Petroleum Intelligence Weekly articles from December 2005

Petroleum Intelligence Weekly archives from December 2005

Oil futures tilt toward financial firms.
December 5, 2005... As the price of oil has risen sharply over the past few years, so has the level of participation in oil futures trading, while the composition of the market players has also changed greatly. The influx of money from financial institutions has...

Opec weighs the risks of complacency.
December 5, 2005... With prices still at relatively high levels, Opec probably won't rock the boat at its Dec. 12 meeting in Kuwait by tinkering with production. But its policy this year of continuing to pump at will looks increasingly unsustainable for 2006. The...

E. Guinea courts Asia to offset US.
December 5, 2005... Buoyed by three new discoveries and enjoying a surge in interest due to rising oil prices, Equatorial Guinea is keen to maintain the momentum. It aims to hold a new licensing round next year with the express purpose of attracting more Asian...

Non-Opec peak moves out to next year.
December 5, 2005... The long-heralded eclipse in non-Opec supply growth may be another year off after all, given the large dent put into US supplies this year by summer hurricanes and delays to new field start-ups in the US Gulf and elsewhere. The delays shift a...

Abu Dhabi's partners want a better deal.
December 5, 2005... If the international oil companies get their way, the terms under which they partner with state Abu Dhabi National Oil Co. (Adnoc) could be in for a major shake-up. As they pitch in to help boost Abu Dhabi's capacity by 25%, some of the world's...

Blaming Europe won't fix UK gas spike.
December 5, 2005... UK Prime Minister Tony Blair wasn't exaggerating when he told industrialists last week that energy policy was "back on the agenda with a vengeance." Spot natural gas prices had spiked to the oil equivalent of $160 per barrel in late November,...

South Korea's SPR aids Asian oil trades.
December 5, 2005... South Korea is turning its strategic petroleum reserve (SPR) from a static cache of "dead oil" into a dynamically managed, self-financing enterprise that should enhance further its domestic security of supply. State-owned Korea National Oil...

Corporate--supermajor BP is to double its investment in alternative and renewable energies to as much as $8 billion over the next 10 years.(GENERAL)
December 5, 2005... CORPORATE -- Supermajor BP is to double its investment in alternative and renewable energies to as much as $8 billion over the next 10 years. A new low-carbon power business unit, BP Alternative Energy, will manage an investment program in...

Industry restructuring--Canada's Harvest Energy Trust and Viking Energy Royalty Trust are merging, creating an upstream company with an enterprise value of C$4 billion (US$3.4 billion).(GENERAL)
December 5, 2005... INDUSTRY RESTRUCTURING -- Canada's Harvest Energy Trust and Viking Energy Royalty Trust are merging, creating an upstream company with an enterprise value of C$4 billion (US$3.4 billion). The new company, which will keep the Harvest name, will...

LNG--an outage at Qatargas train 1 that has reduced LNG shipments to Spain may last well into December, PIW is told.(GENERAL)
December 5, 2005... LNG -- An outage at Qatargas train 1 that has reduced LNG shipments to Spain may last well into December, PIW is told. It began in October with a crack in a scrub column at the 8-year-old, 3 million ton/yr unit, an official says. Repairs were...

Calpine.(PEOPLE)
December 5, 2005... PEOPLE -- Kenneth Derr, the former Chairman and CEO of Chevron, has been appointed interim chairman and acting CEO of Calpine, replacing Peter Cartwright. Michael Chaney, the chairman of National Australia Bank, is to succeed Charles Goode as...

Refining--ConocoPhillips has increased its European presence in a deal to acquire the 275,000 b/d Wilhelmshaven refinery in Germany from Louis Dreyfus Energy Holdings.(GENERAL)
December 5, 2005... REFINING -- ConocoPhillips has increased its European presence in a deal to acquire the 275,000 b/d Wilhelmshaven refinery in Germany from Louis Dreyfus Energy Holdings. The estimated $1.4 billion purchase will boost Conoco's refining capacity...

