Petroleum Intelligence Weekly articles from February 2004

Petroleum Intelligence Weekly archives from February 2004

Saudi opening attracts the second tier.
February 2, 2004... Has Saudi Arabia lost its luster? That may sound like an absurd suggestion for the world's energy superpower, but the results of the kingdom's first public upstream tender suggest that something is amiss--in gas, if not oil. Six years ago, when...

Opec faces second-quarter quandary.
February 2, 2004... Just how justified is Opec's concern about a plunge in second-quarter demand for its oil? With crude prices well above Opec's $22-$28 per barrel target range, in part due to still very low inventories in the US and other major consuming...

ONGC plants Indian flag overseas.
February 2, 2004... India's Oil and Natural Gas Corp. (ONGC) is rapidly emerging as one of the new breed of state oil firms moving into the upstream overseas, notably in countries that are off limits to Western majors and large independents, either because of...

Nymex puts the heat on ICE and IPE.
February 2, 2004... The New York Mercantile Exchange (Nymex) is launching a hostile takeover bid for its archrival, London's International Petroleum Exchange (IPE) and its electronic owner, the IntercontinentalExchange (ICE), after friendlier merger talks broke...

Kyoto or not, EU will trade emissions.
February 2, 2004... The European Union is pressing ahead with cuts to emissions of carbon dioxide (CO2) irrespective of whether the 1997 Kyoto Climate Change Treaty comes into force. The cost of making these reductions is, however, likely to escalate in the...

Condensates drive Gulf refinery growth.
February 2, 2004... Eager to increase their export potential, improve the overall quality of their refined products and bring maximum value to rising production of condensates, Mideast Gulf producers are pushing ahead with refinery upgrades and, in the case of...

Atul Chandra turns around India's ONGC Videsh.
February 2, 2004... In the mid-1990s, ONGC Videsh, the overseas arm of India's state Oil & Natural Gas Corp., was a moribund concern on the verge of being wound up. It has since been turned around, acquiring oil exploration and production assets worth billions of...

Corporate--besides adding another page to the negative news flow surrounding Royal Dutch/Shell, analysts do not expect the filing of two class action suits in the US against the company for its overstatement of 3.9 billion bbl of oil equivalent in proven reserves to hurt it too badly (PIW Jan.19,p1).(General)
February 2, 2004... CORPORATE--Besides adding another page to the negative news flow surrounding Royal Dutch/Shell, analysts do not expect the filing of two class action suits in the US against the company for its overstatement of 3.9 billion bbl of oil equivalent...

Earnings--robust oil and gas prices fueled higher fourth-quarter profits for top US-based integrated oil companies.(General)
February 2, 2004... EARNINGS--Robust oil and gas prices fueled higher fourth-quarter profits for top US-based integrated oil companies. The US downstream, where the run-up in crude prices hurt refining margins most, was the Achilles' heel for firms heavily...

Algeria--the government plans to build a new single 4 million ton/yr LNG train at Skikda costing up to $1 billion to replace the three smaller ones destroyed in a Jan. 19 explosion that killed 27 people (PIW Jan.26,p7).(Countries)
February 2, 2004... ALGERIA -- The government plans to build a new single 4 million ton/yr LNG train at Skikda costing up to $1 billion to replace the three smaller ones destroyed in a Jan. 19 explosion that killed 27 people (PIW Jan.26,p7). Skikda had six trains,...

China--Exxon Mobil's participation in a joint venture refinery and petrochemicals project in Fujian Province has been delayed indefinitely by a dispute with state-owned Sinopec over their proposed retail joint venture.(Countries)
February 2, 2004... CHINA -- Exxon Mobil's participation in a joint venture refinery and petrochemicals project in Fujian Province has been delayed indefinitely by a dispute with state-owned Sinopec over their proposed retail joint venture. "Sinopec's retail joint...

