Petroleum Intelligence Weekly articles from January 2003

Petroleum Intelligence Weekly archives from January 2003

Shell reclaims the spotlight in US Gulf.
January 6, 2003... Royal Dutch/Shell is set to reclaim the spotlight in the US Gulf of Mexico in 2003 with its 300 million barrel of oil equivalent Na Kika project topping a list of a half-dozen key new deepwater fields due to start production. Shell is also...

New analysis drags down Chinese demand.
January 6, 2003... Chinese oil demand growth was the one bright spot in Asia in 2002 as some of the region's other big consumers saw their consumption contract. Whereas China's crude imports bounded ahead by 9%, demand in Japan and India wilted. And South Korea,...

Shipping gains could spur spot LNG trade.(Industry Overview)
January 6, 2003... The liquefied natural gas (LNG) shipping market is set for massive expansion this year and next as most of the 19 new LNG carriers now on firm order steam into service. The injection of new capacity will be a relief for LNG importers in Asia,...

Oil patch turmoil hikes price forecasts.
January 6, 2003... The prospect of losing exports from two of the world's largest oil suppliers has led oil analysts to ratchet up their price forecasts for 2003. Though most pundits already had a bullish forecast for the first quarter when they expect the US to...

Now for the hard part at Iran's South Pars.
January 6, 2003... Gas and condensate is now flowing from Phases 2 and 3 of Iran's giant South Pars gas structure, a $2 billion project that was completed on schedule in September by Total Fina Elf, Petronas, and Gazprom and is to be handed over early this year....

German sales open up niches in downstream.
January 6, 2003... It was the pursuit of scale in Europe's biggest oil market that first led Royal Dutch/Shell and then BP to buy big downstream assets in Germany in 2001, from RWE-DEA and Veba Oil, respectively. Similar opportunities for other oil companies to...

Corporate -- Swiss-registered trader Crown Resources, disgraced by the sinking of the Crown-chartered Prestige oil tanker on Nov. 19 off Spain's northwest coast, has been reborn with a new name and ownership. (General).(Brief Article)
January 6, 2003... CORPORATE -- Swiss-registered trader Crown Resources, disgraced by the sinking of the Crown-chartered Prestige oil tanker on Nov. 19 off Spain's northwest coast, has been reborn with a new name and ownership. The management of Crown has bought...

Corporate -- spreading its wings in Europe, state Gaz de France (GdF) is to buy German oil and gas producer and trader Preussag Energie in a deal worth about 1 [euro] billion ($1.04 billion). (General).(Brief Article)
January 6, 2003... CORPORATE -- Spreading its wings in Europe, state Gaz de France (GdF) is to buy German oil and gas producer and trader Preussag Energie in a deal worth about 1 [euro] billion ($1.04 billion). The deal brings with it hydrocarbon reserves in the...

North Sea -- while others are scaling back, Canada's Talisman is embarking on an aggressive 2003 drilling program (PIW Nov.18,p8). (General).(Brief Article)
January 6, 2003... NORTH SEA -- While others are scaling back, Canada's Talisman is embarking on an aggressive 2003 drilling program (PIW Nov.18,p8). The program will include eight wells, targeting moderate-risk oil prospects in the 20 million-40 million bbl...

Algeria -- US independent Anadarko confirmed last week that production had started at a major oil field in the southeast at the end of November, ahead of schedule (PIW Nov. 11,p6). (Countries).(Brief Article)
January 6, 2003... ALGERIA -- US independent Anadarko confirmed last week that production had started at a major oil field in the southeast at the end of November, ahead of schedule (PIW Nov. 11,p6). The 1.2 billion bbl Ourhoud field is on its way to producing...

Argentina -- Total Fina Elf may take the axe to its investment plans unless natural gas prices improve. (Countries).(Brief Article)
January 6, 2003... ARGENTINA -- Total Fina Elf may take the axe to its investment plans unless natural gas prices improve. A collapse in wellhead prices makes it unattractive to invest further in well maintenance or in new developments and Total will not invest...

