Petroleum Intelligence Weekly articles from June 2002

Petroleum Intelligence Weekly archives from June 2002

Venezuela is caught short on capacity.(Brief Article)
June 3, 2002... Growing signs that Venezuela is finding Opec quota observance intolerable and may already be leaking extra barrels into the market serve to highlight the confusion that continues to surround the Latin American producer's potential. How much...

Dark at end of tunnel for energy merchants.(Brief Article)
June 3, 2002... Whatever energy merchants have tried to do since Enron's spectacular collapse late last year has been too little and too !ate to restore investor confidence, market credibility, and creditworthiness. Asset sales, debt reduction, tactical or...

Central Asians can't escape Russia's reach.(Brief Article)
June 3, 2002... As the oil majors concentrate on the Caspian, the former Soviet republics in Central Asia look increasingly isolated and are being drawn inexorably back into Russia's orbit. Landlocked Uzbekistan, for example, is opening up its gas riches to...

Refiners run what market offers, for now.(Brief Article)
June 3, 2002... Early signs show global crude fundamentals at a turning point heading into the end of the first half. Comparing global refiners' demand for throughputs to the amount of oil available to them shows the two sides of the balance converging at the...

Majors still seek ways to spend cash.(Brief Article)
June 3, 2002... With potential liquidity problems appearing almost daily among the energy merchants and independent power producers, the major oil companies epitomize balance sheet strength. After nearly three straight years of high commodity prices, the...

Sinochem starts from zero in upstream game.(Brief Article)
June 3, 2002... Chinese state trading company Sinochem is stepping out of the shadow cast by its giant domestic rivals Sinopec, PetroChina, and China National Offshore Oil Corp., using upstream investments to secure its place as China's fourth major oil and...

Australian upstream may still surprise.(Brief Article)
June 3, 2002... For an aging petroleum province, Australia still has a relatively untapped resource base. Traditional oil production from core onshore areas and the Bass Straits has been in decline for several years, and many of the newer fields on the North...

Industry restructuring--Conoco is bidding $329 million for the minority shares of Gulf Indonesia that it does not already own to consolidate its Southeast Asian oil and gas holdings ahead of its merger with Phillips (PIW Jul. 16,p1). (General).(Brief Article)
June 3, 2002... INDUSTRY RESTRUCTURING -- Conoco is bidding $329 million for the minority shares of Gulf Indonesia that it does not already own to consolidate its Southeast Asian oil and gas holdings ahead of its merger with Phillips (PIW Jul. 16,p1). US...

Western Sahara--UK-Australian junior Fusion Oil & Gas is muddying the waters off the Western Sahara, entering an agreement with the leadership of the prospective Saharawi Arab Democratic Republic. (General).(Brief Article)
June 3, 2002... WESTERN SAHARA -- UK-Australian junior Fusion Oil & Gas is muddying the waters off the Western Sahara, entering an agreement with the leadership of the prospective Saharawi Arab Democratic Republic. Last October, US Kerr-McGee and France's...

Finland--State-controlled energy company Fortum should become a more active player in regional mergers and acquisitions, analysts said last week, after the state announced plans to sell a further 9% stake in the group. (Countries).(Brief Article)
June 3, 2002... FINLAND -- State-controlled energy company Fortum should become a more active player in regional mergers and acquisitions, analysts said last week, after the state announced plans to sell a further 9% stake in the group. The sale will cut the...

Germany--Power giant E.On is pushing ahead with its retreat from the downstream oil sector with plans to sell its outstanding 49% share in Veba Oel to BP in July for a total of $3.08 billion, chief executive Ulrich Hartmann announced last week. (Countries).(Brief Article)
June 3, 2002... GERMANY -- Power giant E.On is pushing ahead with its retreat from the downstream oil sector with plans to sell its outstanding 49% share in Veba Oel to BP in July for a total of $3.08 billion, chief executive Ulrich Hartmann announced last...