Australia--BHP Billiton has approved development of the Stybarrow oil field in license Block WA-255-P(2) off the northwest coast, promising a boost to sagging oil output.(COUNTRIES)
December 5, 2005... AUSTRALIA -- BHP Billiton has approved development of the Stybarrow oil field in license Block WA-255-P(2) off the northwest coast, promising a boost to sagging oil output. Located in water depths of about 825 meters, it will be the deepest oil...

China--crude oil imports of 2.66 million b/d in October were 21.3% higher than year ago levels, according to figures released last week by the country's General Administration of Customs.(COUNTRIES)
December 5, 2005... CHINA -- Crude oil imports of 2.66 million b/d in October were 21.3% higher than year ago levels, according to figures released last week by the country's General Administration of Customs. The rise in imports reflected refiners running their...

Japan--crude oil imports slipped by 1% in October to an average of 4.22 million b/d, with Saudi Arabia consolidating its position as Tokyo's top oil source.(COUNTRIES)
December 5, 2005... JAPAN -- Crude oil imports slipped by 1% in October to an average of 4.22 million b/d, with Saudi Arabia consolidating its position as Tokyo's top oil source. Imports from Saudi Arabia edged 3% higher to 1.17 million b/d, while second-placed...

Iraq--Norwegian independent DNO has spudded its first well in the north, under a production sharing agreement (PSA) signed with the Kurdish Regional Government in 2004.(COUNTRIES)
December 5, 2005... IRAQ -- Norwegian independent DNO has spudded its first well in the north, under a production sharing agreement (PSA) signed with the Kurdish Regional Government in 2004. DNO started drilling the Tawke-1 well in an area where it has identified...

Korea (South)--crude oil imports fell by 6.5% in October to an average of 2.27 million b/d, led by a nearly 40% plunge in imports from the UAE.(COUNTRIES)
December 5, 2005... KOREA (SOUTH) -- Crude oil imports fell by 6.5% in October to an average of 2.27 million b/d, led by a nearly 40% plunge in imports from the UAE. Saudi Arabia held steady at just over 700,000 b/d, while second-placed UAE saw its volumes drop by...

Nigeria--Royal Dutch Shell last week finally announced the start of oil production at the Bonga field, the country's first major deepwater project, after long delays and cost overruns that lifted the final tab to $3.6 billion from an original estimate of $2.7 billion.(COUNTRIES)
December 5, 2005... NIGERIA -- Royal Dutch Shell last week finally announced the start of oil production at the Bonga field, the country's first major deepwater project, after long delays and cost overruns that lifted the final tab to $3.6 billion from an original...

Russia--commercial operations began at the $1.25 billion Salym project in West Siberia last week, providing a much-needed shot in the arm to Royal Dutch Shell and its UK-registered partner Sibir Energy.(COUNTRIES)
December 5, 2005... RUSSIA -- Commercial operations began at the $1.25 billion Salym project in West Siberia last week, providing a much-needed shot in the arm to Royal Dutch Shell and its UK-registered partner Sibir Energy. Production at the 1.1 billion bbl field...

Russia--independent producer Russneft is poised to become a vertically integrated oil company through the purchase of TNK-BP's 133,000 b/d Orsk refinery.(COUNTRIES)
December 5, 2005... RUSSIA -- Independent producer Russneft is poised to become a vertically integrated oil company through the purchase of TNKBP's 133,000 b/d Orsk refinery. Sources say that Russneft has won the auction for the Orsk refinery and may also get...

Saudi Arabia--a joint venture of Royal Dutch Shell, Total and Saudi Aramco is to spud its first well in the South Rub al-Khali desert in the second quarter of next year, Total chairman and CEO Thierry Desmarest tells PIW.(COUNTRIES)
December 5, 2005... SAUDI ARABIA -- A joint venture of Royal Dutch Shell, Total and Saudi Aramco is to spud its first well in the South Rub al-Khali desert in the second quarter of next year, Total chairman and CEO Thierry Desmarest tells PIW. The venture, which...

