Petroleum Intelligence Weekly articles from March 2004

Petroleum Intelligence Weekly archives from March 2004

Why the fuss about Saudi oil reserves?
March 1, 2004... Everyone knows Saudi Arabia has loads of oil, so what's all the fuss about? The last week has seen debate rage over controversial claims by Houston oil consultant Matt Simmons that Saudi Arabia's massive oil fields may not be as reliable as...

China stalks Caltex in Indonesia.
March 1, 2004... Are aging fields and endless aggravation weakening the will of major Western companies to remain in Indonesia? Despite vehement denials of a sale from parent company ChevronTexaco, its subsidiary Caltex Pacific Indonesia (CPI)--by far the...

Hard work ahead in Iran for Japan.
March 1, 2004... The award last month of a contract to Japan's Inpex to develop part of the giant onshore Azadegan field is without question a boost to Iran's bid to increase long-term production capacity. It may also encourage larger international companies...

Less growth, better returns for total.
March 1, 2004... French Total is closing the stock market valuation gap with BP and its price/earnings (P/E) ratio has already overtaken Royal Dutch/Shell's. Its 2003 results confirmed that it again outperformed its bigger European rivals in production growth...

Platts' latest gambit upsets Urals traders.(Petroleum)
March 1, 2004... Pricing service Platts has stirred up a hornets' nest with its latest plans to "normalize" the spot trade in Russian Urals in the Mediterranean--the world's most liquid physical crude market. Of all recent changes to Platts' methodologies, none...

Burlington gets back on track.
March 1, 2004... Burlington Resources, which started out as part of a railroad company, is back on track and building up a head of steam after a couple of years when it seemed to be stalled on a siding. With a solid base in the North American natural gas...

North Sea bounce can't stop decline.
March 1, 2004... For a mature petroleum province, the North Sea still has a lot going for it. Despite accelerating decline rates in older fields, a full year of operations at new ones that started up in 2003 will hike production from the offshore region by...

US critic predicts end of Saudi Arabia's "Oil Miracle".(Matt Simmons )
March 1, 2004... Houston-based oil consultant Matt Simmons has stirred controversy by questioning the future ability of Saudi Arabia, the world's largest holder of oil reserves and its top producer, to remain the boundless provider of last resort. Last week he...

Saudi Aramco dismisses alarm, highlights potential.
March 1, 2004... "Saudi Arabia will play the lead role [in meeting future demand] not only because it has the biggest reserve base but also because Saudi Arabia has an operating oil company that has a proven track record over 70 years of delivering, of...

Burlington builds on gas strength in North America.(Interview)
March 1, 2004... Houston-based Burlington Resources is a major natural gas producer in North America with a portfolio of international gas and oil production assets and developments in Algeria, Argentina, China, Ecuador and the Irish Sea. Last week PIW spoke to...

Industry Restructuring--Norway's Statoil is acquiring from ChevronTexaco a 30% license in P1026, an oil prospect on the UK continental shelf west of Shetland, for an undisclosed amount.(General)(Brief Article)
March 1, 2004... INDUSTRY RESTRUCTURING--Norway's Statoil is acquiring from ChevronTexaco a 30% license in P1026, an oil prospect on the UK continental shelf west of Shetland, for an undisclosed amount. The acreage covers two blocks containing the Rosebank and...

LNG--French major Total has signed a shareholder agreement to form a liquefied natural gas venture in Iran, as the Mideast Gulf nation strives to make its debut in the rapidly expanding LNG sector.(General)(Brief Article)
March 1, 2004... LNG--French major Total has signed a shareholder agreement to form a liquefied natural gas venture in Iran, as the Mideast Gulf nation strives to make its debut in the rapidly expanding LNG sector. It is also a major departure for Total, which...

Reserves--ConocoPhillips has shamed some of its integrated rivals by replacing 106% of its production with new reserves in 2003, adding 650 million boe to push its proved reserve base to 7.8 billion boe.(General)(Brief Article)
March 1, 2004... RESERVES--ConocoPhillips has shamed some of its integrated rivals by replacing 106% of its production with new reserves in 2003, adding 650 million boe to push its proved reserve base to 7.8 billion boe (PIW Feb. 23, p6). The replacement rate...

