Petroleum Intelligence Weekly articles from June 2003

Petroleum Intelligence Weekly archives from June 2003

Iraq handles oil sales, US calls the shots. (Eye On Iraq).
June 2, 2003... The US is giving Iraq's currently under-equipped and somewhat chaotic oil ministry a fair degree of autonomy in running the day-to-day business of production and sales, but Washington is clearly calling the shots on how to spend the money and...

Asian refineries for sale cheap--call Caltex.
June 2, 2003... Unrelentingly weak refining margins have, for years now, made operating in Asia-Pacific markets trying for all of the region's downstream players. Now the sluggish business environment could place an indelible black mark--in the form of a big...

Fundamentals point to softer market ahead.
June 2, 2003... Global oil supply and demand both slipped in April from March levels, but demand fell by nearly 500,000 barrels per day more than supply. This widened the gap between supply and demand, implying a hefty stockbuild of 2.1 million b/d for the...

Far out futures show durable crude prices.
June 2, 2003... Oil markets won't be an agent of global deflation, if long-dated futures contracts are any guide. With the December 2003 light, sweet crude oil contract on the New York Mercantile Exchange (Nymex) trading at close to $26 per barrel and Brent...

BP sells assets, builds output at rapid rate.
June 2, 2003... BP is picking up speed in its dash away from failed upstream growth targets toward higher returns, via asset sales. With $43 billion in sales already concluded or under negotiation, the company looks set to come in near the top of its $3...

Tight gas flows rapidly into US mainstream.
June 2, 2003... Faced with shrinking discoveries and steep decline rates in conventional gas fields, US producers are turning increasingly to 'tight' gas from low-permeability reservoirs. While a gas pipeline from Alaska and baseload liquefied natural gas...

Old Venezuela projects OK, new deals iffier.
June 2, 2003... While the fallout from this year's Petroleos de Venezuela (PDV) strike has yet to be fully measured, it appears that foreign investors are moving forward with existing projects, and perhaps even a few expansions. What remains to be seen is...

Electricity--slowly but surely, the Mideast Gulf is becoming more dependent on private, gas-fired power. (General).(Brief Article)
June 2, 2003... ELECTRICITY -- Slowly but surely, the Mideast Gulf is becoming more dependent on private, gas-fired power. Most recently, Oman has tendered for investors to develop by 2006 a new independent water and power project at Sohar to generate 500 MW...

Industry restructuring--despite legal hurdles and opposition from labor unions, the Indian government hopes to complete the privatization of state oil refiners Hindustan Petroleum and Bharat Petroleum toward the end of the current fiscal year, which runs through March 2004. (General).(Brief Article)
June 2, 2003... INDUSTRY RESTRUCTURING -- Despite legal hurdles and opposition from labor unions, the Indian government hopes to complete the privatization of state oil refiners Hindustan Petroleum and Bharat Petroleum toward the end of the current fiscal...

Angola -- state Sonangol, a trend-setter in oil-backed borrowing, is pushing the envelope again with a planned $1.15 billion, five-year oil-backed loan that would do away with the typical designated lifter, and be the country's largest and longest borrowing of this type. (Countries).(Brief Article)
June 2, 2003... ANGOLA -- State Sonangol, a trend-setter in oil-backed borrowing, is pushing the envelope again with a planned $1.15 billion, five-year oil-backed loan that would do away with the typical designated lifter, and be the country's largest and...

Australia -- local Woodside Petroleum has plugged and abandoned it high-profile, US$30 million deepwater Gnarlyknots-1 well off southern Australia, one of the most expensive ever drilled in the country. (Countries).(Brief Article)
June 2, 2003... AUSTRALIA -- Local Woodside Petroleum has plugged and abandoned its high-profile, US$30 million deepwater Gnarlyknots-1 well off southern Australia, one of the most expensive ever drilled in the country. It was hoped that Gnarlyknots would help...

Canada -- the coming months may be active ones for upstream mergers and acquisitions, given that companies put some US$2 billion in Canadian assets up for sale in the first quarter, the largest quarterly value in three years, according to Calgary-based Sayer Securities. (Countries).(Brief Article)
June 2, 2003... CANADA -- The coming months may be active ones for upstream mergers and acquisitions, given that companies put some US$2 billion in Canadian assets up for sale in the first quarter, the largest quarterly value in three years, according to...