United States--crude oil imports in September dropped to 8.98 million from 10.43 million b/d the previous month as hurricanes blocked port access in the Gulf of Mexico, but other entry points absorbed a record 4.05 million b/d of oil products, data from the Energy Information Administration (EIA) show.(COUNTRIES)
December 5, 2005... UNITED STATES -- Crude oil imports in September dropped to 8.98 million from 10.43 million b/d the previous month as hurricanes blocked port access in the Gulf of Mexico, but other entry points absorbed a record 4.05 million b/d of oil...

Angola tempts bidders with proven acreage.(What's New Around the World)(Sociedade Nacional de Combustiveis de Angola)(Brief Article)
December 5, 2005... Top brass from Angolan state Sonangol were in London last week to promote to a packed audience seven new offshore blocks to be offered in a new tender that opens this month. Four of the tracts--Blocks 1,15, 17 and 18--are located in the...

Still trucking.(Marketview)
December 5, 2005... WASHINGTON -- After drifting to a five-month low of $55.72 per barrel last week, US benchmark West Texas Intermediate (WTI) received a lift from a big withdrawal in US crude stocks, data indicating gasoline demand has mostly recovered and...

PIW market indicators.(petroleum industry)(Illustration)
December 5, 2005... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $49.84 $50.46 $52.58 UK Brent (Dated) ...

PIW top 50: tide turns to favor NOCs.
December 12, 2005... After generally losing out to the supermajors in recent years, state-owned oil companies look poised to make a comeback in the annual PIW Top 50 oil company rankings. Initial signs of the turning tide are already apparent in this year's...

New economies keep oil demand pumping.
December 12, 2005... Global oil demand has taken a few knocks from high oil prices, summer hurricanes and a late winter. Demand shrank over the past three months in the industrialized economies of the OECD, while developing country growth slowed from last year's...

US upstream renews its interest in oil.
December 12, 2005... From Alaska to Mississippi, the US is witnessing a modest revival of interest in that other hydrocarbon fuel, the one that comes in barrels. Despite the success of the deepwater oil play in the Gulf of Mexico, most of the drilling undertaken in...

LNG trumps US tight gas on price.
December 12, 2005... North American natural gas producers are waxing almost lyrical about the potential of the tight gas formations they have begun to exploit. Advances in technology and historically high natural gas prices have opened previously unexploitable...

Still some upside in Asia's upstream.
December 12, 2005... A number of oil-field projects in the Asia-Pacific region will be opening their spigots starting in 2006, with an eventual 250,000 barrels per day set to pour from three large fields by the end of 2007. Most of the new production will be the...

Investment picks up in US downstream.
December 12, 2005... Big Oil has been accused repeatedly in recent weeks of being partly to blame for high oil prices by not plowing enough money back into the business, especially on the US downstream side. Amends are now being made in earnest. Over the past month...

Energy alarm spawns odd US alliance.
December 12, 2005... Conservative Republicans are starting to sound more like dovish Democrats in their calls for US energy self-reliance. As national security hawks forge an unlikely alliance with environmental, labor and religious groups in Washington, bipartisan...

Industry restructuring--ConocoPhillips raised its stake in the Seagas products pipeline to 100% by buying out the 50% owned by BP.(GENERAL)
December 12, 2005... INDUSTRY RESTRUCTURING -- ConocoPhillips raised its stake in the Seagas products pipeline to 100% by buying out the 50% owned by BP. The 85,000 b/d pipeline pumps refined products from Pasadena, Texas, to Cushing, Oklahoma. Portugal's state...

Exxon Mobil.(People)
December 12, 2005... PEOPLE -- Ed Galante, senior vice president of Exxon Mobil and head of downstream operations, plans to retire on Jan. 31. Investors had viewed Galante as a possible successor to Exxon CEO Lee Raymond before Rex Tillerson was tapped for the job....

Congo (Brazzaville)--US Murphy Oil has announced a successful appraisal well at its Azurite Marine #2 prospect in the Mer Profonde Sud Block, where a flow test produced almost 8,000 b/d of oil from a single zone.(COUNTRIES)
December 12, 2005... CONGO (BRAZZAVILLE) -- US Murphy Oil has announced a successful appraisal well at its Azurite Marine #2 prospect in the Mer Profonde Sud Block, where a flow test produced almost 8,000 b/d of oil from a single zone. After drilling the latest...

