Petroleum Intelligence Weekly articles from July 2006

Petroleum Intelligence Weekly archives from July 2006

Asset buyers gamble on futures strip.
July 3, 2006... The conventional wisdom holds that high oil prices are a deterrent to upstream asset deals, but recent multibillion dollar transactions are turning such thinking on its head. Part of the reason is buyers' willingness to use the forward price...

Smiles all round as Russia, China tie the knot.(Sinopec purchases Udmurtneft to get petroleum products)
July 3, 2006... There were smiles all round when China's Sinopec clinched the purchase of Russian oil producer Udmurtneft from TNK-BP late last month. It marked the first major breakthrough into Russian production for a Chinese company, while its partner,...

Capacity crunch looms in Iran as deals stall.(production capacity of oil reduces and projects developed for building new facilities)
July 3, 2006... With up to 300,000 barrels per day of oil production capacity lost every year to depletion and with new onshore developments subject to long delays, Iran is struggling to keep capacity on an even keel, let alone increase it. Chances of hiking...

Anadarko spends big for more US gas.
July 3, 2006... Kerr-McGee and Western Gas Resources aren't expected to be the last US independents to be taken over during this current upstream shakeout. Anadarko, which has paid $23 billion for the two companies, saw the recent dip in equity values as an...

Bolivia basks in initial gas price gains.
July 3, 2006... Latin American natural gas prices are no longer the cheapest in the world, now that Bolivia has secured higher tariffs for the gas it sells to Argentina and Brazil. Higher gas prices would normally ignite private interest in investing to boost...

Russia in a rush to upgrade, expand refining.
July 3, 2006... Long ridiculed for its second-rate refuting opacity--which, though extensive, turns out products that are often used as base feedstock for upgrading in European refineries--Russia has in the past month come up with a raft of proposals for new...

Economic bears scent trouble for oil.(trading in energy market)
July 3, 2006... After a six-year bull run, are energy markets closer to bursting--just like the dot-com bubble of the last decade? For economic bears, the oil price is so grossly inflated that it is only a question of when it will pop, not if. Well, if so, why...

Demand--against expectations of a rebound, US oil demand fell for a fourth straight month in April, showing a 1.1% decline in the Petroleum Supply Monthly released by the Energy Information Administration (EIA) on Jun. 26.(GENERAL)
July 3, 2006... DEMAND--Against expectations of a rebound, US oil demand fell for a fourth straight month in April, showing a 1.1% decline in the Petroleum Supply Monthly released by the Energy Information Administration (EIA) on Jun. 26. US oil consumption in...

Industry restructuring--Russian Novatek's main shareholders, Levit and SWGI Growth Fund, are selling an equity stake of up to 20% to Gazprom, a deal valued at roughly $2.5 billion.(GENERAL)
July 3, 2006... INDUSTRY RESTRUCTURING--Russian Novatek's main shareholders, Levit and SWGI Growth Fund, are selling an equity stake of up to 20% to Gazprom, a deal valued at roughly $2.5 billion. Gazprom will gain two seats on Novatek's eight-member board of...

Pipelines--the planned 3,400 km Nabucco pipeline to take Caspian natural gas to Austria via Turkey received a boost last week when ministers from the five countries backing the project and EU Energy Commissioner Andris Piebalgs signed a joint declaration agreeing to accelerate commercial, regulatory and legal work to build the pipeline "in the shortest possible time.".(GENERAL)
July 3, 2006... PIPELINES--The planned 3,400 km Nabucco pipeline to take Caspian natural gas to Austria via Turkey received a boost last week when ministers from the five countries backing the project and EU Energy Commissioner Andris Piebalgs signed a joint...

People--Fernando Gonzalez has resigned as president of Petroecuador.(GENERAL)
July 3, 2006... PEOPLE--Fernando Gonzalez has resigned as president of Petroecuador. His interim replacement is Walter Lopez, vice president of the state-owned company's administrative board, who will be the fifth head of the state company since Ecuador's...

