Petroleum Intelligence Weekly articles from March 2002

Petroleum Intelligence Weekly archives from March 2002

Price hawk Chavez Scuttles OPEC strategy.(Brief Article)
March 4, 2002... Has Opec's tough guy had enough? Last week, Venezuelan President Hugo Chavez effectively conceded that the high-price, lower-production strategy he has promoted so vigorously and successfully since coming to power in early 1999 has reached...

Mideast losing out as Asia shops around.(Brief Article)
March 4, 2002... After decades of seemingly unstoppable expansion, Asia's high-growth emerging markets are struggling to regain their thirst for crude oil But when oil imports do eventually rebound in China, India, and South Korea, the Middle East suppliers who...

Iran's buyback deals proving hard sell.(oil production)(Brief Article)
March 4, 2002... Have we seen the end of upstream "buybacks" in Iran involving the oil majors, or have they just gone into hibernation? Most industry observers expect new deals to be signed, if commercial terms that better suit both sides can be hammered out....

US LNG players sober up after the party.(liquefied natural gas)(Brief Article)(Statistical Data Included)
March 4, 2002... Whatever happened to the US market for spot LNG? The US may one day beckon spot LNG sellers again, but for now the market is dead. The collapse has scotched notions that US demand, powering a surge in LNG trading for most of last year, would...

Majors replace reserves but output lags.(Brief Article)
March 4, 2002... It seems odd that so many major oil companies are having problems achieving their upstream production growth targets, considering how solidly they have performed in replacing oil and gas reserves in recent years. Growth has become a big problem...

United States and Europe clash over energy policy.(Brief Article)
March 4, 2002... Just as the US and Europe have clashed recently over approaches to the "axis of evil" states, so their differences over addressing global warming and how to address it are becoming starker. As the US last year repudiated the 1997 Kyoto Climate...

Shell and BG: nice match, costly wedding.(Brief Article)(Statistical Data Included)(Company Profile)
March 4, 2002... When the mega-mergers swept the oil industry in the late 1990s, Royal Dutch/Shell was the wallflower that stood aloof from the party. In the wake of failed bids for US Barrett and Australian Woodside, Shell last December duly loosened its...

Corporate -- a defiant former Enron CEO, Jeffrey Skilling, asserted before a US Senate panel that he didn't lie to Congress when he denied knowledge of the company's financial troubles or its questionable partnership deals when he quit last year. (General).(Brief Article)
March 4, 2002... CORPORATE -- A defiant former Enron CEO, Jeffrey Skilling, asserted before a US Senate panel that he didn't lie to Congress when he denied knowledge of the company's financial troubles or its questionable partnership deals when he quit last...

Corporate -- the proposed combo of Phillips and Conoco may be a merger of equals after all, as two Conoco executives have been slated to fill the top two positions under James Mulva, the current Phillips chairman and chief executive, and soon to be president and chief executive of ConocoPhillips. (General).(Brief Article)
March 4, 2002... CORPORATE -- The proposed combo of Phillips and Conoco may be a merger of equals after all, as two Conoco executives have been slated to fill the top two positions under James Mulva, the current Phillips chairman and chief executive, and soon...

Earnings -- Italy's ENI reported weaker results for the fourth quarter of 2001, but put in a respectable performance by industry standards. (General).(Brief Article)(Statistical Data Included)
March 4, 2002... EARNINGS -- Italy's ENI reported weaker results for the fourth quarter of 2001, but put in a respectable performance by industry standards. Operating profits fell 24.4% to 62.58 billion [euro] ($2.2 billion) reflecting the poorer oil...

Industry restructurin -- Houston-based independent producer Benton oil and gas is selling its 68% interest in Arctic Gas Co. to Russia's Yukos for $190 million. (General).(acquisition briefs)(Brief Article)
March 4, 2002... INDUSTRY RESTRUCTURING -- Houston-based independent producer Benton Oil and Gas is selling its 68% interest in Arctic Gas Co. to Russia's Yukos for $190 million. Top US onshore oil and gas drilling company Nabors is buying Enserco in a US$252...