Iran--Canadian minnow Sheer Energy showed how strong local connections can be useful, becoming on May 28 the first Western company in over 10 months to conclude an upstream "buyback." (Countries).(Brief Article)
June 3, 2002... IRAN -- Canadian minnow Sheer Energy showed how strong local connections can be useful, becoming on May 28 the first Western company in over 10 months to conclude an upstream "buyback." The $80 million deal with National Iranian Oil Co. (NIOC)...

Kazakstan--Canada's Hurricane Hydrocarbons has had to slash production from its 90,000 b/d Kumkol field because of reduced access to the Atyrau-Samara pipeline system, highlighting the perils still faced by foreign producers (PIW Feb.25,p8). (Countries).(Brief Article)
June 3, 2002... KAZAKSTAN -- Canada's Hurricane Hydrocarbons has had to slash production from its 90,000 b/d Kumkol field because of reduced access to the Atyrau-Samara pipeline system, highlighting the perils still faced by foreign producers (PIW Feb.25,p8)....

Mexico--Australia is the latest potential partner in the ever-widening search for help developing gas reserves and importing LNG. A delegation from BHP Billiton, Santos, and Woodside Petroleum showed a "significant level of interest," according to Australian Trade Minister Mark Vaile, and one or more companies will likely bid on multiple-service contracts for Mexico's gasrich Burgos Basin (PIW Apr.15,p7). (Countries).(Brief Article)
June 3, 2002... MEXICO -- Australia is the latest potential partner in the ever-widening search for help developing gas reserves and importing LNG. A delegation from BHP Billiton, Santos, and Woodside Petroleum showed a "significant level of interest,"...

Mexico--Crude oil production rose by 53,000 b/d in April from March, to 3.178 million b/d, while exports stayed essentially unchanged month to month, at 1.658 million b/d, according to state Pemex (PIW Mar.4,p6). (Countries).(Brief Article)
June 3, 2002... MEXICO -- Crude oil production rose by 53,000 b/d in April from March, to 3.178 million b/d, while exports stayed essentially unchanged month to month, at 1.658 million b/d, according to state Pemex (PIW Mar.4,p6). Exports thus stayed within...

Norway--Domestic rivals Statoil and Norsk Hydro both won their first choices in the 17th licensing round. (Countries).(Brief Article)
June 3, 2002... NORWAY -- Domestic rivals Statoil and Norsk Hydro both won their first choices in the 17th licensing round. Statoil got the operatorship and 30% of the PL 281 Griphoyden license, covering three deepwater blocks north of the giant Ormen Lange...

Oman--With oil output seemingly stuck at around 900,000 b/d, foreign companies are still signing up for exploration acreage. (Countries).(Brief Article)
June 3, 2002... OMAN -- With oil output seemingly stuck at around 900,000 b/d, foreign companies are still signing up for exploration acreage. Last week US Hunt Oil took up its second exploration contract in six months -- this time for Block 51, an area of...

Russia--Seaborne crude exports are set to climb by 70,000 b/d in June, as Moscow officially ditches its pledge to curb shipments by 150,000 b/d to support Opec. (Countries).(Brief Article)(Statistical Data Included)
June 3, 2002... RUSSIAN -- Seaborne crude exports are set to climb by 70,000 b/d in June, as Moscow officially ditches its pledge to curb shipments by 150,000 b/d to support Opec. June. loadings are scheduled at 1.67 million b/d for the main Baltic and Black...

Saudi Arabia--Representatives of Exxon Mobil and Royal Dutch/Shell, the consortium leaders in the natural gas opening, met again with Oil Minister Ali al-Naimi last week in a bid to settle the troublesome issue of rates of return. (Countries).(Brief Article)
June 3, 2002... SAUDI ARABIA -- Representatives of Exxon Mobil and Royal Dutch/Shell, the consortium leaders in the natural gas opening, met again with Oil Minister Ali al-Naimi last week in a bid to settle the troublesome issue of rates of return. The two...