China -- year-end upstream developments give a clear picture of the changing mix of oil and natural gas production for Asia's second largest oil market: less eastern onshore oil, more offshore oil and more natural gas (PIW Sep.9,p1). (Countries).(Brief Article)
January 6, 2003... CHINA -- Year-end upstream developments give a clear picture of the changing mix of oil and natural gas production for Asia's second largest oil market: less eastern onshore oil, more offshore oil and more natural gas (PIW Sep.9,p1). Government...

India -- the on-off privatization of top refiners Hindustan Petroleum (HPCL) and Bharat Petroleum (BPCL) is off once again. (Countries).(Brief Article)
January 6, 2003... INDIA -- The on-off privatization of top refiners Hindustan Petroleum (HPCL) and Bharat Petroleum (BPCL) is off once again. In another setback for energy reforms, the Cabinet Committee for Disinvestment (CCD) has delayed the launch of the twin...

Kazakhstan -- the Caspian Pipeline Consortium (CPC) is rapidly signing up clients for its pipeline, pushing potential usage above 50% of capacity for the first time. (Countries).(Brief Article)
January 6, 2003... KAZAKHSTAN -- The Caspian Pipeline Consortium (CPC) is rapidly signing up clients for its pipeline, pushing potential usage above 50% of capacity for the first time. Karachaganak Petroleum Operating BV is to become CPC's third user, shortly...

Kuwait -- Tokyo-based Arabian Oil Company (AOC) signed a new oil concession deal on Dec. 29 to replace its 40-year old agreement for the Neutral Zone shared with Saudi Arabia. (Countries).(Brief Article)
January 6, 2003... KUWAIT -- Tokyo-based Arabian Oil Company (AOC) signed a new oil concession deal on Dec. 29 to replace its 40-year old agreement for the Neutral Zone shared with Saudi Arabia. The new deal, which came into effect on Jan. 4, secures the right to...

Papua New Guinea -- in a scramble to keep an ambitious natural gas project on track, Exxon Mobil has signed up a new customer in Australia that would take gas from its proposed $3.8 billion pipeline to Queensland state. (Countries).(Brief Article)
January 6, 2003... PAPUA NEW GUINEA -- In a scramble to keep an ambitious natural gas project on track, Exxon Mobil has signed up a new customer in Australia that would take gas from its proposed $3.8 billion pipeline to Queensland state. MIM Holdings, an...

Russia -- the government is promoting a compromise between rival plans for a new crude oil export route to Asia, instructing national pipeline operator Transneft to work out a way of reconciling its proposals with a rival scheme supported by oil major Yukos. (Countries).(Brief Article)
January 6, 2003... RUSSIA -- The government is promoting a compromise between rival plans for a new crude oil export route to Asia, instructing national pipeline operator Transneft to work out a way of reconciling its proposals with a rival scheme supported by...

Sudan -- an aggressive expansion of oil production and the capacity of refineries, ports, and pipelines is in the cards for 2003. (Countries).
January 6, 2003... SUDAN -- An aggressive expansion of oil production and the capacity of refineries, ports, and pipelines is in the cards for 2003. The aim is to grow oil production by 13.3% to 270,000 b/d this year, compared to an average of 233,000 b/d in...

Syria -- a third bid round of 12 exploration blocks launched last month includes at least five from the previous round, which covered 11 blocks and closed in October. (Countries).(Brief Article)
January 6, 2003... SYRIA -- A third bid round of 12 exploration blocks launched last month includes at least five from the previous round, which covered 11 blocks and closed in October. Seven international oil companies bid in that round, including Sinopec, Ocean...

Turkmenistan -- following last May's agreement to revive the project, Turkmenistan, Afghanistan, and Pakistan last month signed a framework agreement laying out the legal principles for setting up a consortium to build the long-mulled-over trans-Afghan gas pipeline, to export some 20 Bcm/yr via Afghanistan to Pakistan, and possibly on to India (PIW Jun.3,p8). (Countries).(Brief Article)
January 6, 2003... TURKMENISTAN -- Following last May's agreement to revive the project, Turkmenistan, Afghanistan, and Pakistan last month signed a framework agreement laying out the legal principles for setting up a consortium to build the long-mulled-over...

