Petroleum Intelligence Weekly articles from June 2006

Petroleum Intelligence Weekly archives from June 2006

Opec keeps its cool in Caracas hothouse.
June 5, 2006... Opec is by its own admission a mere bystander in the current oil market, which is products driven and more affected by supply fears than brimming crude stocks. On a strict reading of a market that is fundamentally well supplied, the producer...

Creeping chaos blights outlook for Iraqi Oil.
June 5, 2006... An almost impossible task confronts Iraq's new Oil Minister Hussein al-Shahristani. Just weeks into his new job, the former nuclear scientist is already wrestling with a plethora of problems that include--to name but a few--dilapidated...

LNG flows tilt to US as summer starts.
June 5, 2006... Over the past year, the LNG scene has undergone extensive changes, with new production coming online and demand growing worldwide. The effects on the winter market were pronounced, as Europe and Asia battled for every available spot cargo,...

Japan's traders target crude, global LNG.
June 5, 2006... The hot market in global oil and gas assets has been fired in part by the expansive ambitions of Asia's state oil firms, but things could get even hotter as Japan's big three trading houses-Marnbeni, Mitsubishi and Mitsui--return to the...

Jury is out on West Africa's downstream plans.(governments of Nigeria and Angola expect to add to West Africa's refining capacity but their record for delivering such projects is poor)
June 5, 2006... The governments of Nigeria and Angola expect to add at least 400,000 barrels per day to West Africa's refining capacity over the next 10 years and have a raft of deals in hand. But their record for delivering such projects is poor and the jury...

Timing could scuttle clean coal, C[O.sub.2] plans.
June 5, 2006... The future role of coal in the energy mix is one of the hot topics in the ongoing review of European energy policies, with concerns about security of supply prompting a reappraisal of coal's merits as an abundant fuel source for power...

Saudi Arabia's oil supply: conjecture and reality.
June 5, 2006... **********The debate about "peak oil" has been given a further boost by the sharp rise in oil prices over the past two years and worries about Saudi Arabia's long-term potential sparked by the work of Matt Simmons, whose "Twilight In The...

Corporate--Exxon Mobil shareholders delivered a shock by approving a dissident stockholder's proposal to revise the procedure for electing directors.(GENERAL)
June 5, 2006... CORPORATE -- Exxon Mobil shareholders delivered a shock by approving a dissident stockholder's proposal to revise the procedure for electing directors. The resolution called for the directors to receive a majority of the votes from owners of...

Corporate--Russia's Gazprom, the world's biggest gas producer, is raising its game in oil, setting a crude oil production target of 80 million metric tons (1.6 million b/d) for 2020.(GENERAL)
June 5, 2006... CORPORATE -- Russia's Gazprom, the world's biggest gas producer, is raising its game in oil, setting a crude oil production target of 80 million metric tons (1.6 million b/d) for 2020. Gazprom itself produces 40,000 b/d of oil and another...

Industry restructuring--London-based Ashmore Investment Management is leading a group making a $2.9 billion offer for Houston-based Prisma Energy International, which holds the last stand-alone assets of Enron and is owned by the failed energy merchant's creditors.(GENERAL)
June 5, 2006... INDUSTRY RESTRUCTURING -- London-based Ashmore Investment Management is leading a group making a $2.9 billion offer for Houston-based Prisma Energy International, which holds the last stand-alone assets of Enron and is owned by the failed...

Bangladesh--the ban on natural gas exports is threatening just the sort of gas shortage the ban was designed to avoid and could undermine plans by India's Tata Group for the biggest-ever foreign investment in the country.(COUNTRIES)
June 5, 2006... BANGLADESH -- The ban on natural gas exports is threatening just the sort of gas shortage the ban was designed to avoid and could undermine plans by India's Tata Group for the biggest-ever foreign investment in the country. Gas shortages are...

Ecuador--Chevron intends to pursue international arbitration against the government and seek about $750 million in damages related to seven unresolved legal claims filed more than 10 years ago.(COUNTRIES)
June 5, 2006... ECUADOR -- Chevron intends to pursue international arbitration against the government and seek about $750 million in damages related to seven unresolved legal claims filed more than 10 years ago. The case hinges on charges the government and...

Equatorial Guinea--a new upstream licensing round will offer 28 blocks, including relinquished acreage, with final bids due on Jan. 31, 2007.(COUNTRIES)
June 5, 2006... EQUATORIAL GUINEA -- A new upstream licensing round will offer 28 blocks, including relinquished acreage, with final bids due on Jan. 31, 2007. Eight of the blocks are in the offshore Bioko Basin, while 16 blocks, onshore and offshore, are in...