Iran--China's Sinopec is pushing ahead with talks on the onshore Yadavaran oil field and is "very close" to finalizing a development masterplan, according to the managing director of state National Iranian Oil Co. (NIOC), Seyed Mehdi Mirmoezzi.(COUNTRIES)
December 12, 2005... IRAN -- China's Sinopec is pushing ahead with talks on the onshore Yadavaran oil field and is "very close" to finalizing a development masterplan, according to the managing director of state National Iranian Oil Co. (NIOC), Seyed Mehdi...

Iraq--the Oil Ministry stands to get $3.5 billion for capital investments--scaled back from an original proposal for $6 billion--from the country's recently approved 2006 budget.(COUNTRIES)(Brief Article)
December 12, 2005... IRAQ -- The Oil Ministry stands to get $3.5 billion for capital investments--scaled back from an original proposal for $6 billion--from the country's recently approved 2006 budget. The budget, which still needs to be endorsed by the president...

Kazakhstan--a new state holding company, Kaz Energy, is being set up to oversee the nation's strategic oil and gas assets and will be chaired by Timur Kulibaev, who stepped down two months ago as vice president of state oil and gas company Kazmunaigas.(COUNTRIES)
December 12, 2005... KAZAKHSTAN -- A new state holding company, Kaz Energy, is being set up to oversee the nation's strategic oil and gas assets and will be chaired by Timur Kulibaev, who stepped down two months ago as vice president of state oil and gas company...

Kuwait--apparently confident of victory, the government hopes its planned upstream opening will receive broad support rather than simple majority backing when the National Assembly (parliament) discusses the matter in a debate scheduled to start on Jan. 16.(COUNTRIES)
December 12, 2005... KUWAIT -- Apparently confident of victory, the government hopes its planned upstream opening will receive broad support rather than simple majority backing when the National Assembly (parliament) discusses the matter in a debate scheduled to...

Norway--total investment in oil and gas activities next year, including oil and gas pipelines, is expected to be $13.85 billion (92.8 billion kroner), according to government agency Statistics Norway.(COUNTRIES)
December 12, 2005... NORWAY -- Total investment in oil and gas activities next year, including oil and gas pipelines, is expected to be $13.85 billion (92.8 billion kroner), according to government agency Statistics Norway. That's 18.5% more in local currency terms...

Oman--production is going to continue to fall over the next three years at state-controlled Petroleum Development Oman (PDO) before recovering as enhanced oil recovery (EOR) projects come on stream.(COUNTRIES)
December 12, 2005... OMAN -- Production is going to continue to fall over the next three years at state-controlled Petroleum Development Oman (PDO) before recovering as enhanced oil recovery (EOR) projects come on stream. PDO expects to meet its 2005 target of...

Russia--crude shipments rebounded strongly in November, rising by nearly 180,000 b/d, due mainly to increased loadings at the flagship port of Primorsk in the Baltic Sea, which ramped up crude exports by 103,000 b/d in the month to 1.104 million b/d (4.519 million tons).(COUNTRIES)
December 12, 2005... RUSSIA -- Crude shipments rebounded strongly in November, rising by nearly 180,000 b/d, due mainly to increased loadings at the flagship port of Primorsk in the Baltic Sea, which ramped up crude exports by 103,000 b/d in the month to 1.104...

Russia--Anglo-Russian TNK-BP and gas giant Gazprom are working on an agreement that would secure Gazprom its long-sought foothold on Sakhalin Island, PIW understands.(COUNTRIES)
December 12, 2005... RUSSIA -- Anglo-Russian TNK-BP and gas giant Gazprom are working on an agreement that would secure Gazprom its long-sought foothold on Sakhalin Island, PIW understands. The prospective deal, which hinges on the purchase by Sibneft, newly...

