Petroleum Intelligence Weekly articles from June 2004

Petroleum Intelligence Weekly archives from June 2004

Opec tries to cool off the bulls.(Organization of Petroleum Exporting Countries)
June 7, 2004... Coming in the wake of traumatic terrorist attacks in the oil-producing heartland of Saudi Arabia, last week's Opec meeting in Beirut attracted huge attention despite the fact that Opec's ability to cool record-high oil prices by much was...

Saudi, UAE output point to ample supply.(United Arab Emirates)
June 7, 2004... Regardless of how Opec's decision to boost quotas is interpreted, the moves that were already underway by Saudi Arabia and Abu Dhabi to increase their actual output by some 1 million barrels per day are pointing to a large increase in crude oil...

Pipe constraints muzzle Russian output growth.
June 7, 2004... As international oil prices push record high levels, the world's major oil-consuming countries are looking to Russia to take up some of the slack. Russia keeps cranking up production and just recently passed the 9 million barrel per day mark,...

Oil price adds to pressure for fixed gas price.
June 7, 2004... Record-high oil prices are underpinning record-high natural gas prices amid plentiful supply in the US and the UK, homes to the world's only firmly established free-floating gas prices. Ironically, expensive oil is at the same time adding to...

Majors loosen grip on US assets.(Petroleum industry)
June 7, 2004... A wave of transactions announced in May marks a significant transfer of mature US upstream assets from majors to independents, belatedly validating long-standing predictions that the majors would move to trim their North American holdings....

Asian LNG feels winds of change.
June 7, 2004... Asia's oldest and biggest liquefied natural gas (LNG) buyers are laying bare their demands to suppliers: more frequent revisions to contract prices and eased destination restrictions on LNG cargoes. And in today's buyer's market, Japanese and...

Corporate--Royal Dutch/Shell had "more problems than just the reserves issue".(General)(Brief Article)
June 7, 2004... CORPORATE--Royal Dutch/Shell had "more problems than just the reserves issue" that has dogged it this year, Chairman Jeroen van der Veer said in a recent speech to the company's top 400 managers. Shell needs to address how it can improve...

Industry restructuring--Texas-based Range Resources is buying the 50% stake it does not already own of US natural gas producer Great Lakes Energy Partners in a deal worth $290 million.(meshed briefs)(Great Lakes Energy Partners, Texas)(Brief Article)
June 7, 2004... INDUSTRY RESTRUCTURING--Texas-based Range Resources is buying the 50% stake it does not already own of US natural gas producer Great Lakes Energy Partners in a deal worth $290 million. Range is acquiring 225 Bcf of gas reserves in the...

Tankers--Underwriters have suspended plans to cut war risk insurance premiums for Sandi Arabian ports, following the May 29 attacks on foreign off workers in the Saudi oil town of Khobar.(General)(Brief Article)
June 7, 2004... TANKERS--Underwriters have suspended plans to cut war risk insurance premiums for Sandi Arabian ports, following the May 29 attacks on foreign off workers in the Saudi oil town of Khobar (p1). Specialist marine insurance brokers say rates for...

China--Crude imports jumped 27% to an average of 2.44 million b/d in April, up a massive 516,000 b/d from one year earlier, marked by a resurgence in imports from Oman and Russia.(Countries)(Brief Article)
June 7, 2004... CHINA -- Crude imports jumped 27% to an average of 2.44 million b/d in April, up a massive 516,000 b/d from one year earlier, marked by a resurgence in imports from Oman and Russia. Oman took the lead as China's biggest crude supplier in April...

Japan--Crude imports slumped by a hefty 14% in April to an average of 3.85 million b/d, with Iran, Kuwait and Saudi Arabia the big losers, while West African supplies made big gains.(Countries)(Brief Article)
June 7, 2004... JAPAN -- Crude imports slumped by a hefty 14% in April to an average of 3.85 million b/d, with Iran, Kuwait and Saudi Arabia the big losers, while West African supplies made big gains. Japanese crude imports are down 639,000 b/d on a year...

Mauritania--Woodside Petroleum, seeking to offset falling output in its home base of Australia, received approval to develop this West African nation's first offshore oil field.(Countries)
June 7, 2004... MAURITANIA -- Woodside Petroleum, seeking to offset falling output in its home base of Australia, received approval to develop this West African nation's first offshore oil field. The US$600 million venture at Chinguetti is expected to begin...

