNG supply deal with Spain's largest power company Endesa last week, securing a critical mass of firm customers for its RasGas-2 venture (PIW Jul.21,p3). Under the deal, RasGas-2, owned 70% by state Qatar...

North Sea -- UK Energy Minister Stephen Timms handed out 88 new offshore oil exploration licenses last week, 53 of them new-style "promote" licenses specifically designed to encourage smaller independent producers to dip their toes in the mature waters. (General).(Brief Article)
August 4, 2003... NORTH SEA -- UK Energy Minister Stephen Timms handed out 88 new offshore oil exploration licenses last week, 53 of them new-style "promote" licenses specifically designed to encourage smaller independent producers to dip their toes in the...

Angola -- BP confirmed an oil find at the ultra-deepwater Saturno field on Block 31 which was more modest than previously suggested by state officials. (Countries).(Brief Article)
August 4, 2003... ANGOLA -- BP confirmed an oil find at the ultra-deepwater Saturno field on Block 31 which was more modest than previously suggested by state officials (PIW Jun.23,p2). Saturno-1, which tested at 5,000 b/d, is BP's third exploration well on the...

China -- state-controlled PetroChina made 12 oil discoveries and seven natural gas finds in the first half of the year, but its output rose only marginally year-on-year. (Countries).(Brief Article)
August 4, 2003... CHINA -- State-controlled PetroChina made 12 oil discoveries and seven natural gas finds in the first half of the year, but its output rose only marginally year-on-year. The discoveries have proven crude oil reserves of 1.8 billion bbl and...

Equatorial Guinea -- Exxon Mobil has started production from an expansion of the offshore Zafiro oil complex, launching a new crude stream, Topacio, and adding 110,000 b/d to local capacity. (Countries).(Brief Article)
August 4, 2003... EQUATORIAL GUINEA -- Exxon Mobil has started production from an expansion of the offshore Zafiro oil complex, launching a new crude stream, Topacio, and adding 110,000 b/d to local capacity. The $695 million project, completed in 19 months with...

Georgia -- a controversial strategic cooperation agreement signed with Russian natural gas monopoly Gazprom is drawing the country back into Moscow's embrace and could endanger US-backed plans by BP to build a gas pipeline from Azerbaijan's offshore Shah Deniz field through the country to Turkey. (Countries).(Brief Article)
August 4, 2003... GEORGIA -- A controversial strategic cooperation agreement signed with Russian natural gas monopoly Gazprom is drawing the country back into Moscow's embrace and could endanger US-backed plans by BP to build a gas pipeline from Azerbaijan's...

India -- opposition to the program of energy sector deregulation and privatization is threatening further delays, with the Supreme Court intervening to demand clarification from the government over its plans for the privatization of Hindustan Petroleum Corp. (HPCL) and Bharat Petroleum Corp. (BPCL). (Countries).(Brief Article)
August 4, 2003... INDIA -- Opposition to the program of energy sector deregulation and privatization is threatening further delays, with the Supreme Court intervening to demand clarification from the government over its plans for the privatization of Hindustan...

Indonesia -- the BP-led Tangguh LNG development looks set to win a contract to supply South Korea, lending hope that the much-delayed project will finally materialize. (Countries).(Brief Article)
August 4, 2003... INDONESIA -- The BP-led Tangguh LNG development looks set to win a contract to supply South Korea, lending hope that the much-delayed project will finally materialize (PIW Jul.21,p4). Indonesian officials said that Tangguh has won a contract to...

Kazakhstan -- China National Petroleum Corp. (CNPC) looks set to make another upstream splash by acquiring the onshore North Buzachi off field operated by ChevronTexaco. (Countries).(Brief Article)
August 4, 2003... KAZAKHSTAN -- China National Petroleum Corp. (CNPC) looks set to make another upstream splash by acquiring the onshore North Buzachi off field operated by ChevronTexaco. CNPC is understood to have agreed to buy the 35% stake in the field held...

