Petroleum Intelligence Weekly articles from January 2006

Petroleum Intelligence Weekly archives from January 2006

Ukraine standoff displays Kremlin's gas clout.
January 2, 2006... Regardless of how the mid-winter brinksmanship between Russia and Ukraine over natural gas supplies and prices plays out, the forces driving the confrontation look likely to intensify with pro-found implications for European gas markets....

High prices raise stakes for big oil in '06.
January 2, 2006... Although oil and gas prices are expected to remain at historically high levels this year, 2006 still poses a wide range of challenges for Big Oil. The trends of the past few years--tougher terms for access to upstream reserves, greater...

Libya's growth in output still problematic.
January 2, 2006... A newly energized and mostly sanctions-free Tripoli is looking to a steady influx of old and new companies to break the pattern of 20 years of missed oil production growth targets. But despite two successful Epsa-4 licensing rounds in 2005 and...

Oil market balance looks easier for '06.(non-Opec)
January 2, 2006... Oil markets look to be far less supply challenged for 2006 than they were last year, if current trends continue to play out, with demand growth only slowly returning to trend levels and non-Opec supply on the bounce from last year's hurricanes....

Despite elections Iraq recovery is tenuous.
January 2, 2006... After enduring a torrid year in which repeated acts of sabotage and logistical difficulties drove oil production below 1.8 million b/d, Iraq is hoping for recovery in 2006. There is some cause for optimism: Parliamentary elections in...

Petrobras flexing muscles at home and abroad.
January 2, 2006... For Brazil's state-owned oil company Petrobras, 2006 should mark a major turning point. The company is investing $17.8 billion and plans to produce some 1.86 million barrels of oil per day, up from 1.72 million b/d in 2005, making Brazil self...

Export refining taking new shape in Asia.
January 2, 2006... Among the throng of new crude distillation towers and secondary units expected to rise across Asia, two refineries stand out; SK's Inchon plant in South Korea and Reliance's new complex at Jamnagar in India. In contrast to Asia's traditionally...

LNG--two major expansions of the Qatargas LNG project are moving ahead along with an agreement to expand the US receiving terminal at Elba Island, Georgia to absorb some of the new supply.(GENERAL)
January 2, 2006... LNG -- Two major expansions of the Qatargas LNG project are moving ahfead along with an agreement to expand the US receiving terminal at Elba Island, Georgia to absorb some of the new supply. A combined $4 billion construction contract for LNG...

Industry restructuring--Royal Dutch Shell has agreed to sell its retail fuel businesses in three Latin American countries, totaling over 311 filling stations, to Petrobras for $140 million, and to sell its Ecuador network of 60 filling stations to Peru's Primax, part-owned by Chile's Enap for an undisclosed price.(GENERAL)
January 2, 2006... INDUSTRY RESTRUCTURING -- Royal Dutch Shell has agreed to sell its retail fuel businesses in three Latin American countries, totaling over 311 filling stations, to Petrobras for $140 million, and to sell its Ecuador network of 60 filling...

Azerbaijan--Baku and Tehran have inaugurated a gas swap to deliver Iranian gas to the Azeri enclave of Nakhichevan in exchange for Azeri gas supplies to northern Iran.(COUNTRIES)
January 2, 2006... AZERBAIJAN -- Baku and Tehran have inaugurated a gas swap to deliver Iranian gas to the Azeri enclave of Nakhichevan in exchange for Azeri gas supplies to northern Iran. The relationship could blossom, with Azerbaijan considering whether to...

Bolivia--international oil companies are bracing for a more nationalistic government but do not expect to be nationalized despite the warnings of new leftist president Evo Morales.(COUNTRIES)
January 2, 2006... BOLIVIA -- International oil companies are bracing for a more nationalistic government but do not expect to be nationalized despite the warnings of new leftist president Evo Morales. He has called for nationalization and revision of existing...

Brazil--State Petrobras has two new offshore discoveries that could yield as much as 1.4 billion bbl of oil reserves.(COUNTRIES)
January 2, 2006... BRAZIL -- State Petrobras has two new offshore discoveries that could yield as much as 1.4 billion bbl of oil reserves. The biggest find was on Block BC-20 off the coast of Rio de Janeiro. Dubbed Papa-Terra, the field has an estimated 700...