Japan--crude imports rose by 14.3% to 4.38 million b/d in April from a year ago, with Saudi Arabia and the United Arab Emirates remaining the two largest suppliers.(COUNTRIES)
June 5, 2006... JAPAN -- Crude imports rose by 14.3% to 4.38 million b/d in April from a year ago, with Saudi Arabia and the United Arab Emirates remaining the two largest suppliers. Imports from third ranked Iran fell 20.1% to 457,000 b/d (PIW May29,p1). ...

Kazakhstan--Russian state producer Rosneft's first well on the massive Kurmangazy Block has come up dry, delivering another blow to the country's Caspian Sea exploration program.(COUNTRIES)
June 5, 2006... KAZAKHSTAN -- Russian state producer Rosneft's first well on the massive Kurmangazy Block has come up dry, delivering another blow to the country's Caspian Sea exploration program. Rosneft, which represents Russia in the 50-50 joint venture...

Russia--state oil champion Rosneft has cut expectations for its upcoming initial public offering (IPO) to $10 billion, half its earlier target, in what had been billed as the world's largest IPO.(COUNTRIES)
June 5, 2006... RUSSIA -- State oil champion Rosneft has cut expectations for its upcoming initial public offering (IPO) to $10 billion, half its earlier target, in what had been billed as the world's largest IPO. The downgrade to a less ambitious target comes...

Russia--production by Salym Petroleum Development (SPD), the joint venture of Royal Dutch Shell and Sibir Energy, has hit 45,000 b/d and SPD is now aiming to hit 60,000 b/d by the end of this year, well ahead of its end-2006 goal of 40,000 b/d.(COUNTRIES)
June 5, 2006... RUSSIA -- Production by Salym Petroleum Development (SPD), the joint venture of Royal Dutch Shell and Sibir Energy, has hit 45,000 b/d and SPD is now aiming to hit 60,000 b/d by the end of this year, well ahead of its end-2006 goal of 40,000...

United Kingdom--Canadian Oilexco and UK-listed Faroe Petroleum drilled a duster at their jointly owned Halibut prospect in the North Sea, plugging and abandoning the well.(COUNTRIES)
June 5, 2006... UNITED KINGDOM -- Canadian Oilexco and UK-listed Faroe Petroleum drilled a duster at their jointly owned Halibut prospect in the North Sea, plugging and abandoning the well. The Oilexco-operated well at Halibut Horst was drilled to a depth of...

United States--March import figures confirmed the first quarter trend of lower crude imports from Saudi Arabia and Venezuela while Canada and Mexico become entrenched as the top sources this year.(COUNTRIES)
June 5, 2006... UNITED STATES -- March import figures confirmed the first quarter trend of lower crude imports from Saudi Arabia and Venezuela while Canada and Mexico become entrenched as the top sources this year. Despite its production woes, Nigeria also...

Russia holds key to $2.3 billion Lithuania deal.(What's New Around the World)
June 5, 2006... Polish refiner PKN Orlen may have offered to pay $1.49 billion for the 53.7% stake in Lithuania's Mazeikiu Nafta (MN) that is currently owned by stricken Russian oil company Yukos, but the deal is unlikely to succeed unless the Kremlin gives it...

Broken thumb.(Marketview)
June 5, 2006... LONDON -- There used to be a rule of thumb that West African and North Sea crudes priced against dated Brent could profitably be arbitraged to Asia-Pacific if the Brent-Dubai spread was $2.50 or less. The reasoning was that the sweeter,...

Oil and Money 2006: the end of cheap oil: cost, consequences and opportunities: Sep. 18-19, 2006, at the Hilton on Park Lane in London.
June 5, 2006... The 27th Annual Oil and Money conference will explore the cost and opportunities of the end of the era of cheap oil. Key decision makers from the global oil industry will debate such issues as the strategic interplay among IOCs and NOCs, the...

PIW market indicators.(petroleum intelligence weekly )
June 5, 2006... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $65.15 $64.09 $65.94 UK Brent (Dated) 68.73 68.75 ...

Chavez rhetoric raises question of Opec's role.
June 12, 2006... When oil-producing countries created Opec in 1960, they were battling the market power of private oil companies and, although Opec has seen big ups and downs in the intervening years, that battle is won. While energy nationalism remains part of...