Russia -- seaborne crude oil exports are set to dip by 60,000 b/d in August, according to port loading schedules, but as production continues to rise, oil companies are working hard to expand capacity--particularly out of the Baltic Sea ports. (Countries).(Brief Article)
August 4, 2003... RUSSIA -- Seaborne crude oil exports are set to dip by 60,000 b/d in August, according to port loading schedules, but as production continues to rise, oil companies are working hard to expand capacity--particularly out of the Baltic Sea ports....

Turkey -- Russian natural gas monopoly Gazprom is resuming the pumping of natural gas through the Blue Stream pipeline under the Black Sea, which had been closed since March. (Countries).(Brief Article)
August 4, 2003... TURKEY -- Russian natural gas monopoly Gazprom is resuming the pumping of natural gas through the Blue Stream pipeline under the Black Sea, which had been closed since March. After a series of grueling talks, Ankara and the Russian gas behemoth...

United States -- two LNG project developers are promoting separate receiving terminals within three miles of each other on Narragansett Bay in Massachusetts, about 60 miles south of Boston. (Countries).(Weaver's Cove Energy and Poten & Partners )(Brief Article)
August 4, 2003... UNITED STATES -- Two LNG project developers are promoting separate receiving terminals within three miles of each other on Narragansett Bay in Massachusetts, about 60 miles south of Boston (PIW Jul.7,p.3). Weaver's Cove Energy--brainchild of...

Endgame approaches for US power play in Europe. (What's New Around the World).(AES Corp. risks losing management control of Western Europe's largest power plant)(Brief Article)
August 4, 2003... In what could mark the endgame for US merchant power generators in Europe, Virginia-based AES Corp. risks losing management control of Western Europe's largest power plant, the 3,960 MW coal-fired Drax complex near Leeds in the UK. The vast...

United States -- Murphy Oil's deepwater drilling program in the Gulf of Mexico has turned up another disappointment--a dry hole on the highly touted Cool Papa prospect in Green Canyon Block 380. (Countries).(Brief Article)
August 4, 2003... UNITED STATES -- Murphy Oil's deepwater drilling program in the Gulf of Mexico has turned up another disappointment--a dry hole on the highly touted Cool Papa prospect in Green Canyon Block 380. Cool Papa--with an estimated pre-drill reserve...

Venezuela -- in another move to consolidate power at state Petroleos de Venezuela (PDV) more firmly under his control, President Hugo Chavez has assigned control of the company's shipping operation PDVSA Marina to navy Vice Admiral Fernando Camejo Arenas. (Countries).(Brief Article)
August 4, 2003... VENEZUELA -- In another move to consolidate power at state Petroleos de Venezuela (PDV) more firmly under his control, President Hugo Chavez has assigned control of the company's shipping operation PDVSA Marina to navy Vice Admiral Fernando...

Bearish on Basrah. (Marketview).(Opec's Vienna meeting last week)
August 4, 2003... SINGAPORE -- Opec's Vienna meeting last week produced the outcome everyone expected, but it remains to be seen if doing nothing to output volumes will douse the fire under crude futures prices--which were holding firm around $30/bbl for WTI...

Gas oil traders turn up the heat on Platts.(Brief Article)
August 4, 2003... Pricing agency Plans is coming under yet more fire for its Apr. 1 adoption of a market-on-close (MOC) methodology (PIW Jul.7,p6). Gas oil traders say the new method of assessment has encouraged disreputable traders to distort the International...

PIW market indicators.(Illustration)
August 4, 2003... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $27.10 $27.47 $27.26 UK Brent (Dated) 28.19 28.25 28.53...

Opec may need to act swiftly.(to curb rising oil prices)
August 11, 2003... Although the hawks were talking gloomily of a supply glut coming later this year at the Jul. 31 Opec meeting and were calling--not very convincingly--for a quota cut, the producer group may soon be obliged to do the opposite and open the taps,...