Vietnam -- Russian state Zarubezhneft has finally faced up to the fact that its partnership with state PetroVietnam to build the country's first oil refinery is null and void, after insisting for weeks that it remained fully involved in the $1.3 billion Dung Quat project. (Countries).(Brief Article)
January 6, 2003... VIETNAM -- Russian state Zarubezhneft has finally faced up to the fact that its partnership with state PetroVietnam to build the country's first oil refinery is null and void, after insisting for weeks that it remained fully involved in the...

Venezuela strike takes toll at home, in US. (What's New Around the World).
January 6, 2003... The oil workers' strike in Venezuela, part of a five-week general strike seeking the ouster of President Hugo Chavez, is having a growing and substantial negative impact on the country's economy and oil industry. Internal fuel deliveries have...

New year high. (Marketview).
January 6, 2003... Oil prices began 2003 tantalizingly close to a new post-Sep. 11 high as Venezuela's month-long strike sent US crude stocks crashing and the US increased its military presence in the Mideast Gulf. Light, sweet crude futures on the New York...

Stay informed before the rapidly evolving events in Iraq overtake you. (Eye On Iraq).(Brief Article)
January 6, 2003... The Iraq situation is critical. Eye on Iraq, EIG's series of articles devoted to the unfolding situation in the Middle East, tells you what is happening--when it happens. Combining interviews, insight, news and analysis from leading...

PIW Market Indicators.(table)
January 6, 2003... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $30.14 $30.50 $25.72 UK Brent (Dated) 30.40 31.35 25.89...

Venezuela hits some harder than others.(Venezuelan crude oil exports falling)
January 13, 2003... How far have Venezuelan exports really fallen? Low-end estimates suggest that barely 200,000 barrels per day of crude--and no oil products--are leaving the strike-bound country these days (p7). What's more, Venezuelan stocks were drawn down...

Russian output growth faces export limits.(Russia's crude production to rise 10% to at least 8.3 million barrels per day in 2003)
January 13, 2003... With the world at risk of serious oil supply disruptions--whether from Venezuela or Iraq or both--Russia is bracing itself for a whopping 10% rise in crude production to at least 8.3 million barrels per day this year. This would top the...

Gas fires up petrochemicals in Mideast Gulf.(LNG, GTL, and export pipeline projects also provides ethane that is powering region's petrochemical industry)
January 13, 2003... The abundant gas that is fuelling a wealth of liquefied natural gas (LNG), gas-to-liquids (GTL), and export pipeline projects in the Mideast Gulf is also providing the ethane that is powering the region's growing petrochemical industry. Saudi...

Opec quota deal legitimizes earlier increases.(eight Opec members raised production by combined 460,000 barrels per day as early as 12/02)
January 13, 2003... Regardless of the size of Opec's emergency quota increase this month, the reality is that much of the actual rise in production that is likely to result from it has probably already occurred. As early as December, eight Opec members increased...

Baku-Ceyhan to start short of oil, money.(construction to start later this winter on Baku-Tbilisi-Ceyhan crude oil pipeline)
January 13, 2003... Construction is due to start later this winter on the Baku-Tbilisi-Ceyhan (BTC) pipeline, which is to carry Azeri and possibly some Kazakh crude from the Caspian to the Turkish Mediterranean port of Ceyhan, starting in 2005. Skeptics still need...

Freight spike boosts tanker derivatives.
January 13, 2003... The recent volatility in tanker rates is working wonders in the still small world of wet freight derivatives. A growing tally of active players now includes Royal Dutch/Shell, BP, and Statoil, oil traders Glencore, Vitol, Koch, Sempra, Cargill,...

No takers for Enron's role in trading.
January 13, 2003... A year after the spectacular collapse of Enron, it is still not clear who--if anybody--will step into its market-maker role. The spoils were supposed to go to American Electric Power, Aquila, Dynegy, El Paso, and Williams, among others, but...