Azeri: a new crude for global markets.
June 12, 2006... There's a new crude on the block--Azeri--and it has potential global reach. Its debut may even be the catalyst for establishing a new f.o.b. benchmark for crudes from the former Soviet Union and a new sweet crude contract, pricing specialists...

Financial players reconfigure energy markets.
June 12, 2006... The booming oil market has attracted investment by scores of profit-seeking financial firms. Hedge funds have largely led the charge, with the rise in algorithmic trading boosting volumes in the energy derivatives market. What's more,...

Oil market arithmetic has yet to add up.
June 12, 2006... Global oil supply's cup overflows, but the market continues to see the cup as hall empty, keeping oil prices high. As reaffirmed Thursday by the death of Iraq's al-Qaeda leader, Abu Musab al-Zarqawi, the grip on oil prices from the perceived...

Qatar GTL presses on despite costs, delays.
June 12, 2006... Last week's start-up of the Oryx gas-to-liquids (GTL) plant in Qatar was used by Qatari officials and international oil company executives alike as an opportunity to provide reassuring words about GTL's future in Qatar. With project engineering...

Oil nationalism has many forms in Latin America.
June 12, 2006... Governments in Bolivia, Venezuela and Ecuador are rapidly undoing the free market policies of the 1990s by snatching control of hydrocarbons reserves and production from private operators. All three countries are expanding the government...

Chinese LNG projects take price knocks.
June 12, 2006... The era of LNG officially kicked off in China with the delivery of its first commissioned cargo--125,000 tons from Australia's North West Shelf--to the Guangdong Dapeng LNG terminal operated by China National Offshore Oil Corp. (CNOOC). And...

Saudi Arabia's state-owned oil company Saudi Aramco has adjusted its July term prices by easing the discounts for all exports to the US, while tightening the discounts for exports to Europe.(FORMULA PRICES)
June 12, 2006... FORMULA PRICES -- Saudi Arabia's state-owned oil company Saudi Aramco has adjusted its July term prices by easing the discounts for all exports to the US, while tightening the discounts for exports to Europe. Asian differentials are mixed,...

US independent Chesapeake Energy is paying $932 million to add natural gas reserves and acreage in North Texas' Barnett Shale gas play.(INDUSTRY RESTRUCTURING)
June 12, 2006... INDUSTRY RESTRUCTURING--US independent Chesapeake Energy is paying $932 million to add natural gas reserves and acreage in North Texas' Barnett Shale gas play. Barnett Shale partners Sinclair Oil and Four Sevens Oil are selling Chesapeake some...

Kuwait and Saudi Arabia have given the go-ahead for exploration and production in the offshore Dorra natural gas field.(MIDEAST GULF)
June 12, 2006... MIDEAST GULF -- Kuwait and Saudi Arabia have given the go-ahead for exploration and production in the offshore Dorra natural gas field. The two countries share the field with Iran, with which Kuwait has been--unsuccessfully--negotiating a...

Presidents and foreign ministers from 10 Latin American nations, assembled for an energy summit in the Dominican Republic, postponed a decision on where to construct a proposed $6.5 billion oil refinery.(REFINING)
June 12, 2006... REFINING--Presidents and foreign ministers from 10 Latin American nations, assembled for an energy summit in the Dominican Republic, postponed a decision on where to construct a proposed $6.5 billion oil refinery. The leading contenders to...

Johan Fredrik Odfjell has been named board chairman at Norway's Statoil, succeeding Jannik Lindbaek who is standing down.(PEOPLE)
June 12, 2006... PEOPLE--Johan Fredrik Odfjell has been named board chairman at Norway's Statoil, succeeding Jannik Lindbaek who is standing down. Helge Lund remains chief executive. Mexican President Vicente Fox has appointed Carlos Morales as director-general...

Chevron's Gorgon LNG project took a heavy blow this week when the Western Australian Environmental Protection Authority (EPA) flatly rejected its proposal to develop Barrow Island as a processing site for the offshore project.(AUSTRALIA)
June 12, 2006... AUSTRALIA -- Chevron's Gorgon LNG project took a heavy blow this week when the Western Australian Environmental Protection Authority (EPA) flatly rejected its proposal to develop Barrow Island as a processing site for the offshore project. The...

The government is close to finalizing an agreement with Argentina to extend a contract for exporting 270 MMcf/d of gas beyond its December expiration date.(BOLIVIA)
June 12, 2006... BOLIVIA -- The government is close to finalizing an agreement with Argentina to extend a contract for exporting 270 MMcf/d of gas beyond its December expiration date. Argentina has reportedly offered to pay $5/MMBtu for increased imports of...