Canada--thanks to Alberta tar sands and offshore Newfoundland flows, oil production reached a new record of 3.186 million b/d in October.(COUNTRIES)
January 2, 2006... Canada -- Thanks to Alberta tar sands and offshore Newfoundland flows, oil production reached a new record of 3.186 million b/d in October. Full recovery of the existing capacity and an expansion at Suncor's oil mining and upgrading project...

China--to offset refiners' losses from selling oil products at controlled retail prices, Beijing is making one-time payments to refiners, starting with $1.24 billion to Sinopec.(COUNTRIES)
January 2, 2006... CHINA -- To offset refiners' losses from selling oil products at controlled retail prices, Beijing is making one-time payments to refiners, starting with $1.24 billion to Sinopec. The compensation will be added to the companies'...

India--in line with its strategy to become a global energy player, Russian natural gas giant Gazprom has started drilling its first well in the Bay of Bengal in partnership with Gas Authority of India Ltd.(COUNTRIES)
January 2, 2006... INDIA -- In line with its strategy to become a global energy player, Russian natural gas giant Gazprom has started drilling its first well in the Bay of Bengal in partnership with Gas Authority of India Ltd. (Gail). Gazprom signed a production...

India--defining some limits to overseas upstream deals, the Indian cabinet blocked a plan by Oil and Natural Gas Corp. (ONGC) to buy a 45% stake in Nigeria's deepwater Akpo field, saying it is not commercially viable.(COUNTRIES)
January 2, 2006... INDIA -- Defining some limits to overseas upstream deals, the Indian cabinet blocked a plan by Oil and Natural Gas Corp. (ONGC) to buy a 45% stake in Nigeria's deepwater Akpo field, saying it is not commercially viable. The state-owned firm had...

Mexico--oil production continued to work its way back from last summer's hurricane-related dip that first took out offshore production directly in July and then knocked out enough US refinery demand for Mexican crude to cause secondary shut-ins.(COUNTRIES)
January 2, 2006... MEXICO -- Oil production continued to work its way back from last summer's hurricane-related dip that first took out offshore production directly in July and then knocked out enough US refinery demand for Mexican crude to cause secondary...

Panama--making a rare foray into the refining and marketing business, Occidental Petroleum is weighing a strategic investment in the construction of a major new heavy oil refinery to supply products to both Atlantic and Pacific markets.(COUNTRIES)
January 2, 2006... PANAMA -- Making a rare foray into the refining and marketing business, Occidental Petroleum is weighing a strategic investment in the construction of a major new heavy oil refinery to supply products to both Atlantic and Pacific markets. The...

Qatar--in a move that promises to boost oil production above 1 million b/d by the end of the decade, Denmark's Maersk Oil has concluded an agreement with state Qatar Petroleum to further develop the Al-Shaheen offshore field.(COUNTRIES)
January 2, 2006... QATAR -- In a move that promises to boost oil production above 1 million b/d by the end of the decade, Denmark's Maersk Oil has concluded an agreement with state Qatar Petroleum to further develop the Al-Shaheen offshore field. The six year...

Romania--former national oil company Petrom, which is owned 51% by Austria's OMV, has won an international tender for exploration licenses for three blocks.(COUNTRIES)
January 2, 2006... ROMANIA--Former national oil company Petrom, which is owned 51% by Austria's OMV, has won an international tender for exploration licenses for three blocks. During the first phase, which will last for three years, Petrom will shoot 2-D and 3-D...

Russia--Gazprom is set to take the emerging markets by storm in 2006 after President Vladimir Putin delivered on his promise to liberalize share trading in the state-controlled gas monopoly before Dec. 31.(COUNTRIES)
January 2, 2006... RUSSIA -- Gazprom is set to take the emerging markets by storm in 2006 after President Vladimir Putin delivered on his promise to liberalize share trading in the state-controlled gas monopoly before Dec. 31. As the world's largest natural gas...

UK--in the latest phase of the building boom for LNG terminals, Grain LNG near London is offering a further five million metric tons (6.9 Bcm) per year of capacity from winter 2010-11.(COUNTRIES)
January 2, 2006... UK -- In the latest phase of the building boom for LNG terminals, Grain LNG near London is offering a further five million metric tons (6.9 Bcm) per year of capacity from winter 2010-11. Two years ago BP-Sonatrach booked Grain's first 3.3...