Tankers -- depressed rates since last September are giving charterers opportunities to do marginal deals for long-haul transport outside typical shipping routes. (General).(Brief Article)
March 4, 2002... TANKERS -- Depressed rates since last September are giving charterers opportunities to do marginal deals for long-haul transport outside typical shipping routes. Last week, rates for VLCCs from the Mideast Gulf to East Asian destinations were...

Australia -- Woodside Petroleum has opted for Royal Dutch/Shell's floating LNG plant proposal for 9.3 Tcf Greater Sunrise reserves but will continue to seek a bigger slice of the project (PIW Oct.29,p8). (Countries).(Brief Article)
March 4, 2002... AUSTRALIA -- Woodside Petroleum has opted for Royal Dutch/Shell's floating LNG plant proposal for 9.3 Tcf Greater Sunrise reserves but will continue to seek a bigger slice of the project (PIW Oct.29,p8). Woodside's decision is a blow to...

Equatorial Guinea -- Amerada Hess continued its lucky streak with another light oil find on Block G between the Ebano prospect and its producing Ceiba oil field. (Countries).(Brief Article)
March 4, 2002... EQUATORIAL GUINEA -- Amerada Hess continued its lucky streak with another light oil find on Block G between the Ebano prospect and its producing Ceiba oil field. After the Okume, Oveng, Ebano, and Akom discoveries in the last six months, Hess...

India -- state oil companies Bharat Petroleum and Hindustan Petroleum are exercising their new found freedom to source their own crude imports and struck strike their first deals independently of Indian Oil Corp. (IOC), the former monopoly importer. (Countries).(Brief Article)
March 4, 2002... INDIA -- State oil companies Bharat Petroleum and Hindustan Petroleum are exercising their new found freedom to source their own crude imports and struck strike their first deals independently of Indian Oil Corp. (IOC), the former monopoly...

Iraq -- lower export volumes are hitting the finances of the UN humanitarian program. (Countries).(Brief Article)(Statistical Data Included)
March 4, 2002... IRAQ -- Lower export volumes are hitting the finances of the UN humanitarian program. The UN's Iraqi office director Benon Sevan says retroactive pricing is helping to lower Iraqi demands for kickbacks, but that less oil is being sold as a...

Mexico -- crude exports fell below the 1.66 million b/d ceiling agreed on with Opec for January, with foreign sales at 1.591 million b/d -- down from 1.685 million b/d in December. (Countries).(Brief Article)(Statistical Data Included)
March 4, 2002... MEXICO -- Crude exports fell below the 1.66 million b/d ceiling agreed on with Opec for January, with foreign sales at 1.591 million b/d -- down from 1.685 million b/d in December. The drop came despite the fact that Mexico was the top supplier...

Mexico -- working to make up for lost upstream time, state Pemex is going to nearly double spending to some $10.5 billion this year on exploration and production projects and field maintenance, despite low oil prices and a tight state budget. (Countries).(Brief Article)
March 4, 2002... MEXICO -- Working to make up for lost upstream time, state Pemex is going to nearly double spending to some $10.5 billion this year on exploration and production projects and field maintenance, despite low oil prices and a tight state budget....

Nigeria -- tighter compliance with Opec quotas is threatening plans to expand LNG production as well as deepwater oil field development. (Countries).(liquefied natural gas)(Brief Article)(Statistical Data Included)
March 4, 2002... NIGERIA -- Tighter compliance with Opec quotas is threatening plans to expand LNG production as well as deepwater oil field development. If adherence near to the present level of 1.787 million b/d continues into 2003 and 2004, state Nigerian...

Russia -- rising corporate star Yukos dazzled with a record income of $1.54 billion in the third quarter of 2001, in accounts prepared according to US GAAP standards. (Countries).(generally accepted accounting procedures)(Brief Article)(Statistical Data Included)
March 4, 2002... RUSSIA -- Rising corporate star Yukos dazzled with a record income of $1.54 billion in the third quarter of 2001, in accounts prepared according to US GAAP standards. The figures included a large one-time, non-cash deferred tax credit worth...