Mexico--Fernando Elizondo Barragan is the new energy secretary following the resignation of Felipe Calderon Hinojosa on Monday after President Vicente Fox sharply criticized him for publicizing his presidential ambitions.(Countries)(Brief Article)
June 7, 2004... MEXICO -- Fernando Elizondo Barragan is the new energy secretary following the resignation of Felipe Calderon Hinojosa on Monday after President Vicente Fox sharply criticized him for publicizing his presidential ambitions. Calderon's departure...

Russia--After revealing it has proven reserves of 4.3 billion boe as of the end of 2003, TNK-BP is being investigated by the Federal Security Service for violating the law and revealing a state secret.(Countries)(Brief Article)
June 7, 2004... RUSSIA -- After revealing it has proven reserves of 4.3 billion boe as of the end of 2003, TNK-BP is being investigated by the Federal Security Service for violating the law and revealing a state secret. The reserve figures, using US Securities...

Russia--Yukos has slipped closer to bankruptcy after being stripped of its controlling stake in Sibneft.(Countries)(Brief Article)
June 7, 2004... RUSSIA -- Yukos has slipped closer to bankruptcy after being stripped of its controlling stake in Sibneft. In the latest blow to hit the Russian oil giant, a Moscow court cancelled an equity issue that Yukos, which produces 1.7 million h/d,...

Sao Tome--Following disappointing results in a recent licensing round.(Countries)(Brief Article)
June 7, 2004... SAO TOME -- Following disappointing results in a recent licensing round, the government fired two of the four board members who oversee the Joint Development Authority (JDA) responsible for managing the offshore Joint Development Zone with...

Turkey--An appeals court ruled last week that the sale of state refiner Tupras to a private joint venture.(Countries)(Brief Article)
June 7, 2004... TURKEY -- An appeals court ruled last week that the sale of state refiner Tupras to a private joint venture with Russia could go ahead, reversing an earlier ruling suspending the $1.3 billion deal (PIW May31,p7). But the government's intent to...

Turkey--The race is heating up to build a pipeline bypassing the congested Bosporus waterway and beat the bottleneck in shipping crude from the Black Sea to the Mediterranean.(Countries)(Brief Article)
June 7, 2004... TURKEY -- The race is heating up to build a pipeline bypassing the congested Bosporus waterway and beat the bottleneck in shipping crude from the Black Sea to the Mediterranean. Russian state pipeline operator Transneft has been given the...

United States--Production from Royal Dutch/Shell's Mars field is not expected to resume until the middle of June, removing a large share of the main US sour crude benchmark from circulation at a critical time for oil markets.(Countries)(Brief Article)
June 7, 2004... UNITED STATES -- Production from Royal Dutch/Shell's Mars field is not expected to resume until the middle of June, removing a large share of the main US sour crude benchmark from circulation at a critical time for oil markets (PIW May31,p8). A...

New Iraqi oil minister hits the ground running.(What's New Around the World)
June 7, 2004... Iraq's newly appointed interim oil minister, Thamer al-Ghadban, plans to restructure his ministry and the companies under its umbrella, and to launch a number of long delayed oil development projects, he told PIW on Tuesday, in his first...

Gazoline fizz.(Marketview)(gasoline)
June 7, 2004... LONDON -- The US gasoline bubble may not have burst quite yet but it has certainly begun to deflate in the last few weeks, during which time fears of a terrorist attack on Mideast Gulf oil installations have taken over from gasoline as the key...

The Russian Caspian data source 2004.(Brief Article)
June 7, 2004... This new and unique database gives you the power to make the most profitable decisions in your business dealings with the former Soviet Union--in a timely and convenient format. It's comprehensive: The data covers the Russian and Caspian...

PIW market indicators.(Petroleum Intelligence Weekly)(Illustration)
June 7, 2004... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $36.87 $36.70 $36.16 UK Brent (Dated) 38.30 37.68 ...

Firms cautiously lift upstream spending.
June 14, 2004... With crude oil prices some $5 per barrel higher than in late December, many oil companies are bumping up exploration and production (E&P) budgets midway through 2004. Spending increases were not unexpected, given that oil company cash flows...