China -- refiners are backing out surplus cargoes of crude oil into the spot market and into storage, in a bid to cope with the negative impact of SARS on domestic oil demand. (Countries).(Brief Article)
June 2, 2003... CHINA -- Refiners are backing out surplus cargoes of crude oil into the spot market and into storage, in a bid to cope with the negative impact of Sars on domestic oil demand. Sinopec is understood to have sold on at least tour and possibly six...

Iran -- in a move likely to cause ripples in Washington, Tehran is preparing to unveil an expanded pipe link capabale of carrying 150,000 b/d of Caspian crude from its northern port of Neka to the Tehran refinery. (Countries).(Brief Article)
June 2, 2003... IRAN -- In a move likely to cause ripples in Washington, Tehran is preparing to unveil an expanded pipe link capable of carrying 150,000 b/d of Caspian crude from its northern port of Neka to the Tehran refinery. In preparation, Iran is looking...

Iraq -- out of four prewar contracts to develop capacity at known but undeveloped fields in partnership with foreign companies, only one is likely to survive in its current form: a development and production agreement with state PetroVietnam in 2002 for the 80,000 b/d Amara field. (Countries).(Brief Article)
June 2, 2003... IRAQ -- Out of four prewar contracts to develop capacity at known but undeveloped fields in partnership with foreign companies, only one is likely to survive in its current form: a development and production agreement with state PetroVietnam in...

Libya -- in an indication that Tripoli may be tiring of the wait for Washington to lift sanctions so that US companies can come back, Spain's Repsol YPF and Austria's OMV were last week finally awarded six so-called Exploration Package 1 blocks, including MI in the northern Murzuk Basin, S36 in the Sirte Basin, K1 and K3 in the Kufra Basin, and offshore licenses 09 and O10. (Countries).(Brief Article)
June 2, 2003... LIBYA -- In an indication that Tripoli may be tiring of the wait for Washington to lift sanctions so that US companies can come back, Spain's Repsol YPF and Austria's OMV were last week finally awarded six so-called Exploration Package 1...

Mexico -- despite domestic fury at a non-binding US Congressional resolution that earlier this month linked immigration issues to more open energy investment policies,.(Brief Article)
June 2, 2003... MEXICO -- Despite domestic fury at a non-binding US Congressional resolution that earlier this month linked immigration issues to more open energy investment policies, President Vicente Fox promoted increased private participation in the...

Norway -- the government hopes to stimulate greater interest in offshore exploration with changes to its licensing system. (Countries).(Brief Article)
June 2, 2003... NORWAY -- The government hopes to stimulate greater interest in offshore exploration with changes to its licensing system. Exploration drilling has fallen to an all-time low this year, as prospects dim for large oil finds and future gas...

Sudan -- if successful, talks by India's state Oil & Natural Gas Corp. (ONGC) on buying Austrian OMV's stakes in two exploration blocks could both consolidate Asian control over country's oil patch and highlight competition among Asian producers for the output. (Countries).(Brief Article)
June 2, 2003... SUDAN -- If successful, talks by India's state Oil & Natural Gas Corp. (ONGC) on buying Austrian OMV's stakes in two exploration blocks could both consolidate Asian control over the country's oil patch and highlight competition among Asian...

United States -- potential importers of liquefied natural gas (LNG) are shedding inhibitions about proposing onshore receiving terminals. (Countries).(Brief Article)
June 2, 2003... UNITED STATES -- Potential importers of liquefied natural gas (LNG) are shedding inhibitions about proposing onshore receiving terminals. Japan's Mitsubishi Corp. is aiming for a 700 MMcf/d terminal in an old naval shipyard at Long Beach,...

Russia adding export capacity on all fronts. (What'S New Around The World).
June 2, 2003... Russia is moving on multiple fronts to remove export bottlenecks that constrain crude production growth. If all goes according to plan, the result could be incremental export pipeline capacity of 780,000 b/d before end-year--mostly via the...

It's a gas(oline). (Marketview).
June 2, 2003... NEW YORK -- Crude oil prices are settling back into the middle of Opec's $22-$28/bbl target range for its basket of seven crudes and may take on some downward momentum if Iraqi exports add to a gathering surplus (p2). The typical seasonal...

