Petroleum Intelligence Weekly articles from February 2002

Petroleum Intelligence Weekly archives from February 2002

Saudis budge on gas talks, progress limited.
February 4, 2002... Fresh Saudi proposals to end the stalemate that has characterized the negotiations with international oil companies (IOCs) over the $20 billion-plus investments in upstream and downstream gas projects have alleviated some of the IOC concerns...

Nigeria sets budgets for joint ventures.
February 4, 2002... Nigeria's upstream joint ventures look set for another year of steady capacity growth despite the constraint of operating within the Opec quota system. For 2002, the federal government has decided to allocate $3 billion in hard currency to the...

Funds traded oil down after Sep. 11.(Brief Article)
February 4, 2002... While it's no surprise that trading by large investment funds can influence the price of oil, both up and down, recent data show that this kind of trading played an exceptionally large role in driving prices down last year, especially after...

Enron's collapse sparks trading rules debate.(Brief Article)
February 4, 2002... Might Enron's downfall serve to create the type of trading markets they successfully lobbied against in the US less than two years ago? Much of Enron backwash in Washington, DC, has so far been on the Houston-based company's ties to the White...

Iran reverts to loans backed by oil exports.
February 4, 2002... Iran looks set to return to the use of crude export pre-financing, an arrangement the government once practiced regularly to generate extra revenue. The Central Bank in Tehran is negotiating a $500 million, four-year facility with a group of...

2002 to mark last hurrah for North Sea oil.
February 4, 2002... Having confounded the forecasters each year since the mid-1990s, North Sea output is set to finally peak this year. But what a peak it will be -- oil and condensate production is set to jump 445,000 barrels per day to 6.77 million b/d in 2002,...

UN plan hits home but Iraqi exports suffer.
February 4, 2002... The US-UK campaign to plug leaks in the United Nations' Iraqi sanctions program is beginning to work, eroding Iraq's ability to collect under-the-table surcharges for its exported crude -- but the impact of the campaign goes beyond the pockets...

Corporate -- Calgary-based PanCanadian and Alberta Energy Co. are combining in a merger of equals, creating a `super-independent' that would outshine all of its North American rivals in terms of production and reserves.(Brief Article)
February 4, 2002... CORPORATE -- Calgary-based PanCanadian and Alberta Energy Co. are combining in a merger of equals, creating a `super-independent' that would outshine all of its North American rivals in terms of production and reserves. The new company, to be...

India -- Industrial Development Bank of India (IDBI), the lead lender to Enron-promoted Dabhol Power Co. (DPC), formally invited domestic and foreign companies to submit by Feb. 7 "expressions of interest" in buying a 85% stake in DPC.
February 4, 2002... INDIA -- Industrial Development Bank of India (IDBI), the lead lender to Enron-promoted Dabhol Power Co. (DPC), formally invited domestic and foreign companies to submit by Feb. 7 "expressions of interest" in buying a 85% stake in DPC. Enron...

Japan -- Signaling defeat at the hands of Saudi Arabia and Kuwait, beleaguered upstream producer Arabian Oil Co. (AOC) plans to retreat under the wing of Japan Energy's 640,000 b/d refining group.(Brief Article)
February 4, 2002... JAPAN -- Signaling defeat at the hands of Saudi Arabia and Kuwait, beleaguered upstream producer Arabian Oil Co. (AOC) plans to retreat under the wing of Japan Energy's 640,000 b/d refining group. AOC -- Japan's most successful crude producer...

Kuwait -- Kuwait came one step closer to locking in much-needed gas imports last week, when it signed a protocol and term sheet agreement for the purchase of Qatari gas by pipeline.(Brief Article)
February 4, 2002... KUWAIT -- Kuwait came one step closer to locking in much-needed gas imports last week, when it signed a protocol and term sheet agreement for the purchase of Qatari gas by pipeline. Exxon Mobil will supply the gas from its Enhanced Gas...

Kuwait Petroleum Corp. (KPC).(Brief Article)
February 4, 2002... KUWAIT -- International oil companies interested in qualifying as non-operators in the scheme to develop northern oil fields known as Project Kuwait, will be able to do so until Feb. 17. Kuwait Petroleum Corp. (KPC) plans to reopen the...