Russia -- controversy surrounding the auditing of US Enron's accounts prompted Russia's Audit Chamber to conduct a special review of how Gazprom's financial transactions have been scrutinized by its official auditor, PricewaterhonseCoopers. (Countries).(Brief Article)(Statistical Data Included)
March 4, 2002... RUSSIA - Controversy surrounding the auditing of US Enron's accounts prompted Russia's Audit Chamber to conduct a special review of how Gazprom's financial transactions have been scrutinized by its official auditor, PricewaterhonseCoopers. The...

Saudi Arabia -- critical negotiations are expected as consortia works to a revised deadline ... for the $20 billion-plus natural gas initiative...(PIW Dec.17,p1). (Countries).(Brief Article)
March 4, 2002... SAUDI ARABIA -- Critical negotiations are expected as international oil companies work to a revised deadline of end-March to conclude framework agreements for the $20 billion-plus natural gas initiative, having missed the target date of Mar. 2...

Turkmenistan -- Exxon Mobil is on the brink of pulling out after abandoning its first exploration well on the Garashyzlyk concession, industry sources say. (Countries).(Brief Article)
March 4, 2002... TURKMENISTAN-- Exxon Mobil is on the brink of pulling out after abandoning its first exploration well on the Garashyzlyk concession, industry sources say. Local sources say the move would not surprise the Turkmen government, which was unhappy...

Venezuela -- despite strong internal opposition to the makeup of a new board of directors at Petroleos de Venezuela (PDV), Energy Minister Alvaro Silva went ahead with an inauguration ceremony last week. (Countries).(Brief Article)
March 4, 2002... VENEZUELA -- Despite strong internal opposition to the makeup of a new board of directors at Petroleos de Venezuela (PDV), Energy Minister Alvaro Silva went ahead with an inauguration ceremony last week. The ceremony had earlier been postponed...

Japanese LNG buyers are getting a better deal. (What's New Around the World).(liquefied natural gas)(Brief Article)(Statistical Data Included)
March 4, 2002... Wincing at the easy terms and affordable prices being offered to new LNG buyers in Asia, Japanese companies are getting over their obsession with energy security and going on the offensive to bag better deals. As the world's biggest LNG buyer,...

War games. (Marketview).(possible US military action raises oil prices)(Brief Article)(Statistical Data Included)
March 4, 2002... LONDON -- There's nothing like market tales of the US military warming up for an attack on Iraq to maintain at least a $1 per barrel "war premium" on oil prices. April Brent futures on the International Petroleum Exchange were on Feb. 28...

The new power markets.(Brief Article)
March 4, 2002... Until recently the international power sector was characterised by vertically integrated monopolistic companies, virtually all of which were state owned, that were operating in heavily regulated captive markets. Doing little to encourage...

Opec cuts eat into Venezuela's US contracts.(Petroleos de Venezuela S.A.)(Brief Article)(Statistical Data Included)
March 11, 2002... Amid their running feud over who calls the shots, President Hugo Chavez and state Petroleos de Venezuela can at least agree on one thing: The delicate balancing act of adhering to Opec quotas while attempting to honor contracts with key...

Flow of cheap naphtha to Asia in peril.(Brief Article)(Statistical Data Included)
March 11, 2002... The axiom that Asia's energy industry depends heavily on crude and product imports is well established. Less well known is the extent to which petrochemical plants in Japan and South Korea depend on imports of naphtha from the Middle East and...

Nigeria hauls ChevronTexaco over a barrel.(Nigerian National Petroleum Corp. delays ChevronTexaco Corp. ownership of Topcon and Star Deep)(Brief Article)
March 11, 2002... ChevronTexaco is in for a rocky time in Nigeria, where its recent merger is running into more than a little local difficulty. For reasons that remain opaque, state Nigerian National Petroleum Corp. (NNPC) has so far withheld permission for...

Iraqi gains counter Opec, non-Opec cuts.(oil prices)(Brief Article)(Industry Overview)(Statistical Data Included)
March 11, 2002... Oil prices are firming up, with the latest rally nudging the Opec basket price to within range of the producer group's target of $22-28 per barrel -- for the first time since last September. But war worries over Iraq and the market fizz they...

