Petroleum Intelligence Weekly articles from December 2003

Petroleum Intelligence Weekly archives from December 2003

Big Oil sees its options shrink again.
December 1, 2003... Back in the summer, it looked like oil majors seeking to bulk up their upstream portfolios with new "legacy" projects were spoilt for choice. Saudi Arabia was re-launching its natural gas initiative and Kuwait was rolling out a new fast-track...

Opec laughs all the way to the bank.(oil prices)
December 1, 2003... With US oil futures averaging above $29 per barrel so far this year, nobody will be shedding any tears for oft-criticized Opec. More than a few times over the past 11 months, Opec has averted a likely price fall--albeit with more than a little...

PDV vows to defy the doubters.(Petroleos de Venezuela)
December 1, 2003... Getting a picture of how things are going in Venezuela depends on who you talk to. As far as state Petroleos de Venezuela (PDV) is concerned, the 62-day strike that paralyzed the industry earlier this year is history. And PDV says it is on...

Soft dollar offsets rise in oil prices.
December 1, 2003... Is the price of oil really too high? Maybe not, if you look at oil prices in terms of euros or other currencies that have rallied against the dollar--or, more accurately, that the dollar has fallen against. With the much lower value of the...

Sinochem bulks up in Asian refining.(Royal Dutch-Shell Group of Cos.)(China National Chemicals Import-Export Corp.)
December 1, 2003... China is about to launch another big player into the international energy market as state-owned trading company Sinochem makes final plans to buy into Royal Dutch/Shell and ChevronTexaco's joint venture refining assets in Thailand. The...

Majors' LNG push cedes US gas to others.(liquefied natural gas)
December 1, 2003... Have the majors and supermajors given up on trying to grow their US natural gas production or to even hold it steady? Recent production trends certainly appear to point in that direction. Over the last few years, the top three US gas...

Pundits play it safe on the high side.
December 1, 2003... If the market gyrations of the past couple of weeks are anything to go by, price pundits should once again be tearing up their spreadsheets and starting over. After leveling warnings at Opec that it faces a price collapse early next year if it...

Industry restucturing--Only eight of the short-listed bidders put in preliminary offers for Romania's state-owned oil company Petrom: Italy's ENI, Russia's Gazprom, Occidental, Swiss trader Glencore, Greece's Hellenic Petroleum, Hungary's Mol, Austria's OMV, and Poland's PKN Orlen.(General)
December 1, 2003... INDUSTRY RESTRUCTURING--Only eight of the short-listed bidders put in preliminary offers for Romania's state-owned oil company Petrom: Italy's ENI, Russia's Gazprom, Occidental, Swiss trader Glencore, Greece's Hellenic Petroleum, Hungary's Mol,...

LNG--Royal Dutch/Shell and Statoil last week each signed medium-term LNG contracts for the Cove Point, Maryland terminal in the US.(General)
December 1, 2003... LNG--Royal Dutch/Shell and Statoil last week each signed medium-term LNG contracts for the Cove Point, Maryland terminal in the US. Shell also signed a much longer term one for multiple destinations. The Statoil deal with Sonatrach is for 1 Bcm...

Angola -- BP clocked up a third oil find in ultra-deepwaters, with a strike at the Marte prospect on Block 31, reinforcing the possibility of a significant new resource base in the area.(Countries)
December 1, 2003... ANGOLA -- BP clocked up a third oil find in ultra-deepwaters, with a strike at the Marte prospect on Block 31, reinforcing the possibility of a significant new resource base in the area (PIW Jun.23,p2). The Marte1 well, drilled in water depths...

Brazil -- domestic crude production slid at state-controlled Petrobras for a second straight month in October, although higher international output lifted the company total.(Countries)(Petroleo Brasileiro S.A.)
December 1, 2003... BRAZIL -- Domestic crude production slid at state-controlled Petrobras for a second straight month in October, although higher international output lifted the company total. Maintenance at a Marlim field platform cut Campos Basin crude...

Colombia -- hopes of a new find to replace giant but declining fields came crashing to earth last week, when Energy Minister Luis Ernesto Mejia declared BP's Niscota prospect held mostly water.(Countries)
December 1, 2003... COLOMBIA -- Hopes of a new find to replace giant but declining fields came crashing to earth last week, when Energy Minister Luis Ernesto Mejia declared BP's Niscota prospect held mostly water. BP spent $45 million to drill the Niscota well to...