ENI's West Libya.(Brief Article)
February 4, 2002... LIBYA -- ENI's West Libya gas project appears to finally be getting off the ground. The $4.6 billion project, a 50-50 venture between ENI and Libya's National Oil Co. (NOC), aims to produce 8 Bcm/yr of gas for export to Italy and 2 Bcm/yr for...

Norway -- Norway's oil output increased by 123,000 b/d in December, the month before it imposed production restrictions to help support Opec's price-strategy, according to data released last week by the Norwegian Petroleum Directorate.(Brief Article)
February 4, 2002... NORWAY -- Norway's oil output increased by 123,000 b/d in December, the month before it imposed production restrictions to help support Opec's price-strategy, according to data released last week by the Norwegian Petroleum Directorate. The new...

Pakistan -- Pakistan has approved privatization of state-owned oil companies, yet a lingering uncertainty in the subcontinent is making potential investors nervous (PIW Nov.19,p8).(Brief Article)
February 4, 2002... PAKISTAN -- Pakistan has approved privatization of state-owned oil companies, yet a lingering uncertainty in the subcontinent is making potential investors nervous (PIW Nov.19,p8). In the next few months, Pakistan plans to sell a stake in...

Russia -- Total Fina Elf and Yukos, Russia's second biggest oil company, set up a joint venture to explore and develop the Shatsky Block, offshore acreage located in the Black Sea.(Brief Article)
February 4, 2002... RUSSIA -- Total Fina Elf and Yukos, Russia's second biggest oil company, set up a joint venture to explore and develop the Shatsky Block, offshore acreage located in the Black Sea. In the first stage of development, the companies will examine...

Turkey -- Turkey has re-launched plans to sell off government stakes in fuel retailer Petrol Ofisi and refiner Tupras.(Brief Article)
February 4, 2002... TURKEY -- Turkey has re-launched plans to sell off government stakes in fuel retailer Petrol Ofisi and refiner Tupras. The sale was initially scheduled for October last year but delayed when market conditions worsened following the Sep. 11...

Poor demand slams US integrated firms' profits in Q4.(Statistical Data Included)
February 4, 2002... The top six US-based integrated oil companies saw their fourth-quarter 2001 earnings fall by nearly 60% from the year-ago quarter, reflecting the dramatic year-to-year change in the commodity price picture. In 2000, most majors posted record...

Sweet deals. (Marketview).(Brief Article)
February 4, 2002... NEW YORK -- Look for Atlantic Basin surplus crude, particularly from the North Sea, to create a buyers' market for Asian refiners. Trader Sempra is now sitting on a slew of February Brent crude cargoes, and is most likely eyeing the Far East as...

Russian oil exports hit eight-year high.(Brief Article)
February 4, 2002... Russian crude exports to non-CIS markets reached an eight-year high in 2001 of 2.58 million b/d, up 8% from 2.38 million b/d in 2000. The figure relates to shipments via the Transneft pipeline system, including cargoes from the Black Sea and...

PIW market indicators.(Statistical Data Included)
February 4, 2002... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $18.38 $17.69 $19.30 UK Brent (Dated) ...

Laidlaw sets out survival strategy for enterprise.(Brief Article)
February 11, 2002... New Chief Executive Sam Laidlaw has begun wooing Enterprise Oil investors, but they are proving largely impervious to his charms. A new strategy for Europe's largest independent oil company, presented by Laidlaw last week, aims to convince...

Spiffed up TNK is courting BP, new partners.(Brief Article)
February 11, 2002... Tyumen Oil Co. (TNK) has proved to be no wallflower in the rough-and-ready business world of post-Soviet Russia. The aggressive way it snatched assets from under the nose of BP after the UK oil major bought a strategic stake in sister outfit...

Little hope to stop collapse in Colombia.(Ecopetrol)(Brief Article)
February 11, 2002... With Colombian oil production seemingly locked into a downward spiral -- caused by a combination of renewed attacks on infrastructure and the quickening decline of mature fields -- state Ecopetrol is exploring alternative export routes and...