Sudan--Sweden's Lundin Petroleum and its partners have agreed a work program and budget that will enable exploration activity to resume in Block 5b in 2006, Lundin said last week.(COUNTRIES)
December 12, 2005... SUDAN -- Sweden's Lundin Petroleum and its partners have agreed a work program and budget that will enable exploration activity to resume in Block 5b in 2006, Lundin said last week. Exploration work is set to start in the first half of 2006...

United Kingdom--the Treasury has raised corporate tax for North Sea oil and gas producers from 40% to 50% with effect from January, by doubling an existing supplementary tax to 20%.(COUNTRIES)
December 12, 2005... UNITED KINGDOM -- The Treasury has raised corporate tax for North Sea oil and gas producers from 40% to 50% with effect from January, by doubling an existing supplementary tax to 20%. The tax hike--imposed to help plug a growing budget...

Venezuela--an explosion on a pipeline last week shut off about half of the crude supplied to the country's largest refinery at Amuay-Cardon, which sends product exports to the US East Coast.(COUNTRIES)
December 12, 2005... VENEZUELA -- An explosion on a pipeline last week shut off about half of the crude supplied to the country's largest refinery at Amuay-Cardon, which sends product exports to the US East Coast. As the country went to the polls for congressional...

Non-Opec supply surges in November.
December 12, 2005... Global oil supply recorded a stunning 1.4 million barrels per day monthly rise in November as non-Opec flows recovered from a series of supply limiting events, most notably the hurricane damage inflicted on the US Gulf of Mexico in August and...

Blowing in the wind.(Marketview)
December 12, 2005... LONDON -- It is that time of year when the market is full of contradictory signals. The awkward link between physicals and futures is looking fuzzy again, as futures are firming in anticipation of a cold winter in the Northern Hemisphere while...

PIW market indicators.(Illustration)
December 12, 2005... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $52.82 $50.13 $50.11 UK Brent...

PIW ranks the world's top oil companies.
December 12, 2005... PIW's latest rankings of the world's 50 largest oil companies show that the top private sector oil enterprises are at the peak of their rising trend and are unlikely to gain much more ground against the largest national oil companies. The...

PIW's top 50: how the firms stack up.
December 12, 2005... PIW's ranking of the world's 50 largest oil companies is based on operational data from over 130 firms. The focus on operations allows meaningful comparisons of all types of companies--including state-owned firms--and thus differs from more...

M&A slowdown impacts lower tier rankings too.
December 12, 2005... The slowdown in large merger and acquisition activity has impacted the second-and third-tier firms in the PIW Top 50 as well as the supermajors. Some big movers in last year's rankings--namely North American independents--didn't make any...

Conoco bags Burlington, bets on gas price.
December 19, 2005... Jim Mulva has done it again, making a multibillion-dollar acquisition at a time considered less than ideal by many Wall Street analysts. The CEO of ConocoPhillips announced last week that the oil major is paying $35.6 billion for Burlington...

Opec invokes bearish threat to firm prices.
December 19, 2005... Giving a boost to markets and leaving little to chance in early 2006, Opec will keep pumping at current levels but meet again at the end of January to consider future output plans. The decision at last week's ministerial confab in Kuwait played...

No early end to Iran's oil policy logjam.
December 19, 2005... After receiving the blessing of the Majlis (parliament) to become Iran's new petroleum minister, Kazem Vaziri-Hamaneh has a tough job ahead. First, he faces pressure from President Mahmoud Ahmadinejad, who, despite the humiliation of having his...

Shell spends more, mainly to stand still.
December 19, 2005... Royal Dutch Shell's big increase in capital expenditure for 2006 raises planned spending to $19 billion from the previous guidance of $15 billion. The supermajor has tried to present as much as possible of the 27% increase as "good capex," or...

Russian frenzy drives London's AIM higher.
December 19, 2005... Having drawn more than $1 billion of new investor cash to its oil and gas listings this year, London's Alternative Investment Market (AIM) has come of age as a hot source of start-up capital, mainly provided by European small-cap fund managers...

Gulf capacity gains still tight in 2006.
December 19, 2005... As oil markets look ahead to 2006, it is striking how little the Mideast Gulf states will be adding to their capacity over the next 12 months. The big gain next year will be a 1.8 million barrels per day increase in non-Opec supply, while the...