Georgia -- until a Jan. 4 election ushers in a successor to ousted President Eduard Shevardnaze, oil companies will be looking to minimize any impact the bloodless revolution in Tbilisi may have on the former Soviet republic's role as a gateway for Caspian oil and gas.(Countries)
December 1, 2003... GEORGIA -- Until a Jan. 4 election ushers in a successor to ousted President Eduard Shevardnaze, oil companies will be looking to minimize any impact the bloodless revolution in Tbilisi may have on the former Soviet republic's role as a gateway...

India -- while oil sector privatization still eludes the government, piecemeal changes to the ownership of refining assets are quietly under way, with state refiner Hindustan Petroleum (HPCL) selling out of its stake in the Mangalore Refinery to Oil and Natural Gas Corp. (ONGC).(Countries)
December 1, 2003... INDIA -- While oil sector privatization still eludes the government, piecemeal changes to the ownership of refining assets are quietly under way, with state refiner Hindustan Petroleum (HPCL) selling out of its stake in the Mangalore Refinery...

India -- Reliance Industries is confident that its gas reserves estimate of 14 Tcf for the offshore Krishna-Godavari Basin will hold up, despite a downgrade by independent experts.(Countries)
December 1, 2003... INDIA -- Reliance Industries is confident that its gas reserves estimate of 14 Tcf for the offshore Krishna-Godavari Basin will hold up, despite a downgrade by independent experts. Reliance raised its estimates from 10.5 Tcf to 14 Tcf in the...

Iran -- BP remains in contention for the planned $2 billion project to develop the Ahwaz-Bangestan field, despite recent comments by Chief Executive John Browne that it was the "wrong time" to make any commitments.(Countries)
December 1, 2003... IRAN -- BP remains in contention for the planned $2 billion project to develop the Ahwaz-Bangestan field, despite recent comments by Chief Executive John Browne that it was the "wrong time" to make any commitments. Discussions continue on the...

Kazakhstan -- development of the giant offshore Kashagan oil and gas field could step up a gear with an agreement on a new date for the start of production.(Countries)
December 1, 2003... KAZAKHSTAN -- Development of the giant offshore Kashagan oil and gas field could step up a gear with an agreement on a new date for the start of production. Agip KCO, Kashagan's ENI-operated international consortium, is close to agreeing to a...

Libya -- in a small boost to oil output, Spanish Repsol YPF recently started production from Field A in its Murzuk Basin Block NC-186 and expects first production from Field D in the same block by October 2004.(Countries)
December 1, 2003... LIBYA -- n a small boost to oil output, Spanish Repsol YPF recently started production from Field A in its Murzuk Basin Block NC-186 and expects first production from Field D in the same block by October 2004. Field A is now producing 12,000...

Russia -- oil companies are continuing their drive to acquire downstream assets in East and Central Europe, by eyeing Belarus' two refineries.(Countries)
December 1, 2003... RUSSIA -- Oil companies are continuing their drive to acquire downstream assets in East and Central Europe, by eyeing Belarus' two refineries. The Russians want to set up joint ventures, offering upstream assets in exchange for stakes in the...

Russia -- in what could be construed as yet another blow by the Kremlin, embattled oil company Yukos was denied all but one spot in this month's port loading schedule for Novorossiysk.(Countries)
December 1, 2003... RUSSIA -- In what could be construed as yet another blow by the Kremlin, embattled oil company Yukos was denied all but one spot in this month's port loading schedule for Novorossiysk. Yukos has routinely received two to three positions at the...

Russia -- newly merged oil giant YukosSibneft will target slower--but still robust--growth in domestic production next year, focusing instead on efficiency gains, cost reductions, and environmental issues.(Countries)(Brief Article)
December 1, 2003... RUSSIA -- Newly merged oil giant YukosSibneft will target slower--but still robust--growth in domestic production next year, focusing instead on efficiency gains, cost reductions, and environmental issues. It also wants to expand abroad and is...

United States -- September crude imports hit a record high as more Mexican and Saudi volumes offset month-on-month falls in Canadian, Venezuelan, and Nigerian supplies.(Countries)(Brief Article)
December 1, 2003... UNITED STATES -- September crude imports hit a record high as more Mexican and Saudi volumes offset month-on-month falls in Canadian, Venezuelan, and Nigerian supplies. Mexico was again the top crude supplier, statistics from the Energy...