Opec restraint helps rein in global supply.(Organization of Petroleum Exporting Countries)(Brief Article)(Statistical Data Included)
February 11, 2002... Oil markets looking for price support from tighter supply should find more than a grain of comfort in PIW's monthly production survey for January. The new round of Opec production cuts took the steam out of oil production growth last month,...

Mexican energy reform shifts into reverse.(Brief Article)(Statistical Data Included)
February 11, 2002... Energy reform was to be a top priority for Vicente Fox when he became president of Mexico. Just over a year later, reform has not just stalled -- it could soon slip into reverse. Faced with a hostile coalition in the opposition-controlled...

US refinery deals keep on cracking.(Brief Article)(Statistical Data Included)
February 11, 2002... After a hectic year of change in the US refining industry -- some $21.2 billion worth of mergers and acquisitions occurred in 2001, sharply up on the previous year's $3.6 billion -- there's still plenty of room for more consolidation....

India refines oil mix before deregulation.(Brief Article)(Statistical Data Included)
February 11, 2002... Long-delayed deregulation to allow India's state oil companies to import crude oil directly is only weeks away but a potentially profound shift is already affecting the quality, sourcing, and pricing of the subcontinent's crude imports. With...

Tyumen's Kukes looks to closer western ties: the following interview with Simon Kukes, president and chief executive of Russia's Tyumen Oil Co. (TNK), is part of a series of interviews and articles marking the 40th anniversary of PIW and the 50th anniversary of its sister publication Oil Daily. With international oil companies looking anew at investment in Russia, Kukes is promoting TNK as a prime candidate for partnership.(Statistical Data Included)(Interview)
February 11, 2002... Q. TNK is looking for a strategic partner. What kind of partnership do you have in mind? A. We can go in two directions: either equity participation, or project participation. We are more interested in a strategic partner who participates...

Formula prices. (General).(Brief Article)(Statistical Data Included)
February 11, 2002... FORMULA PRICES -- Saudi Arabia has narrowed the price differentials for crude bound for the US and Asia in March, but widened discounts for crude heading to Europe. For the US market, the changes to March differentials to benchmark West Texas...

Industry restructuring. (General).(Brief Article)
February 11, 2002... INDUSTRY RESTRUCTURING--Tesoro, the rapidly growing Texas-based refiner, has snared Valero's 168,000 b/d Golden Eagle refinery in northern California for just over $1 billion in the first major refinery sale this year (p5). Valero was required...

North Sea. (General).(Brief Article)(Statistical Data Included)
February 11, 2002... NORTH SEA -- An appraisal well at PanCanadian's Buzzard prospect in the Outer Moray Firth area of the UK North Sea produced an impressive 11,100 b/d of oil and 2.2 MMcf/d of natural gas from two zones, nearly double the flow from the discovery...

People. (General).(Brief Article)
February 11, 2002... PEOPLE -- BP has named John Manzoni as chief executive of downstream operations, replacing Doug Ford, who is retiring. Ralph Alexander is taking over from Manzoni as chief executive in charge of gas, power, and renewables. Alexander was...

Angola. (Countries).
February 11, 2002... ANGOLA -- Total Fina Elf bas formally committed to invest in Chevron Texaco's $3 billion LNG project and is negotiating terms for joining the joint venture with state Sonangol. The 4 million ton per year scheme is initially expected to use...

Australia. (Countries).(Brief Article)
February 11, 2002... AUSTRALIA -- Local hero Woodside looks more likely to proceed with its big Enfield oil project, after a successful appraisal well. Combined with the neighboring Vincent field, Enfield's estimated reserves of heavy oil from have now grown to 300...

China. (Countries).(pipeline scheme)(Brief Article)
February 11, 2002... CHINA -- China last week allowed Royal Dutch/Shell, head of a foreign group backing the country's ambitious $18 billion West-East pipeline scheme, to start talks with Exxon Mobil on possible investment -- though neither oil major would say...