Urals switch to Baltics leaves a sour taste.(Baltic Sea becomes export point for Russian oil)
August 11, 2003... The growing importance of the Baltic Sea as an outlet for Russian crude exports is promising to shake up the dynamics of European sour markets. Expansion projects focus overwhelmingly on the Baltic Sea ports as Russia struggles to provide...

Credit agencies halt BP, Shell buyback party.
August 11, 2003... Despite their sizzling second-quarter returns, Royal Dutch/Shell and BP have nevertheless managed to puzzle investors. Why, they are asking, is Shell ruling out share buybacks for the second half? And why is BP, having rewarded investors with...

Another chance for Mars as US sour marker.
August 11, 2003... With tacit support from sour crude suppliers to the US, Royal Dutch/Shell is renewing efforts to elevate Mars Blend to marker status for sour crudes in the US Gulf of Mexico. Shell would like to see Mars gradually sever its ties to the light,...

War, sars, reactors knock Asian demand.
August 11, 2003... A Mideast war, a virus outbreak, and nuclear reactor shutdowns twisted the pattern of Asia's oil demand and crude imports out of shape in the first half of this year. Asia's leading oil consumers--Japan, China, South Korea, and India--saw their...

Venezuela output lags behind official claims.
August 11, 2003... Accurate oil production numbers for Venezuela are hard to come by these days but Energy Ministry claims of a rebound to pre-strike levels of around 3.1 million barrels per day are almost certainly very wide of the mark. Oil analysts, private...

Yukos rides on Mol into Central Europe.
August 11, 2003... With a helping hand from its powerful Russian ally Yukos, Hungary's Mol is laying claim to a dominant position in fast-growing Central European refining and retailing by keeping at bay its main rival in the region, Austria's OMV. Sure, Mol and...

Earnings--second-quarter profits at French major Total were heavily affected by a weak US dollar. (General).(Brief Article)
August 11, 2003... EARNINGS -- Second-quarter profits at French major Total were heavily affected by a weak US dollar. Total's 8% rise in adjusted net income to 1.77 billion [euro] ($2 billion) lagged far behind the gains achieved by its Anglo-American rivals...

Formula prices--Saudi Arabia eased the September official price formulas for crude shipped to the US but raised them for Europe and lighter grades into Asia. (General).(Illustration)
August 11, 2003... FORMULA PRICES -- Saudi Arabia eased the September official price formulas for crude shipped to the US but raised them for Europe and lighter grades into Asia. The US changes should improve competitiveness with rivals in this key market while...

Australia--partners in the proposed Gorgon LNG venture have inked two initial gas sales agreements to supply the US. (Countries).(Brief Article)
August 11, 2003... AUSTRALIA -- Partners in the proposed Gorgon LNG venture have inked two initial gas sales agreements to supply the US. One with ChevronTexaco Overseas Petroleum calls for the supply of a minimum of 2 million tons/yr of LNG for 20 years from...

Bangladesh--UK independent Cairn Energy is buying Royal Dutch/Shell's upstream assets for around $50 million, including its stake in the Sangu gas field. (Countries).(Brief Article)
August 11, 2003... BANGLADESH -- UK independent Cairn Energy is buying Royal Dutch/Shell's upstream assets for around $50 million, including its stake in the Sangu gas field. Cairn will acquire from Shell a 37.5% operating interest in the Sangu Development Area...

IRAQ--with 12 term contracts for exports of Basrah Light crude under its belt so far, State Oil Marketing Organization (Somo) is working to close further contracts with at least two more international lifters (PIW Aug.4,p1). (Countries).(Brief Article)
August 11, 2003... IRAQ -- With 12 term contracts for exports of Basrah Light crude under its belt so far, State Oil Marketing Organization (Somo) is working to close further contracts with at least two more international lifters (PIW Aug.4,p 1). Negotiations...

Iraq--sources close to China National Petroleum Corp. (CNPC) say the oil major has had talks on reviving its Al-Ahdab oilfield development project, which the Ministry of Oil earlier this summer declared to be void. (Countries).(Brief Article)
August 11, 2003... IRAQ -- Sources close to China National Petroleum Corp. (CNPC) say the oil major has had talks on reviving its Al-Ahdab oilfield development project, which the Ministry of Oil earlier this summer declared to be void. Although the former regime...