Ecuador--foreign oil companies won a victory of sorts last week when the Supreme Court upheld a previous lower court ruling that the government should give Canada's EnCana a 2% refund in an ongoing VAT dispute with oil exporters.(Countries)
February 2, 2004... ECUADOR -- Foreign oil companies won a victory of sorts last week when the Supreme Court upheld a previous lower court ruling that the government should give Canada's EnCana a 2% refund in an ongoing VAT dispute with oil exporters. The ruling...

Iran--Austria's OMV signed a memorandum of understanding with National Iranian Gas Export Co. (NIGEC) that advanced the prospect of Iranian natural gas one day finding its way via pipeline into Europe.(Countries)
February 2, 2004... IRAN -- Austria's OMV signed a memorandum of understanding with National Iranian Gas Export Co. (NIGEC) that advanced the prospect of Iranian natural gas one day finding its way via pipeline into Europe. NIGEC, OMV and Austrian gas marketer...

Iran--state oil firm National Iranian Oil Co. (NIOC) has launched a new type of contract offering exploration and development in a single phase, rather than requiring separate contracts for each, and granting contractors the right to develop their discoveries.(Countries)
February 2, 2004... IRAN -- State oil firm National Iranian Oil Co. (NIOC) has launched a new type of contract offering exploration and development in a single phase, rather than requiring separate contracts for each, and granting contractors the right to develop...

Jordan--Egypt, Jordan, Syria and Lebanon have agreed to begin construction of the second section of the Arab Gas Pipeline project, which eventually aims to supply Egyptian gas to all three countries.(Countries)
February 2, 2004... JORDAN -- Egypt, Jordan, Syria and Lebanon have agreed to begin construction of the second section of the Arab Gas Pipeline project, which eventually aims to supply Egyptian gas to all three countries. The second phase involves the construction...

Kazakhstan--amid growing impatience with what is perceived locally as the slow pace of progress by foreign operators on some of the country's largest projects, state-owned Kazmunaigas plans to merge two of its largest production subsidiaries.(Countries)
February 2, 2004... KAZAKHSTAN -- Amid growing impatience with what is perceived locally as the slow pace of progress by foreign operators on some of the country's largest projects, state-owned Kazmunaigas plans to merge two of its largest production subsidiaries....

Peru--Spanish Repsol YPF and Burlington Resources will invest some $45 million to explore Block 57, close to the giant Camisea gas field in Block 88.(Countries)
February 2, 2004... PERU -- Spanish Repsol YPF and Burlington Resources will invest some $45 million to explore Block 57, close to the giant Camisea gas field in Block 88. The deal is the first of several that state agency Perupetro plans to sign under new royalty...

Russia--Sibneft, Yukos' erstwhile merger partner, expects to lift crude production by 20% this year although the rate of output growth by Russian companies in general is expected to fall.(Countries)
February 2, 2004... RUSSIA -- Sibneft, Yukos' erstwhile merger partner, expects to lift crude production by 20% this year although the rate of output growth by Russian companies in general is expected to fall. The stellar growth follows a blistering 19.5% rise in...

Saudi Arabia--a third newcomer, a consortium of Italy's Eni and Spain's Repsol YPF, last week snatched the last of three natural gas blocks in the country's first public upstream tender.(Countries)
February 2, 2004... SAUDI ARABIA -- A third newcomer, a consortium of Italy's Eni and Spain's Repsol YPF, last week snatched the last of three natural gas blocks in the country's first public upstream tender. The auction attracted just five bidders over its three...

South Korea--despite efforts at supply diversification, reliance on Mideast crudes is increasing.(Countries)
February 2, 2004... SOUTH KOREA -- Despite efforts at supply diversification, reliance on Mideast crudes is increasing. A mere 1.7% rise in crude imports in 2003 to 2.21 million b/d included sizable volume increases for key Mideast suppliers, who gained further...