US--hurricane damage and resulting high product prices attracted record volumes of product imports to the 50 states in October, with a total of 4.8 million b/d, up from 4 million b/d in September, the previous record.(COUNTRIES)
January 2, 2006... US -- Hurricane damage and resulting high product prices attracted record volumes of product imports to the 50 states in October, with a total of 4.8 million b/d, up from 4 million b/d in September, the previous record. The US more typically...

US--Chevron and Canadian independent Nexen have confirmed a "significant discovery" in the deepwater Gulf of Mexico.(COUNTRIES)
January 2, 2006... US -- Chevron and Canadian independent Nexen have confirmed a "significant discovery" in the deepwater Gulf of Mexico. The well, drilled on the Knotty Head prospect encountered 600 feet of net oil pay in multiple zones (PIW Mar.28,p9). With a...

Expect the unexpected.(Marketview)
January 2, 2006... WASHINGTON -- If the past two years in the oil markets are any guide, 2006 is bound to provide new surprises. In 2004, the biggest surprise was the extraordinary growth in Chinese demand, while 2005 saw a sharp rise in prices despite what was...

London Heathrow scrambles for jet fuel.
January 2, 2006... Damage from the huge fire at the Buncefield oil products depot north of London in December is severely constraining jet fuel supplies to London Heathrow, Europe's largest airport. Supplies of jet kerosene have been cut by one-third requiring...

PIW market indicators.(Illustration)
January 2, 2006... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $51.44 $51.93 $52.65 UK Brent (Dated) 56.35 56.33 56.22...

Gazprom's cold war tactics spook Europe.
January 9, 2006... The crisis sparked by Russia's cutoff in gas supplies to Ukraine may be over for now but the collateral damage to Europe's energy security and Russia's reputation as a reliable supplier will be long lasting. Moscow's tactics were brutal but...

US gulf players pick up pieces, press on.
January 9, 2006... Mother Nature has the last word on energy production in the US Gulf of Mexico. Any doubts about that were surely dispelled by last summer's deadly one-two punch of Hurricanes Katrina and Rita, which continue to curtail over 20% of output long...

Service costs mop up 2006 spending hike.
January 9, 2006... Oil prices averaging $60 per barrel in 2005 have left companies swimming in cash, some of which is showing up in significantly bigger budgets for 2006. Companies will spend an estimated 15% more this year versus last--according to two closely...

Price casts shadow on China's demand.
January 9, 2006... Having gyrated dramaticaily in 2005 after a breathtaking leap in 2004, what's in store for Chinese oil demand growth this year? Most forecasts are playing it safe, seeing no return to runaway growth but anticipating a reversion to more familiar...

Caspian producers chip away at Russia's tight grip.
January 9, 2006... At a time when Moscow's meddling with gas supplies to Ukraine and Europe has spread concern, two developments in the Caspian oil industry in the first half of 2006 will chip away at Russian domination in the region. The first Caspian oil...

Exxon Mobil turns drilling into video game.
January 9, 2006... Containing rising upstream costs, particularly for drilling, is an increasingly important objective for oil companies, and some are pulling ahead of their rivals. Exxon Mobil, with its heavier emphasis on research and development, appears to...

Latin America will have more crude to offer.
January 9, 2006... Latin America will continue to be an important source of oil supply for importing countries in 2006 with close to 4.5 million barrels per day available for export to world markets. Preliminary PIW soundings point to a nearly 400,000 b/d rise in...

Corporate--strong commodity prices and refining margins pushed oil equities to record highs in 2005.(GENERAL)
January 9, 2006... CORPORATE -- Strong commodity prices and refining margins pushed oil equities to record highs in 2005. Marathon Oil's shares jumped 39%, Amerada Hess was up 35% and the top majors posted gains ranging from Chevron's 7% to ConocoPhillips' 27%...

Formula prices--Saudi Arabia is adjusting its price terms for February crude exports by narrowing the discounts for Arab Heavy crude to the US, while widening the discounts for the same grade to Asia and Europe.(GENERAL)
January 9, 2006... FORMULA PRICES -- Saudi Arabia is adjusting its price terms for February crude exports by narrowing the discounts for Arab Heavy crude to the US, while widening the discounts for the same grade to Asia and Europe. The discount for Arab Medium...

