Petroleum Intelligence Weekly articles from February 2005

Petroleum Intelligence Weekly archives from February 2005

Oil should follow mining's golden rules.
February 7, 2005... The reserves accounting scandal at Royal Dutch/Shell might have been avoided if the oil and gas industry had followed the practice of the mining industry, and provided a field-by-field level of disclosure on reserves. But far from seeing the...

Confident Opec expects another tight year.(Organization of Petroleum Exporting Countries)
February 7, 2005... Opec is starting to worry less about a possible downturn and to love high oil prices more. The producer group has concluded that $40 or more for US benchmark West Texas Intermediate (WTI) is no deterrent to demand, and is also pretty relaxed...

US mid-caps poised for growth spurt.
February 7, 2005... The major oil companies have stolen the upstream spotlight in recent months, with BP, Exxon Mobil and others finally beginning to reverse several years of declining oil and gas volumes. Although it's tough to keep up with the upstream growth...

Oxy bags bulk of Libya's Epsa-4 offer.(Exploration and Production Sharing Agreement)
February 7, 2005... US Occidental and Australia's Woodside were the big winners in Libya's Epsa-4 open bid round last month--the first licensing round in which US companies have been able to participate for nearly two decades. ChevronTexaco and Amerada Hess, which...

PIW scorecard: spreads, freight limit gains.
February 7, 2005... PIW's latest price scorecard shows that the financial gains enjoyed by oil producers when crude oil prices zoomed beyond $50 in October were very unevenly distributed. Exporters of sweet grades did far better from the price surge than sour...

Oil minnows exploit new dot.com mania.
February 7, 2005... Most dot.com start-ups went boom and then bust on the over-inflated hopes of the investment industry. As pundits predict high energy prices are here to stay, could the same be happening in the oil and gas business? A rash of new companies has...

Corporate--Royal Dutch/Shell provided another negative surprise for investors with a bigger-than-expected cut in oil and gas reserves, sugaring the pill with an early commitment to $3 billion to $5 billion of share buybacks this year.(What's New Around the World)(Brief Article)
February 7, 2005... CORPORATE--Royal Dutch/Shell provided another negative surprise for investors with a bigger-than-expected cut in oil and gas reserves, sugaring the pill with an early commitment to $3 billion to $5 billion of share buybacks this year. Combined...

Corporate--oil shares rebounded in January after a poor showing in the final month of 2004, driven by oil prices that moved $5 per barrel higher during the month.(What's New Around the World)
February 7, 2005... CORPORATE--Oil shares rebounded in January after a poor showing in the final month of 2004, driven by oil prices that moved $5 per barrel higher during the month. Unocal posted the biggest percentage gain, boosted by rumors of a possible $13...

Industry restructuring--Canada's Talisman Energy is set to acquire Pertra, the affiliate of Norwegian seismic specialist Petroleum Geo-Services, for US$155 million.(What's New Around the World)(Brief Article)
February 7, 2005... INDUSTRY RESTRUCTURING--Canada's Talisman Energy is set to acquire Pertra, the affiliate of Norwegian seismic specialist Petroleum Geo-Services, for US$155 million. Among other assets, Talisman will gain a 70% operating interest in the...

Canada--the Petroleum Services Association of Canada (PSAC) predicts Alberta will have a banner year in 2005 for the number of oil and gas wells drilled in the province.(Brief Article)
February 7, 2005... CANADA -- The Petroleum Services Association of Canada (PSAC) predicts Alberta will have a banner year in 2005 for the number of oil and gas wells drilled in the province. The PSAC estimates that a total of 18,625 new wells will be drilled...

Canada--the listed arm of government-owned China National Offshore Oil Corp.(Brief Article)
February 7, 2005... CHINA -- The listed arm of government-owned China National Offshore Oil Corp. (CNOOC) is planning a spending splurge this year to boost oil and gas output by 19% to 146 million boe (400,000 boe/d). Its business strategy and development plan for...