Formula prices--Saudi Arabia sharply increased its formula prices for February exports amid expectations that the market will tighten. (General).
January 13, 2003... FORMULA PRICES--Saudi Arabia sharply increased its formula prices for February exports amid expectations that the market will tighten. Hardest hit was the US, while Asia got off lightly. Refiners in the US were sanguine about the narrowed...

Futures--the electronic IntercontinentalExchange (ICE) is countersuing the New York Mercantile Exchange (Nymex) for abuse of monopoly power in the futures market and for attempting to expand its monopoly into over-the-counter (OTC) trading. (General).(Brief Article)
January 13, 2003... FUTURES--The electronic IntercontinentalExchange (ICE) is countersuing the New York Mercantile Exchange (Nymex) for abuse of monopoly power in the futures market and for attempting to expand its monopoly into over-the-counter (OTC) trading....

Industry restructuring--Pakistani privatization officials are pressing ahead with the sale of a 51% stake in Pakistan State Oil by holding a second meeting with bidders this month. (General).(Brief Article)
January 13, 2003... INDUSTRY RESTRUCTURING--Pakistani privatization officials are pressing ahead with the sale of a 51% stake in Pakistan State Oil by holding a second meeting with bidders this month. Kuwait Petroleum Corp., Saudi Arabia's Midroc, and Pakistan's...

People--a close ally of President Saddam Hussein, Samir Abdulaziz al-Najm, was appointed acting oil minister in Iraq, replacing Amer Rasheed, had been minister since 1995. (General).(Brief Article)
January 13, 2003... PEOPLE--A close ally of President Saddam Hussein, Samir Abdulaziz al-Najm, was appointed acting oil minister in Iraq, replacing Amer Rasheed, had been minister since 1995. Brian Gilbertson resigned as chief executive of Australia's BHP Billiton...

Tankers--the effective stoppage of Venezuelan crude flows to the US--a trade that normally occupies four or five Aframax tankers per day--has had a downward ripple effect on spot rates for the 70,000-plus dwt vessels (p1). (General).
January 13, 2003... TANKERS--The effective stoppage of Venezuelan crude flows to the US--a trade that normally occupies four or five Aframax tankers per day--has had a downward ripple effect on spot rates for the 70,000-plus dwt vessels (p1). Aframax vessels...

Canada--the first new oil sands mining operation in more than 25 years was forced to shut down after minor explosions and a fire just eight days after it began commercial production of bitumen. (Countries).(Brief Article)
January 13, 2003... CANADA -- The first new oil sands mining operation in more than 25 years was forced to shut down after minor explosions and a fire just eight days after it began commercial production of bitumen. The shut down at the C$5.7 billion (US$3.7...

China--PetroChina and Sinopec expect to boost their refinery throughput by 5% this year to an average 3.896 million b/d, including capacity addition at Sinopec's Dongxing refinery. (Countries).(Brief Article)
January 13, 2003... CHINA -- PetroChina and Sinopec expect to boost their refinery throughput by 5% this year to an average 3.896 million b/d, including capacity addition at Sinopec's Dongxing refinery. A Sinopec official predicts that oil demand will grow by...

Ecuador--output at state oil company Petroecuador slipped to its lowest level in at least a decade last year after costly exploration projects failed. (Countries).(Brief Article)
January 13, 2003... ECUADOR -- Output at state oil company Petroecuador slipped to its lowest level in at least a decade last year after costly exploration projects failed. Petroecuador produced just 223,200 b/d in 2002, against expectations of 263,300 b/d, after...

India--in the latest salvo fired over muddled plans to privatize state oil companies, the finance ministry is backing the idea of a merger between downstream heavyweight Indian Oil Corp. (IOC) and its upstream counterpart Oil & Natural Gas Corp. (ONGC). (Countries).(Brief Article)
January 13, 2003... INDIA -- In the latest salvo fired over muddled plans to privatize state oil companies, the finance ministry is backing the idea of a merger between downstream heavyweight Indian Oil Corp. (IOC) and its upstream counterpart Oil & Natural Gas...