PetroChina will pony up $500 million to build uuderground gas storage units in Chian's Jiangsu and Anhui provinces that eventually could hold up to 2 Bcm of gas.(CHINA)
June 12, 2006... CHINA -- PetroChina will pony up $500 million to build uuderground gas storage units in Chian's Jiangsu and Anhui provinces that eventually could hold up to 2 Bcm of gas. The storage units will complement the giant West-East gas pipeline that...

Lured by burgeoning domestic demand, UK's BG has made its debut by signing upstream agreements with China National Offshore Off Corp.(CHINA)
June 12, 2006... CHINA -- Lured by burgeoning domestic demand, UK's BG has made its debut by signing upstream agreements with China National Offshore Off Corp. (CNOOC) for two production sharing contracts (PSCs) in China's deepwater blocks 64/11 and 53/16, and...

The government will decide by August which oil company will take the place of Occidental Petroleum as the operator of Block 15 oil field, Energy and Mines Minister Ivan Rodriguez said at an investors meeting in New York.(ECUADOR)
June 12, 2006... ECUADOR -- The government will decide by August which oil company will take the place of Occidental Petroleum as the operator of Block 15 oil field, Energy and Mines Minister Ivan Rodriguez said at an investors meeting in New York. Companies...

While political pressure mounts over Tehran's nuclear program, the oil industry is entering a crucial three-month period in which decisions must be made on new terms for buyback contracts and on Japan's role in developing the giant Azadegan field.(IRAN)
June 12, 2006... IRAN -- While political pressure mounts over Tehran's nuclear program, the oil industry is entering a crucial three-month period in which decisions must be made on new terms for buyback contracts and on Japan's role in developing the giant...

Russian crude exports via the national pipeline operator Transneft network jumped to 4.179 million b/d in May, a sharp increase over April exports of 3.799 million b/d.(RUSSIA)
June 12, 2006... RUSSIA -- Russian crude exports via the national pipeline operator Transneft network jumped to 4.179 million b/d in May, a sharp increase over April exports of 3.799 million b/d. The rise in exports preceded the government's increase of its...

Yukos has put together a plan that would keep the company's head above water, allowing it to maintain control over its core assets while paying off all its debt by Mar. 15, 2008.(RUSSIA)
June 12, 2006... RUSSIA -- Yukos has put together a plan that would keep the company's head above water, allowing it to maintain control over its core assets while paying off all its debt by Mar. 15, 2008. Many observers dismissed the plan outright, but it...

Marathon Oil has agreed to sell its interest in the Ash Shaer and Cherrife gas fields to Petro-Canada.(SYRIA)
June 12, 2006... SYRIA -- Marathon Oil has agreed to sell its interest in the Ash Shaer and Cherrife gas fields to Petro-Canada. Both companies agreed to the transfer of the 25-year production sharing agreement, which Marathon signed with the Syrian government...

Upstream budgets blown by higher services fees.
June 12, 2006... Oil companies are spending more--a lot more--on upstream projects this year than expected just six months ago. Sure they can afford it with $70/bbl oil and mountains of cash. But in most cases the budget blowouts are not the result of...

A pause.(Marketview)
June 12, 2006... WASHINGTON -- Crude oil benchmarks West Texas Intermediate (WTI) and Brent dipped below $70 per barrel last week as geopolitical tensions eased and the supply picture continued to improve. But this seems to represent a pause for the market...

Another snafu snags Iraqi crude exports.
June 12, 2006... Khor al-Amaya Terminal was damaged in late May by a fire that officials said could keep that southern terminal shut for up to four months. Tankers originally scheduled to lift crude there are being diverted to the nearby, larger Basrah Oil...

PIW market indicators.(petroleum intelligence weekly)
June 12, 2006... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $66.00 $65.05 $63.71 UK Brent (Dated) 68.38 68.68 68.07...

Sour crude benchmark gains momentum.
June 26, 2006... New initiatives in Moscow and Dubai are giving a more serious look to the often quixotic appearing search for an international sour crude benchmark. For years, millions of barrels of sour crude have been priced daily against light, sweet...

Libyan oil still on a roll, gas still lags.
June 26, 2006... Libya is riding a wave of interest as the removal of all US sanctions approaches. Recently named top exploration prospect for 2006, the country is preparing to run its third open-bid licensing round by October, with roadshows to start in...