Tunisia--Canada's Centurion Energy spudded its Robanna-2 exploration well and drilling is now advancing.(Countries)
February 2, 2004... TUNISIA -- Canada's Centurion Energy spudded its Robanna-2 exploration well and drilling is now advancing. The well will be drilled to a depth of 2,800 meters to test the Upper and Basal Sands of the Lower Cretaceous Meloussi formation. The...

United States--a federal judge ordered Exxon Mobil to pay $4.5 billion in punitive damages plus $2.25 billion in interest because of the 1989 Exxon Valdez oil tanker spill.(Countries)
February 2, 2004... UNITED STATES -- A federal judge ordered Exxon Mobil to pay $4.5 billion in punitive damages plus $2.25 billion in interest because of the 1989 Exxon Valdez oil tanker spill. Exxon confirmed the decision and confirmed it would appeal. A US...

United States--Russia's Lukoil is expanding its toehold in the retail market by acquiring 795 filling stations from ConocoPhillips in New Jersey and Pennsylvania, doubling its market share in the Northeast, which is based on filling stations bought from Getty Oil (PIW Mar.12'01,p2).(Countries)
February 2, 2004... UNITED STATES -- Russia's Lukoil is expanding its toehold in the retail market by acquiring 795 filling stations from ConocoPhillips in New Jersey and Pennsylvania, doubling its market share in the Northeast, which is based on filling stations...

United States--the long period of producer denial about the economic viability of piping 35 Tcf or more of gas from Alaska's North Slope to the Lower 48 states has ended.(Countries)
February 2, 2004... UNITED STATES -- The long period of producer denial about the economic viability of piping 35 Tcf or more of gas from Alaska's North Slope to the Lower 48 states has ended. North Slope producers BP, ConocoPhillips and Exxon Mobil now appear to...

More money, less brain.(Marketview)
February 2, 2004... NEW YORK -- US commercial crude oil stocks hit fresh 28-year lows last week at 263.7 million bbl, but neither this nor the vast amount of ice and snow covering the US Northeast, the world's major heating oil market, could halt the slide in...

Bird flu virus affects Asian jet outlook.(Marketview)
February 2, 2004... Asia's jet fuel demand is starting to weaken on new fears of the spread of bird flu virus in the region and loosening seasonal fundamentals. Jet fuel prices, which usually trade at a premium to gas oil, slipped unexpectedly into a discount in...

PIW market indicators.
February 2, 2004... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $30.05 $30.70 $30.11 UK Brent (Dated) 30.49 31.87 31.43...

Shell says sorry. Is it enough?(Royal Dutch-Shell Group of Cos.)
February 9, 2004... Top management at Royal Dutch/Shell has apologized unreservedly for its handling of last month's 20% proven reserves downgrade and irate investors have stopped baying for the blood of Chief Executive Phil Watts. The saga has still left an ugly...

Opec's hands are tied, for now.
February 9, 2004... Heading into this week's ministerial talks in Algiers, Opec is in an unusual quandary. Crude prices are too high for the group to cut its production ceiling--as several members believe they should to avert a spring supply glut. With US crude...

Black Sea jam distorts med markets.
February 9, 2004... Russia is struggling to divert its crude away from Black Sea ports to alternative export outlets as its rising oil output bumps up against mounting congestion in the Turkish straits. Turkey's restrictions on oil tankers transiting the Bosporus...

Saudi play ups Sinopec's global game.
February 9, 2004... By awarding one of its first upstream tenders to China's Sinopec Group, Saudi Arabia acquired a partner that is better known for refining than for its exploration skills, but a high bid is a high bid. Nabbing the block was a coup for...

Iran's new upstream gems don't shine.
February 9, 2004... Will Iran's recent offer of "new terms for new blocks" lead to new upstream deals with foreign majors? With the likes of BP, Total, Royal Dutch/Shell and Japan's Impex stymied in negotiations for the massive Azadegun and Ahwaz Bangestan oil...