Oman--Japanese engineering firms JGC and Chiyoda have won an $879 million contract to build a 75,000 b/d refinery in a new industrial area at the northern Gulf port of Sohar (PIW Dec. 17'01,p7). (Countries).(Brief Article)
January 13, 2003... OMAN -- Japanese engineering firms JGC and Chiyoda have won an $879 million contract to build a 75,000 b/d refinery in a new industrial area at the northern Gulf port of Sohar (PIW Dec. 17'01,p7). The plant, which is due to be completed by...

Russia--Rosneft is disputing the results of the Slavneft privatization and plans to sue the Russian Federal Property Fund, which sold the state's 74.95% stake for $1.86 billion to an alliance of Russian companies Sibneft and Tyumen Oil Co. (Countries).(Brief Article)
January 13, 2003... RUSSIA -- Rosneft is disputing the results of the Slavneft privatization and plans to sue the Russian Federal Property Fund, which sold the state's 74.95% stake for $1.86 billion to an alliance of Russian companies Sibneft and Tyumen Oil Co....

Chavez threatens break up of PDV as strike goes on.(Petroleos de Venezuela strike in sixth week; President Hugo Chavez may act)
January 13, 2003... The general strike that has substantially paralyzed the operations of state Petroleos de Venezuela (PDV) continued into a sixth week, as President Hugo Chavez ordered PDV split into an eastern unit and a western unit. The move was a sign that...

Opec reacts. (Marketview).
January 13, 2003... WASHINGTON -- Opec's promise to pour at least 1 million b/d onto a market starved of Venezuelan exports went a long way to take the heat out of futures markets last week. But analysts' reactions were mixed, with the bulls saying the promised...

Saudi Arabia ships emergency oil to US.(Brief Article)
January 13, 2003... Saudi Arabia is poised to ship extra oil to the US to help replace Venezuelan production. Saudi Aramco's Vela shipping arm was in the spot tanker market twice in the last week--fixing three ultra-large crude carriers and four very large crude...

PIW market indicators.(Petroleum Intelligence Weekly)(Illustration)
January 13, 2003... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $29.76 $30.50 $26.48 UK Brent (Dated) 30.64 31.07 ...

Opec hike fails to cool market fever.
January 20, 2003... Cynical oil traders shrugged off Opec's decision to increase its production ceiling by 1.5 million barrels per day as too little, too late to rescue US refiners who are thirsting for crude to replace absent Venezuelan oil. Nor did the Opec...

Reliance on Iraq rises as conflict looms. (Eye On Iraq).
January 20, 2003... While pundits ponder what might happen to oil markets if flows from Iraq and Venezuela were to be cut off at the same time, Iraq is actually helping to fill the yawning gap in oil supply to the Americas created by the strike that has shut down...

Oil producer budgets show lower prices.
January 20, 2003... With US benchmark West Texas Intermediate (WTI) hovering around $32 per barrel last week--over $10/bbl higher than a year ago--this should be a heady time for oil producers. But several Opec governments' budget architects do not appear to...

Supermajors eye returns after growth woes.(British Petroleum)
January 20, 2003... All supermajors do not look alike, but after some recent failures in key areas, the business strategies of BP and Royal Dutch/Shell are starting to resemble Exxon Mobil's more and more. Having teased investors with promises of both high...

Forecasters stay bullish on demand outlook.
January 20, 2003... Current oil market attention is focused almost exclusively on the supply side, thanks to Venezuela's difficulties, the worries about Iraqi exports in the event of a war, and Opec's latest quota hike in response to sky-high oil prices. But what...

Waiting game in Libya is set to continue.(Oil companies kept waiting)
January 20, 2003... Oil companies interested in exploring new acreage in Libya could be forgiven for thinking that they are operating in a time warp. Though rated by some consultants as an exploration hot spot, Libya has yet to assign any of the acreage that it...