China--state-owned Sinopec has gone cold on plans to seek a Mideast partner for its new 200,000 b/d Qingdao refinery, which would be among the country's largest when it is completed in 2007.(Brief Article)
February 7, 2005... CHINA -- State-owned Sinopec has gone cold on plans to seek a Mideast partner for its new 200,000 b/d Qingdao refinery, which would be among the country's largest when it is completed in 2007. Late last year, talks to sell up to half of...

China--ambitious plans by China National Offshore Oil Corp. (CNOOC) to build up to eight LNG terminals along the East Coast are advancing already, with three of the proposed terminals--at Fujian, Zhejiang and Shanghai--getting under way.(What's New Around the World)(Brief Article)
February 7, 2005... CHINA -- Ambitious plans by China National Offshore Oil Corp. (CNOOC) to build up to eight LNG terminals along the East Coast are advancing already, with three of the proposed terminals--at Fujian, Zhejiang and Shanghai--getting under way....

Iraq--bad weather, congestion and technical problems combined to stifle oil flows into and out of the Basrah Oil Terminal (BOT) toward the end of last month, delaying loading of 14 tankers, or nearly a third of scheduled oil exports for January.(Brief Article)
February 7, 2005... IRAQ -- Bad weather, congestion and technical problems combined to stifle oil flows into and out of the Basrah Oil Terminal (BOT) toward the end of last month, delaying loading of 14 tankers, or nearly a third of scheduled oil exports for...

Norway--Oslo has offered 192 blocks or part blocks in the mature area of the Norwegian Continental Shelf under the 2005 Awards in Predefined Areas (APA) upstream round.(Brief Article)
February 7, 2005... NORWAY -- Oslo has offered 192 blocks or part blocks in the mature area of the Norwegian Continental Shelf under the 2005 Awards in Predefined Areas (APA) upstream round. Bids are due by Sep. 30, with awards likely to be announced in December....

Russia--as Yukos gears up for a landmark court hearing in Houston on Feb. 16-17, chief executive Steven Theede says the company knows which traders are handling oil from its former production arm Yuganskneftegas and is prepared to take legal action to seek compensation.(Brief Article)
February 7, 2005... RUSSIA -- As Yukos gears up for a landmark court hearing in Houston on Feb. 16-17, chief executive Steven Theede says the company knows which traders are handling oil from its former production arm Yuganskneftegas and is prepared to take legal...

Sao Tome--ChevronTexaco last week finally signed a long-awaited production sharing contract (PSC) with the Joint Development Authority (JDA) for Block 1 in the offshore zone shared with Nigeria.(What's New Around the World)
February 7, 2005... SAO TOME -- ChevronTexaco last week finally signed a long-awaited production sharing contract (PSC) with the Joint Development Authority (JDA) for Block 1 in the offshore zone shared with Nigeria. Awarded in April 2004 after Chevron offered a...

South Korean--a District Court judge has ordered a new round of bidding to find a buyer for Inchon Oil, the bankrupt oil refiner, after the rejection by creditors of a $610 million offer from China's Sinochem (PIW Jan.31,p7).(Brief Article)
February 7, 2005... SOUTH KOREA -- A District Court judge has ordered a new round of bidding to find a buyer for Inchon Oil, the bankrupt oil refiner, after the rejection by creditors of a $610 million offer from China's Sinochem (PIW Jan.31,p7). A new bidding...

Sudan--the award of several new exploration blocks, including Block 15 in the north and Block 12 in the conflict-ridden Darfur region, is imminent, according to reports last week..(Brief Article)
February 7, 2005... SUDAN -- The award of several new exploration blocks, including Block 15 in the north and Block 12 in the conflict-ridden Darfur region, is imminent, according to reports last week. Oil Minister Awad Ahmed al-Jaz was quoted in Indian media as...