Tankers--rates that had soared to record highs over the past five months finally shifted firmly into reverse last week.(General)(Brief Article)
March 1, 2004... TANKERS--Rates that had soared to record highs over the past five months finally shifted firmly into reverse last week. Westbound rates from the Mideast Gulf to the US Gulf crashed 33% in the middle of the week to Worldscale 90 ($2.69/bbl),...

Angola -- South Africa's Exxoteq has teamed up with Houston-based Strong Energy Resources to develop offshore marginal fields in untapped Blocks 5 and 6, which contain the Cegonha, Muamba, Pakubalu and Mubafo deposits.(Countries)(Brief Article)
March 1, 2004... ANGOLA -- South Africa's Exxoteq has teamed up with Houston-based Strong Energy Resources to develop offshore marginal fields in untapped Blocks 5 and 6, which contain the Cegonha, Muamba, Pakubalu and Mubafo deposits. Exxoteq has secured 95%...

Australia -- rather than shutting plants down, ChevronTexaco is taking the lead in upgrading its refineries to meet tough sulfur limits to be introduced in 2006.(Countries)(Brief Article)
March 1, 2004... AUSTRALIA -- Rather than shutting plants down, ChevronTexaco is taking the lead in upgrading its refineries to meet tough sulfur limits to be introduced in 2006. Caltex Australia, 50% owned by Chevron, plans to invest a total of US$227 million...

Eritrea -- South Korean state Korea National Oil Corp. (KNOC) and the country's top refiner, SK Corp., have each bought a 25% stake in the onshore/off shore Defnin Block.(Countries)(Brief Article)
March 1, 2004... ERITREA -- South Korean state Korea National Oil Corp. (KNOC) and the country's top refiner, SK Corp., have each bought a 25% stake in the onshore/off shore Defnin Block. The stakes were purchased separately from France's Perenco, operator of...

Greece -- Spain's Gas Natural (GN) has signed an "agreement in principle" to buy 35% of state gas concern Depa for 285 million [euro] ($360 million) but says a binding deal can only be ratified after parliamentary elections on Mar. 7.(Countries)(Brief Article)
March 1, 2004... GREECE -- Spain's Gas Natural (GN) has signed an "agreement in principle" to buy 35% of state gas concern Depa for 285 million [euro] ($360 million) but says a binding deal can only be ratified after parliamentary elections on Mar. 7. GN was...

India -- Indian Oil Corp. (IOC) made its first ever derivatives deal to hedge refining margins--on a portion of its sales for February.(Countries)(Brief Article)
March 1, 2004... INDIA -- Indian Oil Corp. (IOC) made its first ever derivatives deal to hedge refining margins--on a portion of its sales for February. The state oil company agreed with trader Vitol to fix a margin between crude oil and gas oil at $8.80/bbl...

Iraq -- average daily oil exports from the Basrah Oil Terminal slipped during the first three weeks of February to just 1.27 million b/d, due mostly to bad weather hampering loadings.(Countries)(Brief Article)
March 1, 2004... IRAQ -- Average daily oil exports from the Basrah Oil Terminal slipped during the first three weeks of February to just 1.27 million b/d, due mostly to bad weather hampering loadings. As of Feb. 23, 19 vessels had sailed in February, exporting...

Israel -- US independent Noble Energy has begun commercial natural gas sales to Israel Electric Corp. (IEC) from its offshore Mari-B field.(Countries)(Brief Article)
March 1, 2004... ISRAEL -- US independent Noble Energy has begun commercial natural gas sales to Israel Electric Corp. (IEC) from its offshore Mari-B field. The initial commissioning of the onshore natural gas delivery facilities was completed on Feb. 17 and...