Algeria--BP has launched natural gas production at In Amenas, giving a boost to the country's plans for a rapid expansion of exports.(COUNTRIES)
July 3, 2006... ALGERIA -- BP has launched natural gas production at In Amenas, giving a boost to the country's plans for a rapid expansion of exports. With BP's other gas project, In Salah, the complex will account for three-quarters of the projected increase...

Angola--Chevron's oil production off West Africa is on the rise following the startup of the Lobito field in deepwater Block 14.(COUNTRIES)
July 3, 2006... ANGOLA -- Chevron's oil production off West Africa is on the rise following the startup of the Lobito field in deepwater Block 14. The Lobito start-up comes about five months after the Belize field came on line as part of the Benguela, Belize,...

Argentina--Spain's Repsol YPF is stepping up its investment to reverse an anticipated decline in production by diversifying into deepwater exploration and tight gas.(COUNTRIES)
July 3, 2006... ARGENTINA -- Spain's Repsol YPF is stepping up its investment to reverse an anticipated decline in production by diversifying into deepwater exploration and tight gas. Repsol is now planning to invest $6 billion over 2007-09, with $4.6 billion...

Brazil--Japanese trading houses Mitsui, Mitsubishi and Sumitomo have withdrawn from talks with state-controlled Petrobras over developing the second phase of the Jubarte field.(COUNTRIES)
July 3, 2006... BRAZIL -- Japanese trading houses Mitsui, Mitsubishi and Sumitomo have withdrawn from talks with state-controlled Petrobras over developing the second phase of the Jubarte field. Petrobras has already launched the first phase of Jubarte, with...

India--Reliance Industries has made its first deepwater oil discovery in Block D6 off the east coast, adding to a string of natural gas finds.(COUNTRIES)
July 3, 2006... INDIA -- Reliance Industries has made its first deepwater oil discovery in Block D6 off the east coast, adding to a string of natural gas finds. The MA-1 discovery in the Krishna-Godavari Basin came from the first well in the older rocks of the...

India--private companies in the retail fuel sector are getting no sympathy from the government, which has spurned their calls for compensation for retail price controls that force them to sell transport fuels below cost.(COUNTRIES)(Brief article)
July 3, 2006... INDIA -- Private companies in the retail fuel sector are getting no sympathy from the government, which has spurned their calls for compensation for retail price controls that force them to sell transport fuels below cost. While state refiners...

Iraq--with Turkey's Tupras and Exxon Mobil last week lifting the first cargoes of Kirkuk crude to reach the market since August 2005, Baghdad has issued a second Kirkuk tender for loading around Jul. 7.(COUNTRIES)
July 3, 2006... IRAQ -- With Turkey's Tupras and Exxon Mobil last week lifting the first cargoes of Kirkuk crude to reach the market since August 2005, Baghdad has issued a second Kirkuk tender for loading around Jul. 7. The two tenders for Kirkuk, supplies of...

Libya--the US is due at any time to remove the former pariah state from its fist of state sponsors of terrorism--triggering the lifting of all remaining sanctions.(COUNTRIES)
July 3, 2006... LIBYA -- The US is due at any time to remove the former pariah state from its fist of state sponsors of terrorism--triggering the lifting of all remaining sanctions. The move follows the US announcement last month that it would restore full...

Malaysia--domestic oil production by state Petronas fell 5.3% to 530,000 b/d in the fiscal year ending March 2006, while gas output was down 2.9% to 634,200 boe/d.(COUNTRIES)
July 3, 2006... MALAYSIA -- Domestic oil production by state Petronas fell 5.3% to 530,000 b/d in the fiscal year ending March 2006, while gas output was down 2.9% to 634,200 boe/d. Petronas chief Hassan Marican said the reductions were due to major...