Venezuela--remarks attributed to President Hugo Chavez have revived talk that Petroleos de Venezuela (PDV) could sell US refining subsidiary Citgo.(Brief Article)
February 7, 2005... VENEZUELA -- Remarks attributed to President Hugo Chavez have revived talk that Petroleos de Venezuela (PDV) could sell US refining subsidiary Citgo. Newly designated Citgo President Felix Rodriguez said that no decision had been taken with...

Oil payments clear Russia's new view Of China.(What's New Around the World)
February 7, 2005... Russia seems to be overcoming a traditional phobia and is openly courting China, its huge, economically dynamic neighbor. Moscow confirmed last week that China had disbursed a $6 billion loan to Russia's state-owned oil concern Rosneft under a...

Advantage Opec.(Marketview)
February 7, 2005... WASHINGTON -- Though Opec did not cut production further at its Jan. 30 meeting in Vienna, comments from members were enough to lend support to the crude futures market, as benchmarks West Texas Intermediate (WTI) and Brent traded around $48...

PIW market indicators.(Illustration)
February 7, 2005... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec basket $40.84 $42.67 $39.88 UK Brent (Dated) 44.26 46.07 44.66 UK...

Updated Price Scorecard for key world grades.(Illustration)
February 7, 2005... PIW's Price Scorecard is designed to sort through the complexities of crude oil pricing under term contracts, allowing a deeper understanding of market trends than is possible from tracking only spot grades. The scorecard aims to put all...

How term-contract prices are calculated.
February 7, 2005... Term-contract formulas generally have four basic components: the point of sale, a market-related benchmark, an adjustment factor for differences related to crude oil quality and point of sale, and a timing mechanism stipulating when the value...

Oil majors stun Wall Street with huge profits.
February 14, 2005... Even taking full account of record high oil and gas prices, the world's largest publicly traded oil companies are turning in surprisingly large profits. Wall Street analysts are scrambling to make sense of the numbers for the fourth quarter of...

Kuwait woos assembly, seeking upstream opening.
February 14, 2005... If it seems like it's been dragging on for years, it has--but Kuwait's long-planned upstream opening is getting a big push from the government in the hope of finally getting things going this year. Top officials led by Energy Minister Sheikh...

Offshore prospects perk up in Indochina.
February 14, 2005... ChevronTexaco's recent oil discovery offshore Cambodia may help rekindle exploration interest in Indochina. While saying little about the find in offshore Block A in the Gulf of Thailand, the US major is planning to drill a fifth exploration...

Price strength dulls Opec January cuts.(Organization of Petroleum Exporting Countries)
February 14, 2005... Although the rebound in oil prices in recent weeks has been driven mainly by expectations of tighter supplies in the new year, especially from Opec, reality is falling well short of those expectations. Opec came through with much less than its...

Yukos affair not seen hurting foreign investment.
February 14, 2005... The politically-motivated assault on Russia's biggest oil producer, Yukos, and the return to state hands of its main production unit, Yuganskneftegas, have been a shocking display of Moscow's power. But the Yukos affair has not closed the door...

Energy security is now India's new Mantra.
February 14, 2005... When it comes to energy policy, India's new mantra is supply security, and New Delhi is taking a more pro-active approach as it seeks to provide a foundation for continuing rapid economic growth. The diversification and expansion of...

Price pundits predict over $40 oil in '05.
February 14, 2005... Oil pundits are boosting their price forecasts again, mostly into the $40 per barrel range for 2005. Their cocktail of bullish causal factors consists of a robust global economy, the falling dollar, thin spare production capacity, insufficient...

Formula prices--Saudi Arabia is tightening most price terms for its crude oil exports to the US, Asia and parts of Europe by narrowing the discounts paid by term customers for cargoes that will be delivered in March.(Brief Article)
February 14, 2005... FORMULA PRICES -- Saudi Arabia is tightening most price terms for its crude oil exports to the US, Asia and parts of Europe by narrowing the discounts paid by term customers for cargoes that will be delivered in March. The stiffer price...