Kazakhstan -- Central Asia's new oil production powerhouse is keeping its export options open by indicating that it is on the point of signing up to join the Baku-Tbilisi-Ceyhan (BTC) pipeline, and hinting that it might also be interested in Ukraine's Odessa-Brody pipeline.(Countries)(Brief Article)
March 1, 2004... KAZAKHSTAN -- Central Asia's new oil production powerhouse is keeping its export options open by indicating that it is on the point of signing up to join the Baku-Tbilisi-Ceyhan (BTC) pipeline, and hinting that it might also be interested in...

Kazakhstan -- state oil and gas company Kazmunaigas is stepping up the pressure on Eni and BG, the joint operators of the giant Karachaganak gas condensate field, by inviting other investors to join the project's third development phase.(Countries)(Brief Article)
March 1, 2004... KAZAKHSTAN -- State oil and gas company Kazmunaigas is stepping up the pressure on Eni and BG, the joint operators of the giant Karachaganak gas condensate field, by inviting other investors to join the project's third development phase. Having...

Kazakhstan -- the $29 billion development of the Kashagan field, billed as having the world's second biggest production capacity after Saudi Arabia's Ghawar, is back on track after an Eni-led consortium agreed on a new timetable to bring production on stream, aiming to hit peak output of 1.2 million b/d by 2016.(Countries)(Brief Article)
March 1, 2004... KAZAKHSTAN -- The $29 billion development of the Kashagan field, billed as having the world's second biggest production capacity after Saudi Arabia's Ghawar, is back on track after an Eni-led consortium agreed on a new timetable to bring...

Libya -- the US has lifted its ban preventing Americans traveling to the country, a reciprocal gesture for Tripoli's agreement to abandon its nuclear ambitions.(Countries)(Brief Article)
March 1, 2004... LIBYA -- The US has lifted its ban preventing Americans traveling to the country, a reciprocal gesture for Tripoli's agreement to abandon its nuclear ambitions. The move followed the reaffirmation of responsibility for the 1988 Lockerbie...

Russia -- the government appears to be leaning in favor of a proposed $5 billion-$7 billion oil export pipeline to the Pacific port of Nakhodka, rather than a competing scheme to China.(Countries)(Brief Article)
March 1, 2004... RUSSIA -- The government appears to be leaning in favor of a proposed $5 billion-$7 billion oil export pipeline to the Pacific port of Nakhodka, rather than a competing scheme to China. Acting energy minister Igor Yusufov said building the 1.6...

Russia -- the appointment of Viktor Khristenko as acting prime minister is seen as neutral for the energy sector.(Countries)(Brief Article)
March 1, 2004... RUSSIA -- The appointment of Viktor Khristenko as acting prime minister is seen as neutral for the energy sector. Previously deputy prime minister with oversight of the energy sector, Khristenko is close to President Vladimir Putin, bolstering...

Russia -- crude and condensate production is racing ahead again, forcing the Energy Ministry to bump up its previous timid growth forecast of 2.2% for 2004 to 6%-8%, which is much closer to the predictions of oil analysts and industry representatives, which range from 8.6%-10%.(Countries)(Brief Article)
March 1, 2004... RUSSIA -- Crude and condensate production is racing ahead again, forcing the Energy Ministry to bump up its previous timid growth forecast of 2.2% for 2004 to 6%-8%, which is much closer to the predictions of oil analysts and industry...

South Korea -- crude imports tumbled by a fifth in January, plunging 470,000 b/d from a year ago, to an average of 1.92 million b/d, according to Korea National Oil Corp.(Countries)(Brief Article)
March 1, 2004... SOUTH KOREA -- Crude imports tumbled by a fifth in January, plunging 470,000 b/d from a year ago, to an average of 1.92 million b/d, according to Korea National Oil Corp. Imports from Saudi Arabia were down by 181,000 b/d to 635,000 b/d. In...

Venezuela -- Royal Dutch/Shell is to pull out of the retail fuel market because deregulation has not materialized.(Countries)(Brief Article)
March 1, 2004... VENEZUELA -- Royal Dutch/Shell is to pull out of the retail fuel market because deregulation has not materialized. Shell's retail entry in 1998 was premised on the expectation of wider deregulation. Shell reportedly expected a greater reduction...