Turnarounds will boost US refiners.
February 9, 2004... Record refinery turnarounds related to clean fuels projects and routine maintenance are expected to take a substantial toll on gasoline and distillate production in the US in the first quarter (PIW Sep.15,p8). Some of the US' largest refiners,...

Non-Opec nibbles away at Opec.
February 9, 2004... As Opec ministers mull the state of the oil market at their Algiers meeting this week, the debate over what volume Opec should be supplying in the second quarter will be critical (p1). While some believe that Opec supply cuts will be...

Reserves--in the wake of Royal Dutch/Shell's embarrassing 20% reserves downgrade, Canada's Nexen has cut its numbers and Houston-based El Paso warned that it would follow suit (PIW Jan.19,p1).(General)
February 9, 2004... RESERVES--In the wake of Royal Dutch/Shell's embarrassing 20% reserves downgrade, Canada's Nexen has cut its numbers and Houston-based El Paso warned that it would follow suit (PIW Jan.19,p1). Nexen's downgrade, triggered in part by tighter...

Industry restructuring--US independent refiner Valero is expanding on the US Gulf Coast through the acquisition from El Paso of the 315,000 b/d Aruba refinery for $365 million plus $100 million for related marine, bunkering and marketing operations, and an estimated $250 million for working capital.(General)
February 9, 2004... INDUSTRY RESTRUCTURING--US independent refiner Valero is expanding on the US Gulf Coast through the acquisition from El Paso of the 315,000 b/d Aruba refinery for $365 million plus $100 million for related marine, bunkering and marketing...

Azerbaijan--construction of the first pipeline to transport Caspian gas to Turkey will start in the third quarter of 2004 and the first gas will flow by the end of 2006.(Countries)
February 9, 2004... AZERBAIJAN -- Construction of the first pipeline to transport Caspian gas to Turkey will start in the third quarter of 2004 and the first gas will flow by the end of 2006. BP is the project's technical operator. The 970 km South Caucasus...

Bolivia--a four-year austerity plan announced by President Hugo Mesa includes new taxes on hydrocarbons operators in an effort to reduce the current 8% fiscal deficit to 6.4% this year.(Countries)
February 9, 2004... BOLIVIA -- A four-year austerity plan announced by President Hugo Mesa includes new taxes on hydrocarbons operators in an effort to reduce the current 8% fiscal deficit to 6.4% this year. The government expects to raise $50 million by taxing...

India--Cairn Energy confirmed that its recent oil discovery in the northern Rajasthan Basin would boost its reserve base significantly, following a successful test at the N-B-1 exploration well, which flowed at around 6,000 b/d of 24[degrees]-29[degrees] API oil (PIW Jan.26,p6).(Countries)
February 9, 2004... INDIA -- Cairn Energy confirmed that its recent oil discovery in the northern Rajasthan Basin would boost its reserve base significantly, following a successful test at the N-B-1 exploration well, which flowed at around 6,000 b/d of...

Indonesia--BG finished talks with China National Offshore Oil Corp. (CNOOC) and LNG Japan Corp. about their preemption of BG's 50% interest in the Muturi production sharing contract, which equates to a 10.73% stake in the Tangguh LNG venture in West Papua (PIW Jan.12,p7).(Countries)(Centrica PLC)
February 9, 2004... INDONESIA -- BG finished talks with China National Offshore Oil Corp. (CNOOC) and LNG Japan Corp. about their preemption of BG's 50% interest in the Muturi production sharing contract, which equates to a 10.73% stake in the Tangguh LNG venture...

Japan--oil demand and crude imports posted healthy gains last year, driven higher by utility demand for fuel oil in the wake of nuclear power plant maintenance scandals.(Countries)
February 9, 2004... JAPAN -- Oil demand and crude imports posted healthy gains last year, driven higher by utility demand for fuel oil in the wake of nuclear power plant maintenance scandals. Demand grew 2.2%, or 88,000 b/d, to average 4.19 million b/d. Growth was...