Opec-10 takes running start at quota bump.
June 14, 2004... Even before their Jun. 3 meeting in Beirut, Opec members with spare capacity--which is basically limited to Saudi Arabia and a couple of its Gulf neighbors--were doing their best to cool off an overheated market. They recognized that they could...

Iran retains global oil export ambitions.(National Iranian Oil Co.)
June 14, 2004... Although modest production gains and strong domestic oil demand currently hold Iran back as an oil exporter, the National Iranian Oil Co. (NIOC) still has major ambitions for the future. With a slight rise in crude exports--to some 2.5 million...

Caracas countdown on for Chavez.(Hugo Chavez)
June 14, 2004... After months of trying, foes of Venezuela's President Hugo Chavez scored big last week as the leftist leader finally gave in to their call for a referendum on his five-year rule. But it remains to be seen if the opposition, many of them middle-...

Indian oil back under regulatory cloud.
June 14, 2004... The investment climate and business prospects for the Indian oil sector have abruptly turned much weaker with the change in government in Delhi and the emergence of renewed state control under the left leaning coalition led by the Congress...

Yemen oil output faces steep slide.(Petroleum Exploration and Production Authority)
June 14, 2004... A big question mark is hanging over Yemen's future as an oil producer. Output has dropped to 400,000 barrels per day, from some 450,000 b/d in 2003, officials from Yemen's Petroleum Exploration and Production Authority (Pepa) say, with...

Tough fields become way of life for Europe.
June 14, 2004... Northwest Europe's gas supply is expected to become more reliant not just on distant sources of gas, such as by pipe from Russia or as liquefied natural gas (LNG) from the Middle East, but also on technologically challenging nearby fields. It's...

Formula prices--Saudi Arabia is tightening discounts of most of its July export grades, even as it ramps up crude production, possibly to compensate for losses in the benchmarks for the differentials.(General)
June 14, 2004... FORMULA PRICES -- Saudi Arabia is tightening discounts of most of its July export grades, even as it ramps up crude production, possibly to compensate for losses in the benchmarks for the differentials. Official selling prices for July were...

IEA--after months of calling on Opec for more oil, the West's energy watchdog seems satisfied.(General)(International Energy Agency)(Brief Article)
June 14, 2004... IEA--After months of calling on Opec for more oil, the West's energy watchdog seems satisfied: The International Energy Agency's latest Oil Market Report calls producers' intentions to increase crude oil supply as "a show of good faith." But so...

Industry restructuring--Petro-Canada is acquiring US Rockies natural gas producer Prima Energy for $534 million.(General)
June 14, 2004... INDUSTRY RESTRUCTURING--Petro-Canada is acquiring US Rockies natural gas producer Prima Energy for $534 million, a deal that marks Petro-Canada's entry into the US gas business. Prima currently produces 55 MMcf/d of gas, but Petro-Canada...

Angola--BP has announced a fourth oil discovery in deepwater Block 31 but won't yet say how big.(Countries)
June 14, 2004... ANGOLA -- BP has announced a fourth oil discovery in deepwater Block 31 but won't yet say how big--only that the Venus-1 well in 2,000 meters of water "encountered three oil-bearing reservoirs." The Block 31 grouping--consisting of BP...

Brazil--Petrobras began production last week from its floating, production, storage and offloading unit (FPSO) in the Marlim Sul field in the Campos Basin.(Countries)(Petroleo Brasileiro S.A.)(Brief Article)
June 14, 2004... BRAZIL -- Petrobras began production last week from its floating, production, storage and offloading unit (FPSO) in the Marlim Sul field in the Campos Basin. The unit should help lift Campos Basin output, which has fallen below targeted levels...

East Timor--undaunted by an intractable dispute with Australia on jurisdiction over exploration and development in the Timor Gap, Dili plans to offer seismic survey rights to foreign contractors and will offer exploration licenses by the fourth quarter of this year.(Countries)(Brief Article)
June 14, 2004... EAST TIMOR -- Undaunted by an intractable dispute with Australia on jurisdiction over exploration and development in the Timor Gap, Dili plans to offer seismic survey rights to foreign contractors and will offer exploration licenses by the...

India--concerned about rising global prices, Delhi plans to challenge Mideast exporters about the pricing formula used for its crude oil purchases.(Countries)(Brief Article)
June 14, 2004... INDIA -- Concerned about rising global prices, Delhi plans to challenge Mideast exporters about the pricing formula used for its crude oil purchases. India's new oil minister, Mani Shankar Aiyar, intends to question leading exporters such as...