Picking your options.(Marketview)
March 1, 2004... NEW YORK -- Crude oil prices inched their way back above $35/bbl by last week, making up for the $1.00 lost with the expiration of the March futures contract and the introduction of the April contract as the new front-month on the New York...

Synbit takes on Mideast, African sours in US Midwest.(synthetic bitumen)(Brief Article)
March 1, 2004... Independent Canadian Natural Resources is promoting a crude marketing strategy that is not likely to please exporters of medium sour etudes to the US Gulf Coast from the Mideast and West Africa. Canadian Natural aims to displace a good chunk of...

PIW market indicators.(Illustration)
March 1, 2004... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $30.38 $30.20 $28.76 UK Brent(Dated) 31.86 31.24 ...

Fallen Shell starts to fix the damage.
March 8, 2004... The sackings of Royal Dutch/Shell Chairman Phil Watts and upstream chief Walter van de Vijver mark the beginning of an attempt by the Anglo-Dutch supermajor to address the concerns raised since the savage reserves downgrade in January (PIW...

Time to get real about reserves.
March 8, 2004... Royal Dutch/Shell's reserves downgrade in January--a handful of other companies have since followed suit--has opened up a can of worms. An old oil patch adage proclaims that more oil has been found with a pencil or a calculator than with a...

Africa's frontiers arouse fresh curiosity.
March 8, 2004... Are sub-Saharan Africa's frontier areas finally getting the recognition they deserve? A hardy band of explorers and geologists are certainly working to get a host of long-neglected countries on the oil map. Recent exploration in Tanzania could...

Summer of discontent for US gasoline.
March 8, 2004... Will 2004 witness the summer of discontent for US motorists? With pump prices already hovering near record highs--months before the summer peak demand period--gasoline could well become a hot topic on this year's presidential campaign trail....

Anadarko: is LNG the route to integration?
March 8, 2004... Liquefied natural gas (LNG) may well become the 21st century's avenue to downstream integration for oil companies rather than traditional refining and marketing. That certainly seems to be what Anadarko, one of the largest upstream...

Canada expands assault on US market.
March 8, 2004... Western Canada has quite a bit of crude coming on line--some 1 million barrels per day more by 2010. The increase in output from new and planned expansions of oil sands projects is expected to push Western Canadian output to nearly 3 million...

Asia will drive demand growth again.
March 8, 2004... Oil demand in Asia is set to post another round of robust growth this year, possibly exceeding 23 million barrels per day for the first time. Growth forecasts depend heavily on what transpires in Japan and China, the two giants that together...

Anadarko shapes course for renewed growth: Anadarko Petroleum's new CEO, James Hackett, joined the company in December. Here he talks with PIW about the current strategy and future direction of the Houston-based firm, which is one of the world's largest independent oil and gas companies but has been hit with disappointing results recently.(Interview)
March 8, 2004... Q. The oil and gas business has been through a lot of change in the last 10 years. How do you see the next 10 years, especially from the perspective of investors? A. Financial discipline within the industry will remain very important, and...

Formula prices--Saudi Arabia has cut its April prices to the US for all grades and done the same for lighter grades into Europe but raised prices for Asia by 10 cents for all grades except Arab Extra Light.(General)(Brief Article)
March 8, 2004... FORMULA PRICES--Saudi Arabia has cut its April prices to the US for all grades and done the same for lighter grades into Europe but raised prices for Asia by 10 cents for all grades except Arab Extra Light. The adjustments reflect the risk of a...

Industry restructuring--BP is selling its 70% stake in its Malaysian fuels business through a deal with the local armed forces fund authority, Lembaga Tabung Angkatan Tentera (LTAT).(General)(Brief Article)
March 8, 2004... INDUSTRY RESTRUCTURING -- BP is selling its 70% stake in its Malaysian fuels business through a deal with the local armed forces fund authority, Lembaga Tabung Angkatan Tentera (LTAT). LTAT already owns 30% of BP Malaysia, which comprises 240...