US Natural Gas price reporters come under seige.(Brief Article)
June 2, 2003... Price reporters aren't under attack only in oil products markets (PIW May19,p7). Independent natural gas price reporting services in the US are also under siege. US regulators fear that prices were compromised by false reporting from traders...

PIW market indicators.
June 2, 2003... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $26.67 $26.32 $24.01 UK Brent (Dated) 26.39 26.73 24.28 UK...

Opec rides out the storm--for now.(Brief Article)
June 9, 2003... Once again, Opec has managed to ride out a potential price slump with scant effort on the part of most of its members. When the oil producers' group met little more than a month ago, the outlook was gloomy: Iraqi exports were expected to return...

Iraqi oil is victim of war aftermath.
June 9, 2003... Although Iraq's first oil exports are imminent, don't expect volumes to ramp up rapidly or significantly. Ambitious talk in Baghdad of quickly resuming Iraqi crude oil exports is falling victim to the harsh realities on the ground in this...

Basrah to find willing buyers within Asia.
June 9, 2003... Asian refiners are cautiously eyeing the return of Iraqi Basrah Light to the regional market, as it has the potential for readjusting the structure and trading dynamics of the eastern sour crude market. Old term contract holders are eager to...

Russia, Mideast states fret at Kirkuk return.
June 9, 2003... As US and Iraqi oil officials push to start shipping Kirkuk crude via the Turkish Mediterranean port of Ceyhan after a break of over two months, other producers in the region are concerned about losing their share of what is becoming an...

Venezuela stumbles back into action.
June 9, 2003... One of the key mysteries teasing current oil market analysts is what Venezuela is producing and what prospects are for future oil production movements, taking into account both geological and political factors. PIW soundings put May production...

US refiners embrace Saudi crude supplies.
June 9, 2003... Disruptions in US sour crude supply, first from a strike in Venezuela and later from war in Iraq and outages in Nigeria, have driven US refiners into the open arms of Saudi Aramco. Reacting to the Venezuelan strike, the kingdom provided a...

Is May global oil supply too high?
June 9, 2003... Global oil supply managed a moderate gain in May despite the absence of Iraqi exports and an easing of Saudi Arabia's production according to recent data collected by PIW. Oil production rose to just under 79 million barrels per day, as Opec...

Carroll appraises Iraq's oil recovery program.
June 9, 2003... The senior adviser for the Iraqi oil sector at the Coalition Provisional Authority (CPA), veteran US oil man Philip Carroll, spoke to PIW editor Peter Kemp in Baghdad last week about the immediate challenges facing the Iraqi oil recovery...

On the record with Iraq's top oil official, Thamer al-Ghadban.
June 9, 2003... Who Thamer al-Ghadban is: I'm not the prime minister of Iraq. I'm not the minister of oil. I'm the chief executive, heading an interim team doing the day-to-day work of the ministry. I'm not a politician. I'm a technician with 30 years...

Industry restructuring--US independent producer Unocal plans to sell oil and gas fields, largely in the Gulf of Mexico, in an effort to trim debt. (General).(Brief Article)
June 9, 2003... INDUSTRY RESTRUCTURING--US independent producer Unocal plans to sell oil and gas fields, largely in the Gulf of Mexico, in an effort to trim debt. Unocal will shed about 75 US Gulf fields representing net average production of about 25,000 to...

Abu Dhabi -- not for the first time, Abu Dhabi has pushed back the award of a 28% stake in Zakum Development Co. (Zadco). (Countries).(Brief Article)
June 9, 2003... ABU DHABI -- Not for the first time, Abu Dhabi has pushed back the award of a 28% stake in Zakum Development Co. (Zadco). Zadco, a 520,000 b/d producer, is majority-owned by state oil company Adnoc but operated by Japan's Jodco. Industry...

Brazil -- Petrobras announced new offshore oil finds in Block BC-60, bringing reserve estimates to 2.1 billion bbl in a new area north of the prolific Campos Basin, offshore the state of Espiritu Santo. (Countries).(Brief Article)
June 9, 2003... BRAZIL -- Petrobras announced new offshore oil finds in Block BC-60, bringing reserve estimates to 2.1 billion bbl in a new area north of the prolific Campos Basin, offshore the state of Espiritu Santo. Wells 1-ESS-119, 1-ESS-122, and 1-ESS-125...

