Petroleum Intelligence Weekly articles from December 2004

Petroleum Intelligence Weekly archives from December 2004

Dollar drop eats into Opec riches.(Organization of Petroleum Exporting Countries)
December 6, 2004... Oil producers continue to bask in heady oil price levels despite last week's 10%-plus correction, but the renewed depreciation of the US dollar is spoiling their party. The falling dollar is sharply reducing the purchasing power of bumper...

Meet Russia's new energy behemoth.(OAO Gazprom with OAO NK Yukos)
December 6, 2004... Later this month state-dominated Gazprom is poised to swallow up the key production asset of Yukos, once Russia's most efficiently run oil company, putting the natural gas monopoly on track to become an oil producer on a par with US supermajor...

Norway's high costs drive down interest.(Anglo-Norwegian conference)
December 6, 2004... Marginal tax rates of 78% combined with high operational costs have led to calls for change in Norway. Oil firms large and small complain the government is hindering not helping exploration and development. With only 15 wells drilled in 2004...

Australia, shell out front in Pacific LNG.(liquefied natural gas)(Industry Overview)
December 6, 2004... Though an ailing oil producer, Australia is getting a strong second wind as the Pacific region's rising liquefied natural gas (LNG) star. Australian LNG projects are in line to deliver a fourfold leap in LNG exports to 35 million tons per year...

Boom time for financing Mideast energy.(liquefied natural gas industry)
December 6, 2004... As Mideast Gulf producers reap the dividends of high oil prices, their extra liquidity is providing rich pickings for leading Asian, European and Islamic banks that are being tapped to provide billions of dollars in financing for oil, gas and...

Canadians fix us outlets for heavy oil.(EnCana Corp. partnered with Premcor Inc.)
December 6, 2004... Foreign crude producers want few things more than to lock up deals with refiners in the oil-thirsty US market. But with US refining capacity tight and the global crude mix becoming increasingly sour, producers have to be creative in their...

Industry restucturing--UK-listed Sibir Energy agreed to buy a 10% stake in Siberian producer Evikhon for $28 million from UK independent Dana Petroleum.(General)(Brief Article)
December 6, 2004... INDUSTRY RESTUCTURING--UK-listed Sibir Energy agreed to buy a 10% stake in Siberian producer Evikhon for $28 million from UK independent Dana Petroleum. US independent Chesapeake Energy is paying privately held Hallwood Energy $277 million for...

China--crude imports jumped 34% in October to an average of 2.19 million b/d, with Angola surging into the top spot.(Countries)(Brief Article)(Illustration)
December 6, 2004... CHINA -- Crude imports jumped 34% in October to an average of 2.19 million b/d, with Angola surging into the top spot. Total volumes were 554,000 b/d. higher than a year ago. Angolan grades quadrupled to 377,00 b/d while imports from Saudi...

China--China National Offshore Oil Corp. (CNOOC) has raised US$850 million on the bond market in the largest ever bond issue by a Chinese company.(Countries)(Brief Article)
December 6, 2004... CHINA -- China National Offshore Oil Corp. (CNOOC) has raised US$850 million on the bond market in the largest ever bond issue by a Chinese company. The bond, issued Nov. 25, sold to investors in Europe (50%), the US (35%) and Asia (15%). Part...

Equatorial Guinea--US Amerada Hess has made an oil discovery at its G-19 exploration well in offshore Block G in the Rio Muni Basin.(Countries)
December 6, 2004... EQUATORIAL GUINEA -- US Amerada Hess has made an oil discovery at its G-19 exploration well in offshore Block G in the Rio Muni Basin. The well was drilled to a total depth of 2,280 meters in 385 meters of water and encountered 35 meters of net...

India--a fifth round of the New Exploration Licensing Policy (Nelp) is to be launched in January offering 20 more exploration blocks.(Countries)(Brief Article)
December 6, 2004... INDIA -- A fifth round of the New Exploration Licensing Policy (Nelp) is to be launched in January offering 20 more exploration blocks. The yet-to-be-identified blocks would cover inland, shallow offshore and deepwater. Delhi awarded 90 blocks...