Japan--crude imports for June suggest that the world's second-biggest oil consumer has shrugged off a decade of economic malaise and is roaring back with renewed oil demand growth. (Countries).(Brief Article)
August 11, 2003... JAPAN -- Crude imports for June suggest that the world's second-biggest oil consumer has shrugged off a decade of economic malaise and is roaring back with renewed oil demand growth. Such an assumption would, however, be wrong. The surge in...

Peru--opponents of the $1.6 billion Camisea natural gas project have succeeded in delaying, for now, consideration of about $335 million in loans from the Inter-American Development Bank and the US Export-Import Bank. (Countries).(Brief Article)
August 11, 2003... PERU -- Opponents of the $1.6 billion Camisea natural gas project have succeeded in delaying, for now, consideration of about $335 million in loans from the Inter-American Development Bank and the US Export-Import Bank. The project, which will...

Russia--beleaguered oil giant Yukos is under further scrutiny over allegations that it blocked rivals from exporting crude via the Baltic Sea port of Butinge in Lithuania which it controls (p1). (Countries).(Brief Article)
August 11, 2003... RUSSIA -- Beleaguered oil giant Yukos is under further scrutiny over allegations that it blocked rivals from exporting crude via the Baltic Sea port of Butinge in Lithuania which it controls (p1). A governmental commission on access to export...

United States--integrated energy company Williams has found a buyer for its 220,000 b/d refinery at Fairbanks, Alaska. (Countries).(Flint Hills Resources)(Brief Article)
August 11, 2003... UNITED STATES -- Integrated energy company Williams has found a buyer for its 220,000 b/d refinery at Fairbanks, Alaska. Flint Hills Resources, the refining unit of Koch Industries, is the likely purchaser, Alaska Gov. Frank Murkowski said last...

Strong prices drive solid Q2 profits for big oil. (What's New Around the World).(integrated oil companies )
August 11, 2003... Five of the largest integrated oil companies in the world posted solid second-quarter profits that were substantially higher than a year ago but failed to meet robust first-quarter levels due mostly to deteriorating refining margins. Exxon...

Push me, pull me. (Marketview).(futures market)
August 11, 2003... WASHINGTON -- Many a wise trader may have been clobbered in recent weeks trying to pick a bottom for the futures market. Technically inspired market players help pushed US benchmark crude West Texas Intermediate to $32.63/bbl early last week,...

Scorching summer sends European power prices soaring.(Brief Article)
August 11, 2003... European power prices surged last week as temperatures soared across the continent. While power demand increased on the back of cooling requirements, supplies were squeezed by temperature-related problems at nuclear plants. French peak power...

PIW market indicators.(crude prices, netbacks)(Illustration)
August 11, 2003... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $28.73 $27.26 $27.93 UK Brent (Dated) 29.89 28.76 28.98...

Supermajors vie for supremacy in global LNG.
August 18, 2003... The three oil supermajors aim to become supermajors in another hydrocarbon: natural gas, with a heavy emphasis on liquefied natural gas (LNG). BP, Exxon Mobil, and Royal Dutch/Shell are following different strategies, based on resources,...

US plans for Iraqi oil slowly unravel.
August 18, 2003... The overthrow of Saddam Hussein and the opening up of Iraq's oil sector was expected to offer an initial windfall for US oil services and engineering companies from the restoration of prewar production capacity, followed by a huge investment...

Colombia looks to lock in BP, Oxy.
August 18, 2003... Colombia's decision to discuss extending exploration and production contracts has opened the door to new negotiations with BP and Occidental Petroleum, operators of the country's most productive fields. Over 80% of national production is by...

Global oil supply basks in high prices.
August 18, 2003... Global oil supplies surged back to 78.3 million barrels per day in July following heavy June North Sea and other maintenance, its highest level since February (PIW Jul.14,p5). The supply gain of 1.2 million b/d substantially exceeded estimated...