Equatorial Guinea. (Countries).(oil production upswing)(Brief Article)
February 11, 2002... EQUATORIAL GUINEA -- The stage is set for a major upswing in Equatorial Guinea oil production (PIW Jul.16,p7). A string of new discoveries and the expansion of two currently producing fields are expected to drive crude output toward 300,000 b/d...

India. (Countries).(Indian Oil Corp.)(Brief Article)
February 11, 2002... INDIA -- In the local version of "privatization," state Indian Oil Corp. (IOC) snapped up a 33.58% stake in state products marketer IBP for $230 million, paying about double the closest rival offer from Royal Dutch/Shell. The deal shuts out...

Kazakstan. (Countries).(national company Kazakoil)(Brief Article)
February 11, 2002... KAZAKSTAN -- National oil company Kazakoil has launched a European road show for placement this year of $100 million worth of eurobonds. ABN Amro is advising the company on the placement, which was delayed from last autumn when Kazakoil's...

Kuwait. (Countries).(explosion near Iraqi border)(Brief Article)
February 11, 2002... KUWAIT -- An explosion at a 280,000 b/d gathering center in the Raudhatain field near the Iraqi border last week forced a temporary shutdown of 600,000 b/d of oil production but exports continued to flow unimpaired -- from storage and from a...

Russia. (Countries).
February 11, 2002... RUSSIA -- Feeling the strain of its pledge to Opec to restrict crude exports, Moscow is set to open the floodgates for fuel oil instead. To alleviate a glut on the domestic market, the government has halved the export tariff on fuel oil to 10...

Saudi Arabia. (Countries).
February 11, 2002... SAUDI ARABIA -- The Arab world's largest economy will contract by 2% this year and faces its worst recession since 1985 when it contracted by 4%, said a study by Saudi American Bank last week. The report assumes crude production averaging 7.4...

United States. (Countries).
February 11, 2002... UNITED STATES -- Houston-based Lyondell-Citgo Refining sued Citgo's parent, state Petroleos de Venezuela (PDV), in a New York court last week, claiming that PDV had broken its 230,000 b/d supply contract with the refinery by withholding 30,000...

United States. (Countries).
February 11, 2002... UNITED STATES-- The Department of Energy released its budget for fiscal 2003, with a boost in nuclear spending but reductions in oil and gas research and development. Secretary of Energy Spencer Abraham unveiled a record energy-funding request...

Venezuela. (Countries).
February 11, 2002... VENEZUELA -- State Petroleos de Venezuela may buy bankrupt Enron's 49.25% stake in the Accroven III and IV natural gas liquids (NGLs) complex alongside PDV's existing cryogenic plants in eastern Venezuela. PDV currently supplies gas to the...

Algeria, Russia lead charge against EU gas policy.(European Union)(Brief Article)
February 11, 2002... Algeria and Russia are leading a growing offensive against EU attempts to outlaw destination clauses in existing long-term take-or-pay natural gas contracts. They say such clauses were freely agreed upon between willing buyers and willing...

Skipping summer. (Marketview).(Brief Article)
February 11, 2002... LONDON/NEW YORK -- Gasoline price spikes have become, in recent years, as much a part of the US summer as corn on the cob, especially since the government introduced Phase II reformulated gasoline (RFG) at the beginning of 2000. But this year...

Enron execs cut and run but cannot hide.(Kenneth Lay)(Brief Article)
February 11, 2002... Kenneth Lay, ousted in late January as chairman and chief executive, severed his last tie with Enron last week when he resigned from the bankrupt energy trading company's board of directors. In a terse Enron press release, the only reference to...

PIW market indicators.(Statistical Data Included)
February 11, 2002... Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $18.50 $18.30 $17.81 UK Brent (Dated) 19.89 19.68 ...

Brent plays could prove last straw.(Brief Article)
February 18, 2002... Trading plays in North Sea Brent could well come under much closer scrutiny than oil traders will welcome, both from market watchdogs alerted by the Enron collapse and politicians eager to tighten rules in unregulated markets. The European...

Non-Opec puzzle on compliance muddles market.(petroleum production figures)(Brief Article)(Statistical Data Included)
February 18, 2002... Opec compliance with promised cuts may not have been very impressive in January, but Opec appeared to do a better job than the five non-Opec countries that were supposed to be acting in concert with the producer group. And at least Opec...