Futures--the Chicago Board of Trade plans to launch a corn-based ethanol futures contract on Apr. 8, adding a new dimension to energy futures trading.(Brief Article)
February 14, 2005... FUTURES -- The Chicago Board of Trade plans to launch a corn-based ethanol futures contract on Apr. 8, adding a new dimension to energy futures trading. The world's largest corn futures exchange decided to offer the contract as the US ethanol...

Industry restructuring--Royal Dutch/Shell and Statoil are swapping assets offshore Norway.(Brief Article)
February 14, 2005... INDUSTRY RESTRUCTURING -- Royal Dutch/Shell and Statoil are swapping assets offshore Norway. Shell is acquiring a 6.45% stake in the Kvitebjorn gas field and a 10% stake in three deepwater licenses. In exchange, Shell will divest minority...

Australia--in seeking to sell out of successful, but ageing oil fields, Exxon Mobil seems to be rationalizing its oil portfolio to concentrate on its Gorgon and Janz gas fields offshore Western Australia.(Brief Article)
February 14, 2005... AUSTRALIA -- In seeking to sell out of successful, but ageing oil fields, Exxon Mobil seems to be rationalizing its oil portfolio to concentrate on its Gorgon and Janz gas fields offshore Western Australia. Exxon is offering its 35% stake in...

China--Beijing's efforts to diversify its crude imports mean that Mideast suppliers are not grabbing their full share of massive demand growth.(Brief Article)
February 14, 2005... CHINA -- Beijing's efforts to diversify its crude imports mean that Mideast suppliers are not grabbing their full share of massive demand growth. Crude imports surged 35% last year to an average of 2.47 million bid. Saudi Arabia cemented its...

China--Kerr-McGee, seeking to leverage the expertise it has acquired in the deepwater Gulf of Mexico, has signed an exploration agreement for deepwater block 43/11 in the South China Sea.(Brief Article)
February 14, 2005... CHINA -- Kerr-McGee, seeking to leverage the expertise it has acquired in the deepwater Gulf of Mexico, has signed an exploration agreement for deepwater block 43/11 in the South China Sea. The US independent is only the second foreign operator...

Denmark--once France's state energy giants went on buying sprees--now it's Danish Dong's turn.(Dansk Olie og Naturgas A/S)(Brief Article)
February 14, 2005... DENMARK -- Once France's state energy giants went on buying sprees--now it's Danish Dong's turn. State oil and energy firm Dong last year paid $1.2 billion for 10.3% stakes in Norway's Ormen Lange field and its pipe to England (PIW Nov.29,p7)....

Indonesia--Opec's only member from Asia is considering quitting the oil exporters' organization, with Jakarta questioning the value of membership while unable to meet its quota as it drifts toward net-importer status.(Organization of Petroleum Exporting Countries)(Brief Article)
February 14, 2005... INDONESIA -- Opec's only member from Asia is considering quitting the oil exporters' organization, with Jakarta questioning the value of membership while unable to meet its quota as it drifts toward net-importer status. Indonesia's crude oil...

IRAQ--crude oil exports from the Ceyhan export terminal in Turkey look likely to start again this week following completion of repairs to the Kirkuk oil pipeline, which has been out of service since attacks on Dec. 18.(Brief Article)
February 14, 2005... IRAQ -- Crude oil exports from the Ceyhan export terminal in Turkey look likely to start again this week following completion of repairs to the Kirkuk oil pipeline, which has been out of service since attacks on Dec. 18. The pipeline transports...

Russia--Moscow's Federal Antimonopoly Service is investigating possible collusion by domestic refiners in response to the huge 75% rise in jet fuel prices at airports in 2004 versus just a 22% increase for crude oil.(Brief Article)
February 14, 2005... RUSSIA -- Moscow's Federal Antimonopoly Service is investigating possible collusion by domestic refiners in response to the huge 75% rise in jet fuel prices at airports in 2004 versus just a 22% increase for crude oil. The problem derives...