Mauritania--Australia's Woodside completed the acquisition of Italian Eni's upstream assets offshore, including stakes in the Chinguetti, Banda and Tiof fields.(Countries)
February 9, 2004... MAURITANIA -- Australia's Woodside completed the acquisition of Italian Eni's upstream assets offshore, including stakes in the Chinguetti, Banda and Tiof fields. Woodside bought its biggest partner in the project, Agip Mauritania, holder of...

Mexico--state oil giant Pemex has to make do with an operating budget of $6.68 billion for 2004 rather than the $7.03 billion that it requested from Congress after President Vicente Fox failed to push through tax reforms that would have reduced federal reliance on Pemex earnings.(Countries)
February 9, 2004... MEXICO -- State oil giant Pemex has to make do with an operating budget of $6.68 billion for 2004 rather than the $7.03 billion that it requested from Congress after President Vicente Fox failed to push through tax reforms that would have...

Morocco--US independent Vanco Energy signed a participation agreement with Italy's Eni to drill the first deepwater well in its Ras Tafelney offshore license after 3-D seismic work launched two years ago identified several prospects.(Countries)
February 9, 2004... MOROCCO -- US independent Vanco Energy signed a participation agreement with Italy's Eni to drill the first deepwater well in its Ras Tafelney offshore license after 3-D seismic work launched two years ago identified several prospects. Eni will...

Norway--controversial Arctic offshore acreage in the southern Barents Sea, near the Snohvit LNG project, is up for grabs in the 2004 license round for Awards in Predefined Areas, known as APA 2004 (PIW Mar.31,p4).(Countries)
February 9, 2004... NORWAY -- Controversial Arctic offshore acreage in the southern Barents Sea, near the Snohvit LNG project, is up for grabs in the 2004 license round for Awards in Predefined Areas, known as APA 2004 (PIW Mar.31,p4). The main change is to permit...

Russia--Yukos and Sibneft have agreed to unravel their ill-fated merger in a "mirror deal" that will untangle the two companies without Sibneft shareholders paying any compensation.(Countries)
February 9, 2004... RUSSIA -- Yukos and Sibneft have agreed to unravel their ill-fated merger in a "mirror deal" that will untangle the two companies without Sibneft shareholders paying any compensation. The new transaction would reverse a share-swap between the...

Russia--Seaborne crude exports dropped by 142,000 b/d in January from the previous month as winter storms pounded the Black Sea ports and tankers were delayed in Turkey's Bosporus (p2).(Countries)
February 9, 2004... RUSSIA -- Seaborne crude exports dropped by 142,000 b/d in January from the previous month as winter storms pounded the Black Sea ports and tankers were delayed in Turkey's Bosporus (p2). Shipments totaled 2.781 million b/d last month, down...

Resource nationalism is growing in Russia.
February 9, 2004... The rules of the game in Russia are getting harder for foreign oil companies. Exxon Mobil has been refused a license to develop the Sakhalin-3 acreage in the Pacific shelf, while TNK-BP's proposal to develop the Kovykta gas field in East...

South Korea--the government plans to raise its crude oil stockpile by 10 million bbl this year to 81.4 million bbl (PIW Apr.21,p5).(Countries)
February 9, 2004... SOUTH KOREA -- The government plans to raise its crude oil stockpile by 10 million bbl this year to 81.4 million bbl (PIW Apr.21,p5). The country's oil storage facilities will also be increased by 2.5 million bbl to 101.6 million bbl to...

Ukraine--the government again refused to reverse the idle Odessa-Brody pipeline to ship Russian crude south to the Black Sea, cutting off one of Russia's few near-term options for increasing its export capacity.(Countries)
February 9, 2004... UKRAINE -- The government again refused to reverse the idle Odessa-Brody pipeline to ship Russian crude south to the Black Sea, cutting off one of Russia's few near-term options for increasing its export capacity. Kiev is still counting on...