Small print is the focus in Enron's wake.(Brief Article)
February 18, 2002... The collapse of Enron has drawn a lot more attention to how companies organize their finances, how transparently they report those finances, and how effectively equity analysts, credit ratings agencies, and accountants scrutinize them. Critics...

Bears buoyed by latest turn in balances.(crude oil inventories)(Brief Article)(Statistical Data Included)
February 18, 2002... Just when it looked like oil markets might be overly pessimistic about global fundamentals, new January data vindicates the bears -- for now at least. After a surprisingly normal seasonal stock draw in the fourth quarter of last year, a sharp...

Russian majors make a dash for growth.(petroleum companies)(Brief Article)
February 18, 2002... There is a certain lack of clarity about Russia's efforts to comply with its pledges of lower export levels in the first quarter, to put it mildly (p1). On a different but closely related tack, Russia's oil companies are anything but vague...

Total leans heavily on Angolan hopes.(Total Fina Elf)(Brief Article)
February 18, 2002... Deep offshore Angola, Total Fina Elf is poised to ratchet output from bountiful Block 17 Girassol field to 200,000 barrels of oil per day, achieving Total's global target of 10% upstream growth for 2002 months ahead of schedule. But, with the...

Slim returns from Russia's Iraqi relations.(Brief Article)
February 18, 2002... As Russia has edged closer to the US since the events of Sep. 11 it has not allowed the warmer relationship to cool its ardor for doing business with Iraq. Last week, Russian President Putin bluntly warned the US not to take military action...

IEA -- the International Energy Agency's (IEA) monthly Oil Market Report released on Feb. 8 painted a pessimistic picture of oil market fundamentals.(Brief Article)
February 18, 2002... IEA -- The International Energy Agency's (IEA) monthly Oil Market Report released on Feb. 8 painted a pessimistic picture of oil market fundamentals. According to the West's energy watchdog, compliance with output cuts by 10 Opec members and...

Industry Restructuring -- in an effort to improve their financial performance and operational efficiency, Royal Dutch/Shell is launching one of the largest re-branding efforts ever undertaken in the US, with a price tag in the hundreds of millions of dollars.(Brief Article)
February 18, 2002... INDUSTRY RESTRUCTURING -- In an effort to improve their financial performance and operational efficiency, Royal Dutch/Shell is launching one of the largest re-branding efforts ever undertaken in the US, with a price tag in the hundreds of...

Algeria -- in the third bid round since early 2001, a mixed bag of nine oil and gas exploration blocks scattered around the country was put up for offers -- due by the end of June.(Brief Article)
February 18, 2002... ALGERIA -- In the third bid round since early 2001, a mixed bag of nine oil and gas exploration blocks scattered around the country was put up for offers -- due by the end of June. Three are in the prolific Berkine basin and include old BP...

Azerbaijan -- a string of exploration disappointments has lengthened with reports that Exxon Mobil has abandoned its first well in the offshore Nakhichevan block it shares on a 50-50 basis with state oil company Socar.(Brief Article)(Statistical Data Included)
February 18, 2002... AZERBAIJAN -- A string of exploration disappointments has lengthened with reports that Exxon Mobil has abandoned its first well in the offshore Nakhichevan block it shares on a 50-50 basis with state oil company Socar. The US operator drilled...

Brunei -- two deepwater blocks were awarded in the sultanate's first tender for this long-sought acreage.(Brief Article)
February 18, 2002... BRUNEI -- Two deepwater blocks were awarded in the sultanate's first tender for this long-sought acreage. France's Total Fina Elf won rights to operate exploration Block J, with partners Australia's BHP Billiton and US Amerada Hess. Block K...

Canada -- Chevron Texaco pulled the plug on offshore Newfoundland's Hebron field, claiming the heaviness of the oil and the complex reservoir made development uneconomic at this time.(Brief Article)
February 18, 2002... CANADA -- Chevron Texaco pulled the plug on offshore Newfoundland's Hebron field, claiming the heaviness of the oil and the complex reservoir made development uneconomic at this time. Hebron and neighboring Ben Nevis were fourth in line for...