Brent suffers side effects of BFO medicine.
January 20, 2003... The `BFO' revolution (Brent-Forties-Oseberg) in the North Sea Brent crude oil market that was instituted by the Platts pricing service last year has successfully achieved its primary objective of curing the market of chronic trading squeezes....

Corporate--bolstered by strong crude oil and natural gas prices and resurgent refining margins, fourth-quarter earning at top integrated oil companies are expected to be significantly higher than year-earlier levels when companies begin reporting this week (PIW Feb.4,p7). (General).(Brief Article)
January 20, 2003... CORPORATE -- Bolstered by strong crude oil and natural gas prices and resurgent refining margins, fourth-quarter earning at top integrated oil companies are expected to be significantly higher than year-earlier levels when companies begin...

Industry restructuring--BP is offloading the remaining shares in Lukoil that it inherited when it took over Arco. (General).(Brief Article)
January 20, 2003... INDUSTRY RESTRUCTURING -- BP is offloading the remaining shares in Lukoil that it inherited when it took over Arco. BP sold 3% of its 7% stake two years ago for $237 million and placed the remaining 4% into exchangeable bonds, convertible into...

North Sea--Royal Dutch/Shell and partner Exxon Mobil started production six months early at their five-field Penguins development in the northeast corner of the UK Brent system, in a striking example of how technological advances are making once marginal finds easier to develop and commercially viable (PIW Feb.4,p4). (General).(Brief Article)
January 20, 2003... NORTH SEA -- Royal Dutch/Shell and partner Exxon Mobil started production six months early at their five-field Penguins development in the northeast corner of the UK Brent system, in a striking example of how technological advances are making...

Tankers--extra Opec oil is fueling another rally in tanker rates from the Mideast Gulf. (General).(Brief Article)
January 20, 2003... TANKERS -- Extra Opec oil is fueling another rally in tanker rates from the Mideast Gulf. Very large crude carrier (VLCC) rates between the Mideast and US Gulf hit a two-year high of Worldscale WS 125 ($3.56/bbl) last week, up 25% on the...

Correction--Morgan Stanley was wrongly identified in PIW last week as having sold its energy trading business to Allegheny Energy. (General).(Brief Article)
January 20, 2003... CORRECTION -- Morgan Stanley was wrongly identified in PIW last week as having sold its energy trading business to Allegheny Energy. It was Merrill Lynch that sold its business to Allegheny and now faces litigation over the deal (PIW Jan....

Algeria--after more than two years of debate, the draft hydrocarbon law has been shelved in a blow to Oil Minister Chakib Khelil and a victory for the trade unions, which had strongly opposed the new role envisaged for state oil company Sonatrach. (Countries).(Brief Article)
January 20, 2003... ALGERIA -- After more than two years of debate, the drag hydrocarbon law has been shelved in a blow to Oil Minister Chakib Khelil and a victory for the trade unions, which had strongly opposed the new role envisaged for state oil company...

Canada--the Kyoto climate change pact has officially claimed its first victim in Western Canada's oil sands industry. (Countries).(Brief Article)
January 20, 2003... CANADA -- The Kyoto climate change pact has officially claimed its first victim in Western Canada's oil sands industry. TrueNorth Energy shelved its proposed 190,000 b/d Fort Hills oil sands project in northern Alberta last week citing market...

China--Asia's second-largest oil consuming country will have to rely on more crude imports this year as its two top producers expect only minimal production growth. CNPC, the parent company of integrated giant PetroChina, plans to pump 2.389 million b/d this year, just 1.2% up from last year. (Countries).
January 20, 2003... CHINA -- Asia's second-largest oil consuming country will have to rely on more crude imports this year as its two top producers expect only minimal production growth. CNPC, the parent company of integrated giant PetroChina, plans to pump 2.389...

Kazakhstan--crude oil and condensate production shot up by 18.1% to 948,300 b/d in 2002, compared with 2001's 802,700 b/d, which was itself up nearly 20% on the previous year. (Countries).(Brief Article)
January 20, 2003... KAZAKHSTAN -- Crude oil and condensate production shot up by 18.1% to 948,300 b/d in 2002, compared with 2001's 812,700 b/d, which was itself up nearly 20% on the previous year. Output has nearly doubled in the last live years, exceeding 1...