Industry restructuring--Norwegian rig operator SeaDrill has launched a takeover bid for fellow Nordic driller Smedvig, which is valued at $2.3 billion.(GENERAL)
January 9, 2006... INDUSTRY RESTRUCTURING -- Norwegian rig operator SeaDrill has launched a takeover bid for fellow Nordic driller Smedvig, which is valued at $2.3 billion. US oilfield services group Noble last month acquired a 29.8% stake in Smedvig for nearly...

People--Sheikh Maktoum bin Rashid al-Maktoum, the ruler of Dubai in the UAE, has died aged 62.(GENERAL)(Obituary)
January 9, 2006... PEOPLE -- Sheikh Maktoum bin Rashid al-Maktoum, the ruler of Dubai in the UAE, has died aged 62. He will be succeeded by his brother Sheikh Mohammed bin Rashid al-Maktoum, aged 57. Dave Robertson has become president and COO of Koch Industries...

Cameroon--hopes of reviving the country's fading charms have suffered a setback after Edinburgh-based BowLeven suspended operations on the Bachou 1 well in offshore Block MLHP-7, having failed to produce oil or gas.(COUNTRIES)
January 9, 2006... CAMEROON -- Hopes of reviving the country's fading charms have suffered a setback after Edinburgh-based BowLeven suspended operations on the Bachou 1 well in offshore Block MLHP-7, having failed to produce oil or gas. Shares in BowLeven dived...

Chad--despite strenuous objections from the World Bank, the National Assembly has approved legislation to abolish a future generations fund that receives 10% of oil revenues from the Chad-Cameroon oil pipeline.(COUNTRIES)
January 9, 2006... CHAD -- Despite strenuous objections from the World Bank, the National Assembly has approved legislation to abolish a future generations fund that receives 10% of oil revenues from the Chad-Cameroon oil pipeline. The government says it needs...

China--minority shareholders in CNOOC Ltd. have blocked a proposal to allow its state-owned parent China National Offshore Oil Corp.(COUNTRIES)
January 9, 2006... CHINA -- Minority shareholders in CNOOC Ltd. have blocked a proposal to allow its state-owned parent China National Offshore Oil Corp. (CNOOC) to acquire overseas assets on behalf of the group. The resolution failed to pass an extraordinary...

Colombia--national oil production averaged 527,300 b/d in the first 11 months of 2005, down 1% from the same period last year, according to state oil firm Ecopetrol, which was last week battling to control a spill affecting a 60 mile stretch of the Amazon River after the rebel group Farc blew up eight oil wells and three pipelines.(COUNTRIES)
January 9, 2006... COLOMBIA -- National oil production averaged 527,300 b/d in the first 11 months of 2005, down 1% from the same period last year, according to state oil firm Ecopetrol, which was last week battling to control a spill affecting a 60 mile stretch...

India--having failed to sell internationally priced imports of LNG to local gas users, Royal Dutch Shell has suspended operations at its $600 million Hazira LNG receiving terminal within a year of opening.(COUNTRIES)
January 9, 2006... INDIA -- Having failed to sell internationally priced imports of LNG to local gas users, Royal Dutch Shell has suspended operations at its $600 million Hazira LNG receiving terminal within a year of opening. While Shell India says the terminal...

Indonesia--Exxon Mobil has raised the prospect of developing the notoriously complex Natuna D-Alpha field and says it is in talks with prospective pipeline gas customers in Singapore, Malaysia and Thailand.(COUNTRIES)
January 9, 2006... INDONESIA -- Exxon Mobil has raised the prospect of developing the notoriously complex Natuna D-Alpha field and says it is in talks with prospective pipeline gas customers in Singapore, Malaysia and Thailand. Industry analysts see D-Alpha as...

Iraq--Oil Minister Ibrahim Bahr al-Uloum formally resigned last week--in what he termed a protest over a recent cabinet decision to raise product prices--and has been replaced by Deputy Prime Minister Ahmed Chalabi in an acting capacity.(COUNTRIES)(Brief Article)
January 9, 2006... IRAQ -- Oil Minister Ibrahim Bahr al-Uloum formally resigned last week--in what he termed a protest over a recent cabinet decision to raise product prices--and has been replaced by Deputy Prime Minister Ahmed Chalabi in an acting capacity. Bahr...

Nigeria--two-thirds of the winners in the recent licensing round have paid all or part of their signature bonuses, the Department of Petroleum Resources says.(COUNTRIES)
January 9, 2006... NIGERIA -- Two-thirds of the winners in the recent licensing round have paid all or part of their signature bonuses, the Department of Petroleum Resources says. The bid round, launched in August, attracted some ludicrously high signature...