New Zealand--the US$586 million Kupe offshore gas project has received the green light despite a $100 million jump in development costs thanks to higher steel prices and rampant global oil services demand.(COUNTRIES)
July 3, 2006... NEW ZEALAND -- The US$586 million Kupe offshore gas project has received the green light despite a $100 million jump in development costs thanks to higher steel prices and rampant global oil services demand. The field is expected to be on line...

Norway--the Petroleum and Energy Ministry has disclosed that a valuation of the State Direct Financial Interest (SDFI) in the petroleum sector, undertaken on its behalf by consultant Wood Mackenzie, estimates it was worth $139 billion (875 billion kroner) as of Jan. 1, 2006.(COUNTRIES)
July 3, 2006... NORWAY -- The Petroleum and Energy Ministry has disclosed that a valuation of the State Direct Financial Interest (SDFI) in the petroleum sector, undertaken on its behalf by consultant Wood Mackenzie, estimates it was worth $139 billion (875...

Norway--Rosneft has estimated it is worth between $60 billion and $80 billion ahead of an upcoming initial public offering (IPO) that is intended to raise up to $11.64 billion.(COUNTRIES)
July 3, 2006... NORWAY -- Rosneft has estimated it is worth between $60 billion and $80 billion ahead of an upcoming initial public offering (IPO) that is intended to raise up to $11.64 billion. The government has targeted $8.5 billion through a base offering,...

Russia--gas behemoth Gazprom has struck a deal with Russia-based independent Itera to take a 51% stake in Sibneftegas, which holds the license to the 320 Bcm Beregovoye field.(COUNTRIES)
July 3, 2006... RUSSIA -- Gas behemoth Gazprom has struck a deal with Russia-based independent Itera to take a 51% stake in Sibneftegas, which holds the license to the 320 Bcm Beregovoye field. Beregovoye, which lies adjacent to Gazprom's mammoth...

Sudan--Malaysia's Petronas and its partners have launched oil production at the Thar Jath field in Block 5a in the prolific Muglad Basin (p7).(COUNTRIES)
July 3, 2006... SUDAN -- Malaysia's Petronas and its partners have launched oil production at the Thar Jath field in Block 5a in the prolific Muglad Basin (p7). Output is expected to stabilize at around 20,000 b/d, rising to 60,000 b/d by the end of 2006,...

UAE--US firms Chevron and ConocoPhillips have emerged as frontrunners to partner Abu Dhabi's International Petroleum Investment Co. (Ipic) in a new 300,000-500,000 b/d refinery in the emirate of Fujairah, sources tell PIW.(COUNTRIES)
July 3, 2006... UAE -- US firms Chevron and ConocoPhillips have emerged as frontrunners to partner Abu Dhabi's International Petroleum Investment Co. (Ipic) in a new 300,000-500,000 b/d refinery in the emirate of Fujairah, sources tell PIW. Strategically...

United Kingdom--BP is putting its 172,000 b/d Coryton refinery up for sale, and Russia's Lukoil has already thrown its hat into the ring as a potential buyer (p4).(COUNTRIES)
July 3, 2006... UNITED KINGDOM -- BP is putting its 172,000 b/d Coryton refinery up for sale, and Russia's Lukoil has already thrown its hat into the ring as a potential buyer (p4).BP has decided to sell Coryton after a review of its European refining...

Back to normal.(Marketview)(demand for petroleum rises and prices and economy shows upward trand )
July 3, 2006... NEW YORK -- The stars are realigning for the bulls. US crude oil prices continued their upward trend last week, consolidating well above $72/bbl. Crude received a helping hand from US gasoline futures, which rallied on the belief that gasoline...

Duke signals last rites for Enron model.
July 3, 2006... What may be the final nail went into the coffin of the convergence business model last week, as US' Duke Energy confirmed expected plans to "diverge" its electricity and natural gas businesses. Included in the electric company is Cinergy, a...

PIW market indicators.(Statistical data)
July 3, 2006... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $65.17 $63.45 $65.31 UK Brent (Dated) 71.07 ...