Algeria -- final commercial bids for the $2 billion-$3 billion Gassi Touil project are due on Mar. 27, with an award to be made at the opening.(Countries)
March 8, 2004... ALGERIA -- Final commercial bids for the $2 billion-$3 billion Gassi Touil project are due on Mar. 27, with an award to be made at the opening. Companies have also been granted concessions to improve the appeal of the scheme, which aims to...

Angola -- an Exxon Mobil-led consortium has struck oil in deepwater Block 15, marking the 17th find on the tract so far.(Countries)(Brief Article)
March 8, 2004... ANGOLA -- An Exxon Mobil-led consortium has struck oil in deepwater Block 15, marking the 17th find on the tract so far. The Bavuca-1 well, drilled in 1,094 meters of water to a total depth of 3,235 meters, tested at a flow rate of 2,726 b/d of...

China -- crude imports shot up by nearly one-quarter in January on a year ago to an average of 2.43 million b/d.(Countries)(Brief Article)
March 8, 2004... CHINA -- Crude imports shot up by nearly one-quarter in January on a year ago to an average of 2.43 million b/d. Oman was top supplier, selling an average of 444,000 b/d; Iran was in second place. Sudan also made inroads. At 49%, reliance on...

China -- the US' Burlington Resources has secured approval for plans to develop the Bajiaochang natural gas field, kicking off what it hopes will be the first phase of a major onshore gas program.(Countries)(Brief Article)
March 8, 2004... CHINA -- The US' Burlington Resources has secured approval for plans to develop the Bajiaochang natural gas field, kicking off what it hopes will be the first phase of a major onshore gas program. Bajiaochang, located 100 miles northeast of the...

Ecuador -- President Lucio Gutierrez has sweetened tender terms for four Amazon blocks and begun a revamp of state Petroecuador, replacing several top officials--including the vice presidents of Petroproduccion, Petrocommercial and Petroindustrial.(Countries)(Brief Article)
March 8, 2004... ECUADOR -- President Lucio Gutierrez has sweetened tender terms for four Amazon blocks and begun a revamp of state Petroecuador, replacing several top officials--including the vice presidents of Petroproduccion, Petrocommercial and...

Iran -- state oil firm National Iranian Oil Co. (NIOC) is hoping to build on last month's $2 billion deal with Japan for development of the southern part of the Azadegan field by awarding similar deals for the north of the giant onshore structure and the adjacent prospects of Khushk and Hosseinieh.(Countries)(Brief Article)
March 8, 2004... IRAN -- State oil firm National Iranian Oil Co. (NIOC) is hoping to build on last month's $2 billion deal with Japan for development of the southern part of the Azadegan field by awarding similar deals for the north of the giant onshore...

Iraq -- Russian major Lukoil appears to have improved its chances of regaining the West Qurna oil field project.(Countries)(Brief Article)
March 8, 2004... IRAQ -- Russian major Lukoil appears to have improved its chances of regaining the West Qurna oil field project. Lukoil President Vagit Alekperov is due in Baghdad on Mar. 10, after a stop in Saudi Arabia to sign a natural gas exploration and...

Libya -- Austria's OMV, Spain's Repsol YPF and German Wintershall initialled a deal for five exploration blocks--three in the Cyrenaica Basin, and one each in the Sirte and Ghadames Basins.(Countries)(Brief Article)
March 8, 2004... LIBYA -- Austria's OMV, Spain's Repsol YPF and German Wintershall initialled a deal for five exploration blocks--three in the Cyrenaica Basin, and one each in the Sirte and Ghadames Basins. A final contract for the five blocks, grouped together...

Mexico -- state oil giant Pemex reported a net loss in 2003, despite record production and a 30% rise in sales to $55.7 billion, losing $3.719 billion after contributing $34.028 billion to the federal government.(Countries)(Brief Article)
March 8, 2004... MEXICO -- State oil giant Pemex reported a net loss in 2003, despite record production and a 30% rise in sales to $55.7 billion, losing $3.719 billion after contributing $34.028 billion to the federal government. Pemex is targeting average...