UAE--BP and Total Fina Elf are targeting 10% each in a joint bid with state Japan Oil Development Co. (Jodco) for a 28% stake in Abu Dhabi's 500,000 b/d offshore producer Zakum Development Co. (Zadco), Gulf sources say. (Countries).(Brief Article)
June 3, 2002... UAE -- BP and Total Fina Elf are targeting 10% each in a joint bid with state Japan Oil Development Co. (Jodco) for a 28% stake in Abu Dhabi's 500,000 b/d offshore producer Zakum Development Co. (Zadco), Gulf sources say. Jodco, which already...

Venezuela--In a belated boost to waning oil production in the western region, the Tamapano block in southern Zulia began producing 20,000 b/d of medium grade 23 [degrees]-25 [degrees] crude last month. State Petroleos de Venezuela's upstream chiefs expect output from Tamapano will rise to 150,000 b/d by 2006, offsetting production losses elsewhere in the greater Zulia region. (Countries).(Brief Article)
June 3, 2002... VALENZUELA -- In a belated boost to waning oil production in the western region, the Tamapano block in southern Zulia began producing 20,000 b/d of medium grade 23 [degrees]-25 [degrees] crude last month. State Petroleos de Venezuela's upstream...

Kazak crude challenges Mideast in Europe.(Brief Article)
June 3, 2002... Offering a taste of future trouble for Middle East crude suppliers from rising output from the former Soviet Union, Kazak crude shipments are making a big splash in Western Europe's refining slate, challenging not only Russian supplies but...

Defying gravity. (Marketview).(Brief Article)
June 3, 2002... LONDON -- Oil markets came under some pressure last week from looser Opec production and a surprise build in US gasoline stocks in the run-up to the summer driving season. According to tanker tracking agency Petrologistics, Venezuela exceeded...

Trans-Afghan pipeline proposal lives again.(Brief Article)
June 3, 2002... Long-standing plans to build a natural gas export pipeline via Afghanistan to Pakistan are back on the table after the presidents of the three countries signed an agreement in Islamabad on May 30 to revive the $2 billion project. Turkmen...

PIW market indicators.
June 3, 2002... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $23.92 $24.58 $24.99 UK Brent (Dated) 24.28 ...

Russia to play Opec role with reserves.(Brief Article)
June 10, 2002... Hot on the heels of its new energy pact with the US and an offer to the European Union to set up a joint oil and gas reserve, Russia is flexing its muscles for an even bigger, pivotal role stabilizing global oil prices. Last week, Moscow...

Shell snubbed as Oman finds new friends.(Brief Article)
June 10, 2002... The Fenosa deal, signed by Oil Minister Mohammad al-Rumhy at the end of May in Madrid, is something of a snub to Shell. Making no mention of Oman LNG--let alone Shell--it calls for the setting up of a joint venture--in which Oman will have the...

Long haul back to health for jet fuel.(Brief Article)
June 10, 2002... Air transport optimists reckon that US airlines--arguably the worst hit by last year's terrorist attacks--could bounce back to pre-Sep. 11 passenger volumes by the third quarter of this year. But so far, it's hard to rationalize the optimism of...

China's weakest link presses panic button.(China National Petroleum Corp.)(Brief Article)(Company Profile)(Statistical Data Included)
June 10, 2002... Nearly four years after various ministries and agencies were transformed into China's two giant integrated oil firms, heavyweight refiner Sinopec is pressing the panic button. Spooked by plunging downstream profits, mounting competition with...

Turkey has to export gas, or pay penalty.(Brief Article)
June 10, 2002... Turkey has some breathing space this year in managing the meteoric expansion of the domestic natural gas market, thanks to delays in contracted Russian deliveries. But Ankara still looks to have over-provisioned massively, which is piling on...

Indian opening turns into state affair.(Hindustan Petroleum Corporation Ltd. and Bharat Petroleum Corp. sale)(Brief Article)
June 10, 2002... It is supposed to be the grand opening that the majors have been waiting for, promising a downstream toehold in the world's second fastest growing oil market after China. But the planned sale in July of stakes in two Indian state refiners risks...

Iraq returns, swings global supply higher.(Brief Article)(Industry Overview)(Statistical Data Included)
June 10, 2002... Global oil supply edged higher in May, driven up mainly by the return of Iraqi production after its one-month unilateral embargo, as non-Opec production stayed virtually flat. Total supply rose by 524,000 barrels per day to 75.632 million b/d,...