Iraq--the Oil Ministry is granting extensions to bid deadlines for reservoir studies but is still managing to award well drilling contracts, though their execution will depend on security conditions.(Countries)(Rumaila)(Brief Article)
December 6, 2004... IRAQ -- The Oil Ministry is granting extensions to bid deadlines for reservoir studies but is still managing to award well drilling contracts, though their execution will depend on security conditions. Short-listed companies have been given...

Japan--crude oil imports bumped up 14% in October to an average of 4.26 million b/d.(Countries)(Brief Article)(Illustration)
December 6, 2004... JAPAN -- Crude oil imports bumped up 14% in October to an average of 4.26 million b/d. The 533,000 b/d hike was from a depressed monthly figure one year ago. Imports from the UAE climbed nearly 19% to 1.15 million b/d but were closely...

Mauritania--after a run of good luck, Australia's Woodside Petroleum has had a couple of drilling setbacks at Block 4 and has plugged and abandoned the Meron-1 exploration well.(Countries)(Brief Article)
December 6, 2004... MAURITANIA -- After a run of good luck, Australia's Woodside Petroleum has had a couple of drilling setbacks at Block 4 and has plugged and abandoned the Meron-1 exploration well. A drill ship intersected gas-bearing formations at the well but...

Russia--anxious foreign investors may have less to fear from a new law than they imagined.(Countries)(Natural Resources Ministry)(Brief Article)
December 6, 2004... RUSSIA -- Anxious foreign investors may have less to fear from a new law than they imagined. According to a draft law on subsoil usage which has just been presented by the Natural Resources Ministry, only legal entities registered locally would...

Russia--Moscow is considering a lowering of crude export tariffs in response to oil company complaints.(Countries)(Brief Article)
December 6, 2004... RUSSIA -- Moscow is considering a lowering of crude export tariffs in response to oil company complaints. The current methodology sets tariffs according to an oil price index that means the government takes 90% of every dollar of oil revenue...

Saudi Arabia--Saudi Aramco has announced its biggest new natural gas find since 2001 in an area just south of the massive Ghawar oil structure.(Saudi Arabian Oil Co.)(Brief Article)
December 6, 2004... SAUDI ARABIA -- Saudi Aramco has announced its biggest new natural gas find since 2001 in an area just south of the massive Ghawar oil structure. The Mudrika-1 well tested at a flow rate of 38 MMcf/d and 1,650 b/d of unndensates. It is expected...

Saudi Arabia--despite beefed up security on pipelines, oil wells, refineries and terminals, there are still prevalent threats to the country's energy infrastructure, according to a study by Center for Strategic and International Studies (CSIS), a prominent Washington, D.C.-based think tank.(Countries)(Brief Article)
December 6, 2004... SAUDI ARABIA -- Despite beefed up security on pipelines, oil wells, refineries and terminals, there are still prevalent threats to the country's energy infrastructure, according to a study by Center for Strategic and International Studies...

United Kingdom--Canada's Oilexco confirmed a significant extension to its Brenda off discovery in the Central North Sea after testing its latest appraisal well.(Countries)(Brief Article)
December 6, 2004... UNITED KINGDOM -- Canada's Oilexco confirmed a significant extension to its Brenda off discovery in the Central North Sea after testing its latest appraisal well. Production testing of well 15/25b-12Y, the third and final well to be drilled in...

United States--The National Petroleum Council (NPC), a group that advises the secretary of energy, has warned of possible problems ahead when new standards for ultra-low-sulfur diesel (ULSD) are implemented in 2006.(Countries)(Brief Article)
December 6, 2004... UNITED STATES -- The National Petroleum Council (NPC), a group that advises the secretary of energy, has warned of possible problems ahead when new standards for ultra-low-sulfur diesel (ULSD) are implemented in 2006. Supply should not be an...