US energy bill runs out of time ... again.(What's New Around the World)
December 1, 2003... Wait until next year. That's now the status of the big, lumbering US energy bill, which is mired in Congress following the failure of a procedural vote in the Senate. The bill is already a far cry from what the White House originally sought,...

Still sky high.(Marketview)(crude petroleum )
December 1, 2003... WASHINGTON--Is $30/bbl oil here to stay? If the recent performance of crude futures on the New York Mercantile Exchange (Nymex) is anything to go by, it seems that US benchmark West Texas Intermediate seems rather attached to prices around that...

Tankers are tied up in Turkish straits.(Brief Article)
December 1, 2003... Worsening tanker congestion in the Turkish straits of the Bosphorous and Dardanelles came to a head last week when Moroccan refiner Samir awarded its long-awaited December tender to traders bringing Russian Urals crude from the Baltic, rather...

PIW market indicators.(Illustration)
December 1, 2003... Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $28.29 $29.32 $27.30 UK Brent (Dated) 27.92 29.67 28.06 UK B-wave...

Opec signals readiness to defend prices.(Organization of Petroleum Exporting Countries)
December 8, 2003... Opec sprang no surprises last week, sticking with current quotas, but clearly signaled its readiness to trim. Production cuts are coming, either at or before the next meeting in Algiers on Feb. 10, to stem a glut of oil that Opec sees...

Kremlin's hand reshapes oil industry.
December 8, 2003... Prospects for major equity acquisitions in Russia by international oil companies are receding quickly, especially with the Kremlin's tacit support and influence on Sibneft's decision to suspend its mega-merger with Yukos late last month. In...

Norway's next big gas field on the way.
December 8, 2003... There's nothing like a deadline to resolve differences. Norsk Hydro handed Oslo its development and operation plan as scheduled on Dec. 4 for the huge Ormen Lange gas field--with the full backing of partners Statoil, BP, Royal Dutch/Shell,...

Iraq touts ambitious plans for recovery.
December 8, 2003... Iraq is making increasingly bold claims about its oil production recovery, its export potential for next year, and its ambitious list of urgent projects. Oil Minister Ibrahim Bahr al-Uloum strikes a resolutely upbeat tone, despite the pipeline...

US Murphy taps Malaysia's deep oil promise.
December 8, 2003... Roughly 80% of all deepwater discoveries in Southeast Asia have been natural gas, so when US-based Murphy struck oil with its Kikeh prospect offshore Sabah, Malaysia, in July 2002, the oil industry took notice (PIW Aug.5,'02,p8). But it was...

Majors solidify commitment to LNG.
December 8, 2003... BP's announcement last week that it will build a $500 million, 1.2 billion cubic feet per day liquefied natural gas (LNG) terminal in New Jersey should prove that the current North American LNG boom is for real this time. Unlike the companies...

Canada's coalbed gas primed.
December 8, 2003... Participants in Western Canada's coalbed methane play find themselves in about the same position as those in the US Rocky Mountain region two decades ago. In the US, output of natural gas from coal seams totals 4.8 billion cubic feet per day,...

Formula prices--expecting a tightening of the global crude market, Saudi Arabia has increased its January crude formula prices for most grades to the US and Europe, while heavy grades to Asia have become a bit cheaper.(General)
December 8, 2003... Expecting a tightening of the global crude market, Saudi Arabia has increased its January crude formula prices for most grades to the US and Europe, while heavy grades to Asia have become a bit cheaper. The kingdom tightened the differentials...

Industry restructuring--UK independent oil and gas explorer Intrepid Energy has put itself on the block, following the recent approval of the giant Buzzard oil field development, in which the firm owns a 29.9% stake.(General)
December 8, 2003... UK independent oil and gas explorer Intrepid Energy has put itself on the block, following the recent approval of the giant Buzzard oil field development, in which the firm owns a 29.9% stake. The deal, to be handled by investment bank JP...

People--eager to reestablish its reputation as a top North American independent after falling behind some of its peers, US-based Anadarko has appointed a new chief executive.(General)
December 8, 2003... Eager to reestablish its reputation as a top North American independent after falling behind some of its peers, US-based Anadarko has appointed a new chief executive. Devon Energy President James Hackett succeeds long-time Anadarko chief Bob...