Yemen--paving the way to reviving a moribund project, Total-led Yemen LNG has signed with French Suez affiliate Tractebel for the sale of 2.5 million tons per year of LNG.(liquefied natural gas )(Brief Article)
February 14, 2005... YEMEN -- Paving the way to reviving a moribund project, Total-led Yemen LNG has signed with French Suez affiliate Tractebel for the sale of 2.5 million tons per year of LNG. The planned 6.3 million ton/yr project has also been widely tipped to...

Clarification.(Correction Notice)
February 14, 2005... In last week's story "Oil Should Follow Mining's Golden Rules" (PIW Feb.7,p1), reference was made to "booking anomalies," including "Exxon Mobil's pre-project sanction bookings on the Erha field in Nigeria." Exxon Mobil would like to underline...

Record-high oil prices, international refining lift majors' profits in fourth quarter.
February 14, 2005... Trying to find a weakness in the fourth-quarter earnings of the world's largest publicly traded oil companies is a tough task. For yet another quarter, global crude oil prices moved higher, downstream divisions continued to crank out the...

Looking for clues.(crude oil prices)
February 14, 2005... WASHINGTON -- Prices of Atlantic Basin benchmark crudes bounced up and down in the mid-$40s per barrel area again last week, following the trend of the past few months, and lacking any clear sense of direction. Since the price peaks of last...

Opec's burden easing for 2005, IEA says.(International Energy Agency)(Organization of the Petroleum Exporting Countries)(Brief Article)
February 14, 2005... Opec may have it easier than previously thought this year, judging by revisions to supply and demand estimates by the International Energy Agency in its latest monthly report, released last week. According to IEA calculations, the "call on Opec...

PIW market indicators.(Illustration)
February 14, 2005... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $39.97 $40.97 $41.42 UK Brent (Dated) 42.89 44.02 ...

Russia puts national firms above all.
February 21, 2005... In further moves to protect its natural resources and assert greater state control over the oil and gas sector, Russia may introduce changes to legislation that impose significant restrictions on foreign companies' prospects in the country....

Skeptics query "Golden Age" of refining.(petroleum refiners' management of heavier crudes)
February 21, 2005... Relative to high cost sweet oil, US refiners paid bargain prices for sour crude in 2004, making last year an extremely profitable one for refiners capable of handling heavier, high-sulfur grades. The tightness in worldwide refining capacity...

US indies rediscover appeal of the drillbit.
February 21, 2005... Although North America's upstream independents have found it easier and cheaper to buy reserves than find them with the drill-bit in recent years, plans for this year indicate a renewed appetite for exploration. After spending much of last year...

CNOOC lowers sights on oil, raises LNG.(China National Offshore Oil Corp.)(Liquefied natural gas)(Brief Article)
February 21, 2005... China's oil firms are not noted for managing investors' expectations downwards, but that is exactly what the listed arm of state China National Offshore Oil Corp. (CNOOC) is doing this year. A demure presentation earlier this month prepared...

Hedge funds reject blame for volatility.(hedge fund speculation raises oil price volatility)
February 21, 2005... The meteoric rise of oil prices in the latter half of 2004 was accompanied by no small amount of abuse hurled in the direction of 'opportunist' hedge funds, blaming them for the uncharacteristic price volatility. Commentators, oil traders, Opec...

Oil balances challenge Opec in second half.(Organization of Petroleum Exporting Countries)
February 21, 2005... What kind of challenges is Opec going to face this year in trying to manage oil markets? Preliminary balances projected by PIW's sister publication Oil Market Intelligence indicate a manageable situation over the first part of the year. But,...