Yemen--new oil production announced last week from three separate blocks is expected to help slow the downtrend in output (PIW Jun.14,p4).(Countries)(Brief Article)
December 6, 2004... YEMEN -- New oil production announced last week from three separate blocks is expected to help slow the downtrend in output (PIW Jun.14,p4). Canada's Nexen has begun producing 4,000 b/d from its Bashir al Khair-A (Bak-A) field on Block 51 and...

Ukraine crisis: risks to Europe's oil and gas intake.
December 6, 2004... The two-week post-election crisis in Ukraine could threaten vital oil and gas supplies that transit the nation on their way from Russia and the Caspian to Europe if it degenerates into open conflict (PIW Nov.15,p7). Europe relies on Russia for...

China's aviation crash.(Marketview)(China Aviation Oil)
December 6, 2004... SINGAPORE -- The derivates losses that bankrupted China's monopoly importer of jet fuel last week have cast a pall over the Singapore oil market and probably contributed to the sharp drop in oil prices around the world. Bad calls and rogue...

Nymex, IPE Head for stalemate.(New York Mercantile Exchange)(International Petroleum Exchange)(Brief Article)
December 6, 2004... Is it stalemate in the bitter contest between the New York Mercantile Exchange (Nymex) and London's International Petroleum Exchange (IPE) for control of the Brent futures market? Nymex's Brent pit-trading volumes--launched in Dublin, Ireland...

PIW market indicators.(Illustration)
December 6, 2004... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $39.09 $38.57 $38.87 UK Brent (Dated) 43.27 42.85...

Japan learns to fret less about energy security.(Japan National Oil Corp.)(Interview)
December 6, 2004... Japan's energy industry is now in a rare period of change. After decades of being concerned about security of supply as the only way to ensure Japan's ability to first grow and then sustain its now massive economy, Japan is starting to think...

PIW top 50: PDV, Shell sag; NIOC, BP up.
December 13, 2004... Petroleos de Venezuela (PDV), Royal Dutch/Shell, Mexican state Pemex and Algerian state Sonatrach all lost ground in PIW's latest annual ranking of the world's 50 largest petroleum firms, while National Iranian Oil Corp. (NIOC), BP, Total and...

Opec's new price target takes shape.
December 13, 2004... Rising oil prices are no problem for Opec, but what level should the producer group defend with prices heading the other way? That was the underlying question facing Opec oil ministers last week at their meeting in Cairo. The old $25 Opec price...

Sao Tome fights to keep oil revenue.
December 13, 2004... Nigeria and Sao Tome and Principe (STP) are due to rake in the first dividends from their Joint Development Zone (JDZ) over the next few weeks, as a ChevronTexaco-led group pays a $123 million signature bonus on a production sharing contract...

Derivatives woes expose market vulnerabilities.(over-the-counter)
December 13, 2004... The trading debacle of China Aviation Oil (CAO)--which has sent tremors through oil markets around the world--highlights some of the vulnerabilities of today's closely intertwined energy derivatives markets and the increasing importance of the...

CAO's crash sends out shockwaves.(China Aviation Oil Supply Corp.'s financial situation)
December 13, 2004... The financial end came swiftly for China Aviation Oil's (CAO) spectacularly unsuccessful foray into derivatives speculation, as the Singapore-listed trading arm of Beijing's monopoly jet fuel supplier China Aviation Oil Holdings Co. (CAOHC) at...

US takes another look at oil shale.
December 13, 2004... Encouraged by high oil prices and perhaps envious of Canada's rising oil sands production, the US is taking another look at oil shale, a tantalizing domestic energy resource that has defied decades of on-again-off-again effort to exploit it...

Exploration warm spots for 2005.
December 13, 2004... As much as Big Oil has profited from the rise in oil and natural gas prices in 2004, it has not had a particularly memorable year with the drill-bit. This year's strikes were mostly modest-like the sums spent Finding them. The big bucks were...

Corporate--despite record profits this year, oil and gas companies' global spending on exploration and production is set to rise by 5.7% next year, according to a survey of 327 companies by investment bank Lehman Brothers.(General)(Brief Article)
December 13, 2004... CORPORATE--Despite record profits this year, oil and gas companies' global spending on exploration and production is set to rise by 5.7% next year, according to a survey of 327 companies by investment bank Lehman Brothers. That would mark a...