Corporate--the European Union's highest court, the European Court of Justice, ruled last week that so-called "golden shares". (General).(Brief Article)
June 10, 2002... CORPORATE -- The European Union's highest court, the European Court of Justice, ruled last week that so-called "golden shares" giving governments special voting powers in corporations were illegal, and outlawed France's golden share arrangement...

Formula prices--Saudi Arabia widened its differentials for all grades bound for the US in July. (General).(Brief Article)(Statistical Data Included)
June 10, 2002... FORMULA PRICES -- Saudi Arabia widened its differentials for all grades bound for the US in July, while slightly narrowing the differentials for barrels headed to Europe. For Asia, prices for light grades dropped slightly, while prices for Arab...

Industry restructuring--US utility Duke Energy is selling its 19% stake in Calgary-based gas producer Canadian 88 for nearly US$50 million. (General).(Brief Article)(Statistical Data Included)
June 10, 2002... INDUSTRY RESTRUCTURING -- US utility Duke Energy is selling its 19% stake in Calgary-based gas producer Canadian 88 for nearly US$50 million. US Conoco is passing on an opportunity to buy Unipetrol's majority stake in Ceska Rafinerska. Conoco,...

Brazil--in a bid to win back foreign investors in gas-fired power plants. (Countries).(Brief Article)
June 10, 2002... BRAZIL -- In a bid to win back foreign investors in gas-fired power plants, the government plans to hold annual electric power auctions beginning later this year. Energy produced by state and independent power companies will be sold off in...

China--CNPC (Hong Kong), a subsidiary of China National Petroleum Corp., is looking to arrange a syndicated loan worth $100 million. (Countries).(Brief Article)
June 10, 2002... CHINA -- CNPC (Hong Kong), a subsidiary of China National Petroleum Corp., is looking to arrange a syndicated loan worth $100 million from Japan's Sumitomo Mitsui Banking to finance more overseas expansion. The funds will be used mainly to...

Colombia--Alberto Calderon Zuleta has resigned after three years as president of state Ecopetrol. (Countries).(Brief Article)
June 10, 2002... COLOMBIA -- Alberto Calderon Zuleta has resigned after three years as president of state Ecopetrol. Insiders say his most probable replacement is Alberto Montoya Puyana, currently president-elect Alvaro Uribe's campaign adviser on energy...

Japan--oil demand contracted relative to last year for the 11th straight month in April. (Countries).(Brief Article)(Statistical Data Included)
June 10, 2002... JAPAN -- Oil demand contracted relative to last year for the 11th straight month in April, preliminary data from the Ministry of Economy, Trade & Industry and EIG estimates show. Total product demand fell by 4.7%, compared to a 7.6% decline in...

Nigeria--Nigeria National Petroleum Corp. (NNPC) has made its first major payment to joint venture partners. (Countries).(Brief Article)
June 10, 2002... NIGERIA -- Nigeria National Petroleum Corp. (NNPC) has made its first major payment to joint venture partners since a Supreme Court ruling in April blocked NNPC's source of funds for cash calls. NNPC paid $154 million to cover the foreign...

Norway--partners in Norway's Snohvit LNG project have resumed developments work and confirmed sales contracts. (Countries).(Brief Article)
June 10, 2002... NORWAY -- Partners in Norway's Snohvit LNG project have resumed development work and confirmed sales contracts with US energy merchant El Paso and Spanish utility Iberdrola, following resolution of a two-month standoff with European regulators...

Papua New Guinea--in a surprise move last week, the government signed an agreement to build a major gas pipeline. (Countries).(Brief Article)(Statistical Data Included)
June 10, 2002... PAPUA NEW GUINEA -- In a surprise move last week, the government signed an agreement to build a major gas pipeline from its southern highlands to the Australian state of Queensland (PIW Feb.25,p9). The Exxon Mobil-led pipeline project had been...