Angola -- Exxon Mobil has started pumping from the much-touted Xikomba field on Block 15, and Total has launched the Jasmim field on Block 17, but Canadian Natural Resources (CNR) has drilled a duster on nearby Block 16.(Countries)
December 8, 2003... ANGOLA--Exxon Mobil has started pumping from the much-touted Xikomba field on Block 15, and Total has launched the Jasmim field on Block 17, but Canadian Natural Resources (CNR) has drilled a duster on nearby Block 16. For Exxon, the 80,000 b/d...

Canada -- EnCana is looking at new ways to tap the 1 Tcf Deep Panuke natural gas field off the East Coast of Nova Scotia, after formally shelving original plans for a C$1.3 billion (US$1 billion) development.(Countries)
December 8, 2003... CANADA--EnCana is looking at new ways to tap the 1 Tcf Deep Panuke natural gas field off the East Coast of Nova Scotia, after formally shelving original plans for a C$1.3 billion (US$1 billion) development. EnCana put the project on hold in...

China -- Despite a sharp downturn in October figures, the flood of crude continues with year-to-date imports up 30% to an average 1.81 million b/d.(Countries)
December 8, 2003... CHINA--Despite a sharp downturn in October figures, the flood of crude continues with year-to-date imports up 30% to an average 1.81 million b/d. China's crude imports are up 422,000 b/d so far this year on strong demand for fuel oil and...

Egypt -- Royal Dutch/Shell and its partners have struck gas in the deepwater Northeast Mediterranean (Nemed) concession it shares with partners Petronas of Malaysia and state Egyptian General Petroleum Corp.(Countries)
December 8, 2003... EGYPT--Royal Dutch/Shell and its partners have struck gas in the deepwater Northeast Mediterranean (Nemed) concession it shares with partners Petronas of Malaysia and state Egyptian General Petroleum Corp. The discovery is still being evaluated...

Indonesia -- UK gas giant BG has agreed to sell its stake in the BP-led Tangguh LNG project to Japan's Mitsui for $236 million.(Countries)
December 8, 2003... INDONESIA--UK gas giant BG has agreed to sell its stake in the BP-led Tangguh LNG project to Japan's Mitsui for $236 million. Mitsui will buy BG's 50% share of the Muturi production sharing contract, which equates to a 10.7% share of Tangguh...

Libya -- Australia's Woodside Petroleum, Spanish Repsol YPF, and Hellenic Petroleum of Greece have teamed up to sign a $100 million exploration and production sharing contract, covering five exploration blocks in the onshore Sirte Basin in the north and one in the onshore Murzuq Basin in the west.(Countries)
December 8, 2003... LIBYA--Australia's Woodside Petroleum, Spanish Repsol YPF, and Hellenic Petroleum of Greece have teamed up to sign a $100 million exploration and production sharing contract, covering five exploration blocks in the onshore Sirte Basin in the...

Namibia -- US major ChevronTexaco has decided to quit the Kudu gas development, following in the footsteps of supermajor Royal Dutch/Shell.(Countries)
December 8, 2003... NAMIBIA--US major ChevronTexaco has decided to quit the Kudu gas development, following in the footsteps of supermajor Royal Dutch/Shell. Chevron was rumored in October to be planning its withdrawal from the project, in which it had a 60%...

Norway -- domestic firms dominated the new licensing round involving "predetermined areas" intended for fast-track development, as expected, although North American companies took an active role in the tender, too (PIW Jun.2,p7).(Countries)
December 8, 2003... NORWAY--Domestic firms dominated the new licensing round involving "predetermined areas" intended for fast-track development, as expected, although North American companies took an active role in the tender, too (PIW Jun.2,p7). Norwegian Norsk...

Russia -- Moscow is reversing its long-running trend of crude export growth this month, penciling in a 4,000 b/d drop from last month in its December loading schedules of 1.874 million b/d so far, minus Odessa.(Countries)
December 8, 2003... RUSSIA--Moscow is reversing its long-running trend of crude export growth this month, penciling in a 4,000 b/d drop from last month in its December loading schedules of 1.874 million b/d so far, minus Odessa. Stormy weather and congestion in...

Russia -- in a sign that world oil majors are not put off by the Kremlin's crackdown against Yukos, Royal Dutch/Shell has hired Yukos-affiliated Siberian Service Co. to drill at the 1 billion bbl West Salym field.(Countries)
December 8, 2003... RUSSIA--In a sign that world oil majors are not put off by the Kremlin's crackdown against Yukos, Royal Dutch/Shell has hired Yukos-affiliated Siberian Service Co. to drill at the 1 billion bbl West Salym field. Shell approached a number of...