Industry restructuring-the European Commission cleared BP's outright takeover of its high-density polyethylene (HDPE) joint venture with Belgian chemicals group Solvay.(General)(Brief Article)
December 13, 2004... INDUSTRY RESTRUCTURING--The European Commission cleared BP's outright takeover of its high-density polyethylene (HDPE) joint venture with Belgian chemicals group Solvay. There was a flurry of activity in the US rig market, with Key Energy...

Formula prices--Saudi Arabia narrowed the discounts in its formula price terms for Europe and Asia for January, but widened the discounts for January exports to the US, with the exception of Arab Extra Light, which was unchanged.(General)
December 13, 2004... FORMULA PRICES--Saudi Arabia narrowed the discounts in its formula price terms for Europe and Asia for January, but widened the discounts for January exports to the US, with the exception of Arab Extra Light, which was unchanged. In an effort...

China--Beijing has issued a long awaited set of regulatory requirements for oil product sales effective Jan. 2005, after it opens up the retail market to foreign competition on Dec. 11.(Countries)(Brief Article)
December 13, 2004... CHINA -- Beijing has issued a long awaited set of regulatory requirements for oil product sales effective Jan. 2005, after it opens up the retail market to foreign competition on Dec. 11. These regulations cover both retail and wholesale...

East Timor--the government is moving forward with plans to develop oil and gas exploration in the areas under its exclusive jurisdiction, despite the breakdown of talks with Australia for a fmal maritime boundary between the two nations.(Countries)(Brief Article)
December 13, 2004... EAST TIMOR -- The government is moving forward with plans to develop oil and gas exploration in the areas under its exclusive jurisdiction, despite the breakdown of talks with Australia for a fmal maritime boundary between the two nations. By...

Iran--French major Total and Malaysia's Petronas are set for another major role in Iran's South Pars project after signing an agreement with National Iranian Oil Co (NIOC) that lays down a commercial framework to produce gas for liquefied natural gas (LNG) exports to Asian and European markets.(Countries)(Brief Article)
December 13, 2004... IRAN -- French major Total and Malaysia's Petronas are set for another major role in Iran's South Pars project after signing an agreement with National Iranian Oil Co (NIOC) that lays down a commercial framework to produce gas for liquefied...

Iraq -- oil exports were lower in November than earlier thought, coming in at 41.3 million bbl in total, or 1.38 million b/d, after bad weather and pipeline attacks interrupted flows from both Kirkuk and Basra toward month-end.(Countries)(Brief Article)
December 13, 2004... IRAQ -- Oil exports were lower in November than earlier thought, coming in at 41.3 million bbl in total, or 1.38 million b/d, after bad weather and pipeline attacks interrupted flows from both Kirkuk and Basra toward month-end. December exports...

Kuwait--the energy minister has opted for an umbrella law to enable the government to proceed with inviting international off companies to invest in developing the country's northern oil fields under Project Kuwait, after years of debate on whether the National Assembly should vote every contract into a law.(Countries)(Brief Article)
December 13, 2004... KUWAIT -- The energy minister has opted for an umbrella law to enable the government to proceed with inviting international off companies to invest in developing the country's northern oil fields under Project Kuwait, after years of debate on...

Libya--National Oil Corp. (NOC) officials say that 68 companies have visited data rooms and qualified for its open bid, Epsa-4 licensing round for 15 exploration areas.(Countries)(Brief Article)
December 13, 2004... LIBYA -- National Oil Corp. (NOC) officials say that 68 companies have visited data rooms and qualified for its open bid, Epsa-4 licensing round for 15 exploration areas. But some suggest this enthusiasm would be better directed at other Libyan...