Russia--crude exports rose by 57,000 b/d in May from the previous month's levels. (Countries).(Brief Article)(Statistical Data Included)
June 10, 2002... RUSSIA -- Crude exports rose by 57,000 b/d in May from the previous month's levels to 2.502 million b/d, and by 22,000 b/d from May 2001. Increased pumping through the Druzhba pipeline to Eastern Europe, which climbed by 69,000 b/d from April,...

The Netherlands--under a recently signed gas deal, Dutch supplier Gasunie will provide an extra 20 Bcm (706 Bcf) of gas to state Gaz de France (GdF). (Countries).(Brief Article)(Statistical Data Included)
June 10, 2002... THE NETHERLANDS t Under a recently signed gas deal, Dutch supplier Gasunie will provide an extra 20 Bcm (706 Bcf) of gas to state Gaz de France (GdF) over a 10-year period starting in 2003. Last year Gasunie supplied 5.7 Bcm/yr, or 13%, of...

Venezuela--excluding Exxon Mobil from its $2.2 billion North Paria offshore gas project. (Countries).(Brief Article)(Statistical Data Included)
June 10, 2002... VENEZUELA -- Excluding Exxon Mobil from its $2.2 billion North Paria offshore gas project, the government opted instead for Royal Dutch/Shell and Nippon Mitsubishi Oil to partner with Petroleos de Venezuela in the export venture. But Exxon may...

Opec's secretary general search cuts to its core. (Countries).(Organization of Petroleum Exporting Countries, Ali Rodriguez)(Brief Article)
June 10, 2002... The new president of state Petroleos de Venezuela and outgoing secretary general of Opec, Ali Rodriguez, went to the Middle East last week with the stated, relatively mundane task of discussing his replacement as the functional head of Opec,...

Overflow. (Marketview).(petroleum market, United States)(Brief Article)(Statistical Data Included)
June 10, 2002... NEW YORK -- If anyone still doubted that the US had enough crude supply to meet refiners' appetites, last week's Energy Information Administration report should have made believers out of them. The whopping 6 million bbl build in crude...

Phillips' Mulva is chief executive of the year 2002.(Petroleum Executive of the Year Award for 2002)(James J. Mulva of Phillips Petroleum Co.)(Brief Article)
June 10, 2002... James J. Mulva, chairman and chief executive officer of Phillips, will be honored as the recipient of the Petroleum Executive of the Year Award for 2002, EIG President Thomas Wallin announced last week. Mulva was chosen for the award by...

PIW market indicators.(netback prices)(Brief Article)(Statistical Data Included)
June 10, 2002... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $23.36 $23.80 $25.76 UK Brent (Dated) 23.33 24.04 26.22...

Merger frenzy slows, values remain high.(Statistical Data Included)(Brief Article)
June 17, 2002... Industry consolidation may have peaked in the late 1990s, when mega-mergers between major oil companies inflated the value of merger and acquisition activity to unprecedented levels, but the trend is hardly going out with a whimper. Among the...

Free market realities drive IOC shake-up.(Indian Oil Corp. )(Brief Article)(Statistical Data Included)
June 17, 2002... As the reality of competition in a deregulated oil market starts to sink in, state Indian Oil Corp. (IOC) is going on the offensive to cut costs and diversify its business. A slew of measures--from curbing refinery expansions to rationalizing...

Weaker dollar shields some from pricey oil.(Brief Article)(Statistical Data Included)
June 17, 2002... Early optimism about a strong, US-led, synchronized global economic recovery from last year's recession has recently given way to concerns about the increasing likelihood of a much more gradual recovery. Oil prices, which have been much...

Pundits expect high oil price will persist.(Brief Article)(Statistical Data Included)
June 17, 2002... The second quarter spike in oil prices took analysts completely by surprise, as bullish sentiment stemming from concerns over supply from the Mideast raced ahead of marginally improving fundamentals. Now, most price pundits are banking on a...

Venezuela comes late to US LNG party.(liquefied natural gas )(Brief Article)(Statistical Data Included)
June 17, 2002... A sudden upturn in US imports of liquefied natural gas (LNG) is nicely timed to greet Venezuela's belated bid to develop its extensive yet unexploited non-associated gas reserves for export, mainly to the US. After multiple changes in direction...