Kuwait--the government has given the initial go-ahead for a long-standing plan to privatize some downstream oil facilities, approving on Jun. 6 the establishment of a local company to take over local distribution of oil products.(Countries)(Brief Article)
June 14, 2004... KUWAIT -- The government has given the initial go-ahead for a long-standing plan to privatize some downstream oil facilities, approving on Jun. 6 the establishment of a local company to take over local distribution of oil products. The Council...

Libya--State National Oil Co. (NOC) has further modified its upcoming Epsa-4 licensing round.(Countries)(Brief Article)
June 14, 2004... Libya -- State National Oil Co. (NOC) has further modified its upcoming Epsa-4 licensing round. The biggest change appears to be the lowering of NOC's maximum stake in any new commercial discovery to 50%, down from 85%. NOC officials had said...

Russia--Japanese utility Kyushu Electric has signed the first sales and purchase agreement with Royal Dutch/Shell-led Sakhalin Energy to take delivery of natural gas from the Sakhalin-2 project.(Countries)
June 14, 2004... Russia -- Japanese utility Kyushu Electric has signed the first sales and purchase agreement with Royal Dutch/Shell-led Sakhalin Energy to take delivery of natural gas from the Sakhalin-2 project. The deal follows a heads of agreement with the...

Russia--crude exports shed 47,000 b/d via the Transneft national pipeline system, due to lagging loadings from ports in the Baltic Sea and Black Sea.(Countries)(Brief Article)
June 14, 2004... Russia -- Crude exports shed 47,000 b/d via the Transneft national pipeline system, due to lagging loadings from ports in the Baltic Sea and Black Sea. Exports dropped to 3.214 million b/d on May, from 3.238 million b/d the previous month, but...

Sao Tome--further negotiations have taken place concerning blocks in the offshore Joint Development Zone with Nigeria, and an announcement on awards could be made as early as this week, according to industry sources.(Countries)(Brief Article)
June 14, 2004... Sao Tome -- Further negotiations have taken place concerning blocks in the offshore Joint Development Zone with Nigeria, and an announcement on awards could be made as early as this week, according to industry sources. But this is expected to...

Benchmark report on Iraqi oil industry--updated.(What's New Around the World)(Brief Article)
June 14, 2004... One year on and the political and economic scenarios in Iraq are still highly uncertain. Anyone managing or planning operations in this region should have the newly updated edition of Energy Intelligence's benchmark survey, Iraqi Oil & Gas: A...

Turkey--the fate of Tupras now sits in the hands of the highest administrative court, following a second round of appeals and injunctions concerning the $1.3 billion sale of a 66% stake in the state refiner to a private Russian-Turkish joint venture consisting of Russian Tatneft's Germany-based subsidiary and offtaker, Efremov Kautchuk, and Turkey's Zorlu Holding.(Countries)(Brief Article)
June 14, 2004... TURKEY -- The fate of Tupras now sits in the hands of the highest administrative court, following a second round of appeals and injunctions concerning the $1.3 billion sale of a 66% stake in the state refiner to a private Russian-Turkish joint...

United States--independent producer Anadarko plans to raise $2.5 billion in asset sales over the next nine months and has set a growth target of 5%-9%/yr through 2009 on the downsized asset base.(Countries)(Brief Article)
June 14, 2004... UNITED STATES -- Independent producer Anadarko plans to raise $2.5 billion in asset sales over the next nine months and has set a growth target of 5%-9%/yr through 2009 on the downsized asset base. The properties identified for sale represent...

Undue credit.(Marketview)
June 14, 2004... LONDON -- Politicians in consuming countries are taking credit for lower crude oil prices, thinking they are the result of their cajoling Opec to increase production. They are not. Prices have certainly come off, but because of a deflating...

Nymex makes play for ICE.
June 14, 2004... The New York Mercantile Exchange (Nymex) has made a formal $350 million takeover bid million for its rival electronic IntercontinentalExchange (ICE). The deal includes $150 million in cash for ICE shareholders plus another $78 million for...

PIW market indicators.(Petroleum Intelligence Weekly )(Illustration)
June 14, 2004... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $34.51 $36.49 $37.32 UK Brent (Dated) 35.20 37.14 38.35 UK B-wave...