Anxieties about Mideast oil flows are misplaced.(U.S relations with Iraq and Iran)(Brief Article)(Statistical Data Included)
March 11, 2002... It was probably not intended, but President George W. Bush has slapped a war risk premium on flagging oil prices by teaming Iraq and Iran in his "axis of evil." The firmer prices that have ensued are underpinned by concern about possible...

Europe crimps Algerian gas export hopes.(Sonatech negotiates potential deals in United States)(Brief Article)(Statistical Data Included)
March 11, 2002... With so much natural gas to export, Algeria has to cast a wide net in its trawl for customers. A dispute over destination clauses in export contracts, which has brought new sales into Europe to a standstill, is giving the drive for diversity...

Prospects for higher oil price are perking up.(Brief Article)(Statistical Data Included)
March 11, 2002... Oil market fundamentals are set to improve gradually through the course of 2002, contributing to a marginal increase in crude oil prices from the first quarter onwards, according to the latest PIW survey of analysts' forecasts. Soft demand in...

Corporate -- Spain's Repsol YPF revealed the financial impact of Argentina's economic crisis last week when it announced currency losses and other exceptional items amounting to more than 2.7 billion [euro] (US$2.3 billion), which helped dent 2001 net income by nearly 58% to 1 billion [euro] ($865 million). (General).(Brief Article)(Statistical Data Included)
March 11, 2002... CORPORATE -- Spain's Repsol YPF revealed the financial impact of Argentina's economic crisis last week when it announced currency losses and other exceptional items amounting to more than 2.7 billion [euro] (US$2.3 billion), which helped dent...

Forecasts -- the US Energy Information Administration (EIA) last week revised its estimate for 2002 global oil demand growth to 650,000 b/d, down by 80,000 b/d from last month's estimate. (General).(Brief Article)(Statistical Data Included)
March 11, 2002... FORECASTS -- The US Energy Information Administration (EIA) last week revised its estimate for 2002 global oil demand growth to 650,000 b/d, down by 80,000 b/d from last month's estimate. The EIA also put US petroleum demand down 0.2% to 19.65...

Formula prices -- Saudi Arabia. (General).(prices for crude oil)(Brief Article)(Statistical Data Included)
March 11, 2002... FORMULA PRICES -- Saudi Arabia has lowered prices for crude oil headed to the US and Asia, while raising prices for crude bound for Europe. But price changes have been marginal for each of the three regions. To the US, the differential to...

Industry restructuring -- Phillips won unqualified approval from the European Commission for its proposed $15.2 billion purchase of Conoco. (General).(Brief Article)
March 11, 2002... INDUSTRY RESTRUCTURING -- Phillips won unqualified approval from the European Commission for its proposed $15.2 billion purchase of Conoco. In the US, the Federal Trade Commission issued a second request in February, seeking more information so...

Colombia -- Cano Limon production dipped to 75,000-80,000 b/d from previous levels of about 115,000 b/d due to a spate of rebel attacks after the ending of peace talks between the government and the Revolutionary Armed Forces of Colombia (Farc). (Countries).(Cano Limon-Covenas pipeline)(Brief Article)(Statistical Data Included)
March 11, 2002... COLOMBIA -- Cano Limon production dipped to 75,000-80,000 b/d from previous levels of about 115,000 b/d due to a spate of rebel attacks after the ending of peace talks between the government and the Revolutionary Armed Forces of Colombia...

Egypt -- the government has thrown a wrench into its current licensing round for 32 blocks, mandating new terms that will change the way excess cost recovery for oil and gas developments is divided. (Countries).(Brief Article)
March 11, 2002... EGYPT -- The government has thrown a wrench into its current licensing round for 32 blocks, mandating new terms that will change the way excess cost recovery for oil and gas developments is divided. The change would end the recent practice of...

India -- in a further blow to the Dabhol Power Company (DPC), a local court has ruled that international arbitration of the dispute between the Enron subsidiary and its main customer, the Maharashtra State Electricity Board, is invalid and that their differences should be resolved by the Maharashtra Electricity Regulatory Commission. (Countries).(Brief Article)(Statistical Data Included)
March 11, 2002... INDIA -- in a further blow to the Dabhol Power Company (DPC), a local court has ruled that international arbitration of the dispute between the Enron subsidiary and its main customer, the Maharashtra State Electricity Board, is invalid and that...