Canada -- Alberta's oil sands production, already greater than its conventional crude output, could triple by 2012, while natural gas production there faces a steady decline over the next decade, according to the Canadian province's Energy and Utilities Board (EUB). (Countries).(Brief Article)
June 9, 2003... CANADA -- Alberta's oil sands production, already greater than its conventional crude output, could triple by 2012, while natural gas production there faces a steady decline over the next decade, according to the Canadian province's Energy and...

Denmark -- Europe's third largest oil producer's reserves are declining, despite a record level of exploration activity in 2002, says the Danish Energy Agency (DEA) in its annual report on oil and gas production released last week. (Countries).(Brief Article)
June 9, 2003... DENMARK -- Europe's third largest oil producer's reserves are declining, despite a record level of exploration activity in 2002, says the Danish Energy Agency (DEA) in its annual report on oil and gas production released last week. Denmark...

Japan -- crude imports jumped 15% in April, up 588,000 b/d from a year earlier, driven by Mideast term suppliers providing full contract volumes, a change from year-ago levels when Opec output was heavily restrained. (Countries).(Brief Article)
June 9, 2003... JAPAN -- Crude imports jumped 15% in April, up 588,000 b/d from a year earlier, driven by Mideast term suppliers providing full contract volumes, a change from yearago levels when Opec output was heavily restrained. Saudi Arabia was Japan's...

Kazakhstan -- a long-awaited plan to open up over 100 blocks in an offshore exploration bonanza in the northern Caspian Sea is due to be unveiled later this month following its recent approval by President Nursultan Nazarbaev. (Countries).(Brief Article)
June 9, 2003... KAZAKHSTAN -- A long-awaited plan to open up over 100 blocks in an offshore exploration bonanza in the northern Caspian Sea is due to be unveiled later this month following its recent approval by President Nursultan Nazarbaev. The highly...

Kuwait -- project Kuwait could take a step forward this week. (Countries).(Brief Article)
June 9, 2003... KUWAIT -- Project Kuwait could take a step forward this week. Kuwait Petroleum Corp. (KPC) intends to send out 150-page draft contracts to international oil companies hoping to win operating service agreements for the long-delayed scheme to...

Libya -- German energy group RWE has signed a deal to invest $56 million in oil and gas exploration in Libya. (Countries).(Brief Article)
June 9, 2003... LIBYA -- German energy group RWE has signed a deal to invest $56 million in oil and gas exploration in Libya. RWE's first move into the North African producer will see it and the Libyan state National Oil Corp. (NOC) jointly drill 10...

Nigeria -- loading schedules for May and June indicate Nigerian production surged back above 2 million b/d following two months of disruptions due to civil unrest around April and May elections. (Countries).(Brief Article)
June 9, 2003... NIGERIA -- Loading schedules for May and June indicate Nigerian production surged back above 2 million b/d following two months of disruptions due to civil unrest around April and May elections (PIW Mar.24,p7). To be loaded this month are 68...

Oman -- BP has inked a deal with Oman LNG starting 2004, leaving the sultanate's first two trains looking sold out, as work gets underway on a third. (Countries).(Brief Article)
June 9, 2003... OMAN -- BP has inked a deal with Oman LNG starting 2004, leaving the sultanate's first two trains looking sold out, as work gets underway on a third. The memo, signed in Tokyo this week, is for "up to 4 million tons of LNG" spread over a...

Peru -- the Ministry of Energy and Mines approved two new royalty calculation schemes for hydrocarbon contracts, to encourage investments in smaller fields and speed negotiations over field development plans. (Countries).(Brief Article)
June 9, 2003... PERU -- The Ministry of Energy and Mines approved two new royalty calculation schemes for hydrocarbon contracts, to encourage investments in smaller fields and speed negotiations over field development plans. The first method, deemed preferable...

Russia -- the most conservative Russian oil major, Surgutneftegas, has dropped its guard against foreign companies and opened talks with US-based Marathon about cooperating on oil field development in Western Siberia. (Countries).(Brief Article)
June 9, 2003... RUSSIA -- The most conservative Russian oil major, Surgutneftegas, has dropped its guard against foreign companies and opened talks with US-based Marathon about cooperating on oil field development in Western Siberia. Marathon recently got a...