Repsol strives to claw back credibility.(Brief Article)(Statistical Data Included)
June 17, 2002... Spain's beleaguered Repsol YPF clears a major financial hurdle this month when it pays off some 2.5 billion [euro] ($2.36 billion) of debt, leaving it free of major repayments until next June. The bond payments and its recent Gas Natural sale...

Credit raters box in energy merchants.(Brief Article)
June 17, 2002... Is it back to the future for the energy merchants? Will they again become the purveyors of only shorter-term deals measured in months or at most a year or two as they were a decade ago? Will they return to handling only the commodity--natural...

Corporate--Hedge fund supremo turned philanthropist George Soros threw down the gauntlet to oil companies last week, when he endorsed a new initiative calling on companies to make public the fees, royalties, signature bonuses, and taxes paid to governments in producing countries. (General).(Brief Article)(Statistical Data Included)
June 17, 2002... CORPORATE -- Hedge fund supremo turned philanthropist George Soros threw down the gauntlet to oil companies last week, when he endorsed a new initiative calling on companies to make public the fees, royalties, signature bonuses, and taxes paid...

Formula prices--Mexico's state Pemex maintained its discount for Maya crude headed for the US Gulf while narrowing the discount on Maya headed for the US West Coast by 10 cents/bbl. (General).(Brief Article)(Statistical Data Included)
June 17, 2002... FORMULA PRICES -- Mexico's state Pemex maintained its discount for Maya crude headed for the US Gulf while narrowing the discount on Maya headed for the US West Coast by 10 cents/bbl. The discounts on both US-bound Isthmus and Olmeca crudes...

IEA--The Paris-based agency painted a bearish picture of oil market fundamentals in its monthly forecast last week but not without its obligatory warning to Opec to increase production to avoid market tightness later in the year. (General).(Brief Article)(Statistical Data Included)
June 17, 2002... IEA -- The Paris-based agency painted a bearish picture of oil market fundamentals in its monthly forecast last week but not without its obligatory warning to Opec to increase production to avoid market tightness later in the year. Global oil...

Industry restructuring--Royal Dutch/Shell will decide later this year whether to sell its interest in Iran's South Pars natural gas project. (General).(Brief Article)
June 17, 2002... INDUSTRY RESTRUCTURING -- Royal Dutch/Shell will decide later this year whether to sell its interest in Iran's South Pars natural gas project. Shell took over the 20% stake in the field through its buyout of UK Enterprise, but it is concerned...

Brazil--The number of companies qualifying for the fourth bid round is down to 29 from 42 for last year's third round is down to 29 from 42 for last year's third round, but oil majors Royal Dutch/Shell, ENI, Total Fina Elf, and Chevron Texaco have returned. (Countries).(Brief Article)
June 17, 2002... BRAZIL -- The number of companies qualifying for the fourth bid round is down to 29 from 42 for last year's third round, but oil majors Royal Dutch/Shell, ENI, Total Fina Elf, and Chevron Texaco have returned. First-time players include...

Canada--Production of tar-like bitumen from the country's oil sands operations surpassed conventional oil output for the first time last year, reaching 271 million bbl--up 11% from 2000--as conventional light crude oil output fell 3.6% to 264 million bbl. (Countries).(Brief Article)
June 17, 2002... CANADA -- Production of tar-like bitumen from the country's oil sands operations surpassed conventional oil output for the first time last year, reaching 271 million bbl--up 11% from 2000--as conventional light crude oil output fell 3.6% to 264...

Colombia--Foreign oil companies can take some comfort from the watered down version of the sliding scale royalty scheme passed by the House of Representatives last week. (Countries).(Brief Article)
June 17, 2002... COLOMBIA -- Foreign oil companies can take some comfort from the watered down version of the sliding scale royalty scheme passed by the House of Representatives last week. The scale begins at royalties of 8% for fields producing a minimum of...