India -- After several aborted attempts, state Saudi Aramco is looking again at acquiring local refining assets. (Countries).(Indian Oil Corp. )(Brief Article)
March 11, 2002... INDIA -- After several aborted attempts, state Saudi Aramco is looking again at acquiring local refining assets. Indian Oil Corp. (IOC) Chairman M.A. Pathan tells PIW that Aramco is interested in a stake in IOC's new 180,000 b/d refinery...

Iran -- trying to revive upstream activity in the Caspian Sea, Oil Minister Bijan Zanganeh promised that seismic work would begin soon in the "20% share" of the waters that Iran claims as its own. (Countries).(Brief Article)
March 11, 2002... IRAN -- Trying to revive upstream activity in the Caspian Sea, Oil Minister Bijan Zanganeh promised that seismic work would begin soon in the "20% share" of the waters that Iran claims as its own. A consortium set up in 1998 by state National...

Iraq -- in what appears be a trend, Iraqi crude export volumes are increasing in the second half of each month, when traders and buyers are able to better gauge what the price of crude will be with the retroactive pricing being applied to US- and European-bound cargoes. (Countries).(Brief Article)(Statistical Data Included)
March 11, 2002... IRAQ -- In what appears be a trend, Iraqi crude export volumes are increasing in the second half of each month, when traders and buyers are able to better gauge what the price of crude will be with the retroactive pricing being applied to US-...

Japan -- Japanese refiners will slash output by around 400,000 b/d this month as they struggle to cope with slumping domestic demand and bloated inventories. (Countries).(Brief Article)(Statistical Data Included)
March 11, 2002... JAPAN -- Japanese refiners will slash output by around 400,000 b/d this month as they struggle to cope with slumping domestic demand and bloated inventories. Prompted by plunging kerosene sales this year, Nippon Mitsubishi, Idemitsu, Cosmo, and...

Mexico -- desperate to cut gasoline imports, state oil company Pemex has budgeted $2.3 billion this year to upgrade three refineries to add a total 100,000 b/d of new capacity in 2002 and another 100,000 b/d in 2003. (Countries).(Brief Article)
March 11, 2002... MEXICO -- Desperate to cut gasoline imports, state oil company Pemex has budgeted $2.3 billion this year to upgrade three refineries to add a total 100,000 b/d of new capacity in 2002 and another 100,000 b/d in 2003. Mexico imported an average...

Russia -- pledges to Opec notwithstanding, exports of crude oil rose to 2.483 million b/d in February, up 10,000 b/d from January and way above February 2001 levels of 2.307 million b/d (p3). (Countries).(Statistical Data Included)(Brief Article)
March 11, 2002... RUSSIA -- Pledges to Opec notwithstanding, exports of crude oil rose to 2.483 million b/d in February, up 10,000 b/d from January and way above February 2001 levels of 2.307 million b/d (p3) The overall rise saw a climb in Black Sea loadings --...

Saudi Arabia -- as the deadline for signing framework agreements for the natural gas initiative with foreign oil companies slipped by, state Saudi Aramco last week pushed its own agenda firmly forward, signing more than $1 billion worth of contracts for a possible 800,000 b/d rise in oil production and a massive rise in sour gas handling capacity at the Berri gas plant. (Countries).(Saudi Aramco signs contracts with Snamprogetti and Chicago Bridges & Iron Co.)(Brief Article)
March 11, 2002... SAUDI ARABIA -- As the deadline for signing framework agreements for the natural gas initiative with foreign oil companies slipped by, state Saudi Aramco last week pushed its own agenda firmly forward, signing more than $1 billion worth of...

Enron's trading numbers look as fictional as its finances.(Brief Article)
March 11, 2002... Enron's claim to be trading billions of cubic feet of gas and millions of megawatt hours of electricity before its spectacular collapse late last year could have been as inflated as its grossly misleading financial reporting (PIW May4,p6). ...