Rockies want a way out for gas.
August 18, 2003... The Rocky Mountains are one of the few natural gas exploration bright spots in North America but the region is not making the most of a US market that is thirsting for extra gas. The Rockies will have to wait several years for much-needed...

US industry practice props up oil prices.
August 18, 2003... For petroleum market fundamentalists, low US commercial inventories of crude oil and products are the best explanation for current high crude prices. It's hard to deny the correlation: when stocks go down, prices go up. But information...

Asia wants wider mix of marginal crudes.
August 18, 2003... Pressure from an expensive and volatile spot market is injecting more flexibility into Asia's term contract oil volumes, opening the door to a wider variety of marginal barrels. Saudi Arabia's critical role in Asian refining remains...

Corporate--Anadarko Petroleum, the largest US independent producer, has retained investment bank Credit Suisse First Boston to field bids to buy the company, fueling market speculation that Anadarko's management is ready to put the beleaguered company up for sale.(General)(Brief Article)
August 18, 2003... CORPORATE--Anadarko Petroleum, the largest US independent producer, has retained investment bank Credit Suisse First Boston to field bids to buy the company, fueling market speculation that Anadarko's management is ready to put the beleaguered...

Futures--as US benchmark West Texas Intermediate moved over $32/bbl, New York Mercantile Exchange (Nymex) oil speculators were boosting their net long futures positions to the highest level in nearly four years in the week ended Aug. 5, according to the Commodity Futures Trading Commission (CFTC).(General)(Brief Article)
August 18, 2003... FUTURES--As US benchmark West Texas Intermediate moved over $32/bbl, New York Mercantile Exchange (Nymex) oil speculators were boosting their net long futures positions to the highest level in nearly four years in the week ended Aug. 5,...

IEA--the International Energy Agency revised upward its estimate for 2003 demand growth by 100,000 b/d to 1.11 million b/d, reflecting better-thanexpected demand in China despite the severe acute respiratory syndrome, and a recovery in US demand in the second half of the year.(General)(Brief Article)
August 18, 2003... IEA--The International Energy Agency revised upward its estimate for 2003 demand growth by 100,000 b/d to 1.11 million b/d, reflecting better-thanexpected demand in China despite the severe acute respiratory syndrome, and a recovery in US...

LNG--Mitsubishi Corp. plans to start selling liquefied natural gas (LNG) to BG Group's US arm from November under a five-year contract, becoming the first Japanese trading house to sell LNG to the US under a medium-term contract, according to Japanese media reports.(General)(Brief Article)
August 18, 2003... LNG--Mitsubishi Corp. plans to start selling liquefied natural gas (LNG) to BG Group's US arm from November under a five-year contract, becoming the first Japanese trading house to sell LNG to the US under a medium-term contract, according to...

Tankers--India is reviewing a decision to ban old foreign-flagged tankers chartered by Indian companies because of protests from Intertanko, an association of independent tanker owners, that the ban was "discriminatory" and "violated international law.".(General)(Brief Article)
August 18, 2003... TANKERS--India is reviewing a decision to ban old foreign-flagged tankers chartered by Indian companies because of protests from Intertanko, an association of independent tanker owners, that the ban was "discriminatory" and "violated...

Australia -- recent oil discoveries are gaining in significance as field declines hit output in major producing basins.(Countries)(Brief Article)
August 18, 2003... AUSTRALIA--Recent oil discoveries are gaining in significance as field declines hit output in major producing basins. Crude and condensate production slumped 15.5% in the year through June to 530,000 b/d, according to latest figures from...

Indonesia -- BP last week confirmed its Tangguh LNG export project has been selected as preferred supplier to two South Korean firms, SK Corp. and steel giant Posco, in the first LNG tender organized by Korea's private sector.(Countries)(Brief Article)
August 18, 2003... INDONESIA--BP last week confirmed its Tangguh LNG export project has been selected as preferred supplier to two South Korean firms, SK Corp. and steel giant Posco, in the first LNG tender organized by Korea's private sector (see p1). It follows...