Egypt--BP, ENI, Ocean Energy, and US minnow Kriti Exploration have come up trumps in the licensing round for 32 blocks that closed in February--winning six blocks in the Gulf of Suez between them. (Countries).(Brief Article)
June 17, 2002... EGYPT -- BP, ENI, Ocean Energy, and US minnow Kriti Exploration have come up trumps in the licensing round for 32 blocks that closed in February--winning six blocks in the Gulf of Suez between them. BP took the South Abu Zeneima Block and is...

Iran--Spanish Cepsa has formed an alliance with Austria's OMV in its long-running quest to secure a "buyback" agreement to develop the onshore Cheshme Kosh field in the center of the country. (Countries).(Brief Article)
June 17, 2002... IRAN -- Spanish Cepsa has formed an alliance with Austria's OMV in its long-running quest to secure a "buyback" agreement to develop the onshore Cheshme Kosh field in the center of the country. But there is still no guarantee that a deal--which...

Kuwait--Kuwait Oil Co. (KOC) has restored most of the production lost from western fields after recent technical problems left only one gathering center working, forcing it to raise output from its giant Burgan field to almost 1.35 million b/d. (Countries).(Brief Article)
June 17, 2002... KUWAIT -- Kuwait Oil Co. (KOC) has restored most of the production lost from western fields after recent technical problems left only one gathering center working, forcing it to raise output from its giant Burgan field to almost 1.35 million...

Qatar--Plans to develop the northern area of Total Fina Elf's offshore Al Khaleej field, taking production to 80,000 b/d by early 2004, were approved last week. (Countries).(Brief Article)
June 17, 2002... QATAR -- Plans to develop the northern area of Total Fina Elf's offshore Al Khaleej field, taking production to 80,000 b/d by early 2004, were approved last week. The field now produces around 45,000 b/d, and output is expected to rise to...

Malaysia--State oil company Petronas has expressed interest in buying BP's Malaysian and Singaporean assets, prompting denials from BP that they are for sale. (Countries).(British Petroluem)(Brief Article)(Statistical Data Included)
June 17, 2002... MALAYSIA -- State oil company Petronas has expressed interest in buying BP's Malaysian and Singaporean assets, prompting denials from BP that they are for sale. BP is reportedly trying to sell its 30% share in the Singapore Refinery Co. (SRC)...

Mexico--After 18 months of rhetoric about electrical sector reform, Congress has begun debating a set of bills to permit more involvement of foreign investors in the production and distribution of power, although it is not clear whether the result will come close to the goals of President Vicente Fox. (Countries).(Brief Article)
June 17, 2002... MEXICO -- After 18 months of rhetoric about electrical sector reform, Congress has begun debating a set of bills to permit more involvement of foreign investors in the production and distribution of power, although it is not clear whether the...

Russia--Seaborne oil products exports rocketed to an all-time record of 1.734 million b/d in May, as oil companies skirted administrative and capacity constraints on crude oil exports. (Countries).(Brief Article)(Statistical Data Included)
June 17, 2002... RUSSIA -- Seaborne oil products exports rocketed to an all-time record of 1.734 million b/d in May, as oil companies skirted administrative and capacity constraints on crude oil exports. This is up 33,000 b/d on the month before, and a whopping...

Russia--The first VLCC could soon be on its way to the US, in a test run for what might grow into crude exports of 1 million b/d to the US, from zero last year. (Countries).(Brief Article)
June 17, 2002... RUSSIA -- The first VLCC could soon be on its way to the US, in a test run for what might grow into crude exports of 1 million b/d to the US, from zero last year. Exxon Mobil is expected to take the trial 2 million bbl cargo of Urals, which is...

Saudi Arabia--Crown Prince Abdullah is scheduled to meet the chairmen of supermajors Exxon Mobil and Royal Dutch/Shell, Lee Raymond and Phil Watts, on Jun. 23 in the Red Sea port city of Jeddah, to discuss obstacles to a final agreement on the $20 billion-plus natural gas initiative. (Countries).(Brief Article)
June 17, 2002... SAUDI ARABIA -- Crown Prince Abdullah is scheduled to meet the chairmen of supermajors Exxon Mobil and Royal Dutch/Shell, Lee Raymond and Phil Watts, on Jun. 23 in the Red Sea port city of Jeddah, to discuss obstacles to a final agreement on...