Benchmark bother.(Marketview)
February 9, 2004... SINGAPORE -- Asia's sour crude benchmarks are once again in the spotlight as refiners, traders and producers seek viable alternatives--or at least minor improvements--to the region's current reliance on a combination of Oman and Dubai crudes....

US inventory rise takes a bite out of prices.
February 9, 2004... Crude and product futures moved sharply lower after weekly US data released on Feb. 4 revealed a dramatic build in crude inventories amid rising crude imports. Light, sweet March crude on the New York Mercantile Exchange lost $1, or 2.9%, to...

PIW market indicators.(Illustration)
February 9, 2004... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $28.93 $29.82 $30.79 UK Brent (Dated) 30.07 30.07 31.64...

Opec moves fight to the funds' turf.(Organization of Petroleum Exporting Countries)
February 16, 2004... Opec displayed its renewed flair for surprises again last week. Ministers went into their Algiers meeting having briefed against immediate supply cuts because oil prices were still far above $30 per barrel. They came out with a declaration...

TNK-BP breaks new path for Russian oil.(management )
February 16, 2004... Barely a year ago, TNK-BP was tittle more than an idea, a way for supermajor BP to gain a substantial stake in Russia as well as for recently merged Tyumen Oil and Sidanco to acquire access to much-needed capital and technology. But it is...

Gas makes inroads in South Africa.(Mozambique)
February 16, 2004... South Africa will receive its first natural gas from Mozambique this month, generating income for its poorer northern neighbor and increasing its own energy diversity. Initial flows will replace coal in chemical plants; any further gas...

New finds not driving reserve replacement.(Petroleum)
February 16, 2004... Despite rosy announcements of strong reserve replacement rates, worldwide oil and gas companies have been in a major slump in making new discoveries since the late 1990s. Indeed, positive reserve revisions--the result of the development and...

Norway, UK open up frontier regions.(Petroleum exploration, united kingdom)
February 16, 2004... Concerned about declining drilling activity, Norway and the UK are both opening up frontier regions to petroleum activity. But the similarity ends there. While Norwegian gas output is rising, it is offering Arctic blocks to firm up gas reserves...

CNPC is Chinese oil firm to watch.(China National Petroleum Corp.)(Company Profile)
February 16, 2004... Of Beijing's three state-owned energy firms, China National Petroleum Corp. (CNPC) has the most credible claim to be China's one true emerging major. Its affiliate PetroChina may grab the headlines with its meteoric share price rally, but CNPC...

US Indies reap rewards of EOR.(independents, Enhanced oil recovery)
February 16, 2004... While several US independents turn their attention increasingly to upstream opportunities overseas, two of the biggest are pursuing lucrative niche oil developments in their own backyard. Enhanced oil recovery projects in the US Lower 48 were...

Dudley explains TNK-BP plan for success in Russia.(Robert Dudley)(Interview)
February 16, 2004... Many oil industry eyes are watching TNK-BP very carefully as a bellwether indicator of strategic partnerships of Russia with the West. Bankers and governments around the world view the five-month-old venture as a gauge for further foreign...

Industry restructuring--having already sold out of PetroChina, UK supermajor BP has concluded the sale, on public markets, of its 2.1% equity stake in integrated Chinese oil major Sinopec for $742 million (PIW Jan. 19, p8).(General)(Brief Article)
February 16, 2004... INDUSTRY RESTRUCTURING--Having already sold out of PetroChina, UK supermajor BP has concluded the sale, on public markets, of its 2.1% equity stake in integrated Chinese oil major Sinopec for $742 million (PIW Jan. 19, p8). BP bought the stake...

IEA--the International Energy Agency's monthly Oil Market Report painted a rosier picture for global demand, but also said that lean inventories had probably turned the corner.(General)(Brief Article)
February 16, 2004... IEA--The International Energy Agency's monthly Oil Market Report painted a rosier picture for global demand, but also said that lean inventories had probably turned the corner. More comfortable stock levels would ease price and market...