Rising oil and LNG prices in a seller's market.(Liquefied natural gas)
February 21, 2005... Booming demand and tight supply have sent the price of oil soaring to a permanently higher level, argues Fereidun Fesharaki of Honolulu-based consultants FACTS. In this article he looks at the parallel implications of soaring demand for natural...

Environment--the Kyoto climate change treaty finally came into force on Feb. 16 without the participation of the US and Australia.(General)
February 21, 2005... ENVIRONMENT -- The Kyoto climate change treaty finally came into force on Feb. 16 without the participation of the US and Australia. The treaty commits 25 industrialized nations and the European Union to reduce their combined emissions of six...

Formula prices--Mexico narrowed its March discount for heavy Maya crude for US term contract deliveries ahead of an expected demand surge as US refiners emerge from maintenance.(General)(Brief Article)(Illustration)
February 21, 2005... FORMULA PRICES -- Mexico narrowed its March discount for heavy Maya crude for US term contract deliveries ahead of an expected demand surge as US refiners emerge from maintenance. The discount for the US Gulf coast tightened 35 cents to...

Industry restructuring--Russia's largest oil company Lukoil is to expand its presence in neighboring Finland with the purchase of retailer Teboil and its sister company Suomen Petrooli.(General)
February 21, 2005... INDUSTRY RESTRUCTURING -- Russia's largest oil company Lukoil is to expand its presence in neighboring Finland with the purchase of retailer Teboil and its sister company Suomen Petrooli, a products refiner. Teboil has a network of 289 gasoline...

OPEC--global oil demand is growing faster than previously thought and will increase by 1.73 million b/d in 2005 thanks to strong global economic performance, according to the producer group's latest Monthly Oil Market Report.(General)(Organization of Petroleum Exporting Countries)(Brief Article)
February 21, 2005... OPEC -- Global oil demand is growing faster than previously thought and will increase by 1.73 million b/d in 2005 thanks to strong global economic performance, according to the producer group's latest Monthly Oil Market Report. The increase...

Algeria--two new upstream licensing rounds are likely this year after the award on Mar. 26 of those areas offered to investors last October.(Sonatrach offers contracts for greenfield refinery)(Brief Article)
February 21, 2005... ALGERIA -- Two new upstream licensing rounds are likely this year after the award on Mar. 26 of those areas offered to investors last October. Each round is expected to include about 10 blocks, which have yet to be selected, according to an...

Azerbaijan--in fresh blows to the republic, Exxon Mobil is close to abandoning its two exploration blocks in the Caspian Sea after failing to find commercial reserves of hydrocarbons and Russia's Lukoil has finally quit the Zykh-Govsany onshore oil field because it is unprofitable.(Countries)
February 21, 2005... AZERBAIJAN -- In fresh blows to the republic, Exxon Mobil is close to abandoning its two exploration blocks in the Caspian Sea after failing to find commercial reserves of hydrocarbons and Russia's Lukoil has finally quit the Zykh-Govsany...

Angola--BP has notched up a fifth oil discovery in its deepwater Block 31 as exploration of the acreage gathers steam.(Countries)(British Petroleum Company PLC)(Brief Article)
February 21, 2005... ANGOLA -- BP has notched up a fifth oil discovery in its deepwater Block 31 as exploration of the acreage gathers steam. The latest discovery--dubbed Palas-1--follows earlier success with the Plutao, Saturno, Marte and Venus finds. It is...

Brazil--hampered by operating problems, January output at state-controlled Petrobras stagnated at 1.53 million b/d, about the same level as the previous month.(Countries)(Brief Article)
February 21, 2005... BRAZIL -- Hampered by operating problems, January output at state-controlled Petrobras stagnated at 1.53 million b/d, about the same level as the previous month. The newly operational Bagre and Espadarte fields added 5,800 b/d and the enhanced...