United Kingdom--French total has brought on stream its North Sea Forvie North gas and condensate development, nine months after government approval of the project.(COUNTRIES)
January 9, 2006... UNITED KINGDOM -- French Total has brought on stream its North Sea Forvie North gas and condensate development, nine months after government approval of the project. Forvie will be operated by sole-owner Total and was developed as a satellite...

United States--Chevron has chalked up another deepwater discovery in the Gulf of Mexico, encountering more than 300 feet of net oil pay at its Big Foot prospect late last year.(COUNTRIES)
January 9, 2006... UNITED STATES -- Chevron has chalked up another deepwater discovery in the Gulf of Mexico, encountering more than 300 feet of net oil pay at its Big Foot prospect late last year. The California-based major said further appraisal drilling will...

Venezuela--the Seniat tax agency is threatening to widen further its trawl through oil company records in its quest for further back tax payments.(COUNTRIES)
January 9, 2006... VENEZUELA -- The Seniat tax agency is threatening to widen further its trawl through oil company records in its quest for further back tax payments. Having recently billed 22 companies that operate 32 oil fields for a total of $891 million in...

Iran taps experience in oil sector shake-up.
January 9, 2006... Iran's Oil Minister Kazem Vaziri-Hamaneh has chosen a team of experienced deputies in his first management changes since being confirmed in his new position in early December. The appointments reflect the minister's desire to rely on expertise...

Bulls rush in.(Marketview)
January 9, 2006... WASHINGTON -- The crude futures market got off to a rambunctious start in 2006. After a brief lull at the end of 2005, speculators jumped back in, this time using the Russia-Ukraine gas spat as an excuse to ratchet up prices (pl). On the first...

Nymex sale plans come unstuck.
January 9, 2006... Plans by the New York Mercantile Exchange (Nymex) to sell a 10% stake for $135 million to private equity firm General Atlantic as the first step towards an initial public offering are at risk of unraveling. The deal valued Nymex at $1.35...

PIW market indicators.(Illustration)
January 9, 2006... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $55.99 $51.83 $54.19 UK Brent (Dated) 61.44 57.18 58.79...

CNOOC dives into Nigeria's murky waters.
January 16, 2006... China's CNOOC Ltd. has a track record of chasing glittering prizes that it ultimately fails to win. After last year's spurned $18.5 billion offer for US Unocal and the failed bid for BG's stake in Kazakhstan's Kashagan field in 2004, CNOOC is...

US gasoline supply fueling early fears.
January 16, 2006... Are US retail gasoline prices poised to hit new records this year? Most market observers say yes. The summer driving season is months away but fear and hype have already gripped the market. New low-sulfur gasoline regulations, the phase out of...

India grows while its oil demand stalls.
January 16, 2006... For a country logging dynamic growth and hailed as Asia's next best economic take-off story after China, India throws up some puzzling energy data. Despite 8% growth in GDP, growing investments in infrastructure and exuberant investor...

Saudi Arabia bulks up downstream.
January 16, 2006... Saudi Arabia is due to select any day now its partners for the first new grassroots refineries to be built in the kingdom in more than 20 years, as a key part of a wide-ranging global downstream program. Long regarded as the global custodian of...

Exxon chief needs to look beyond 2010.
January 16, 2006... A change at the top of a big company often signals a change in strategy. That doesn't seem likely at supermajor Exxon Mobil where a strong company culture and already well-established long-term strategy has produced a seamless handover to new...

Rig sector M&A action heats up.
January 16, 2006... A fierce tug of war has broken out for control of Europe's rig industry. What began as an incestuous flurry of relatively minor deals in Norway has erupted with the bid by upstart newcomer SeaDrill to take over Smedvig--the $2.3 billion local...

Slim Opec gains put onus on non-Opec.
January 16, 2006... On the face of it, global oil markets have entered 2006 well supplied, with good prospects of more capacity coming on over the course of the year from both Opec and non-Opec producers. However, as last year's project delays and hurricane damage...

Formula prices--Mexico has narrowed the February discount for US-bound cargoes of its heavy sour Maya.(Brief Article)
January 16, 2006... FORMULA PRICES -- Mexico has narrowed the February discount for US-bound cargoes of its heavy sour Maya. This is the second consecutive tightening of monthly price terms and follows Saudi Arabia's cutting of the discount on Arab Heavy to the US...