Russia -- Russian crude exports shed 14,000 b/d to reach 2.615 million b/d in May, down slightly from the previous month's 2.629 million b/d but still 113,000 b/d over year-ago figures. (Countries).(Brief Article)
June 9, 2003... RUSSIA -- Russian crude exports shed 14,000 b/d to reach 2.615 million b/d in May, down slightly from the previous month's 2.629 million b/d but still 113,000 b/d over year-ago figures. The month-on-month decline was mainly because of reduced...

Platts' grip on Europe's products market slips. (What's New Around the World).
June 9, 2003... Platts is starting to lose its near-monopoly grip on Europe's products market. On Jun. 4, European major Total sent out a letter to its counter-parties informing them that from the start of next month all its over-the-counter (OTC)...

Half empty or half full. (Marketview).
June 9, 2003... WASHINGTON -- Current market fluctuations seem to imply that one man's glut is another's shortfall. Light, sweet crude on the New York Mercantile Exchange (Nymex) touched $31/bbl last week, more than $5/bbl above early May levels--even...

Naimi terminates gas initiative talks.(Brief Article)
June 9, 2003... Saudi Oil Minister Ali Naimi delivered Thursday on his pledge to terminate the Saudi gas initiative unless oil majors Exxon Mobil and Royal Dutch/Shell accepted Saudi commercial terms for the mega South Ghawar and Shaybah Kidan gas ventures....

PIW market indicators.
June 9, 2003... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $27.10 $26.47 $25.55 UK Brent (Dated) ...

Few openly mourn Saudi Gas Initiative.
June 16, 2003... Many of the reactions from participants and bystanders might lead one to conclude that the collapse of the original $25 billion Saudi Gas Initiative is the best thing that ever happened. State Saudi Aramco and its power-sector counterpart are...

Supermajors shun low-profit Asian refining.(Industry Overview)
June 16, 2003... Something has gone awry in the state of Asian refining. The list of oil companies wanting to sell refineries in Asia is growing rapidly, as the supermajors come to realize that margins in the region are unlikely to improve for at least another...

Libya enters 'go-for-growth' ranks in Opec.
June 16, 2003... In a further sign that Tripoli may be losing patience waiting for Washington to lift sanctions barring US companies from its territory, Libya looks set to award more oil exploration deals to international firms this year. The next agreement...

Opec warily awaits return of Iraqi oil.
June 16, 2003... Few seem able to come up with a good reason why Opec should do anything differently than it's been doing, given its success at holding prices in a band that few seem inclined to criticize. So the outcome of last week's ministerial meeting in...

It's a long-shot for non-Opec cooperation.(Industry Overview)
June 16, 2003... Opec may be comfortable in its isolation now, but once Iraq begins working its way permanently back into world markets, the focus will probably turn back to cooperation from outsiders--as it typically does in times of Opec trouble (p3). Gaining...

US refiners see upside of Aramco policies.
June 16, 2003... Saudi Arabia did, as claimed, show exceptional flexibility in generally strict rules for its US term contract holders after the sudden loss of most Venezuelan imports last December. US imports in the first quarter rose to an unusual 100% of...

Saudi-shy majors not shy with China.(Exxon Mobil, Royal Dutch/Shell work toward gas pipeline deal)
June 16, 2003... On the surface, it seems peculiar. Supermajors Exxon Mobil and probably Royal Dutch/Shell balk at the terms for gaining a toehold in Saudi Arabia--the world's largest oil reserve holder--through the country's ballyhooed $25 billion natural gas...

Corporate--Exxon Mobil is apparently determined to remain unfazed by the collapse of the Saudi talks. (General).(Brief Article)
June 16, 2003... CORPORATE--Exxon Mobil is apparently determined to remain unfazed by the collapse of the Saudi talks. Executive Vice President Harry Longwell made a point of expressing confidence in the potential for cooperation between international oil...

Industry Restructuring--US independent Anadarko is buying $225 million in oil and gas properties in the shallow-water Gulf of Mexico from Amerada Hess. (General).(Brief Article)
June 16, 2003... INDUSTRY RESTRUCTURING--US independent Anadarko is buying $225 million in oil and gas properties in the shallow-water Gulf of Mexico from Amerada Hess. The purchase covers 26 fields with estimated proved reserves of 23 million boe. Hess is also...