Is Saudi oil safe from the enemy within?
June 21, 2004... It is the oil market's worst nightmare and the stuff of political thrillers. What would happen if terrorists bent on overthrowing the Saudi regime actually succeeded in crippling the kingdom's massive crude processing facility at Abqaiq or shut...

Kazakhs make waves over Caspian field.
June 21, 2004... The world's biggest new oil project, the $29 billion development of the Kashagan field in the Caspian Sea, has run into a new problem, highlighting investor concerns about Kazakhstan's perceived lack of respect for the sanctity of contracts....

Iraq attacks test market tolerances.
June 21, 2004... As the Jun. 30 deadline looms for the transfer of power from the US-led occupation to an interim Iraqi government, Iraq's oil industry is in deepening disarray. Last week's attacks on key pipelines in the north and south have reduced exports of...

Gazprom in showdown over Kovykta sales.(Gazprom Russian Joint Stock Co., TNK-BP)
June 21, 2004... After years of trying, Russia's Gazprom looks to have supplanted TNK-BP as lead marketer for natural gas from the super giant Kovykta field held by TNK-BP affiliate Rusia Petroleum in East Siberia. Long-running negotiations with prospective...

Chevron loses some steam in Asia.(ChevronTexaco Corp.)
June 21, 2004... For decades, ChevronTexaco's oil production in Indonesia was the envy of its competitors. But steep output declines and the high cost of boosting recovery are making CEO David O'Reilly--who spoke to PIW at the Asian Oil & Gas Conference in...

Trinidad aims for Caribbean hub status.
June 21, 2004... Already established as the prime supplier of liquefied natural gas (LNG) to the US, can Trinidad and Tobago become the linchpin for proposed Caribbean oil and gas integration as well? As concern grows at the soaring cost of energy, which...

Canada's juniors look to enter upper ranks.
June 21, 2004... Canada wants more oil companies--or at least medium-sized and larger companies, whose ranks have been decimated by consolidation in recent years. And reflecting past trends, there is no shortage of up and coming juniors from the bottom tier...

Corporate--Royal Dutch/Shell is considering appointing a chief executive who will report to a single, unified board as part of a review of its complicated and much criticized governance structures currently being carried out by senior management.(General)(Brief Article)
June 21, 2004... CORPORATE -- Royal Dutch/Shell is considering appointing a chief executive who will report to a single, unified board as part of a review of its complicated and much criticized governance structures currently being carried out by senior...

Industry restructuring--Dallas-based Atmos Energy is to buy the Texas natural gas transmission and distribution unit of TXU Corp. for $1.9 billion in cash, making Atmos the largest gas distribution company in North America.(General)
June 21, 2004... INDUSTRY RESTRUCTURING -- Dallas-based Atmos Energy is to buy the Texas natural gas transmission and distribution unit of TXU Corp. for $1.9 billion in cash, making Atmos the largest gas distribution company in North America. Indonesia's Medco...

People--Royal Dutch/Shell named James Smith as the new chairman of its UK affiliate, Shell UK, starting Aug. 1, replacing Clive Mather, who became president and CEO of Shell Canada in May.(General)(Enrique Davila, Daniel Fernandez)(Brief Article)
June 21, 2004... PEOPLE -- Royal Dutch/Shell named James Smith as the new chairman of its UK affiliate, Shell UK, starting Aug. 1, replacing Clive Mather, who became president and CEO of Shell Canada in May. Enrique Davila will take over from Daniel Fernandez...

Brazil--Petrobras crude and natural gas production fell in May, due in part to a late-month outage in a Roncador FPSO.(Countries)(Petroleo Brasileiro S.A.)(Brief Article)
June 21, 2004... BRAZIL -- Petrobras crude and natural gas production fell in May, due in part to a late-month outage in a Roncador FPSO. The state-controlled company produced 1.594 million bid of crude and 2.081 Bcf/d of natural gas from its domestic and...

Denmark--the government last week confirmed it is to privatize state-owned Dong and float the oil and gas company on the Danish Stock Exchange.(Countries)
June 21, 2004... DENMARK -- The government last week confirmed it is to privatize state-owned Dong and float the oil and gas company on the Danish Stock Exchange. In a report for the Ministry of Finance, investment bank Rothschild & Sons recommended that...