Libya -- under a deal reached last week with US and British officials, UN sanctions could be lifted as early as this month in return for Tripoli accepting responsibility for the 1988 Lockerbie airline bombing and paying compensation to victims' families.(Countries)(Brief Article)
August 18, 2003... LIBYA--Under a deal reached last week with US and British officials, UN sanctions could be lifted as early as this month in return for Tripoli accepting responsibility for the 1988 Lockerbie airline bombing and paying compensation to victims'...

Norway -- in a further disappointment, Exxon Mobil plugged and abandoned the fourth of seven wells to be drilled under a program that began in May 2001 at the Jotun field.(Countries)(Brief Article)
August 18, 2003... NORWAY--In a further disappointment, Exxon Mobil plugged and abandoned the fourth of seven wells to be drilled under a program that began in May 2001 at the Jotun field. Exploration well 25/9-2 S was drilled in a structure of the Middle...

Russia -- the Druzhba pipeline to East Europe, a main overland export artery, is expanding into Western Europe.(Countries)(Brief Article)
August 18, 2003... RUSSIA--The Druzhba pipeline to East Europe, a main overland export artery, is expanding into Western Europe. Yukos signed a memorandum of understanding with Austria's OMV to extend the Druzhba with a 60 km stretch to the Schwechat refinery...

Russia -- state-owned Rosneft is advancing development of an oil export terminal independent of national pipeline operator Transneft.(Countries)(Brief Article)
August 18, 2003... RUSSIA--State-owned Rosneft is advancing development of an oil export terminal independent of national pipeline operator Transneft. Rosneft, which already has a 50,000 bid terminal at the northern seaport of Arkhangelsk, has agreed with the...

Saudi Arabia -- crude oil term customers in the US will get some 20% below their contractual volumes for September, as state Saudi Aramco maintains the same level of cuts that applied in July and August for a third straight month.(Countries)(Brief Article)
August 18, 2003... SAUDI ARABIA--Crude oil term customers in the US will get some 20% below their contractual volumes for September, as state Saudi Aramco maintains the same level of cuts that applied in July and August for a third straight month. Cuts to Europe...

South Africa -- state oil company and operator PetroSA has started production at the 30,000-40,000 b/d offshore Sable field, in which US independent Pioneer holds a 40% interest.(Countries)(Brief Article)
August 18, 2003... SOUTH AFRICA--State oil company and operator PetroSA has started production at the 30,000-40,000 b/d offshore Sable field, in which US independent Pioneer holds a 40% interest. Discovered in 1999, Sable has two reservoirs containing oil...

Exports of Iraqi Basrah Light hampered.
August 18, 2003... Exports of Iraq's Basrah Light out of the Gulf port of Mina al-Bakr are being hampered by power cuts and could be in danger of drying up completely if the sabotage worsens. As of Aug. 14, tanker loadings and departures suggest Iraq had...

Let it flow.(Marketview)
August 18, 2003... NEW YORK--The weather may still be hot and many are still on summer holiday in Europe and the US, but the oil market focus is moving on to the coming winter and heating oil supplies. As is the case with gasoline, US customers are counting on...

BP faces trading probe.(Brief Article)
August 18, 2003... In another run-in with US trading regulators, BP is facing an investigation by the New York Mercantile Exchange (Nymex) into certain crude oil futures trades in 2001 and 2002. But the UK supermajor is trying to settle to avoid a court case that...

PIW market indicators.
August 18, 2003... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $29.00 $28.72 $27.47 UK Brent (Dated) 29.75 30.09 ...

Blackout deals another blow to market fans.(North American power blackout, August 2003; proposed deregulation of electricity sector in US)
August 25, 2003... One wit would have it that the Aug. 14 North American power blackout was the fourth horseman of the Apocalypse, signifying doom for efforts to deregulate the US electricity sector. Coming in the wake of the California crisis, Enron's collapse,...