Futures--London's International Petroleum Exchange (IPE) is set to host parallel electronic and open outcry trading sessions in its benchmark Brent crude futures beginning in September. (General).(Brief Article)
June 16, 2003... FUTURES--London's International Petroleum Exchange (IPE) is set to host parallel electronic and open outcry trading sessions in its benchmark Brent crude futures beginning in September (PIW May5,p6). IPE Chief Executive Richard Ward says that...

Formula Prices--Saudi Arabia is increasing its July official selling price differentials for all grades exported to the US, Europe, and Asia, with the exception of US-bound Arab Heavy. (General).
June 16, 2003... FORMULA PRICES--Saudi Arabia is increasing its July official selling price differentials for all grades exported to the US, Europe, and Asia, with the exception of US-bound Arab Heavy. Europe is hardest hit, with increases in Arab Medium and...

Australia -- with production in the country's older oil fields past its peak, the 145 million bbl Enfield development off the Northwest Coast could be an important factor in mitigating the decline in national production later this decade. (Countries).(Brief Article)
June 16, 2003... AUSTRALIA -- With production in the country's older oil fields past its peak, the 145 million bbl Enfield development off the Northwest Coast could be an important factor in mitigating the decline in national production later this decade. And...

Ecuador -- a strike by Petroecuador workers is cutting by up to half pipeline movements of the country's normal 400,000 b/d output and endangering oil-sector reform plans. (Countries).(Brief Article)
June 16, 2003... ECUADOR -- A strike by Petroecuador workers is cutting by up to half pipeline movements of the country's normal 400,000 b/d output and endangering oil-sector reform plans. Workers cut off Petroecuador's light crude production in the Eastern...

Iran -- in a move that could provide 300,000 b/d of the capacity that will eventually be needed to keep it ahead of historic producing rival Iraq, Oil Minister Bijan Zanganeh tells PIW that Tehran is gunning for an end-June target date to conclude a $2 billion contract with Japanese state Japex and Inpex to develop part of the giant onshore Azadegan field. (Countries).(Brief Article)
June 16, 2003... IRAN -- In a move that could provide 300,000 b/d of the capacity that will eventually be needed to keep it ahead of historic producing rival Iraq, Oil Minister Bijan Zanganeh tells PIW that Tehran is gunning for an end-June target date to...

Indonesia -- in what could be interpreted as yet another sign of instability and in-fighting over the country's LNG export policies, state Pertamina has indicated that it prefers to sell output from a long-stalled new train at the existing Bontang LNG facility to Japanese buyers, in preference to gas from the planned BP-led Tangguh LNG venture. (Countries).(Brief Article)
June 16, 2003... INDONESIA -- In what could be interpreted as yet another sign of instability and in-fighting over the country's LNG export policies, state Pertamina has indicated that it prefers to sell output from a long-stalled new train at the existing...

Japan -- undaunted by past failures of crude futures contracts in Asia, the Tokyo Commodity Exchange (Tocom) has signed a memorandum of understanding with the New York Mercantile Exchange (Nymex) that could lead to mutual support for each other's futures contracts. (Countries).(Brief Article)
June 16, 2003... JAPAN -- Undaunted by past failures of crude futures contracts in Asia, the Tokyo Commodity Exchange (Tocom) has signed a memorandum of understanding with the New York Mercantile Exchange (Nymex) that could lead to mutual support for each...

Ivory Coast -- trying to pick up the pieces after last year's coup attempt and ensuing military uprising, this West African country is hoping that a jumpstart of its oil industry will bring more revenue and possibly some stability. (Countries).(Brief Article)
June 16, 2003... IVORY COAST -- Trying to pick up the pieces after last year's coup attempt and ensuing military uprising, this West African country is hoping that a jumpstart of its oil industry will bring more revenue and possibly some stability. The Ivory...

Russia -- ice-resistant tanker traffic may be set to pick up. (Countries).(Brief Article)
June 16, 2003... RUSSIA -- Ice-resistant tanker traffic may he set to pick up. Lukoii is keeping its fleet of 10 'ice-class' tankers after all, following new discoveries near its Varandey Arctic oil terminal, and a $15 million port expansion underway at...