India--State-owned Oil and Natural Gas Corp. (ONGC) is still hoping to clinch an equity stake in Russia's Yuganskneftegas, the former main production unit of Yukos, through continuing negotiations with Yugansk's new owner, Rosneft.(Countries)(Brief Article)
February 21, 2005... INDIA -- State-owned Oil and Natural Gas Corp. (ONGC) is still hoping to clinch an equity stake in Russia's Yuganskneftegas, the former main production unit of Yukos, through continuing negotiations with Yugansk's new owner, Rosneft. While a...

Mauritania--partners in the latest offshore oil field appraisal say it has yielded stronger flows than expected.(Countries)(Brief Article)
February 21, 2005... MAURITANIA -- Partners in the latest offshore oil field appraisal say it has yielded stronger flows than expected. Testing operations at the Tiof-6 appraisal well produced a maximum flow rate of roughly 12,400 b/d of off plus 11 MMcf/d of...

Russia--crude exports slumped by 103,000 b/d to 3.17 million b/d in January from the previous month, as winter storms hampered port loadings and refinery maintenance diminished demand.(Countries)(Brief Article)(Illustration)
February 21, 2005... RUSSIA -- Crude exports slumped by 103,000 b/d to 3.17 million b/d in January from the previous month, as winter storms hampered port loadings and refinery maintenance diminished demand. Inclement weather forced the Black Sea ports to remain...

Saudi Arabia--Saudi Aramco appears to have thrown open to international companies a proposal to build a new joint venture export refinery, which was the subject of direct talks with Indian oil companies last month.(Countries)(Brief Article)
February 21, 2005... SAUDI ARABIA -- Saudi Aramco appears to have thrown open to international companies a proposal to build a new joint venture export refinery, which was the subject of direct talks with Indian oil companies last month (PIW Jan.31,p5). Speaking at...

South Korea--total, Petronas and Royal Dutch/Shell won the right to sell up to a combined 5 million tons per year (670 MMcf/d) of LNG to Korea Gas Corp. for 20 years, but local power companies failed in their attempt to buy LNG directly from suppliers.(Countries)
February 21, 2005... SOUTH KOREA -- Total, Petronas and Royal Dutch/Shell won the right to sell up to a combined 5 million tons per year (670 MMcf/d) of LNG to Korea Gas Corp. for 20 years, but local power companies failed in their attempt to buy LNG directly from...

United States--Canada beat Mexico to become the largest crude supplier in 2004, while Opec kingpin Saudi Arabia tumbled to third place, having been the top supplier for six straight years.(Countries)(Brief Article)(Illustration)
February 21, 2005... UNITED STATES -- Canada beat Mexico to become the largest crude supplier in 2004, while Opec kingpin Saudi Arabia tumbled to third place, having been the top supplier for six straight years (PIW May 24,p1). Crude import data from the US Energy...

Venezuela--for all his radical rhetoric, President Hugo Chavez still seems happy to cut deals with Western big wigs.(United States' ConocoPhillips and France's Total settles their hurdles in Venezuela)(Brief Article)
February 21, 2005... VENEZUELA -- For all his radical rhetoric, President Hugo Chavez still seems happy to cut deals with Western big wigs. In meetings in Caracas over the past 10 days, US ConocoPhillips' CEO Jim Mulva has patched up a rift over the Corocoro field...

China plants deeper roots in Kazakhstan.(China National Petroleum Corp.)(Brief Article)
February 21, 2005... China National Petroleum Corp. (CNPC) is extending its upstream reach in Kazakhstan as work gathers pace on a 980 km pipeline that from early 2006 will bring up to 200,000 b/d of Kazakh and Russian crude to CNPC's refineries in China. The...

Mind the gap.(Marketview)(crude oil market)
February 21, 2005... NEW YORK -- The dominant theme in the oil market last year, and the driving force behind the relentless price rally, has resurfaced as the major worry again: global oil demand is rising rapidly and there might not be enough oil to satisfy it....