LNG boom raises gas quality issues.
June 26, 2006... The global liquefied natural gas (LNG) boom is fast bringing the issue of gas quality and interchangeability to a head. Just as liquefaction trains turn out LNG with varying Btu content, depending largely on the level of Btu-heavy liquids...

Ethanol hiccups may trigger gasoline gasps.
June 26, 2006... US gasoline markets are likely to remain a key driver behind high global crude oil prices this year, but the reasons for the strength of gasoline are changing. Ethanol, the key gasoline additive that this year has gained new prominence,...

Confidence in North Caspian riches shaken.
June 26, 2006... The intrepid band of international oil companies negotiating production-sharing agreements (PSA) for large exploration blocks offshore Kazakhstan can take little heart from news that the first well drilled at the giant Kurmangazy structure in...

Biofuels get big name backing from big oil.
June 26, 2006... BP and Chevron--no strangers to alternative fuels--dipped toes into the biofuels business this month, lending big name support and modest amounts of money to this suddenly popular energy niche. Outside Brazil, where all gasoline contains about...

Euro refiners aim to convert, not upgrade.
June 26, 2006... Europe's growing diesel deficit and mounting fuel oil surplus have sparked another wave of refinery investment--this time in demand-driven product conversion rather than environmentally geared upgrading capacity. The investment is needed to...

Corporate--a survey released last week by analysts at Lehman Brothers found that oil prices would have to fall substantially for companies to reduce upstream spending.(GENERAL)
June 26, 2006... CORPORATE--A survey released last week by analysts at Lehman Brothers found that oil prices would have to fall substantially for companies to reduce upstream spending. According to Lehman's midyear E&P spending survey, companies would not be...

Corporate--Spain's Repsol YPF will not have to make further cuts in its proven reserves following the completion of an independent review of the circumstances surrounding the 1.254 billion boe reserves downgrade announced in January--but the review was highly critical of Repsol's past reserves booking practices.(Repsol YPF S.A. (Madrid, Spain))(Brief article)
June 26, 2006... CORPORATE--Spain's Repsol YPF will not have to make further cuts in its proven reserves following the completion of an independent review of the circumstances surrounding the 1.254 billion boe reserves downgrade announced in January--but the...

Upstream--Libya has retained its No. 1 slot in Fugro Robertson's International New Ventures survey for 2006, "but with a considerably reduced margin over second and third placed Egypt and Algeria," the UK-based geoscience consulting company said this month.(GENERAL)
June 26, 2006... UPSTREAM--Libya has retained its No. 1 slot in Fugro Robertson's International New Ventures survey for 2006, "but with a considerably reduced margin over second and third placed Egypt and Algeria," the UK-based geoscience consulting company...

Australia--while cutting its 2006 production forecast by 5% to around 197,000 boe/d, due to output problems at home and in Mauritania, Woodside Petroleum is set to sign an offshore exploration deal with South Korea.(COUNTRIES)
June 26, 2006... AUSTRALIA -- While cutting its 2006 production forecast by 5% to around 197,000 boe/d, due to output problems at home and in Mauritania, Woodside Petroleum is set to sign an offshore exploration deal with South Korea. Woodside is set to take...

Brazil--a consortium of Japanese firms has concluded a final investment plan for the Frade deepwater project, marking the first time Japan will have oil-lifting rights in the Latin American country.(COUNTRIES)
June 26, 2006... BRAZIL -- A consortium of Japanese firms has concluded a final investment plan for the Frade deepwater project, marking the first time Japan will have oil-lifting rights in the Latin American country. Commercial production is slated for April...

China--South Africa's Sasol has signed two cooperation agreements with Chinese interests to conduct additional feasibility studies that could lead to the construction of two 80,000 b/d coal-to-liquids (CTL) facilities in the Asian country.(COUNTRIES)
June 26, 2006... CHINA -- South Africa's Sasol has signed two cooperation agreements with Chinese interests to conduct additional feasibility studies that could lead to the construction of two 80,000 b/d coal-to-liquids (CTL) facilities in the Asian country....

Ecuador--the president of state-owned oil company Petroecuador, Fernando Gonzalez, unexpectedly quit his post last week, after a series of clashes with government officials and the company's board of directors.(COUNTRIES)
June 26, 2006... ECUADOR -- The president of state-owned oil company Petroecuador, Fernando Gonzalez, unexpectedly quit his post last week, after a series of clashes with government officials and the company's board of directors. One of the disagreements was...