LNG--after varying delays, first export cargoes from respective fourth trains at Nigeria LNG and Atlantic LNG in Trinidad hit the water last week.(GENERAL)
January 16, 2006... LNG -- After varying delays, first export cargoes from respective fourth trains at Nigeria LNG and Atlantic LNG in Trinidad hit the water last week. BP's delayed Trinidad cargo was on its way to the Grain LNG terminal in the UK, where BP is in...

North Sea--Russia's Gazprom has acquired its first-ever stake in a North Sea block.(GENERAL)
January 16, 2006... NORTH SEA -- Russia's Gazprom has acquired its first-ever stake in a North Sea block. Though small, it adds to a series of recent investments by the gas giant in the UK gas market. ZMB, wholly owned by Gazprom's Berlin-based ZGG holding, has...

People--Ibrahim Bahr al-Uloum has been reinstated as oil minister in Iraq (PIW Jan.9,p7).(GENERAL)
January 16, 2006... PEOPLE -- Ibrahim Bahr al-Uloum has been reinstated as oil minister in Iraq (PIW Jan.9,p7). Peter Cleary of BP has been appointed president of North West Shelf Australia LNG, replacing John Banner, who returns to Chevron after a three-year...

Angola--French Total and its partners are inching closer to commercial development of the ultra-deepwater Block 32, after striking more oil at the Gengibre-2 appraisal well.(COUNTRIES)
January 16, 2006... ANGOLA -- French Total and its partners are inching closer to commercial development of the ultra-deepwater Block 32, after striking more oil at the Gengibre-2 appraisal well Total said Gengibre-2 flowed at 4,540 b/d of oil from a Miocene...

Brunei--Brunei Shell Petroleum (BSP), a joint venture of Royal Dutch Shell and the government, has started pumping oil two months ahead of schedule from the newly finished Phase 3 of the offshore Champion West field development.(COUNTRIES)
January 16, 2006... BRUNEI -- Brunei Shell Petroleum (BSP), a joint venture of Royal Dutch Shell and the government, has started pumping oil two months ahead of schedule from the newly finished Phase 3 of the offshore Champion West field development. Early signs...

Chad--carrying through with an earlier threat, World Bank President Paul Wolfowitz has ordered the suspension of loans after changes to a key oil revenue management law that breached bank conditions for lending to a $3.7 billion oil pipeline project (PIW Jan.9,p6).(COUNTRIES)
January 16, 2006... CHAD -- Carrying through with an earlier threat, World Bank President Paul Wolfowitz has ordered the suspension of loans after changes to a key oil revenue management law that breached bank conditions for lending to a $3.7 billion oil pipeline...

China--crude oil imports fell by 7% in November to an average of 2.53 million b/d, down 193,000 bid on a year earlier.(COUNTRIES)
January 16, 2006... CHINA -- Crude oil imports fell by 7% in November to an average of 2.53 million b/d, down 193,000 bid on a year earlier. However, Saudi Arabia bounced into the lead position with a 26% jump on a year earlier, averaging 514,000 b/d. Separately,...

Iran--a decision to remove UN seals at nuclear facilities and resume the enrichment of uranium has increased the chances of a referral to the UN Security Council where the imposition of sanctions will be at the top of the agenda.(COUNTRIES)
January 16, 2006... IRAN -- A decision to remove UN seals at nuclear facilities and resume the enrichment of uranium has increased the chances of a referral to the UN Security Council where the imposition of sanctions will be at the top of the agenda. It is not...

Japan--crude oil imports dropped by nearly 4% in November to an average of 4.2 million b/d, down 168,000 bid on a year earlier.(COUNTRIES)
January 16, 2006... JAPAN -- Crude oil imports dropped by nearly 4% in November to an average of 4.2 million b/d, down 168,000 bid on a year earlier. Saudi Arabia supplied 14.5% more, averaging 1.45 million b/d, up 183,000 b/d on a year earlier, while...

Libya--supermajor BP has begun talks with the government on a gas exploration and development deal, which could entail offshore and onshore exploration in new areas and the possible export of LNG, according to a senior Libyan official.(COUNTRIES)
January 16, 2006... LIBYA -- Supermajor BP has begun talks with the government on a gas exploration and development deal, which could entail offshore and onshore exploration in new areas and the possible export of LNG, according to a senior Libyan official. "We're...