Russia--India's Oil and Natural Gas Corp. (ONGC) looks likely to make a bid in the Dec. 19 auction for Yukos' main production unit, Yuganskneftegas, but Gazprom still has the inside track and ONGC is more likely to end up as a minority partner.(OAO Gazprom)(Brief Article)
December 13, 2004... RUSSIA -- India's Oil and Natural Gas Corp. (ONGC) looks likely to make a bid in the Dec. 19 auction for Yukos' main production unit, Yuganskneftegas, but Gazprom still has the inside track and ONGC is more likely to end up as a minority...

Russia--crude oil exports slipped 13,000 b/d in November from the previous month as storms hampered loadings out of the Black Sea ports.(Countries)
December 13, 2004... RUSSIA -- Crude oil exports slipped 13,000 b/d in November from the previous month as storms hampered loadings out of the Black Sea ports. November exports totaled 3.343 million b/d, down from the previous month's 3.356 million b/d. Black Sea...

Trinidad and Tobago--as part of a campaign for a higher profile on the domestic and international LNG stages, this once demure gas exporter will host the Gas Exporting Countries' Forum in March, even though it did not attend either of two previous ministerial meetings.(Countries)(Brief Article)
December 13, 2004... TRINIDAD AND TOBAGO -- As part of a campaign for a higher profile on the domestic and international LNG stages, this once demure gas exporter will host the Gas Exporting Countries' Forum in March, even though it did not attend either of two...

Global output grows despite Iraq stumble.(Global Oil Production)
December 13, 2004... Opec has kept its oil production high despite the decline in oil prices last month and renewed production difficulties in Iraq. Opec crude output eased to about 30.2 million b/d in November as a result of weather-related loading difficulties...

Contango at $40.(Marketview)(oil markets)
December 13, 2004... WASHINGTON -- Although prices have come down from their peaks, oil markets still find themselves in uncharted territory. In recent weeks, crude oil prices have shifted decisively into contango despite prompt futures prices in the area of $40...

PIW market indicators.(petroleum)(Illustration)
December 13, 2004... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $34.44 $38.50 $36.89 UK Brent(Dated) ...

PIW ranks the world's top oil companies.
December 13, 2004... PIW's latest rankings of the world's 50 largest oil companies reveal several striking shifts in the usually stable standings of the world's top 10. Venezuela's PDV, which in the late 1990s seemed to have a lock on the number two spot behind...

PIW's top 50: how the firms stack up.(ranking of the world's 50 largest oil companies)(Illustration)
December 13, 2004... 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...

M&A reshapes the top 50.(Mergers and acquisitions)
December 13, 2004... Mergers and acquisitions continue to have a significant impact on the rankings. The one new face in this year's PIW Top 50 is US independent Apache, which has effectively bought itself a seat at the industry's top table through its aggressive...

Opec enjoys the best of times.(Organization of Petroleum Exporting Countries)
December 20, 2004... The ministerial grins at Opec's recent meeting in Cairo said it all. With oil prices and output at record levels, 2004 has been a bumper year for the producer group. Will the smiles continue through 2005? The great irony is that Opec became a...

Majors turn corner on output growth.(petroleum industry)
December 20, 2004... Amid the flap about tight global capacity this year, the good news has gotten lost in the gloom. After several lackluster years, some of the industry giants are turning on the taps next year, marking the start of a strong growth trend based on...

Full SPR should end controversy.(Strategic Petroleum Reserve)
December 20, 2004... For the first time in its 30-year history the US Strategic Petroleum Reserve (SPR) is just about at its full capacity. But is the 700 million barrel oil reserve big enough when US consumption and imports are rising inexorably? And should it be...

Iran's sours made sweeter by discounts.(National Iranian Oil Co.; sour oil)
December 20, 2004... Eager to secure maximum value for its sour oil and determined to consolidate its position in the Mediterranean, Iran is offering greater flexibility to its European customers, who are frustrated by delays to Russian Urals blend shipped through...

Shell is not over the shocks just yet.(Royal Dutch-Shell Group of Cos.)
December 20, 2004... It's hard to imagine how 2005 could be worse for Royal Dutch/Shell than 2004, but it could turn out to be at least as interesting. The group is planning its biggest corporate shake-up in nearly a century through the merger of its Dutch and UK...