Formula prices--expecting a weakening US crude market for all its grades, Saudi Arabia drastically lowered the March formula prices for its oil going west.(General)(Illustration)
February 16, 2004... FORMULA PRICES--Expecting a weakening US crude market for all its grades, Saudi Arabia drastically lowered the March formula prices for its oil going west. Formula prices for heavier erodes going to Europe and Asia were increased, while lighter...

Algeria--Sonatrach last week announced an oil discovery in Block 427 of the Hassi Dzabat region, northeast of the Rhourde El Baguel oil field.(Countries)(Brief Article)
February 16, 2004... ALGERIA -- Sonatrach last week announced an oil discovery in Block 427 of the Hassi Dzabat region, northeast of the Rhourde El Baguel oil field. The BRA-1 well tested at 4,445 b/d. Sonatrach put its preliminary estimate of oil reserves in place...

Angola--the government has given BP the green light to develop its $4 billion Greater Plutionio oil field project in deepwater Block 18 after long delays.(Countries)(British Petroleum )(Brief Article)
February 16, 2004... ANGOLA -- The government has given BP the green light to develop its $4 billion Greater Plutionio oil field project in deepwater Block 18 after long delays. The project, Angola's fifth deepwater scheme sanctioned, will raise BP's net production...

Caspian--French major Total could step up its exploration drive in the Caspian Sea if negotiations between Kazakhstan and Russian state oil company Rosneft bear fruit.(Countries)(Brief Article)
February 16, 2004... CASPIAN -- French major Total could step up its exploration drive in the Caspian Sea if negotiations between Kazakhstan and Russian state oil company Rosneft bear fruit. Kazakhstan, which has selected Total as its strategic partner for the...

China--surging crude imports helped Sinopec and PetroChina meet scorching domestic demand last year.(Countries)(Brief Article)
February 16, 2004... CHINA -- Surging crude imports helped Sinopec and PetroChina meet scorching domestic demand last year. Recent figures indicate China remains Asia's most-diversified crude importer. China's crude imports leapt 31.3% last year to 1.83 million...

Kazakhstan--despite US pressure to block Caspian oil flows through Iran, Canada's PetroKazakhstan plans to increase oil shipments to the Tehran refinery to 21,000 b/d under a swap arrangement whereby it takes back delivery of Iranian Light at Kharg island on the Mideast Gulf.(Countries)(Brief Article)
February 16, 2004... KAZAKHSTAN -- Despite US pressure to block Caspian oil flows through Iran, Canada's PetroKazakhstan plans to increase oil shipments to the Tehran refinery to 21,000 b/d under a swap arrangement whereby it takes back delivery of Iranian Light at...

Russia--State-run Rosneft is making inroads into Eastern Siberia with plans to invest $800 million-$1.2 billion over 2004-07 to explore and develop the 2.2 billion bbl Vankorskoye area.(Countries)(Brief Article)
February 16, 2004... RUSSIA -- State-run Rosneft is making inroads into Eastern Siberia with plans to invest $800 million-$1.2 billion over 2004-07 to explore and develop the 2.2 billion bbl Vankorskoye area. The company plans to drill one exploration well on the...

Russia--Moscow is expanding its energy cooperation with Kazakhstan, as it makes good on an earlier promise to boost crude transit volumes across the country to world markets.(Countries)(Brief Article)
February 16, 2004... RUSSIA -- Moscow is expanding its energy cooperation with Kazakhstan, as it makes good on an earlier promise to boost crude transit volumes across the country to world markets. Russia is keen to secure its position as the leading transit...

Q4 profits sparkle for US majors but fade for euro rivals.(Petroleum industry)
February 16, 2004... The fourth quarter was kind to US majors but cruel to their European counterparts, as weaker-than-expected profits and other bad news at Royal Dutch/Shell and BP made the quarter one to forget for that duo. As was the case throughout 2003,...