United Kingdom -- Energy Minister Brian Wilson last week launched a set of new initiatives designed to maximize recovery of the UK's remaining 26 billion-34 billion bbl of North Sea oil reserves. (Countries).(UK oil reserves in the North Sea)(Brief Article)
March 11, 2002... UNITED KINGDOM -- Energy Minister Brian Wilson last week launched a set of new initiatives designed to maximize recovery of the UK's remaining 26 billion-34 billion bbl of North Sea oil reserves (PIW Sep. 10,p9). Tough new license conditions...

Supply side success. (Marketview).(for oil and gas extraction)(Brief Article)
March 11, 2002... SINGAPORE -- Opec's hope that by choking off crude supply it can turn prices around looks to be working out in Asia (p3). Prices for fuel oil -- a straight-run product sensitive to crude oil throughput levels -- are strengthening on tighter...

Exxon Mobil: the dinosaur roars.(annual oil and gas production)(Brief Article)
March 11, 2002... Where other supermajors have faltered, Exxon Mobil showed again why it still leads the pack. Chairman and Chief Executive Lee Raymond last week said Exxon Mobil would maintain a 3% annual average increase in oil and gas production through the...

PIW market indicators.(oil and gas market)(Brief Article)(Illustration)(Statistical Data Included)
March 11, 2002... PIW Market Indicators Last 2 Weeks 4 Weeks Week Ago Ago Spot Crude Opec Basket $21.00 $19.18 $19.21 UK Brent (Dated) ...

Opec slips back into reactive mode.(Organization of the Petroleum Exporting Companies)(Brief Article)
March 18, 2002... The coming weeks are likely to present Opec with a more pressing set of issues than it confronted last week in Vienna. On current form, the combination of Opec and non-Opec supply restraint, possible disruptions to Iraqi exports, and recovering...

Light grades prop up Saudi sales to US.(crude petroleum)(Brief Article)(Statistical Data Included)
March 18, 2002... In any battle for markets, you win some and you lose some. In the last quarter of last year Saudi Arabia lost its prized role as top crude supplier to the US. But where it lost a little in volumes to the US, it gained in better earnings per...

Pipelines keep Norway's gas growth hostage.(Brief Article)
March 18, 2002... Last year's abolition of the official natural gas sales monopoly, the GFU, set free producers on the Norwegian shelf to market their own gas, and potentially to speed up development. It also created a huge challenge, as producers will have to...

Russia reins in crude exports, products gallop.(Brief Article)(Statistical Data Included)
March 18, 2002... Russia's efforts to rein back crude oil exports in support of Opec are having some short-term consequences that are creating the potential for much longer-term changes in the make up of its hydrocarbons exports. The restraint on crude exports...

US energy merchants face long haul back.(Enron bankruptcy negatively impacts independent power producers in the United States)(Brief Article)
March 18, 2002... Enron's collapse has left merchant energy companies and independent power producers in the US bruised and battered, and, although a recent rebound in their equity prices looks like a vote of confidence from investors, their troubles still seem...

Dubai leans on neighbors as output erodes.(oil production declines)(Brief Article)(Statistical Data Included)
March 18, 2002... The demise of Dubai as Asia's crude benchmark is already well underway, although contracts are getting some belated support from the substitution of Omani barrels. But as Dubai's oil output continues its irreversible decline and demand for...

Pertamina makes a grab for upstream.(intends to expand activities in Indonesia)(Brief Article)(Statistical Data Included)
March 18, 2002... Conventional wisdom has it that mature oil producers facing upstream challenges should open up more to international oil companies. Algeria, Venezuela, and Qatar have done it. Kuwait is working on it. So is Saudi Arabia, at least for natural...

Formula prices -- Mexico's state Pemex narrowed its discount on US-bound Maya crude by 40 cents/bbl both for US Gulf and US West Coast destinations. (General).(Brief Article)(Statistical Data Included)
March 18, 2002... FORMULA PRICES -- Mexico's state Pemex narrowed its discount on US-bound Maya crude by 40 cents/bbl both for US Gulf and US West Coast destinations. The discount on US-bound Isthmus was slashed by 10 cents/bbl, while the discount on Olmeca was...