Ecuador--ChevronTexaco has raised the ante in a lawsuit over environmental damage in the Amazon jungle.(Countries)(Brief Article)
June 21, 2004... ECUADOR -- ChevronTexaco has raised the ante in a lawsuit over environmental damage in the Amazon jungle. It demanded in a local newspaper announcement that state Petroecuador cover trial costs. The suit alleges Texaco Petroleum dumped millions...

Indonesia--fuel subsidies are draining the coffers of the government and state-owned Pertamina and lining the pockets of smugglers, whose growing activities are contributing to a shortage of gasoline in some parts of the country.(Countries)
June 21, 2004... INDONESIA -- Fuel subsidies are draining the coffers of the government and state-owned Pertamina and lining the pockets of smugglers, whose growing activities are contributing to a shortage of gasoline in some parts of the country. The spike in...

Kazakhstan--Russian flag bearer Lukoil is stepping up exploration in the northern Caspian Sea.(Countries)(Brief Article)
June 21, 2004... KAZAKHSTAN -- Russian flag bearer Lukoil is stepping up exploration in the northern Caspian Sea, kicking off a marine seismic survey of the TyubKaragan and Atashsky prospects with state Kazmunaigas. The program runs until September with the...

Kuwait--efforts to raise output were helped by the early return from maintenance of gathering center 25 (GC-25), which is to be followed by the full restoration in October of the 280,000 b/d GC-15, the largest gathering center in the Raudhatain field.(Countries)(Brief Article)
June 21, 2004... KUWAIT -- Efforts to raise output were helped by the early return from maintenance of gathering center 25 (GC-25), which is to be followed by the full restoration in October of the 280,000 bid GC-15, the largest gathering center in the...

Malaysia--state-owned Petronas is to step up its seismic activity in deepwater areas in a bid to increase offshore exploration.(Countries)
June 21, 2004... MALAYSIA -- State-owned Petronas is to step up its seismic activity in deepwater areas in a bid to increase offshore exploration. Petronas will market up to seven blocks offshore Sabah and Sarawak in the next four months, but at the same time...

Oman--US independent Hunt Oil signed up last week to explore offshore Block 40 in the Musandam area.(Countries)
June 21, 2004... OMAN -- US independent Hunt Oil signed up last week to explore offshore Block 40 in the Musandam area. Under the terms of the $16 million-$21 million deal, the company must drill one well in an initial three-year exploration phase and conduct...

Russia--in an 11th-hour show of clemency, President Vladimir Putin said last week that his government does not want to bankrupt beleaguered oil company Yukos.(Countries)(Brief Article)
June 21, 2004... RUSSIA -- In an 11th-hour show of clemency, President Vladimir Putin said last week that his government does not want to bankrupt beleaguered oil company Yukos. It is expected this will entail admitting the state as a shareholder and bringing...

Russia--TNK-BP got a bit of a scare when the head of the Energy Agency, Sergei Oganesyan, said the UK-Russian venture was operating its giant Samotlor oil field in Western Siberia without a development plan.(Countries)(Ministry of Industry and Energy)(Brief Article)
June 21, 2004... RUSSIA -- TNK-BP got a bit of a scare when the head of the Energy Agency, Sergei Oganesyan, said the UK-Russian venture was operating its giant Samotlor oil field in Western Siberia without a development plan. TNK-BP will, however, draw up a...

Uganda--not much is going well for Canada's Heritage Oil, which has suffered further technical setbacks and abandoned its promising Turaco-2 well.(Countries)
June 21, 2004... UGANDA -- Not much is going well for Canada's Heritage Oil, which has suffered further technical setbacks and abandoned its promising Turaco-2 well. This follows similar mechanical difficulties with a rig last year on the Turaco-1 discovery...

United States--oil services giant Halliburton faced fresh allegations of waste and fraud in its Iraq contracts at the same time as it emerged that the office of Vice President Dick Cheney.(Countries)
June 21, 2004... UNITED STATES -- Oil services giant Halliburton faced fresh allegations of waste and fraud in its Iraq contracts at the same time as it emerged that the office of Vice President Dick Cheney, who once headed the company, was briefed before two...