Saudi Arabia--three large upstream projects that will add more than 1.6 million-1.7 million b/d of oil production capacity by 2009 are moving ahead this quarter.(COUNTRIES)
January 16, 2006... SAUDI ARABIA -- Three large upstream projects that will add more than 1.6 million-1.7 million b/d of oil production capacity by 2009 are moving ahead this quarter. Engineering firms can expect an award next month or in early March for the...

South Korea--crude oil imports dropped by 12% in November to an average of 2.62 million b/d, down 340,000 b/d on a year earlier.(COUNTRIES)
January 16, 2006... SOUTH KOREA -- Crude oil imports dropped by 12% in November to an average of 2.62 million b/d, down 340,000 b/d on a year earlier. Saudi Arabia slipped to an average of 771,000 b/d but far outstripped second-placed supplier UAE at 558,000 b/d....

Ukraine--the Jan. 4 deal on gas supplies with Russian giant Gazprom has unleashed a political crisis, with parliament voting to oust the government of Prime Minister Yuri Yekhanurov.(COUNTRIES)
January 16, 2006... UKRAINE -- The Jan. 4 deal on gas supplies with Russian giant Gazprom has unleashed a political crisis, with parliament voting to oust the government of Prime Minister Yuri Yekhanurov. Former Prime Minister Yulia Timoshenko led the attack on...

United States--oil and natural gas production from the storm-battered Gulf of Mexico is recovering slowly, according to the US Minerals Management Service (MMS).(COUNTRIES)
January 16, 2006... UNITED STATES -- Oil and natural gas production from the storm-battered Gulf of Mexico is recovering slowly, according to the US Minerals Management Service (MMS). Roughly 402,300 b/d, or 26.8%, of the Gulf's 1.5 million b/d of crude production...

Russia pumps 2.8% more in 2005.(Brief Article)
January 16, 2006... Russia's crude and condensate production rose by 2.8% in 2005 to reach 9.44 million b/d, according to preliminary data from the Ministry of Industry and Energy. TNK-BP was among the production growth leaders as its oil output rose by 7.5% to...

Reconcilable difference.(Marketview)
January 16, 2006... HOUSTON -- More often than not, crude oil and natural gas futures have been running partners closely tracking each other's peaks and troughs over the past year or more. That is until recently. As the New Year dawned, the February natural...

WTI: ICE turns up the heat on Nymex.
January 16, 2006... The market dominated by the New York Mercantile Exchange (Nymex) is to come under direct attack next month when the Atlanta-based IntercontinentalExchange (ICE) launches an electronically traded West Texas Intermediate (WTI) crude futures...

PIW market indicators.(Illustration)
January 16, 2006... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $56.99 $55.51 $51.93 UK Brent (Dated) 61.87 61.82 56.33...

Kuwait data raises reserve level questions.
January 23, 2006... The passing of Sheikh Jaber al-Ahmad al-Sabah after 27 years as the emir of Kuwait is unlikely to have much effect on the country's oil policy. The aim has long been to raise oil production capacity to 4 million barrels per day by 2020 from...

Speculators moving back to the long side.(research of oil market)
January 23, 2006... The oil markets have launched into 2006 much as they did into 2005, with well-financed speculators--who are betting on volatility and high prices for the rest of the year, and possibly beyond--jumping into the fray from the outset. Last year,...

Sonangol dips into Europe's downstream.
January 23, 2006... Angolan state oil company Sonangol looks set to invest in Portuguese oil refiner and gas group Galp, through a three-way venture with a Portuguese financier and a Spanish bank, after they last month agreed an outline deal with Italy's Eni to...

TNK-BP in play as BP reviews its options.
January 23, 2006... Three years after BP plowed some $8 billion into Russia by teaming up with Tyumen Oil Co. (TNK) in a deal blessed by Russian President Vladimir Putin and UK Prime Minister Tony Blair, the UK supermajor could be looking to reduce its 50% stake...

Mauritania loses some of its hot spot luster.
January 23, 2006... This time last year, Mauritania was West Africa's hottest new oil province. The enthusiasm has since cooled after a string of drilling failures, project delays and last year's regime change. Nerves were jarred further when reports emerged last...