Mexico--in a revival of the informal alliance with Opec, crude oil exports are to rise by 120,000 b/d to 1.88 million b/d from Feb. 1 in the wake of Opec's latest agreement to lift the group quota to 24.5 million b/d in a bid to compensate for seven weeks of lost supply from Venezuela and to cool sizzling oil prices (PIW Jan. 13,p1). (Countries).(Brief Article)
January 20, 2003... MEXICO -- In a revival of the informal alliance with Opec, crude oil exports are to rise by 120,000 b/d to 1.88 million b/d from Feb. 1 in the wake of Opec's latest agreement to lift the group quota to 24.5 million b/d in a hid to compensate...

Nigeria--President Olusegun Obasanjo has surprised oil companies by abruptly bringing forward the deadline for eliminating flaring of associated gas to 2004 from 2008. (Countries).(Brief Article)
January 20, 2003... NIGERIA -- President Olusegun Obasanjo has surprised oil companies by abruptly bringing forward the deadline for eliminating flaring of associated gas to 2004 from 2008. ChevronTexaco, ENI, Exxon Mobil, and Royal Dutch/Shell, whose oil...

Norway--this year's official assessment of oil and gas reserves registers the first ever reduction in estimates for the continental shelf. (Countries).(Brief Article)
January 20, 2003... NORWAY -- This year's official assessment of oil and gas reserves registers the first ever reduction in estimates for the continental shelf. The Petroleum Directorate (NPD) also forecasts a drop in oil production this year. The NPD expects oil...

United States--Mexico was back on top as the largest crude oil supplier in November at 1.531 million b/d, even though the volume was barely higher than in October when sales of 1.527 million b/d earned Mexico the third spot in the rankings. (Countries).(Brief Article)
January 20, 2003... UNITED STATES -- Mexico was back on top as the largest crude oil supplier in November at 1.531 million b/d, even though the volume was barely higher than in October when sales of 1.527 million b/d earned Mexico the third spot in the rankings....

United States--Alaskan oil production finished the year strongly, with a monthly gain of 121,000 b/d in December, for a full year average of 1.026 million b/d, which was just ahead of the 1.024 million b/d produced in 2001. (Countries).(Brief Article)
January 20, 2003... UNITED STATES -- Alaskan oil production finished the year strongly, with a monthly gain of 121,000 b/d in December, for a full year average of 1.026 million b/d, which was just ahead of the 1.024 million b/d produced in 2001. Alaska North Slope...

Venezuela--yet another shake-up is in the cards at Petroleos de Venezuela (PDV) as the government of embattled President Hugo Chavez tightens its grip on the state oil giant. (Countries).
January 20, 2003... VENEZUELA -- Yet another shake-up is in the cards at Petroleos tie Venezuela (PDV) as the government of embattled President Hugo Chavez tightens its grip on the state oil giant. The government named a new board of directors--the sixth since...

Business as usual: Russians return to Iraq. (Eye On Iraq).
January 20, 2003... Demonstrating to the world that its romance with Baghdad is far from over, Moscow at the end of last week dispatched a high-profile business delegation to Iraq led by two deputy ministers--from foreign affairs and energy--to promote cooperation...

Asian overload. (Marketview).(Saudi Arabia is ramping up supplies of crude oil to Asia)
January 20, 2003... SINGAPORE -- Responding quickly to Opec's agreement to increase production by 1.5 million b/d, Saudi Arabia is ramping up supplies of crude oil to Asia, cutting contracted supplies by only 5% in February compared with 22% in January (p1). Based...

Have you ordered your World Gas Handbook 2003-04 yet?(Brief Article)
January 20, 2003... If you operate in the international gas industry, you know how important it is to have an "ear to the ground" when it comes to knowing how a country's industry works and what your competitors are doing. Energy Intelligence Group's World Gas...

PIW market indicators.
January 20, 2003... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $30.23 $29.92 $30.50 UK Brent (Dated) 31.37 30.53 31.35 UK...