Oman -- three Japanese buyers have signed up for the remaining 2 million tons/yr of output from the country's third LNG train, known as Qalhat LNG and due to be completed in late 2005 or early 2006.(Countries)
March 8, 2004... OMAN -- Three Japanese buyers have signed up for the remaining 2 million tons/yr of output from the country's third LNG train, known as Qalhat LNG and due to he completed in late 2005 or early 2006. Under separate deals, each lifter will take...

Russia -- BP and Rosneft are understood to have reached agreement on financing the Sakhalin-5 project.(Countries)(Brief Article)
March 8, 2004... RUSSIA -- BP and Rosneft are understood to have reached agreement on financing the Sakhalin-5 project. BP has already agreed to pay for the full $200 million costs of exploration but development will require Rosneft to provide financing, which...

Russia -- Yukos, once courted by the world's biggest oil companies, ruled out teaming up with a foreign partner in a strategic alliance, just as its erstwhile $15 billion merger with Sibneft took a further step towards final dissolution.(Countries)(Brief Article)
March 8, 2004... RUSSIA -- Yukos, once courted by the world's biggest oil companies, ruled out teaming up with a foreign partner in a strategic alliance, just as its erstwhile $15 billion merger with Sibneft took a further step towards final dissolution. Yukos...

United States -- Saudi Arabia remained by far the largest source of crude imports in 2003, supplying 1.724 million b/d, 205,000 b/d more than in 2002.(Countries)(Brief Article)
March 8, 2004... UNITED STATES -- Saudi Arabia remained by far the largest source of crude imparts in 2003, supplying 1.724 million b/d, 205,000 b/d more than in 2002. It was a new record for imports from Saudi Arabia, which moved swiftly to cover shortages in...

Iraqi output edges up; export pipeline more secure.(What's New Around the World)
March 8, 2004... Despite a day of violence in Iraq on Mar. 2 that left some 170 dead from bomb and rocket attacks in Kerbala and Baghdad, the outlook for oil production is brightening somewhat. For the first time since the end of the war in April 2003, oil...

Gasoline guzzle.(Marketview)
March 8, 2004... LONDON -- Europe's gasoline export lifeline was expected to suffer badly from January's introduction of tighter sulfur standards on US gasoline, and the replacement of fuel-additive methyl tertiary butyl ether (MTBE) with corn-derived ethanol...

ICE defies Nymex threat with "solid" 2003 results.(IntercontinentalExchange)(New York Mercantile Exchange)(Brief Article)
March 8, 2004... Takeover target, the privately owned IntercontinentalExchange (ICE), has taken the unlikely step of revealing its 2003 financial results. The company released a similar partial financial statement this time last year, but was expected to...

PIW market indicators.(Illustration)
March 8, 2004... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $32.04 $30.61 $28.67 UK Brent (Dated) 33.91 32.27 30.30 UK...

Shell's woes point to wider industry issues.(Royal Dutch-Shell Group of Cos.)
March 15, 2004... The brouhaha over Royal Dutch/Shell's big downward revision of reserves is now beginning to put a spotlight on some thorny issues for the industry as a whole. Greater regulatory scrutiny on the reserves and upstream activities of oil companies...

Exxon primed to expand lead over rivals.(Exxon Mobil Corp.)
March 15, 2004... Exxon Mobil's upstream production has declined for three straight years, but the company remains the favorite supermajor among investors. The consistent delivery of the industry's highest financial returns have warranted a 15%-20% premium in...

North America turns around--it can't last.
March 15, 2004... Is it all gloom and doom for North American oil production? Not at all. For sure, mature onshore areas are speeding into decline but this year should register gains in offshore production and non-conventional oil output that will outstrip those...

US favors Saudi model for Iraq.(petroleum industry)
March 15, 2004... Anyone assuming that giant state-owned oil companies were a thing of the past in this age of globalization had better think again. True, times are changing, with national oil companies (NOCs) accommodating more foreign participation on their...

Shell discovery raises stakes in Brunei, Malaysia.
March 15, 2004... Beleaguered supermajor Royal Dutch/Shell last week announced an "important" new deepwater oil discovery offshore Malaysia and Brunei, raising interest in the disputed area to fever pitch and prompting the two states to consider forming a joint...