Oman output cuts raise price pressure.(Petroleum Development Oman)
December 19, 2005... Asia's sour crude benchmark Dubai is regularly derided for its lack of physical liquidity, but-so the argument goes--enough cargoes of Oman trade in the market to ensure a representative set of pricing references. Trouble is, Omani production...

Corporate--worldwide upstream spending is projected to hit $238 billion next year versus estimated 2005 spending of $207 billion, according to Lehman Brothers' annual survey of 325 oil and gas companies.(GENERAL)
December 19, 2005... CORPORATE--Worldwide upstream spending is projected to hit $238 billion next year versus estimated 2005 spending of $207 billion, according to Lehman Brothers' annual survey of 325 oil and gas companies. Lehman found that companies are using an...

Environment--the two-week UN conference on global climate change concluded in Montreal, Canada by embracing a two-track approach, with the US hitching its wagon to nonbinding talks to curb greenhouse gas emissions.(GENERAL)
December 19, 2005... ENVIRONMENT--The two-week UN conference on global climate change concluded in Montreal, Canada by embracing a two-track approach, with the US hitching its wagon to nonbinding talks to curb greenhouse gas emissions. One agreement called on...

Formula prices--Saudi Arabia.
December 19, 2005... FORMULA PRICES--Saudi Arabia has narrowed differentials in its January price terms for Arab Light to Europe by 60 cents/bbl and for Arab Medium and Arab Heavy to most destinations while increasing the discounts on Arab Light and Extra Light to...

IEA--the International Energy Agency's latest monthly report said global oil supplies would be sufficient to meet expected demand growth over the next five years because of a surge in Opec capacity additions this year and next and another burst of additions in the last two years of the decade.(GENERAL)
December 19, 2005... IEA--The International Energy Agency's latest monthly report said global oil supplies would be sufficient to meet expected demand growth over the next five years because of a surge in Opec capacity additions this year and next and another burst...

People--having held the post as a caretaker since August, Kazem Vaziri-Hamaneh was formally appointed minister of petroleum in Iran (p2).(GENERAL)
December 19, 2005... PEOPLE -- Having held the post as a caretaker since August, Kazem Vaziri-Hamaneh was formally appointed minister of petroleum in Iran (p2). Natik Aliev, the head of state oil company Socar, has been named as minister of energy and industry in...

Industry restructuring--US oilfield services group Noble has bought a 28.9% stake in Norwegian oil driller Smedvig in a deal worth about $687.7 million.(GENERAL)
December 19, 2005... INDUSTRY RESTRUCTURING--US oilfield services group Noble has bought a 28.9% stake in Norwegian oil driller Smedvig in a deal worth about $687.7 million. Kuwait Petroleum Corp. (KPC) has sold its remaining stake in US drilling contractor...

Canada--the Alberta Energy and Utilities Board has authorized Husky Energy to proceed with development of the 200,000 b/d Sunrise oil sands project.(COUNTRIES)
December 19, 2005... CANADA -- The Alberta Energy and Utilities Board has authorized Husky Energy to proceed with development of the 200,000 b/d Sunrise oil sands project. Sunrise is in the Athabasca region about 37 miles northeast of Fort McMurray, Alberta, and...

India--state-owned Oil and Natural Gas Corp. (ONGC) is to hike its capital expenditure to $3 billion (140 billion rupees) during the 2006-07 fiscal year, up from $2.6 billion (120 billion rupees) in the current financial year.(COUNTRIES)
December 19, 2005... INDIA -- State-owned Oil and Natural Gas Corp. (ONGC) is to hike its capital expenditure to $3 billion (140 billion rupees) during the 2006-07 fiscal year, up from $2.6 billion (120 billion rupees) in the current financial year. The bigger...