Chevron raises appeal of Atlantic Frontier.(ChevronTexaco Corp.)
December 20, 2004... Earlier this month ChevronTexaco announced a "significant" deepwater discovery in the Faroe-Shetland Channel that could be one of the largest oil discoveries on the UK continental shelf in years. And Chevron's Rosebank/Lochnagar strike was not...

Canada pipeline giants build bridges to China.(Enbridge Inc.; Terasen )
December 20, 2004... Two Canadian pipeline companies, Enbridge and Terasen, are battling to fine up enough foreign customers and Alberta producers to back their rival proposals to pipe more oil to the west coast and open a major new oil trade route to China....

Industry restructuring--Denmark's state-owned Dong has agreed to merge with privately owned Danish utility Elsam, creating a 50 billion kroner ($8.9 billion) power and energy combine.(General)(Brief Article)
December 20, 2004... INDUSTRY RESTRUCTURING -- Denmark's state-owned Dong has agreed to merge with privately owned Danish utility Elsam, creating a 50 billion kroner ($8.9 billion) power and energy combine. US independent Noble Energy is acquiring Patina Oil & Gas...

People--US Deputy Treasury Secretary Samuel Bodman will replace Spencer Abraham as the US Energy Secretary.(General)(Brief Article)
December 20, 2004... PEOPLE -- US Deputy Treasury Secretary Samuel Bodman will replace Spencer Abraham as the US Energy Secretary. Peter Robertson has become co-chairman of ChevronTexaco alongside chairman and CEO David O'Reilly. CFO John Watson was appointed vice...

Algeria--in another first, an integrated gas-to-liquids (GTL) project will be the next big offering to international companies after the recent award of the first integrated LNG scheme to Spain's Repsol YPF and Gas Natural (PIW Nov.22,p8).(Countries)(Brief Article)
December 20, 2004... ALGERIA -- In another first, aa integrated gas-to-liquids (GTL) project will be the next big offering to international companies after the recent award of the first integrated LNG scheme to Spain's Repsol YPF and Gas Natural (PIW Nov.22,p8)....

China--in the wake of its recent collapse and the arrest of its chief executive, China Aviation Oil (Singapore) last week resumed its jet fuel trading business through new subsidiary China Aviation Oil Trading (CAOT), issuing a first tender for 460,000 metric tons of the product for delivery in January and February to ports in China (PIW Dec.13,p3).(Countries)(Brief Article)
December 20, 2004... CHINA -- In the wake of its recent collapse and the arrest of its chief executive, China Aviation Oil (Singapore) last week resumed its jet fuel trading business through new subsidiary China Aviation Oil Trading (CAOT), issuing a first tender...

China--US ConocoPhillips has approved a whopping $1.8 billion in cash for its capital commitments to the multiyear second phase development of its Peng Lai (PL) 19-3 field in Block 11/05 in Bohai Bay.(China National Offshore Oil Corp.)(Brief Article)
December 20, 2004... CHINA -- US ConocoPhillips has approved a whopping $1.8 billion in cash for its capital commitments to the multiyear second phase development of its Peng Lai (PL) 19-3 field in Block 11/05 in Bohai Bay. Conoco secured the right to explore Block...

Ecuador--after long delays, the energy ministry has chosen 12 winning bids for service contracts worth a total of $360 million that are intended to support the revival of the country's main crude export grade, Oriente.(Countries)(Petroleos del Ecuador)(Brief Article)
December 20, 2004... ECUADOR -- After long delays, the energy ministry has chosen 12 winning bids for service contracts worth a total of $360 million that are intended to support the revival of the country's main crude export grade, Oriente. Brazil's state...

Indonesia--in a year-end flurry of activity the energy ministry signed $4.2 billion worth of contracts that should give a stimulus to the flagging hydrocarbons industry.(Countries)(Brief Article)
December 20, 2004... INDONESIA -- In a year-end flurry of activity the energy ministry signed $4.2 billion worth of contracts that should give a stimulus to the flagging hydrocarbons industry. The 46 announced deals include 15 oil production sharing contracts...