Saudi Aramco offers rare glimpse at budget.
December 8, 2003... Saudi Aramco is set to invest more than $18 billion in capital expenditures in the five years 2003-07, on top of some $34 billion over the last 10 years, a senior Aramco official said last week--offering a rare glimpse into the state giant's...

Venezuela -- only US ChevronTexaco bid last week for Block 3, called Lau-Lau, of the Deltana Platform offshore natural gas development project. Block 5 of the $3.8 billion project received no offers.(Countries)
December 8, 2003... VENEZUELA--Only US ChevronTexaco bid last week for Block 3, called Lau-Lau, of the Deltana Platform offshore natural gas development project. Block 5 of the $3.8 billion project received no offers. The government has yet to accept the reported...

Awaiting the cut.(Marketview)
December 8, 2003... NEW YORK -- Though Opec's decision to leave output unchanged wasn't exactly unexpected (pl), some oil speculators were caught on the wrong side of the tracks Thursday--twice. After the Opec rollover, traders scurried for cover by selling...

Iraq tries to quench thirst for products.
December 8, 2003... The Iraqi thirst for oil products has drained the Mediterranean and Mideast Gulf spot markets dry and is now starting to have an impact on markets as far away as the US, Northwest Europe, and Asia (PIW Nov.24,p1). Separate from the...

PIW market indicators.(Petroleum Intelligence Weekly)(Illustration)
December 8, 2003... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $28.34 $28.47 $28.61 UK Brent (Dated) 29.00 28.41 29.22 UK B-wave...

PIW top 50: state oil firms slip again.(Petroleum Intelligence Weekly)
December 15, 2003... Even without the fireworks of mega-mergers or big privatizations, the predominance of the traditional national oil companies is eroding further in the latest annual PIW ranking of the world's 50 largest oil companies. A number of smaller major...

Iraq reclaims Asia at expense of others'.
December 15, 2003... Optimistic talk that Iraq is already able to export up to 1.9 million barrels per day of crude out of the Mideast Gulf has caught the attention of Asian refiners, who have signed up for more than a quarter of the sales so far scheduled out of...

Second-tier firms are courting Iran.
December 15, 2003... Iran may have boosted its morale by recently hiking proven oil reserves by a whopping 30 billion barrels to some 130 billion bbl, but unlocking that potential is still a struggle. Apart from the giant South Pars gas and condensate...

Saudi Aramco spends to stand still.
December 15, 2003... Saudi Aramco is planning a heavy burden of capital investment over the next four years, racking up some significant gains in natural gas and condensate production. What is equally striking about the $18 billion budget from 2003-07 is that it...

Diving dollar rocks company performance.
December 15, 2003... The continued slide in the US dollar has taken the edge off the windfall that oil producers have been enjoying from high oil prices, and Opec has been quick to seize on this as justification for trying to keep prices above its original target...

Canada's pipeline players scramble for lead.
December 15, 2003... The next few years promise to be hectic ones for Canadian oil pipelines as pipeline companies Enbridge and Terasen battle for position in a business once considered one of the sleepier sectors of the energy industry. Oil output in Western...

High oil prices keep production pumping.
December 15, 2003... Global oil supply continued its inexorable rise in November, pushed ahead by increases from both non-Opec producers and Opec member Iraq. This was offset by only token trimming among some of the Opec 10, which officially adopted a tighter quota...

Corporate--Pemex took a step towards unloading its shares in Repsol YPF, when it sold a seven-year, $1.4 billion bond convertible into shares of the Spanish energy company.(General)
December 15, 2003... CORPORATE--Pemex took a step towards unloading its shares in Repsol YPF, when it sold a seven-year, $1.4 billion bond convertible into shares of the Spanish energy company. The bond can be called after four years at 130% over its conversion...

Formula prices--Mexico left discounts of $2.70/bbl for Maya crude exports to the US Gulf Coast and Caribbean unchanged for the fourth month, but lowered discounts for cargoes bound to Europe in January.(General)
December 15, 2003... FORMULA PRICES--Mexico left discounts of $2.70/bbl for Maya crude exports to the US Gulf Coast and Caribbean unchanged for the fourth month, but lowered discounts for cargoes bound to Europe in January. The discount for Maya headed to the West...