BP review offers positive reserves outlook.(What's New Around the World)
June 21, 2004... BP is doing its best to reassure the worriers that there is no shortage of oil and natural gas reserves. Based on a new series of data on proven oil and gas reserves, the supermajor calculates total global oil reserves in 2003 rose to 1.15...

Push me, pull you.(Marketview)(petroleum prices)
June 21, 2004... WASHINGTON -- For weeks, futures traders built up sizeable length and pushed up oil prices despite rising stocks and high Opec output. Last week, the paralysis of Iraqi exports due to a series of bomb blasts and further attacks on foreigners...

PIW market indicators.(Illustration)
June 21, 2004... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $33.98 $34.55 $36.70 UK Brent (Dated) 34.69 35.25 37.68 UK...

US, Canada drive rising M&A activity.(merger and acquisition)
June 28, 2004... Global merger and acquisition (M&A) activity in the first half of this year has picked up right where it left off in 2003, with the US and Canada driving asset sales and corporate deals through the first half of 2004. Companies are awash with...

Opec adds less than meets the eye.(Organization of Petroleum Exporting Countries)
June 28, 2004... This year's red-hot oil market is being powered by rampant demand growth rather than Opec supply restraint, which is putting the spotlight on Opec's ability to come up with more oil if it's needed (p5). Though Opec production capacity is due to...

East African oil bounty proves elusive.
June 28, 2004... Explorers hoping for big oil strikes in the frontier lands of East Africa are finding the going harder than expected, with a lot of money spent in a recent flurry of activity, but no oil discoveries to report. The eclectic band of smaller oil...

Small refiners grow muscle in China oil boom.
June 28, 2004... China's refining capacity is set for significant expansion, but not exclusively from integrated giants PetroChina and Sinopec. Instead, local governments are teaming up with private investors to build shiny new small-scale refineries, of expand...

Anadarko seeks return to the A-List.
June 28, 2004... Will Anadarko Petroleum's long-awaited strategic overhaul help it regain its position on the A-List of large-cap US independents? To some extent, investors had already made their minds up about that long before Chief Executive Jim Hackett...

Shell taxed on strategy, structure.
June 28, 2004... This week's annual general meetings at Royal Dutch/Shell--in London and The Hague--promise to de interesting. The company's reserves accounting debacle has left investors anxious about where the company goes next, and very concerned about...

Europe gives surprise kick to demand.
June 28, 2004... Where is all this unexpected oil demand coming from? Preliminary estimates of global oil demand growth in the first two months of the second quarter by PIW sister publication Oil Market Intelligence show a 4.5% year-on-year growth, the highest...

Industry restructuring--US independent Magnum Hunter is acquiring natural gas reserves in New Mexico from EnCana for $243 million.(General)(Brief Article)
June 28, 2004... INDUSTRY RESTRUCTURING -- US independent Magnum Hunter is acquiring natural gas reserves in New Mexico from EnCana for $243 million. EnCana, which owned the properties for just two months, put the assets up for sale because it is mainly...

People--Royal Dutch/Shell.(General)(Brief Article)
June 28, 2004... PEOPLE -- Royal Dutch/Shell named Peter Voser as group managing director and director of finance from Oct. 4. A Swiss national and former Shell employee, Voser is now CFO of the Zurich-based ABB Group. US independent Berry Petroleum appointed...

India--Reliance Industries struck natural gas off the coast of Orissa in the Bay of Bengal and estimates in-place reserves at 4 Tcf-5 Tcf, Chairman Mukesh Ambani told the annual general meeting of shareholders in Mumbai last week.(Countries)(Brief Article)
June 28, 2004... INDIA -- Reliance Industries struck natural gas off the coast of Orissa in the Bay of Bengal and estimates in-place reserves at 4 Tcf-5 Tcf, Chairman Mukesh Ambani told the annual general meeting of shareholders in Mumbai last week. The...

Iraq--Exxon Mobil, ChevronTexaco and independent refiner Valero have received subpoenas from the Southern District of New York to testify before a Grand Jury on Jul. 7 on alleged violations surrounding the UN oil-for-food program that ran from 1995-2003.(Countries)(Brief Article)
June 28, 2004... IRAQ -- Exxon Mobil, ChevronTexaco and independent refiner Valero have received subpoenas from the Southern District of New York to testify before a Grand Jury on Jul. 7 on alleged violations surrounding the UN oil-for-food program that ran...