Nymex and IPE face off in London.(Marketview)(New York Mercantile Exchange)(International Petroleum Exchange )(Brief Article)
February 21, 2005... The New York Mercantile Exchange (Nymex) is planning to move its Brent crude futures contract from Dublin to London in the next round of its challenge to the dominance of the European futures market by the International Petroleum Exchange (IPE)...

PIW market indicators.(Petroleum industry)(Illustration)
February 21, 2005... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $41.72 $40.13 $42.67 UK Brent (Dated) 44.59 43.33 46.07...

Venezuela says business rules, not politics.(Interview)
February 28, 2005... Venezuela's oil industry has been much in the news of late. Between President Hugo Chavez's promise to boost oil sales to China, a brief showdown with ConocoPhillips and the buzz about the rumored sale of eight Citgo refineries in the US, many...

Russia-US ties are down but not out.
February 28, 2005... After George W. Bush's first post-reelection meeting with Vladimir Putin in Bratislava last week, the prospects for reinvigorating the sagging US-Russia energy dialogue do not look good. Rather than talk of Russia's role as a US energy partner,...

Pension funds help inflate price bubble.(petroleum)
February 28, 2005... Hedge funds have attracted a lot of the blame for overheated futures markets--unfairly their managers say--while the vast sums the pension funds are pumping into commodity indexed investments have received little critical attention. In 2004...

Consensus grows to reform SEC reserve rules.(Securities and Exchange Commission)
February 28, 2005... A consensus is emerging among both oil companies and investors that today's system of reporting oil and gas reserves is in urgent need of modernization and reform. The existing system required by the US Securities and Exchange Commission (SEC)...

UK North Sea enjoys the rush of new blood.(petroleum exploration investments)
February 28, 2005... Exxon Mobil chief Lee Raymond recently ventured that the UK Continental Shelf (UKCS) was on the "cusp of change," as it was no longer a magnet for funding due to its declining production and rising operating costs. By contrast, the UK Offshore...

Australia's top team bets on the US Gulf, Africa.
February 28, 2005... BHP Billiton and Woodside will remain Australia's top two oil and gas developers but the pressure of finding new growth opportunities is driving the duo far beyond their home turf. Aside from development on the North West Shelf liquefied...

Jury is out on Chad's cure for the oil curse.(Exxon Mobil Corp.'s Chad-Cameroon pipeline)
February 28, 2005... If the $4.3 billion Chad-Cameroon pipeline project were judged purely on technical grounds, few would dispute its success. Completed ahead of schedule in June 2003 by the Exxon Mobil consortium, it has opened up other oil prospects around the...

Venezuela's Ramirez: Houston has nothing to fear.(Petroleos de Venezuela S.A.'s Rafael Ramirez)(Interview)
February 28, 2005... The radical regime of President Hugo Chavez has toughened the terms for foreign investors in Venezuela, struggled to restore oil production in the couple of years since a damaging workers' strike and been highly critical of the US. In a PIW...

Corporate--Spanish Repsol YPF has emerged as the only sizable oil company not to earn a fortune from last year's record-high crude prices.(General)(Repsol YPF S.A. (Madrid, Spain)'s earnings and production data)(Brief Article)
February 28, 2005... CORPORATE -- Spanish Repsol YPF has emerged as the only sizable oil company not to earn a fortune from last year's record-high crude prices. Despite a 44% year-on-year rise in fourth quarter operating income to 1.2 billion [euro] ($1.5 billion)...

LNG--as expectations mounted at the end of last week that Royal Dutch/Shell would clinch the giant Qatargas-4 venture, the Anglo-Dutch firm struck a major new deal for a terminal in the Mediterranean that could become a customer for the project in the Mideast Gulf (PIW Jul.12, p7).(General)(liquefied natural gas)(Brief Article)
February 28, 2005... LNG -- As expectations mounted at the end of last week that Royal Dutch/Shell would clinch the giant Qatargas-4 venture, the Anglo-Dutch firm struck a major new deal for a terminal in the Mediterranean that could become a customer for the...