IEA--The December Oil Market Report reflects growing optimism about the effect of economic recovery on global oil demand but also expresses the agency's concerns about the level and durability of Russian demand.(General)
December 15, 2003... IEA--The December oil market report reflects growing optimism about the effect of economic recovery on global oil demand but also expresses the agency's concerns about the level and durability of Russian demand. But IEA did reiterate and expand...

Industry restructuring--South Africa's Competition Tribunal approved the merger of Sasol Oil, the liquid fuels unit of energy group Sasol, and the black-led group Exel Petroleum, creating the largest integrated liquid fuels business in southern Africa.(General)(PetroAlliance Services)(Schlumberger)(Murphy Oil)(ChevronTexaco)
December 15, 2003... INDUSTRY RESTRUCTURING--South Africa's Competition Tribunal approved the merger of Sasol Oil, the liquid fuels unit of energy group Sasol, and the black-led group Exel Petroleum, creating the largest integrated liquid fuels business in southern...

Algeria -- State Sonatrach has awarded five of 12 exploration blocks tendered in April in the fourth licensing round and expects to sign final contracts year-end (PIW Jun.23,p5).(Countries)
December 15, 2003... ALGERIA -- State Sonatrach has awarded five of 12 exploration blocks tendered in April in the fourth licensing round and expects to sign final contracts year-end (PIW Jun.23,p5). The attractive Ahnet Basin gas prospect, situated near BP's huge...

Canada -- Recent data show that production of synthetic crude oil and bitumen from the prodigious oil sands area in northeastern Alberta is on track to soon exceed conventional crude oil production from the country's Western Sedimentary Basin.(Countries)
December 15, 2003... Canada -- Recent data show that production of synthetic crude oil and bitumen from the prodigious oil sands area in northeastern Alberta is on track to soon exceed conventional crude oil production from the country's Western Sedimentary Basin....

Ecuador -- France's Perenco, Chile's Enap and Brazil's Petrobras are the latest companies to buy tender documents for association contracts to operate some of Petroecuador's most bountiful fields, despite earlier criticism of the terms by OCP partners.(Countries)
December 15, 2003... ECUADOR -- France's Perenco, Chile's Enap and Brazil's Petrobras are the latest companies to buy tender documents for association contracts to operate some of Petroecuador's most bountiful fields, despite earlier criticism of the terms by OCP...

Iraq -- A US decision to exclude several countries that opposed the invasion from bidding for reconstruction contracts that could be worth $18.6 billion provoked outrage from France, Germany and Russia.(Countries)
December 15, 2003... IRAQ -- A US decision to exclude several countries that opposed the invasion from bidding for reconstruction contracts that could be worth $18.6 billion provoked outrage from France, Germany and Russia. The US Army Corps of Engineers will take...

Japan -- The initial public offering (IPO) of shares in Japex signaled the beginning of the end for Japan National Oil Corp. (JNOC) as it begins to liquidate itself ahead of a March 2005 deadline.(Countries)
December 15, 2003... JAPAN -- The initial public offering (IPO) of shares in Japex signaled the beginning of the end for Japan National Oil Corp. (JNOC) as it begins to liquidate itself ahead of a March 2005 deadline. Japex is the first affiliate to be listed, with...

Qatar -- US independent Anadarko has been awarded new oil exploration acreage, increasing its presence in the Gulf emirate to four blocks.(Countries)
December 15, 2003... QATAR -- US independent Anadarko has been awarded new oil exploration acreage, increasing its presence in the Gulf emirate to four blocks. A final contract for Block 4 will be signed soon, Qatar's Energy Minister Abdullah al-Attiyah said last...

Qatar -- Gas-to-liquids (GTL) plans moved ahead last week with the signature of a statement of intent with ConocoPhillips for a new plant and the laying of the foundation stone for the Oryx GTL venture with South Africa's Sasol.(Countries)
December 15, 2003... QATAR -- Gas-to-liquids (GTL) plans moved ahead last week with the signature of a statement of intent with ConocoPhillips for a new plant and the haying of the foundation stone for the Oryx GTL venture with South Africa's Sasol. A more advanced...