Opec talks of cuts, does not deliver them.
March 15, 2004... Opec is giving Madison Avenue admen a run for their money when it comes to talking the talk. After vociferous vows to tighten the taps to support higher oil prices when ministers met last month in Algiers the oil producer group is now trying to...

Formula prices--Mexico once again tightened discounts for Maya crude exports to the US Gulf Coast and Caribbean, but lowered its April discounts sharply for Maya sold to the West Coast. Discounts widened for cargoes bound to Europe next month.(General)(Brief Article)
March 15, 2004... FORMULA PRICES--Mexico once again tightened discounts for Maya crude exports to the US Gulf Coast and Caribbean, but lowered its April discounts sharply for Maya sold to the West Coast. Discounts widened for cargoes bound to Europe next month....

Futures--The New York Mercantile Exchange (Nymex) may want to take over its archrival the IntercontinentalExchange (ICE), but can it afford the tab?(General)(Brief Article)
March 15, 2004... FUTURES--The New York Mercantile Exchange (Nymex) may want to take over its archrival the lntercontiuentalExchange (ICE), but can it afford the tab? Nymex made a $15.9 million pre-tax profit in 2003 from revenues of $184.2 million,...

GTL--Qatar aims to have 400,000 b/d of installed gas-to-liquids plant capacity by 2010-12.(General)(Brief Article)
March 15, 2004... GTL--Qatar aims to have 400,000 b/d of installed gas-to-liquids plant capacity by 2010-12. This will require at least two more large projects to enter service beyond 2009, in addition to the Oryx and Royal Dutch/Shell ventures that are already...

People--Fathi Omar bin Chetwane was named energy minister in Libya, the first appointment to the post since it was eliminated four years ago, along with the energy ministry (PIW Mar.13'00,p10).(General)(Brief Article)
March 15, 2004... PEOPLE--Fathi Omar bin Chetwane was named energy minister in Libya, the first appointment to the post since it was eliminated four years ago, along with the energy ministry (PIW Mar.13'00,p10). Former energy minister Abdullah Salem al-Badri has...

IEA--Global oil demand is projected to grow by 1.65 million b/d in 2004--a seven-year record--to 80.22 million b/d, the International Energy Agency said in its monthly oil market report released last week.(General)(Brief Article)
March 15, 2004... IEA--Global oil demand is projected to grow by 1.65 million b/d in 2004--a seven-year record--to 80.22 million b/d, the International Energy Agency said in its monthly oil market report released last week. The 320,000 b/d demand revision, the...

Reserves--BP has revised down its proven oil and gas reserves by roughly 435 million boe, the biggest annual adjustment since its merger with Amoco in 1998.(General)(British Petroleum Company PLC)(Brief Article)
March 15, 2004... RESERVES--BP has revised down its proven oil and gas reserves by roughly 435 million boe, the biggest annual adjustment since its merger with Amoco in 1998. The downgrade is equivalent to around 2.5% of BP's end-2003 reserves, and has come as a...

Indonesia -- State-owned Pertamina claims it is near agreement with Exxon Mobil over the hotly contested--and oil-rich--Cepu fields in Java.(Countries)(Brief Article)
March 15, 2004... INDONESIA -- State-owned Pertamina claims it is near agreement with Exxon Mobil over the hotly contested--and oil-rich--Cepu fields in Java. The companies began negotiating--some say squabbling--three years ago over financing and revenue...

Iraq -- The US Defense Department has picked Refinery Associates of Texas and six Turkish firms to supply gasoline and other petroleum products to the civilian population, a task that was previously carried out by Halliburton subsidiary Kellogg Brown & Root.(Countries)(Brief Article)
March 15, 2004... IRAQ -- The US Defense Department has picked Refinery Associates of Texas and six Turkish firms to supply gasoline and other petroleum products to the civilian population, a task that was previously carried out by Halliburton subsidiary Kellogg...