Rosneft covers all the bases in giant IPO.
July 10, 2006... Despite the risks of dabbling in Russia, the initial public offering (IPO) being launched by Russia state oil champion Rosneft should not be short of takers. The books for the Moscow and London flotation--which at up to $11.6 billion will be...

Short-term pain is price of long-term gain.(crude oil prices)
July 10, 2006... When crude oil prices rallied from the low $60s to the mid-$70s earlier this year, money poured into the futures market. Now the oil price is becalmed around $70, the money has stopped flowing in. But very little has been withdrawn either, even...

Moving ahead on Kyoto: more hot air?(Kyoto protocol is an amendment to the international treaty on climate change)
July 10, 2006... Before even it comes into effect next year, the Kyoto protocol is already looking like a lame duck, with many of its signatories struggling to meet modest emission reduction targets for 2008-12, while the prospects for an agreement on targets...

BP's latest US debacle is blow to big oil.
July 10, 2006... With the oil industry under constant attack from politicians and consumer groups for alleged price gouging, the last thing Big Oil needed was allegations that one of its biggest companies manipulated markets. But that is precisely what is...

Less demand, more non-Opec in new forecasts.(crude oil)
July 10, 2006... Forecasting long-term energy supply and demand was once a simple affair. You simply projected demand using an inflation-adjusted oil price estimate and set this beside an estimate of what non-Opec and Opec would produce. In the event of a...

Kazakhs expect further delays for Kashagan.
July 10, 2006... Kazakhstan's plan to more than double current oil production of 1.3 million barrels per day by 2015-16 hinges on the successful North Caspian development of Kashagan, whose proven recoverable reserves of up to 13 billion barrels rank it as one...

Shell's Sakhalin woes reflect difficult past.
July 10, 2006... It's nearly a year since Royal Dutch Shell admitted that costs for phase two of its Sakhalin-2 LNG project in Russia had doubled to $20 billion. Much about how the project will advance remains unclear. The Russian government has still not said...

Corporate--BP's production fell below expectations in the second quarter of 2006, averaging 4.01 million boe/d due mainly to divestments, the company said.(GENERAL)
July 10, 2006... CORPORATE--BP's production fell below expectations in the second quarter of 2006, averaging 4.01 million boe/d due mainly to divestments, the company said. Its production share at Russian joint venture TNK-BP was 1 million boe/d, up 6,000 boe/d...

Corporate--shares in the world's leading oil companies were broadly unchanged in June, with the IPF Index, compiled by PIW sister publication International Petroleum Finance, ending the month up just 0.6%.(GENERAL)
July 10, 2006... CORPORATE--Shares in the world's leading oil companies were broadly unchanged in June, with the IPF Index, compiled by PIW sister publication International Petroleum Finance, ending the month up just 0.6%. Marathon Oil was the top performer...

Formula prices--Saudi Arabia has adjusted its August term prices by tightening differentials for Arab Extra Light and Arab Light, while leaving the differentials for Arab Medium and Arab Heavy to the US and Asia unchanged.(GENERAL)
July 10, 2006... FORMULA PRICES--Saudi Arabia has adjusted its August term prices by tightening differentials for Arab Extra Light and Arab Light, while leaving the differentials for Arab Medium and Arab Heavy to the US and Asia unchanged. The differential for...

Natural gas--ahead of the G8 summit in St. Petersburg in mid-July, Russia has buffed up its credentials as a reliable supplier by striking a short-term deal with Ukraine and another long-term contract to supply Germany to 2030.(GENERAL)
July 10, 2006... NATURAL GAS--Ahead of the G8 summit in St. Petersburg in mid-July, Russia has buffed up its credentials as a reliable supplier by striking a short-term deal with Ukraine and another long-term contract to supply Germany to 2030. But a major...

People--Enron's long-time chairman and chief executive, Ken Lay, died Jul. 5 of an apparent heart attack.(GENERAL)
July 10, 2006... PEOPLE--Enron's long-time chairman and chief executive, Ken Lay, died Jul. 5 of an apparent heart attack. Indonesia's Energy Minister Purnomo Yusgiantoro has appointed Luluk Sumiarso as the new director-general of oil and gas. Sumiarso replaces...