Saudis walk line between shortage, glut.(production, storage)
January 27, 2003... Saudi Arabia is walking a fine line: It is working hard to fill the global supply gap created by the loss of Venezuelan exports, while trying to avoid an overreaction that would set the stage for a supply glut later this year. What's more, it...

Long hangover seen for PDV from strike.(Petroleos de Venezuela)
January 27, 2003... The strike that has paralyzed Venezuela's oil industry for the past two months will have an impact on state oil company Petroleos de Venezuela (PDV) that will last long after the anti-Chavez standoff is resolved (PIW Jan.13,p1). While the...

Weak growth is downside of pricey US gas.
January 27, 2003... Is the outlook for an annual 30 trillion cubic foot US natural gas market another myth destroyed in the debris of the Enron debacle? Even the most optimistic forecasters have pushed the estimated timing for the 30% jump from today's yearly gas...

Term deals still best in supply crunch.(crude oil)
January 27, 2003... Despite the sensitive market linkages that exist in today's term contract pricing formulas, comparative price trends in the fourth quarter prove once again that term supplies trump spot barrels in a supply crisis. Refiners worldwide buying term...

Repsol tries to shed image as ugly duckling.(Repsol YPF standing with debt ratings agencies)
January 27, 2003... Despite diligent efforts to pay down its debt and signs of economic improvement in its key market of Argentina, Spain's Repsol YPF remains something of a patito feo--an ugly duckling--in the eyes of the debt ratings agencies. Starting in...

Parroting Exxon, CNPC looks abroad to grow.(China National Petroleum Corp.)
January 27, 2003... State-owned giant China National Petroleum Corp. (CNPC) has a new aim in life: to model itself after supermajor Exxon Mobil, with up to 70% of its operations overseas. This bold aspiration is not quite as incredible as it may sound. CNPC...

Indonesia's oil decline spreads to gas output.
January 27, 2003... While Indonesia has long struggled to fill its Opec oil quota, it now faces the possibility of being eclipsed as the world's largest liquefied natural gas exporter, as well. Maturing oil and gas projects in the country are not being replaced by...

IEA--the International Energy Agency's latest Oil Market Report shows that the prolonged political crisis in Venezuela and the decrease of Iraqi export volumes combined to take more than 2 million b/d of global oil supplies in December. (General).(Brief Article)
January 27, 2003... IEA -- The International Energy Agency's latest Oil Market Report shows that the prolonged political crisis in Venezuela and the decrease of Iraqi export volumes combined to take more than 2 million b/d of global oil supplies in December....

Industry restructuring--Austrian oil company OMV is buying the international upstream portfolio of Germany's Preussag Energie for $320 million--a move that allows it to hit its 2004 production target at a stroke. (General).(Brief Article)
January 27, 2003... INDUSTRY RESTRUCTURING -- Austrian oil company OMV is buying the international upstream portfolio of Germany's Preussag Energie for $320 million--a move that allows it to hit its 2004 production target at a stroke. The deal involves 20,000...

China--crude imports rose 15% to 1.394 million b/d in 2002, with imports from top supplier Saudi Arabia increasing by some 30% to 229,000 b/d (PIW Jan.6,p1). (Countries).(Brief Article)
January 27, 2003... CHINA -- Crude imports rose 15% to 1.394 million b/d in 2002, with imports from top supplier Saudi Arabia increasing by some 30% to 229,000 b/d (PIW Jan.6,p1). Iran and Oman, two big suppliers to Asia, took second and third place, respectively....

Egypt--next month should see the launching of a licensing round for gas blocks, to be run by state Egyptian Gas Holding Co. (Egas), and the revelation of a new government pricing formula that delinks gas prices from crude oil and product prices. (Countries).(Brief Article)
January 27, 2003... EGYPT -- Next month should see the launching of a licensing round for gas blocks, to be run by state Egyptian Gas Holding Co. (Egas), and the revelation of a new government pricing formula that delinks gas prices from crude oil and product...