BP stats review upbeat--except on prices. (What's New Around the World).
June 16, 2003... World oil supply is becoming "more diverse" and global production capacity "comfortably exceeds" demand, BP Chief Economist Peter Davies said reassuringly last week, on launch of the BP Statistical Review of World Energy 2003. Supporting...

Tide about to turn. (Marketview).
June 16, 2003... LONDON--Change is in the air or, to be more exact, on the sea. Some 10 million bbl of Mideast Gulf and West African crude oil that was previously sold into China and other Asian destinations has been turned around and is now en route to me US....

Somo picks European, US majors, avoids traders.(Iraq state oil marketing organization sells stored oil)
June 16, 2003... Iraq's state oil marketing organization Somo is selling stored oil--its first crude to be sold free of sanctions in 13 years--to four European and one US major, and Turkey's largest refiner. In a sign that Somo is shaking off its past, bids...

PIW market indicators.
June 16, 2003... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $27.15 $26.86 $26.35 UK Brent (Dated) ...

US ideas for Iraqi oil may not wash.
June 23, 2003... While Iraq struggles to restore oil production and exports, the long-term strategic issues facing its oil sector are no less daunting. The Washington pundits and policy makers who have helped shape US policy in Iraq talk breezily of creating a...

Pundits start to paint bearish price picture.(oil prices)(Industry Overview)
June 23, 2003... With oil prices above $30 per barrel, it may seem premature to start fretting about a price collapse. Yet that is precisely what more than a few analysts are starting to do. Looking a year or two down the road they predict there will be a turf...

Angola's ultra deep has yet to show its worth.
June 23, 2003... Investors in Angola's ultra-deep are at last making headway with three discoveries reported in the past nine months. Less clear is whether the finds will prove commercial, given the region's complex geology and the elevated costs of...

US refiners need new profit model.(Industry Overview)
June 23, 2003... Over the past decade, US independent refiners have followed a similar growth strategy, snapping up unwanted refineries from the majors, slashing operating costs, upgrading the plants, and, in turn, improving profitability. The business strategy...

Petronas touts global capacity in oil, LNG.
June 23, 2003... A new tier of 'global national oil companies' has emerged in the wake of the supermajor mergers, with once wholly state-owned companies from China, Russia, and Brazil now competing aggressively for projects in countries far from home. The...

Algeria spices up its appeal to investors.(Brief Article)
June 23, 2003... Foreign oil companies were treading the red carpet in Algeria last week as the Opec state tried to entice investment to its fourth international licensing round, which includes the first offering of potentially prolific offshore acreage. The 12...

Stockbuild points to softer market.(Industry Overview)
June 23, 2003... When the International Energy Agency dropped a bombshell in its oil market report for June, with a massive 80 million barrel upward revision in its estimate of end-March inventories in OECD countries, the oil market immediately traded down...

Fast, easy gas disappearing in Gulf of Mexico.(Industry Overview)
June 23, 2003... Persistently strong natural gas prices of over $5 per thousand cubic feet have given a belated boost to US drilling activity in recent months, but in contrast to previous cycles the Gulf of Mexico has been left behind. The shallow waters of the...

Petronas' Marican aims to expand global reach.(Tan Sri Dato' Mohamed Hassan Marican interviewed)(Interview)
June 23, 2003... Malaysia's Petronas sees itself as a national oil company with a thoroughly commercial ethos. In recent years it has struck out from its base in Southeast Asia with upstream acquisitions in Africa and it is now carving out a role as a truly...

Corporate--oil and gas companies have not ratcheted up their worldwide upstream spending plans significantly, despite higher-than-expected commodity prices this year. (General).(Lehman Brothers survey )(Brief Article)
June 23, 2003... CORPORATE--Oil and gas companies have not ratcheted up their worldwide upstream spending plans significantly, despite higher-than-expected commodity prices this year. A Lehman Brothers survey showed that 330 companies plan a 5.4% increase in...

Corporate--El Paso appears to have emerged victorious in a proxy fight with dissident shareholders over control of management and strategies at the US natural gas pipeline giant, but barely. (General).(Brief Article)
June 23, 2003... CORPORATE--El Paso appears to have emerged victorious in a proxy fight with dissident shareholders over control of management and strategies at the US natural gas pipeline giant, but barely. The final vote won't be certified for several weeks....