IEA -- the monthly Oil Market Report from the International Energy Agency offered up some food for bears. (General).(Brief Article)
March 18, 2002... IEA -- The monthly Oil Market Report from the International Energy Agency offered up some food for bears. The IEA notes a shift in sentiment in the huge swing in speculative positions in the futures markets. The blowing out of short positions...

Industry restructuring -- shareholders of Phillips and Conoco approved the companies' planned combination to create the third biggest US-based oil company (PIW Nov.26,p2). (General).(Brief Article)
March 18, 2002... INDUSTRY RESTRUCTURING--Shareholders of Phillips and Conoco approved the companies' planned combination to create the third biggest US-based oil company (PIW Nov.26,p2). The firms expect the deal to be completed in the second half of this year....

Inventories -- oil inventories in developed economies are continuing to reflect economic weakness and mild weather in North America and Western Europe in the first quarter. (General).(Brief Article)(Statistical Data Included)
March 18, 2002... INVENTORIES -- Oil inventories in developed economies are continuing to reflect economic weakness and mild weather in North America and Western Europe in the first quarter. The International Energy Agency last week reported a very modest...

Japan -- Japan's top LNG importers, Tokyo Electric (Tepco) and Tokyo Gas, have agreed to renew their combined 7.4 million ton/yr contracts with Malaysia LNG (MLNG), their largest contract with any supplier, for 15 years from 2003, with the option of an extra five years. (Countries).(Brief Article)
March 18, 2002... JAPAN -- Japan's top LNG importers, Tokyo Electric (Tepco) and Tokyo Gas, have agreed to renew their combined 7.4 million ton/yr contracts with Malaysia LNG (MLNG), their largest contract with any supplier, for 15 years from 2003, with the...

Oman -- with Total Fina Elf and Australia's Novus about to add separate exploration contracts, the upstream sector has received a vote of confidence from foreign companies. (Countries).(Brief Article)
March 18, 2002... OMAN -- With Total Fina Elf and Australia's Novus about to add separate exploration contracts, the upstream sector has received a vote of confidence from foreign companies. Novus is expected to sign up for more acreage near the Musandam...

Russia -- natural gas monopoly Gazprom is making headway in restoring control over assets that were stripped away under its previous management (PIW Dec.24,p7). (Countries).(Brief Article)
March 18, 2002... RUSSIA -- Natural gas monopoly Gazprom is making headway in restoring control over assets that were stripped away under its previous management (PIW Dec.24,p7). In a bid to retain its controlling interest in Sibur, Gazprom has installed an...

Russia -- Deputy Prime Minister Viktor Khristenko declared that Russia would head off a price war with Opec by agreeing to continue its pledged 150,000 b/d export cut into the second quarter (p1). (Countries).(Brief Article)
March 18, 2002... RUSSIA -- Deputy Prime Minister Viktor Khristenko declared that Russia would head off a price war with Opec by agreeing to continue its pledged 150,000 b/d export cut into the second quarter (p1). Second-quarter crude exports are penciled in at...

UAE -- after a slight delay, the UAE Offsets Group (UOG) has fixed a deadline of Apr. 6 for bids to be submitted for a stake of up to 24.5% in the $3.5 billion Dolphin project, which will pump up to 2 Bcf/d of Qatari gas to Abu Dhabi. (Countries).(Brief Article)
March 18, 2002... UAE -- After a slight delay, the UAE Offsets Group (UOG) has fixed a deadline of Apr. 6 for bids to be submitted for a stake of up to 24.5% in the $3.5 billion Dolphin project, which will pump up to 2 Bcf/d of Qatari gas to Abu Dhabi. Five...

United Kingdom -- the government gave the green light to a $425 million development of the Goldeneye gas-condensate field in the North Sea. (Countries).(Brief Article)
March 18, 2002... UNITED KINGDOM -- The government gave the green light to a $425 million development of the Goldeneye gas-condensate field in the North Sea. First gas is expected by end-2004, and its estimated plateau output of some 300 MMcf/d over a seven- to...