Colombia -- with much fanfare, state Ecopetrol announced two new discoveries boasting reserves of 100 million bbl apiece which will help to meet national production targets to the end of the decade.(Brief Article)(Statistical Data Included)
February 18, 2002... COLOMBIA -- With much fanfare, state Ecopetrol announced two new discoveries boasting reserves of 100 million bbl apiece which will help to meet national production targets to the end of the decade. The finds were at new wells in the Capachos...

India -- the government is likely to increase taxes on crude sales by state Oil & Natural Gas Corp.(Brief Article)(Statistical Data Included)
February 18, 2002... INDIA -- The government is likely to increase taxes on crude sales by state Oil & Natural Gas Corp. (ONGC) by more than 50%, jeopardizing the state oil exploration giant's plans to revitalize Bombay High and other associated fields (PIW...

Indonesia -- state oil and gas giant Pertamina took the first step down what is likely to be a long road to privatization by bringing forward plans to become a limited liability company from November 2003 to earlier next year.(Brief Article)
February 18, 2002... INDONESIA -- State oil and gas giant Pertamina took the first step down what is likely to be a long road to privatization by bringing forward plans to become a limited liability company from November 2003 to earlier next year. Actual...

Ivory Coast -- Canadian Natural and Irish producer Tullow announced last week the restart of production from the Espoir field offshore Ivory Coast.(Brief Article)(Statistical Data Included)
February 18, 2002... IVORY COAST -- Canadian Natural and Irish producer Tullow announced last week the restart of production from the Espoir field offshore Ivory Coast. Discovered in the 1970s, the Espoir field produced a cumulative 31 million bbl between 1980 and...

Libya -- a $4 billion deal to compensate victims of the Lockerbie bombing could hold the key to the eventual lifting of US sanctions and the return of US oil companies.
February 18, 2002... LIBYA -- A $4 billion deal to compensate victims of the Lockerbie bombing could hold the key to the eventual lifting of US sanctions and the return of US oil companies. An outline deal was agreed with the US and the UK last month, PIW...

Peru -- the big Camisea natural gas project took a major step toward development of an LNG facility on the coast to export gas from Camisea when Halliburton's Kellogg Brown & Root unit won an $8.5 million front-end engineering-design study of the LNG project.
February 18, 2002... PERU -- The big Camisea natural gas project took a major step toward development of an LNG facility on the coast to export gas from Camisea when Halliburton's Kellogg Brown & Root unit won an $8.5 million front-end engineering-design study of...

Russia -- government approval of hefty 2002 budgets for the two Sakhalin production sharing agreement (PSA) projects in the Far East has pushed both schemes closer to full development.(Brief Article)(Statistical Data Included)
February 18, 2002... RUSSIA -- Government approval of hefty 2002 budgets for the two Sakhalin production sharing agreement (PSA) projects in the Far East has pushed both schemes closer to full development (PIW Nov.5,p11). Sakhalin-2, the Royal Dutch/Shell operated...

Russia -- natural gas output was down again last year to 581.4 Bcm, reinforcing calls to open up the market to independent producers and oil companies.(Brief Article)(Statistical Data Included)
February 18, 2002... RUSSIA -- Natural gas output was down again last year to 581.4 Bcm, reinforcing calls to open up the market to independent producers and oil companies. Production at Gazprom, which accounts for more than 90% of output, has fallen by 6% over the...

BP is outpacing Shell in profits and reserves. (What's New Around the World).
February 18, 2002... Europe's two biggest oil companies have squared up this month, with BP claiming a points victory over Royal Dutch/Shell in terms of both profits and drill-bit success. BP posted adjusted fourth quarter earnings of $2.204 billion, bang in the...