Ecuador--occidental of the US will take a second-quarter after-tax charge of $306 million to reflect the recent seizure of its oil assets in the country.(COUNTRIES)(Brief article)
July 10, 2006... ECUADOR -- Occidental of the US will take a second-quarter after-tax charge of $306 million to reflect the recent seizure of its oil assets in the country. Oxy said last week that it had reclassified both its Ecuador oil assets and its stake in...

Oman--a slew of newcomers has secured much of the upstream exploration acreage in five blocks that were carved out of areas relinquished by Petroleum Development Oman (PDO) and tendered last year as part of an industry shake-up (PIW Jun.25'05,p4).(COUNTRIES)
July 10, 2006... OMAN -- A slew of newcomers has secured much of the upstream exploration acreage in five blocks that were carved out of areas relinquished by Petroleum Development Oman (PDO) and tendered last year as part of an industry shake-up (PIW...

Japan--crude imports fell by 6.7% in May to 3.98 million b/d, according to the Ministry of Economy, Trade and Industry.(COUNTRIES)
July 10, 2006... JAPAN -- Crude imports fell by 6.7% in May to 3.98 million b/d, according to the Ministry of Economy, Trade and Industry. Imports from most major suppliers fell, with the exception of Saudi Arabia, whose sales were up 3.9% to 1.14 million b/d...

Russia--crude production reached 9.69 million b/d (39.65 million metric tons) in June, up 2.9% year-on-year, according to preliminary data from the Industry and Energy Ministry.(COUNTRIES)
July 10, 2006... RUSSIA -- Crude production reached 9.69 million b/d (39.65 million metric tons) in June, up 2.9% year-on-year, according to preliminary data from the Industry and Energy Ministry. Output in the first half of the year averaged 9.56 million b/d...

Russia--just ahead of its mammoth IPO, Rosneft has purchased a 97.51% stake in the Nakhodka oil terminal on Russia's Pacific Coast, which is a front-runner to be the terminal for Russia's planned 1.6 million b/d oil export pipeline from East Siberia to the Pacific Coast (p1).(COUNTRIES)
July 10, 2006... RUSSIA -- Just ahead of its mammoth IPO, Rosneft has purchased a 97.51% stake in the Nakhodka oil terminal on Russia's Pacific Coast, which is a front-runner to be the terminal for Russia's planned 1.6 million b/d oil export pipeline from East...

South Korea--crude imports rose 13% to 2.49 million b/d in May with greater diversity evident in the mix of sources.(COUNTRIES)
July 10, 2006... SOUTH KOREA -- Crude imports rose 13% to 2.49 million b/d in May with greater diversity evident in the mix of sources. Supplies from Congo tripled to 89,000 b/d, ranking the African producer in seventh place, while Algerian imports grew from...

Thailand--seeking membership in the LNG importers' dub, Thai PTT signed an initial agreement to buy 3 million tons/yr from Iran's Pars LNG project from 2011.(COUNTRIES)
July 10, 2006... THAILAND -- Seeking membership in the LNG importers' dub, Thai PIT signed an initial agreement to buy 3 million tons/yr from Iran's Pars LNG project from 2011. PTT hopes to sign a final agreement as early as the fourth quarter, and plans to...

United Kingdom--as indigenous oil and gas output continues to slip, coal was the winner in terms of primary energy consumption in first-quarter 2006 (p2).(COUNTRIES)
July 10, 2006... UNITED KINGDOM--As indigenous oil and gas output continues to slip, coal was the winner in terms of primary energy consumption in first-quarter 2006 (p2). Consumption of coal and other solid fuels was up 12.7%, while oil fell by 2.2%, gas by...