Saboteurs slash Iraqi oil export levels.
August 25, 2003... Increasing violence and insecurity, capped by last week's destruction of the UN headquarters in Baghdad and sabotage that again closed the northern oil export pipeline to Turkey, are making a mockery of hopes that Iraqi oil exports would be...

Majors give debt market a rest.(petroleum industry, world)
August 25, 2003... Borrowing has rarely been as cheap as it was in the first haft of this year, when more corporate debt was refinanced than in the whole of 2002. The oil majors by and large stood on the sidelines, however. Oil services and diversified gas and...

Anadarko's fall is bellwether for US E&Ps.(exploration and production )
August 25, 2003... Once the gold standard of US independent producers, Anadarko is now considering a sale. But the self-styled "super-independent" from Houston may be disappointed as it is clear that major oil companies--the only ones that could afford Anadarko's...

Libya hopes to win from UN sanctions end.(United Nations, economic sanctions)
August 25, 2003... The imminent lifting of UN sanctions should give Libya for the first time in a decade more room to import vital spare parts for its oil industry and allow non-US oil firms to take a closer look at the country's upstream potential free of the...

Patchy planning puts UK gas supply at risk.(United Kingdom, natural gas)
August 25, 2003... The once natural gas-rich UK will become a year-round net gas importer in two years' time but has not arranged enough pipelines or liquefied natural gas (LNG) terminals to avert a possible winter gas supply crunch--as early as 2005-06. UK gas...

YukosSibneft crowds out the competition.(Russian oil firm, planned merger with Sibneft)
August 25, 2003... Despite the ongoing investigation of Yukos, the country's biggest oil producer, Moscow regulators last week approved its proposed merger with Sibneft, clearing the way for the creation of a $40 billion supermajor--Russia's first. YukosSibneft...

Industry restructuring--Pertamina, Indonesia's state oil and gas company, announced the purchase of 12 oil tankers for $280 million, the first step in its plan to buy a fleet of 38 new tankers by 2008.(General)(Brief Article)
August 25, 2003... INDUSTRY RESTRUCTURING--Pertamina, Indonesia's state oil and gas company, announced the purchase of 12 oil tankers for $280 million, the first step in its plan to buy a fleet of 38 new tankers by 2008. Calgary-based Husky is buying US...

Azerbaijan -- after three partners in the BP-led Baku-Tbilisi-Ceyhan (BTC) oil pipeline project declined to help state oil company Socar cover its investment obligations in the project, the remaining shareholders have agreed to stump up the funds to help out.(Brief Article)
August 25, 2003... AZERBAIJAN -- After three partners in the BP-led Baku-Tbilisi-Ceyhan (BTC) oil pipeline project declined to help state oil company Socar cover its investment obligations in the project, the remaining shareholders have agreed to stump up the...

Brazil -- state-controlled Petrobras won 85 of the 101 exploration and production concessions auctioned off last week in the fifth licensing round, not counting three in partnership with other companies.(oil company)(Brief Article)
August 25, 2003... BRAZIL -- State-controlled Petrobras won 85 of the 101 exploration and production concessions auctioned off last week in the fifth licensing round, not counting three in partnership with other companies. There was virtually no competition for...

Brazil -- production from new wells and completion of platform repairs boosted oil and gas output by state-controlled Petrobras in July, although maintenance outages cut into international production.(Countries)(Brief Article)
August 25, 2003... BRAZIL -- Production from new wells and completion of platform repairs boosted oil and gas output by state-controlled Petrobras in July, although maintenance outages cut into international production. Petrobras produced 1.7 million b/d of oil...

China -- crude oil imports rose by 29.8% in the first seven months of 2003 to 1.75 million b/d, compared with the same period last year, driven in part by economic growth.(Countries)(Brief Article)
August 25, 2003... CHINA -- Crude oil imports rose by 29.8% in the first seven months of 2003 to 1.75 million b/d, compared with the same period last year, driven in part by economic growth. Customs authority figures show July crude imports at 1.6 million b/d...