Statoil drops oil-linked pricing in UK gas deal.(Brief Article)
June 17, 2002... In a deal that marks the launch of a new era in pricing European natural gas sales, Norway's Statoil has signed its first major gas supply contract with prices linked to gas rather than oil. The deal with the UK's largest gas supplier Centrica,...

Asian arb. (Marketview).(Brief Article)
June 17, 2002... LONDON -- How much more oil can Asia take? A narrow Brent-Dubai spread has pushed and pulled an estimated 18 million barrel of Brent-based Russian and West African crudes and 9 million bbl of high sulfur fuel oil and gas oil to Asia so far this...

Baku-Ceyhan boosted by French connection.(Total Fina Elf invests in British Petroleum Company PLC oil pipeline scheme)(Brief Article)(Statistical Data Included)
June 17, 2002... Total Fina Elf has swung its weight behind BP's scheme to build a I million bid oil pipeline from Baku in Azerbaijan to the Turkish Mediterranean port of Ceyhan. The French major has pledged to take a 5% stake in the $3 billion pipeline, which...

Canada sets merger and acquisition record in 2001.(Brief Article)(Industry Overview)(Statistical Data Included)
June 17, 2002... An overview of which companies are buying and selling which oil and gas assets for what price provides valuable insights into the changing structure and direction of the global petroleum industry. In its latest supplement on annual mergers and...

Major international oil and gas reserve deals in 2001 *.(Statistical Data Included)
June 17, 2002... MAJOR INTERNATIONAL OIL AND GAS RESERVE DEALS IN 2001 * Region/Buyers Sellers Description/Reserves Included CANADA Conoco Gulf Canada Corporate; assets in W. Canada, ...

Boom time for refiners in frenzied deal year.(acquisitions and mergers)(Brief Article)(Statistical Data Included)
June 17, 2002... Refinery mergers and acquisitions boomed in 2001, with the total value of significant deals reaching $22.3 billion, quadrupling the 2000 level. Refiners, particularly in the giant US market, were willing to pay big bucks to purchase growth...

Opec inaction looks right, at least for now.(Opec to leave output unchanged until September 2002 review)(Product Announcement)
June 24, 2002... If you're looking for surprises, forget Opec and stick to the World Cup. The outcome of next week's ministerial meeting in Vienna has been predictable for some time--Opec will leave output unchanged and agree to meet again in September. Given...

Whether to play home or away splits Canadians.(Product Announcement)
June 24, 2002... With Talisman Energy edging closer to the sale of its controversial assets in Sudan, one of the most adventurous exploits by a Canadian independent looks set to end. Talisman, at least, remains committed to international expansion, as do Nexen...

Dolphin plunges into bigger role for Abu Dhabi.(Product Announcement)
June 24, 2002... Slowly but surely, a division of powers is taking place in Abu Dhabi's oil and gas sector, dominated until recently by state monolith Abu Dhabi National Oil Co. (Adnoc) and its various subsidiaries. Adnoc still reigns supreme over oil,...

Flat demand, surging supply spell trouble.(oil market intelligence, Opec plans)(Product Announcement)
June 24, 2002... It's no wonder Opec plans to sit tight at its Jun. 26 meeting, judging by the latest supply/demand fundamentals and the outlook for the rest of this year (p1). Despite persistently weak global oil demand, particularly in the first half of 2002,...

Asia's state giants come out fighting.(Product Announcement)
June 24, 2002... While the competitive agility of private sector energy firms is routinely lauded, state-owned firms are more often dismissed as lumbering anachronisms. But in several recent deals, Indian and Chinese government-linked oil and gas companies are...

New support for Canada pipeline may nix Alaska.(natural gas pipeline from Canada's Mackenzie Delta may bypass Alaskan North Slope venture)(Product Announcement)
June 24, 2002... In a move that could set back the rival Alaskan North Slope venture for another decade, major oil companies operating in North America's Far Northern frontier last week endorsed plans for a natural gas pipeline from Canada's Mackenzie Delta....