On-off flows leave global supply flat.
July 10, 2006... Global oil supply was little changed in June from the previous month at 85 million b/d, but it was 1.2 million b/d ahead of year-ago levels--and still modestly ahead of global demand (p3). The month-on-month gain of just 40,000 b/d came despite...

Renewed support.(Marketview)
July 10, 2006... LONDON -- What a difference three weeks can make. In mid-June, WTI and Brent futures hit lows of $68.10 and $66.33, respectively, while a budding physical supply-overhang and tumbling commodity prices set tongues wagging about rising inflation...

Oil and money 2006: the end of cheap oil costs, consequences and opportunities.
July 10, 2006... Sep. 18-19, 2006, at the Hilton on Park Lane in London The 27th Annual Oil and Money conference will explore the costs and opportunities of the end of the era of cheap oil. Key decision makers from the global oil industry will debate such...

PIW market indicators.(petroleum intelligence weekly)
July 10, 2006... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $67.82 $66.03 $63.48 UK Brent (Dated) 73.12 71.92 ...

New Asian sweets stir up crude mix.
July 17, 2006... Asia's sweet crude market is set to be transformed by the arrival of new regional flows amounting to more than 800,000 barrels per day by 2008. Refiners and utilities are looking forward to a wider selection of sweet grades that could displace...

Saudis needle Abu Dhabi, Qatar over Dolphin.
July 17, 2006... Saudi Arabia's latest pop at the Dolphin natural gas project highlights how the brittle political relations between supposed allies in the Mideast Gulf can bedevil attempts at closer integration. Having scuttled efforts by Qatar to export gas...

Gas flaring still plaguing West Africa.
July 17, 2006... With gas flaring featuring on the agenda of the G8 leaders summit in Moscow, politicians and oil companies are trying to polish up their tarnished environmental credentials--especially in West Africa where more than 40 billion cubic meters per...

Europe's refining shake-out draws new players.
July 17, 2006... Recent months have seen an upsurge in sales of European refining assets. On the sell side, oil majors and national oil companies (NOCs) from Opec are the main ones shaking out noncore assets, whereas Russia's Lukoil and privately held...

Integrated firms lead LNG in Atlantic Basin.
July 17, 2006... The global LNG industry has come a long way since the late 1990s, when trade was done primarily through long-term contracts and cargos went to Asia-Pacific, Europe and a few other places. The global trade has since blossomed and grown freer,...

Oil, gas prices go separate ways in US.
July 17, 2006... The recent disconnect between US futures prices of oil and natural gas is a huge departure from the close linkage of recent years. If oil were trading at $36 per barrel, the gas price should be around $6 per million Btu on the basis that a...

IEA--The International Energy Agency not only rolled out its first look at 2007 in its regular monthly Oil Market Report last week, it presented a companion medium-term outlook to 2011 for the first time.(GENERAL)
July 17, 2006... IEA -- The International Energy Agency not only rolled out its first look at 2007 in its regular monthly Oil Market Report last week, it presented a companion medium-term outlook to 2011 for the first time. It also did some housecleaning on its...

Industry restructuring--US independent Anadarko is selling its Bear Head LNG subsidiary in Eastern Canada to US equity firm Venture Energy for $125 million.(GENERAL)
July 17, 2006... INDUSTRY RESTRUCTURING -- US independent Anadarko is selling its Bear Head LNG subsidiary in Eastern Canada to US equity firm Venture Energy for $125 million. The sale is in line with Anadarko's strategy of divesting assets following last...

Algeria--two new amendments are set to reverse key elements of the long fought for 2005 hydrocarbon law.(COUNTRIES)
July 17, 2006... ALGERIA -- Two new amendments are set to reverse key elements of the long fought for 2005 hydrocarbon law. The first will restore state Sonatrach's dominant role by requiring it to take a minimum 51% stake in any upstream development or...