Venezuela -- heads rolled again Feb. 8 when President Hugo Chavez removed his former close ally General Guaicaipuro Lameda from the presidency of state Petroleos de Venezuela, replacing him with Gaston Parra, an economist and former Central Bank vice president with strong leftist credentials.(Brief Article)(Product Announcement)
February 18, 2002... VENEZUELA -- Heads rolled again Feb. 8 when President Hugo Chavez removed his former close ally General Guaicaipuro Lameda from the presidency of state Petroleos de Venezuela, replacing him with Gaston Parra, an economist and former Central...

Brent sells out. (Marketview).(Brief Article)
February 18, 2002... LONDON -- Just as US trader Sempra relaxed its grip on the February dated Brent market, Royal Dutch/Shell made a grab for March. At the close of its February play, Sempra had 21 out of a possible 25 dated Brent cargoes with China's Sinochem...

PIW Market Indicators.(Brief Article)(Illustration)(Statistical Data Included)
February 18, 2002... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $19.28 $18.51 $17.69 UK Brent (Dated) ...

Brent squeeze floods Asia, rocks Dubai.(Brief Article)
February 25, 2002... Not for the first time, the rocky fortunes of crude benchmark Dubai have forced Asia into acting as the test bed for methods to protect illiquid benchmarks against manipulation. Asia is playing guinea pig again, as the recent squeezes on the...

Nigeria's cuts stymie majors' deepwater plans.(Brief Article)
February 25, 2002... Deepwater oil field projects look set to pay the price for Nigeria's decision to improve compliance with its Opec quota. This is a potentially painful blow to oil majors Exxon Mobil, Total Fina Elf, and Royal Dutch/Shell that were counting on...

Market access guides Yukos' expansion plans.(Russian oil producer)(Brief Article)
February 25, 2002... Russian pledges of cooperation with Opec on restraining exports to support higher prices might play well in the political arena and even in the market, but they appear meaningless to at least one major Russian oil producer. Yukos Chairman and...

Saudis losing grip on prized US market.(Brief Article)(Statistical Data Included)
February 25, 2002... Has Saudi Arabia lost its grip on the US crude oil market? Judging from the latest data, the answer is yes: Mexico elbowed the kingdom out of its prized top slot in the US import rankings in each of the last three months of 2001. But three...

Oil sands put pressure on Canada's gas.(Brief Article)(Statistical Data Included)
February 25, 2002... Developments of Canada's oil sands may be poised to push up oil supply rapidly over the next decade, but the implications for natural gas exports to the US are not so rosy. Large volumes of gas are needed for the energy-intensive projects,...

US firms learn to cope with volatility.(Brief Article)(Statistical Data Included)
February 25, 2002... Fresh from riding out the commodity price roller coaster in 2001, US independent producers are scrambling for the best ways to deal with another volatile year in crude oil and natural gas markets. With storage facilities brimming, gas prices...

Politics menace Bangladeshi gas export hopes.(Brief Article)(Statistical Data Included)
February 25, 2002... Is Bangladesh on the verge of a historic decision to allow natural gas exports to India? That's what gas producers Royal Dutch/Shell and Unocal are banking on when a legal ban on exports expires in March. But the politicians hold the key....

Yukos' Khodorkovsky targets export growth.(Mikhail Khodorkovsky, chairman of Russia's Yukos Oil Company)(Interview)
February 25, 2002... The following interview with Mikhail Khodorkovsky, the chairman and chief executive of Russia's Yukos, is part of an occasional series of interviews and articles marking the 40th anniversary of PIW and the 50th anniversary of its sister...

Corporate -- Norway's Statoil is in discussion with Mexican state Pemex on possible involvement in Mexico's natural gas sector, hoping to capitalize on its offshore development expertise.(Brief Article)
February 25, 2002... CORPORATE -- Norway's Statoil is in discussion with Mexican state Pemex on possible involvement in Mexico's natural gas sector, hoping to capitalize on its offshore development expertise. Despite growing political opposition the administration...

Industry restructuring -- bankrupt Enron is selling its wind turbines business to General Electric for about $258 million.(Brief Article)
February 25, 2002... INDUSTRY RESTRUCTURING -- Bankrupt Enron is selling its wind turbines business to General Electric for about $258 million. The proceeds of the proposed sale, which must be approved by a bankruptcy court judge and regulators, will be used to...