United States -- low natural gas prices and a high existing inventory of leased but undeveloped blocks in the deepwater could make for a poor turnout for the Central Gulf of Mexico Lease Sale 182, which is due on Mar. 20. (Countries).(Brief Article)
March 18, 2002... UNITED STATES -- Low natural gas prices and a high existing inventory of leased but undeveloped blocks in the deepwater could make for a poor turnout for the Central Gulf of Mexico Lease Sale 182, which is due on Mar. 20. The sales, which are...

Yemen -- construction of the first private refinery is expected to add 25,000 b/d of capacity within about two years, and 100,000 b/d upon completion. (Countries).(Brief Article)
March 18, 2002... YEMEN -- Construction of the first private refinery is expected to add 25,000 b/d of capacity within about two years, and 100,000 b/d upon completion. Construction at the Al-Mukalla site in Hadramaut province is due to kick off within six...

What's gone wrong in Venezuela? Almost everything.(Brief Article)
March 18, 2002... The troubles seething at the heart of Venezuela's oil industry threatened to spill over into outright strike action last week, further spooking oil markets already made nervous about a possible attack on Iraq. As tensions at state Petroleos de...

Rite of spring. (Marketview).(oil markets and OPEC's pricing)(Brief Article)
March 18, 2002... NEW YORK -- Oil markets and Opec oil ministers are usually fretting at this time of year over how hard the seasonal decline in oil product demand will hit demand for crude oil during the second quarter. Reports out of Vienna suggest that this...

US turns up the heat.(Brief Article)
March 18, 2002... Pressure is ratcheting up on Baghdad to allow United Nations weapon inspectors back into the country, as Western and Arab leaders urge Iraq to comply with UN resolutions in order to stave off a US military attack. With Vice President Dick...

PIW market indicators.(petroleum industry pricing)(Brief Article)
March 18, 2002... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $22.39 $21.02 $18.86 UK Brent (Dated) ...

Opec reluctant to heed calls for more oil.(Brief Article)
March 25, 2002... Where Opec ministers held firm at their March meeting, they are likely to face much louder calls to loosen their tight supply caps when they next meet in Vienna in late June. At first blush, all the price risks should point to the upside. Even...

Qatar strains at leash of Opec limits.(Brief Article)(Statistical Data Included)
March 25, 2002... Qatar's production restraint under its Opec quota will come under mounting pressure this year as volumes of new capacity come on stream. Unless Opec decides to increase output quotas in the second half of the year, Qatar, the smallest producer...

US Indies still chase barrels, not profits.(Brief Article)(Statistical Data Included)
March 25, 2002... After the oil price collapse of 1998, US independent producers vowed to focus on value, insisting that enhanced earnings and return on capital employed would take priority over boosting cash flow and oil and gas production. They promised...

Market tight without June crude hike.(Brief Article)
March 25, 2002... Any way you slice it, Opec will have to consider adding crude to the market by the second half to avoid an unusually large stockdraw in that period. On the supply side of the equation, the uncertainties center on the strength of Opec and...

Russia plans to pipe its way into Asia.(expands oil exports)(Brief Article)
March 25, 2002... While attention is focused on how much crude oil it is exporting to mostly western markets, Russia is hatching an ambitious plan that will dramatically expand its role as a supplier to the Far East. Playing on historic Asian fears for the...

Japan's LNG buyers get better deals.(light natural gas)(Brief Article)
March 25, 2002... Japan has long passively absorbed over half the world's LNG. Now its leading importers want more of the market action. In new-style LNG supply contracts inked with Malaysia this month, Tokyo Electric (Tepco) and Tokyo Gas, the country's two...

Geology lures Minnows to African waters.(offshore exploration)(Brief Article)
March 25, 2002... Mauritania, Morocco, and Guinea Bissau are not everyone's idea of a potential El Dorado, but a group of independents exploring the frontier deep waters off north west Africa's coast, and further south, are convinced they're on to something....

Qatar forges ahead with multiple gas ventures.
March 25, 2002... Qatar is quickly becoming the world's hottest natural gas center with multi-faceted export projects planned, including a regional pipeline grid, more Oliquefied natural gas exports, and, soon, gas-to-liquids technology. This supplement, by PIW...