Kazakhstan--Royal Dutch Shell's long-running efforts to break into the northern Caspian Sea have finally borne fruit with the signing of a production sharing agreement to explore the Pearls Block.(COUNTRIES)
December 19, 2005... KAZAKHSTAN -- Royal Dutch Shell's long-running efforts to break into the northern Caspian Sea have finally borne fruit with the signing of a production sharing agreement to explore the Pearls Block. Shell will be operator with 55%, with state...

Oman--the country's third gas liquefaction train shipped its first cargo one month ahead of schedule on Dec. 12, providing some relief to a tight Spanish market.(COUNTRIES)
December 19, 2005... OMAN -- The country's third gas liquefaction train shipped its first cargo one month ahead of schedule on Dec. 12, providing some relief to a tight Spanish market (PIW Dec.5,p6). The 135,000 cubic meter (64,000 ton) shipment from Qalhat LNG on...

Russia--Moscow is continuing to ramp up crude exports despite a tax regime that producers say is hampering production growth, raising planned volumes by 166,000 b/d in the first quarter of 2006 from the previous three months.(COUNTRIES)
December 19, 2005... RUSSIA -- Moscow is continuing to ramp up crude exports despite a tax regime that producers say is hampering production growth, raising planned volumes by 166,000 b/d in the first quarter of 2006 from the previous three months. Crude exports...

Sao Tome--the second licensing round in the joint development zone with Nigeria was "seriously flawed," according to a report by the country's attorney general.(COUNTRIES)
December 19, 2005... SAO TOME -- The second licensing round in the joint development zone with Nigeria was "seriously flawed," according to a report by the country's attorney general. The process was "to the financial detriment of Sao Tome...and may be responsible...

Saudi Arabia--the kingdom will earn $156.8 billion from oil exports this year, figures released in the budget statement showed.(COUNTRIES)
December 19, 2005... SAUDI ARABIA -- The kingdom will earn $156.8 billion from oil exports this year, figures released in the budget statement showed. The tally exceeds the previous record of $111.5 billion in 1981 and reflects average production of about 9.5...

UAE--a feasibility study is underway to build a 300,000 b/d refinery in the northern emirate of Fujairah that will be open to foreign participation, Energy Minister Mohamed bin Dhaen al-Hamili tells PIW.(COUNTRIES)
December 19, 2005... UAE -- A feasibility study is underway to build a 300,000 b/d refinery in the northern emirate of Fujairah that will be open to foreign participation, Energy Minister Mohamed bin Dhaen al-Hamili tells PIW. The proposal from Abu Dhabi Oil...

United Kingdom--a massive fire has virtually wiped out the 485,000 bbl Buncefield oil product storage complex north of London.(COUNTRIES)
December 19, 2005... UNITED KINGDOM -- A massive fire has virtually wiped out the 485,000 bbl Buncefield oil product storage complex north of London. While it created some logistical challenges, especially for two London airports served directly from the complex,...

United States--in its own investigation, BP has slammed the working environment at its 470,000 b/d Texas City refinery where a fatal Mar. 23 blast killed 15 workers and injured another 170 people.(COUNTRIES)
December 19, 2005... UNITED STATES -- In its own investigation, BP has slammed the working environment at its 470,000 bid Texas City refinery where a fatal Mar. 23 blast killed 15 workers and injured another 170 people (PIW May23,p7). "Over the years, the working...

United States--the Energy Information Administration (EIA) has significantly increased its oil price forecast for the next two decades--to above $50/bbl--largely because of "deferred investment," or a slower pace of industry investment due to limited access to reserves.(COUNTRIES)
December 19, 2005... UNITED STATES -- The Energy Information Administration (EIA) has significantly increased its oil price forecast for the next two decades--to above $50/bbl--largely because of "deferred investment," or a slower pace of industry investment due to...

Full circle.(Marketview)
December 19, 2005... WASHINGTON -- If one thing is clear in frenzied oil markets, it is that no single factor was behind the run up in the crude price from $43 per barrel at the start of 2005 to an average above $60/bbl in the second half of the year. A...

PIW market indicators.(Petroleum Intelligence weekly)(Illustration)
December 19, 2005... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket +$54.17 52.65 $50.46 UK Brent (Dated) 58.79 56.22 ...