Russia -- BP is inviting national gas monopoly Gazprom to join its giant Kovykta gas condensate project. The shareholders of Rusia Petroleum, which holds the license to Kovykta, have drafted a proposal for Gazprom to join its pilot project as part of the Irkutsk regional gasification program.(Countries)(British Petroleum Company PLC)(Gazprom Russian Joint Stock Co.)
December 15, 2003... RUSSIA -- BP is inviting national gas monopoly Gazprom to join its giant Kovykta gas condensate project. The shareholders of Rusia Petroleum, which holds the license to Kovykta, have drafted a proposal for Gazprom to join its pilot project as...

Russia -- Crude exports ramped up nearly 100,000 b/d in November as the latest expansion of the Baltic Pipeline System (BPS) to Primorsk came online.(Countries)
December 15, 2003... RUSSIA -- Crude exports ramped up nearly 100,000 bid in November as the latest expansion of the Baltic Pipeline System (BPS) to Primorsk came online. Crude exports via the Transneft national pipeline system totaled 2.705 million b/d, up from...

Firms plan 4% rise in upstream capex in 2004.(What's New Around the World)
December 15, 2003... Global exploration and production (E&P) expenditures are estimated to rise by 4% in 2004, with spending in North America expected to be flat and outlays elsewhere in the world increasing by 6%, as top companies shift more of their resources to...

United States -- Royal Dutch/Shell and BP announced first natural gas production at Na Kika, the biggest deepwater development start-up in the Gulf of Mexico this year.(Countries)
December 15, 2003... UNITED STATES -- Royal Dutch/Shell and BP announced first natural gas production at Na Kika, the biggest deepwater development start-up in the Gulf of Mexico this year. Production is expected to peak at 110,000 b/d of oil and 425 MMcf/d of gas....

Fundamentally justified.(Marketview)
December 15, 2003... WASHINGTON -- After months of being overshadowed by geopolitical triggers and speculative plays, supply-demand fundamentals are reasserting their influence over oil prices. With US crude oil stocks at a mere 18.5 days of forward use, market...

Nymex puts merger talks on ice.(Marketview)(New York Mercantile Exchange)(IntercontinentalExchange)
December 15, 2003... Merger talks between the New York Mercantile Exchange (Nymex) and its electronic rival, the IntercontinentalExchange (ICE), have apparently collapsed after Nymex's owners tried to exclude the exchange's clearing house from any deal. ...

PIW market indicators.(Marketview)(Petroleum Intelligence Week)(Illustration)
December 15, 2003... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $29.61 $28.50 $29.32 UK Brent (Dated) 30.17 29.07 29.67...

PIW ranks the world's top oil companies.
December 15, 2003... PIW's latest ranking of the world's top oil companies shows that private sector firms are continuing to move ahead, mainly at the expense of the traditional national oil companies. Although the very top echelon of international oil companies...

PIW's top 50: how the firms stack up.
December 15, 2003... PIW's ranking of the world's 50 largest oil companies is based on operational data from over 120 firms. The focus on operations allows meaningful comparisons of all types of companies--including state-owned firms--and thus differs from more...

Politics, portfolio moves to decide future rankings.
December 15, 2003... With the era of the mega-merger among private Western oil companies effectively passed, the top rankings of the world's biggest oil firms look destined to be static for some time. Or do they? A closer look reveals that, while the rankings will...

Fine-tuning, good fortune favor Opec.(Organization of Petroleum Exporting Countries)
December 22, 2003... Contrived pessimism worked wonders for Opec in 2003. Even though the producer group would deny responsibility for this year's blistering oil price rally--US benchmark West Texas Intermediate is en route to its highest yearly average in more...

Russia heads into slightly calmer times.
December 22, 2003... What's next in Russia? In the year to date the country has delivered the largest equity deal in the global energy industry--the $7 billion BP alliance with Tyumen Oil Co. (TNK). It also managed the biggest corporate train wreck in the derailing...

Verdict awaited on Angola's ultra-deepwater.
December 22, 2003... Angola's ultra-deep waters, derided for their failure to yield another offshore bonanza, may at last be coming into their own. Having produced several dusters and revealed very complex geology, there are growing signs that ultra-deepwater Block...

Majors rethink North American upstream.
December 22, 2003... To find out why top integrated oil companies fell short of their oil and gas production growth targets in recent years, all one needs to do is look at their base production in North America. Supermajors and their second-tier cousins simply...

Peru perks up on new terms.
December 22, 2003... New royalty terms approved in May are paying off in a flurry of upstream deals in Peru. Investors say the new terms could slow--even reverse--steady production declines in the Andean nation, which produced 89,537 barrels per day in October...