Australia--Japanese gas distributor Osaka Gas is eyeing an equity stake in the Ichthys LNG project, led by compatriot Inpex.(COUNTRIES)
July 17, 2006... AUSTRALIA -- Japanese gas distributor Osaka Gas is eyeing an equity stake in the Ichthys LNG project, led by compatriot Inpex. Inpex plans to invest up to US$6 billion in the development, with start-up due in 2012, and said earlier it was...

Australia--the fate of the mothballed Port Stanvac refinery is in the balance, as Exxon Mobil comes under local pressure to reopen or abandon the plant.(COUNTRIES)
July 17, 2006... AUSTRALIA -- The fate of the mothballed Port Stanvac refinery is in the balance, as Exxon Mobil comes under local pressure to reopen or abandon the plant. The country's smallest, at 78,000 b/d, Port Stanvac has sat idle for three years, after...

Japan--a border dispute with China continues to nag, after the two sides failed to make clear progress in a sixth round of talks.(COUNTRIES)(Brief article)
July 17, 2006... JAPAN -- A border dispute with China continues to nag, after the two sides failed to make clear progress in a sixth round of talks. At stake is demarcation of an area in the East China Sea where the two countries' claims overlap. China's CNOOC...

Kuwait--a former social affairs minister with no previous experience in the oil sector has replaced Sheikh Ahmad al-Fahd al-Sabah as oil minister in the new cabinet.(COUNTRIES)
July 17, 2006... KUWAIT -- A former social affairs minister with no previous experience in the oil sector has replaced Sheikh Ahmad al-Fahd al-Sabah as oil minister in the new cabinet. Sheikh Ali al-Jarrah al-Sabah takes over after parliamentary elections at...

Libya--the US on Jun. 30 quietly dropped Libya from its list of state sponsors of terrorism, triggering the lifting of all remaining US sanctions.(COUNTRIES)
July 17, 2006... LIBYA -- The US on Jun. 30 quietly dropped Libya from its list of state sponsors of terrorism, triggering the lifting of all remaining US sanctions. The move followed the US' decision on May 15 to restore full diplomatic ties, pending a 45-day...

Russia--to reduce dependence on export pipelines through transit countries, Transneft wants to boost capacity by up to 15% at its Primorsk terminal on the Baltic.(COUNTRIES)
July 17, 2006... RUSSIA -- To reduce dependence on export pipelines through transit countries, Transneft wants to boost capacity by up to 15% at its Primorsk terminal on the Baltic. Already operating over its nameplate capacity, Primorsk would be expanded from...

Saudi Arabia--Chevron has completed one injection well and four producers as part of a pilot scheme to test its steam injection technology in the Wafra field, which is in the Neutral Zone shared with Kuwait.(COUNTRIES)
July 17, 2006... SAUDI ARABIA -- Chevron has completed one injection well and four producers as part of a pilot scheme to test its steam injection technology in the Wafra field, which is in the Neutral Zone shared with Kuwait. Chevron first disclosed in March...

Saudi Arabia--having recently announced the deployment of a record 100 drilling rigs, Saudi Aramco is on course to raise the number to 140 during the course of 2007, PIW learns.(COUNTRIES)
July 17, 2006... SAUDI ARABIA -- Having recently announced the deployment of a record 100 drilling rigs, Saudi Aramco is on course to raise the number to 140 during the course of 2007, PIW learns. As well as renovating several rigs of its own and putting them...

Turkey--the $3.9 billion Baku-Tbilisi-Ceyhan (BTC) pipeline, which provides a route for Central Asian crude exports that bypasses Russian state pipeline monopoly Transneft, was officially inaugurated at the Mediterranean port terminal of Ceyhan on Jul. 13.(COUNTRIES)
July 17, 2006... TURKEY -- The $3.9 billion Baku-Tbilisi-Ceyhan (BTC) pipeline, which provides a route for Central Asian crude exports that bypasses Russian state pipeline monopoly Transneft, was officially inaugurated at the Mediterranean port terminal of...