Egypt--BP has signed a framework agreement with Italy's Eni and Spain's Union Fenosa Gas, partners in the Spanish Egyptian Gas Co. (Segas) LNG project, and state Egyptian companies to build a second, 7.6 Bcm/yr (5 million ton/yr) LNG train at the Damietta port.(COUNTRIES)
June 26, 2006... EGYPT -- BP has signed a framework agreement with Italy's Eni and Spain's Union Fenosa Gas, partners in the Spanish Egyptian Gas Co. (Segas) LNG project, and state Egyptian companies to build a second, 7.6 Bcm/yr (5 million ton/yr) LNG train at...

Japan--in a move that strives to improve competitiveness, Nippon Oil and Japan Energy signed an agreement for possible alliances in the upstream, refining, logistics, fuel cell and research and development areas.(COUNTRIES)
June 26, 2006... JAPAN -- In a move that strives to improve competitiveness, Nippon Oil and Japan Energy signed an agreement for possible alliances in the upstream, refining, logistics, fuel cell and research and development areas. Details remain sketchy on...

Mexico--oil and gas production slipped in May, following strong output in April, although gas production remained high and crude oil exports held steady despite the slippage.(COUNTRIES)
June 26, 2006... MEXICO -- Oil and gas production slipped in May, following strong output in April, although gas production remained high and crude oil exports held steady despite the slippage. Crude output fell by 41,000 b/d from April to 3.33 million b/d. The...

Norway--although production remains unaffected by yet another strike by oil services workers, primarily over wages paid by oil companies, the output picture could change within the next few weeks, according to the Norwegian Oil Industry Association (OLF), which represents the oil firms.(COUNTRIES)
June 26, 2006... NORWAY -- Although production remains unaffected by yet another strike by oil services workers, primarily over wages paid by oil companies, the output picture could change within the next few weeks, according to the Norwegian Oil Industry...

Russia--Sinopee has agreed to buy TNKBP's 120,000 b/d production unit Udmurtneft in partnership with state Rosneft, giving China its long-sought break into the Russian upstream.(COUNTRIES)
June 26, 2006... RUSSIA -- Sinopee has agreed to buy TNKBP's 120,000 b/d production unit Udmurtneft in partnership with state Rosneft, giving China its long-sought break into the Russian upstream. In order to win the unit, Sinopec had to agree to Russian...

United States--the Federal Energy Regulatory Commission (FERC) earlier this month approved five LNG receiving terminal projects on the East Coast and in the Gulf of Mexico.(COUNTRIES)
June 26, 2006... UNITED STATES -- The Federal Energy Regulatory Commission (FERC) earlier this month approved five LNG receiving terminal projects on the East Coast and in the Gulf of Mexico. If built, the projects would provide total additional send-out...

United States--crude oil prices will fall below $50/bbl by 2012 but gradually climb back to $57/bbl by 2030, or $107/bbl in money of the day, the US government said last week.(COUNTRIES)
June 26, 2006... UNITED STATES -- Crude oil prices will fall below $50/bbl by 2012 but gradually climb back to $57/bbl by 2030, or $107/bbl in money of the day, the US government said last week. The Energy Information Administration (EIA), the statistical wing...

Venezuela--in more bad news for foreign operators, the development of ConocoPhillips' Corocoro offshore oil field has eneountered another obstacle.(COUNTRIES)
June 26, 2006... VENEZUELA -- In more bad news for foreign operators, the development of ConocoPhillips' Corocoro offshore oil field has eneountered another obstacle. Conoco had planned to start a 14-well drilling campaign this month, but Venezuela's energy...

Rosneft: what's a national oil company worth?(What's New Around the World)
June 26, 2006... What's Rosneft worth? The Russian state-owned oil major is offering shares in ah IPO in July on the London Stock Exchange and the Russian bourses RTS and Micex. But raising the $10 billion that it seeks won't be easy. Not only does the company...

Arb economics.(Marketview)
June 26, 2006... LONDON/WASHINGTON -- US benchmark West Texas Intermediate (WTI) last week reestablished itself above $70 per barrel, a key psychological level for oil markets. The return to higher ground was driven by a revitalized gasoline market, which...

Oil and Money 2006: the end of cheap oil costs, consequences and opportunities.
June 26, 2006... Sep. 18-19, 2006, at the Hilton on Park Lane in London The 27th Annual Oil and Money conference will explore the costs and opportunities of the end of the are of cheap oil. Key decision makers from the global oil industry will debate such...

PIW market indicators.(Statistical table)
June 26, 2006... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $62.87 $63.48 $65.05 UK Brent (Dated) 67.37 ...