Diesel spike.(Marketview)
February 16, 2004... LONDON -- Heavy spring turnarounds have lit a fire under European diesel prices in recent weeks, pushing ultra-low-sulfur diesel cargoes to a $43/ton premium to buoyant International Petroleum Exchange gas oil prices on Feb. 11, up from barely...

Opec adds over $1/bbl to futures.(Marketview)(Organization of Petroleum Exporting Countries)(Brief Article)
February 16, 2004... Opec's Feb. l0 meeting added almost $l.50/bbl to front-month West Texas Intermediate (WTI) futures on the New York Mercantile Exchange (Nymex). The contract was still hovering close to $34/bbl as PIW went to press on Feb. 12, its early week...

PIW market indicators.(Petroleum industry, Petroleum Intelligence Weekly )(Illustration)
February 16, 2004... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $28.66 $28.76 $30.70 UK Brent(Dated) 29.94 29.64 ...

Shareholders want more from Shell.
February 23, 2004... Royal Dutch/Shell is facing calls from shareholders to rethink a number of aspects of company policy, including management's apparent obsession with the group's "AAA" credit rating, its complicated board structure and its reluctance to use...

Opec, costs cramp Nigeria's deepwater play.(Organization of Petroleum Exporting Countries)
February 23, 2004... The recent reserves downgrade caused headaches enough for supermajor Royal Dutch/Shell, but it was also a blow to Nigeria. Africa's biggest producer accounted for one-third of the 3.9 billion barrel cut, casting fresh doubt on a 1990s bonus...

Skikda fallout plays two ways in US LNG.
February 23, 2004... Developers of offshore liquefied natural gas (LNG) receiving terminals on the West and Gulf Coast of the US haven't hesitated to cite the recent explosion at Algeria's Skikda export terminal as vindication for their plans to regasify LNG...

Tight capacity powers Asian refining margins.
February 23, 2004... Opec's clear intention to defend firm oil prices should be bad news for Asian refining margins, but the returns from running a complex refinery in Singapore are up to an eye-popping $8 per barrel this year. The best profitability in a decade...

Russia taxes Turkey on tanker logjam.
February 23, 2004... Russia may take Turkey to task over the logjam of tankers in the Bosporus that is costing shippers a fortune in demurrage charges, with a round trip between the Black Sea and the Mediterranean still facing a delay of 15 days. Russian oil...

Second-tier woes mirror the giants'.
February 23, 2004... Facing a barrage of questions from investors about nonexistent growth rates, sketchy reserve estimates and rampant portfolio moves, it is no fun being a supermajor these days. But while the travails of the industry's biggest integrated firms...

Corporate--busy UK-based energy firm BG has bought into upstream Western Canada and offshore Mauritania but has cash for more deals.(General)(British Gas Corp.)(Brief Article)
February 23, 2004... CORPORATE -- Busy UK-based energy firm BG has bought into upstream Western Canada and offshore Mauritania but has cash for more deals. Analysts doubted that El Paso Oil and Gas Canada's current 825 MMcm/yr production justified the US$345.6...

LNG--Exxon Mobil and Qatar Petroleum got welcome news when UK regulator Ofgem agreed to a 25-year exemption from providing third-party access at their planned import terminal in west Wales in the UK--the largest of its kind in the world.(General)(Brief Article)
February 23, 2004... LNG -- Exxon Mobil and Qatar Petroleum got welcome news when UK regulator Ofgem agreed to a 25-year exemption from providing third-party access at their planned import terminal in west Wales in the UK--the largest of its kind in the world....

North Sea -- the UK is set to launch a voluntary code of practice to ensure fair third-party access to oil and gas infrastructure for smaller operators, in an attempt to reduce the barriers hampering exploration in the aging basin.(General)(Brief Article)
February 23, 2004... NORTH SEA -- The UK is set to launch a voluntary code of practice to ensure fair third-party access to oil and gas infrastructure for smaller operators, in an attempt to reduce the barriers hampering exploration in the aging basin. The...