United Kingdom--Chevron has brought its Captain Area C project in the North Sea on stream ahead of schedule and within budget, with production expected to average 9,000 b/d in the first year, ramping up to around 15,000 b/d at its peak.(COUNTRIES)
July 17, 2006... UNITED KINGDOM -- Chevron has brought its Captain Area C project in the North Sea on stream ahead of schedule and within budget, with production expected to average 9,000 b/d in the first year, ramping up to around 15,000 bid at its peak....

United States--seeking to reduce exposure to political and economic risks in Latin America, Repsol YPF is among the growing band of international oil companies attracted to the deepwater Gulf of Mexico.(COUNTRIES)
July 17, 2006... UNITED STATES -- Seeking to reduce exposure to political and economic risks in Latin America, Repsol YPF is among the growing band of international oil companies attracted to the deepwater Gulf of Mexico. In its latest move, the Spanish...

United States--retail gasoline prices are approaching the peaks reached last year after Hurricane Katrina, and although oil demand growth is slowing, it is still expected to rise 0.4% this year and accelerate again next year.(COUNTRIES)
July 17, 2006... UNITED STATES -- Retail gasoline prices are approaching the peaks reached last year after Hurricane Katrina, and although oil demand growth is slowing, it is still expected to rise 0.4% this year and accelerate again next year. The Energy...

Yemen--the state Petroleum and Exploration Production Authority (Pepa) has moved the deadline for bids on 14 upstream blocks from Jul. 1 to Nov. 1, with awards to be announced on Nov. 30.(COUNTRIES)(Petroleum and Exploration Production Authority )(Brief article)
July 17, 2006... YEMEN -- The state Petroleum and Exploration Production Authority (Pepa) has moved the deadline for bids on 14 upstream blocks from Jul. 1 to Nov. 1, with awards to be announced on Nov. 30. Data rooms opened instead on Jul. 1 to 34...

Iraqi oil sputters back into the market.
July 17, 2006... Iraq's oil exports are struggling to make a come back. Few traders were willing to credit Iraq's new Oil Minister Hussain al-Shahristani when he gave assurances Jul. 3 that the oil sector had turned a corner and exports for July were likely to...

Geopolitics as usual.(Marketview)
July 17, 2006... WASHINGTON -- For a second straight week, US benchmark West Texas Intermediate (WTI) futures prices set new record highs. The front-month contract soared past $76 per barrel on Jul. 13. At this time of year, as the summer gasoline season winds...

PIW market indicators.(Petroleum Intelligence Weekly )(Table)
July 17, 2006... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $68.36 $68.31 $63.45 UK Brent (Dated) 72.85 73.34 ...

Oil and money 2006: the end of cheap oil costs, consequences and opportunities.
July 17, 2006... Sep. 18-19, 2006, at the Hilton on Park Lane in London The 27th Annual Oil and Money conference will explore the costs and opportunities of the end of the era of cheap oil. Key decision makers from the global oil industry will debate such...

New chapter opens in endless Mideast tragedy.(oil markets)
July 24, 2006... Overheated oil markets are prone to panic at the slightest excuse and the prospect of another Mideast war is a pretty big provocation. While this is not 1973 and there is not the remotest chance of a coordinated cutoff in oil supply by Mideast...

Energy underpins Russia's rising clout.
July 24, 2006... Russia used the recent G8 summit in St. Petersburg to drive home some strong messages about energy security. President Vladimir Putin picked up on Opec's latest mantra about security of demand, telling his oil-consuming counterparts that their...

Ethanol looks to expand beyond niche in US.
July 24, 2006... Even at prices of over $70 per barrel, oil looks set to retain its domination of the transportation fuel market for the foreseeable future. Nevertheless, ethanol has established a niche presence in the US, which could provide a platform for...

Turkey raises its game as energy bridge.
July 24, 2006... Turkey's Mediterranean port of Ceyhan is on course to become a major international trading hub, as oil from Azerbaijan flows thick and fast through the 1,768 km Baku-Tbilisi-Ceyhan (BTC) pipeline and Iraqi crude flows sputter from the northern...