Kazakhstan -- Bucking the trend of rising output nationwide, Canada's PetroKazakhstan has seen its oil production slump by 12% over the past year, though profits for the fourth quarter of 2003 doubled from the year-earlier period.(Countries)(Brief Article)
March 15, 2004... KAZAKHSTAN -- Bucking the trend of rising output nationwide, Canada's PetroKazakhstan has seen its oil production slump by 12% over the past year, though profits for the fourth quarter of 2003 doubled from the year-earlier period. The...

Oman -- Petroleum Development Oman (PDO) has started pumping oil at the Zalzala field, part of the seven-field Harweel cluster in the south, which is a key development for future oil production growth (PIW Dec.22,p7).(Countries)(Brief Article)
March 15, 2004... OMAN -- Petroleum Development Oman (PDO) has started pumping oil at the Zalzala field, part of the seven-field Harweel cluster in the south, which is a key development for future oil production growth (PIW Dec.22,p7). Zalzala is PDO's first...

Russia -- BP is ready to sign documents defining the terms of financing the $3 billion-plus exploration and development of Sakhalin-5 acreage on the Pacific shelf, in partnership with state oil company Rosneft.(Countries)(British Petroleum Company PLC)(Brief Article)
March 15, 2004... RUSSIA -- BP is ready to sign documents defining the terms of financing the $3 billion-plus exploration and development of Sakhalin-5 acreage on the Pacific shelf, in partnership with state oil company Rosneft. Rosneft signed the documents...

Russia -- Crude exports via the Transneft pipeline system climbed by 348,000 b/d in February to 3.129 million b/d as better weather improved port loadings.(Countries)(Brief Article)
March 15, 2004... RUSSIA -- Crude exports via the Transneft pipeline system climbed by 348,000 b/d in February to 3.129 million b/d as better weather improved port loadings. The Black Sea port of Novorossiysk accounted for the lion's share of the increase,...

Russia -- The energy ministry was folded into a new Ministry of Industry and Energy, with former deputy prime minister Viktor Khristenko put at the helm.(Countries)
March 15, 2004... RUSSIA -- The energy ministry was folded into a new Ministry of Industry and Energy, with former deputy prime minister Viktor Khristenko put at the helm. Under former energy minister Igor Yusufov, the ministry had already become more of a...

Saudi Arabia -- State oil company Saudi Aramco took a 20% stake in each of three landmark upstream gas ventures it signed on Mar. 7 with Russia's Lukoil, China's Sinopec and a joint venture of Italian Eni and Spanish Repsol YPF (PIW Feb.2,p1).(Countries)(Brief Article)
March 15, 2004... SAUDI ARABIA -- State oil company Saudi Aramco took a 20% stake in each of three landmark upstream gas ventures it signed on Mar. 7 with Russia's Lukoil, China's Sinopec and a joint venture of Italian Eni and Spanish Repsol YPF (PIW Feb.2,p1)....

South Africa -- Listed exploration and production firm Exxoteq plans to drill an onshore well at its Algoa Basin acreage this year, marking the first onshore exploration program in the country in 30 years.(Countries)(Exxoteq )
March 15, 2004... SOUTH AFRICA -- Listed exploration and production firm Exxoteq plans to drill an onshore well at its Algoa Basin acreage this year, marking the first onshore exploration program in the country in 30 years. "As for the Algoa Basin, we are at the...

Iraq sells first Kirkuk cargoes since June.
March 15, 2004... Iraq's State Oil Marketing Organization (Somo) has awarded 6 million bbl of Kirkuk crude in batches of 1 million bbl each through a public tender, and is now looking at tendering more cargoes as crude continues to flow from northern Iraq to the...

What crude cuts?(Marketview)
March 15, 2004... SINGAPORE -- If Asian refiners are anything to go by, the market reaction to Saudi Arabia cutting back crude volumes to its customers in Asia is overblown (p5). State oil firm Saudi Aramco announced last week that it would cut term volumes to...

Europe: diesel deficit to follow gasoline glut.(Brief Article)
March 15, 2004... The recent pace of Europe's switch from gasoline to diesel may have taken the region's refiners by surprise, but it hasn't yet persuaded them to invest in new diesel-making units. Having spent millions of dollars on catalytic crackers to boost...