Iraq--Canadian-listed explorer Heritage Oil has formed an upstream alliance with the local Eagle Group that could lead to oil exploration in the north of the country.(Countries)
December 20, 2004... IRAQ -- Canadian-listed explorer Heritage Oil has formed an upstream alliance with the local Eagle Group that could lead to oil exploration in the north of the country. Heritage and Eagle have set up Heritage Erbil Oil, which in turn formed K...

Norway--oil production is struggling to keep pace with last year's levels, despite a strong rebound in the past couple of months, amid growing signs of a softer market for the country's crude.(Countries)(Brief Article)
December 20, 2004... NORWAY -- Oil production is struggling to keep pace with last year's levels, despite a strong rebound in the past couple of months, amid growing signs of a softer market for the country's crude. Production rose 342,000 b/d from September to...

Qatar--Qatar Petroleum (QP) and Exxon Mobil have announced financing for their $12 billion Qatargas-2 project which will supply LNG to the UK by winter 2007-08.(Countries)(Liquefied natural gas to United Kingdom)(Brief Article)
December 20, 2004... QATAR -- Qatar Petroleum (QP) and Exxon Mobil have announced financing for their $12 billion Qatargas-2 project which will supply LNG to the UK by winter 2007-08. The venture remains 70%-30% owned by QP and Exxon, respectively, though talks on...

Russia--the government missed a Dec. 15 deadline set by President Vladimir Putin for a decision on an $11.5 billion export pipeline through Eastern Siberia to the Pacific coast, with a spur to China.(Countries)(Brief Article)
December 20, 2004... RUSSIA -- The government missed a Dec. 15 deadline set by President Vladimir Putin for a decision on an $11.5 billion export pipeline through Eastern Siberia to the Pacific coast, with a spur to China. But state pipeline operator Transneft has...

Russia--the brakes are being applied to the six-year production growth streak.(Brief Article)
December 20, 2004... RUSSIA -- The brakes are being applied to the six-year production growth streak. The government has set an official production target for the first quarter of 2005 of 9.61 million b/d, which is unchanged from the previous quarter but still a...

Sao Tome--US Anadarko, Devon Energy, Pioneer Natural Resources and Noble Energy were among the few notable international companies to participate in the second licensing round in the Joint Development Zone (JDZ) shared with Nigeria.(Countries, United States)(Brief Article)
December 20, 2004... SAO TOME -- US Anadarko, Devon Energy, Pioneer Natural Resources and Noble Energy were among the few notable international companies to participate in the second licensing round in the Joint Development Zone (JDZ) shared with Nigeria....

Saudi Arabia--oil export earnings will reach $107 billion in 2004, up from around $80 billion in the previous year according to data released by the Saudi Arabian Monetary Agency (Sama), the kingdom's central bank.(Countries)(Brief Article)
December 20, 2004... SAUDI ARABIA -- Oil export earnings will reach $107 billion in 2004, up from around $80 billion in the previous year according to data released by the Saudi Arabian Monetary Agency (Sama), the kingdom's central bank. The elevated sum enabled...

Norwegians hit the accelerator.(Norsk Hydro ASA and Statoil)
December 20, 2004... Norway's Statoil is targeting world leading output growth rates and raising its game both financially and operationally. Not to be outdone, Norsk Hydro is also promising production growth rates of 8% over the next three years or so--a level...

Rallying on.(Marketview)(Oil prices)
December 20, 2004... LONDON -- Oil prices never rise or fall in a straight line but a fairly steady rally has characterized the oil market of 2004. This propelled front month West Texas Intermediate futures from $33.20/bbl at the start of the year to a $55.65 high...

New specs buffet European gasoline.(Brief Article)
December 20, 2004... European gasoline prices are being buffeted as market participants adjust stocks to meet new EU fuel specifications, due to come into force on Jan. 1, 2005. The contango in gasoline through to next year has widened significantly, with...

PIW market Indicators.(Illustration)
December 20, 2004... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $35.04 $34.21 $38.57 UK Brent (Dated) 38.86 37.90 42.85...