Petroleum Intelligence Weekly articles from March 2005

Petroleum Intelligence Weekly archives from March 2005

Big oil needs clear sense of direction.(industry analysis)
March 7, 2005... It's the world's leading business and is crucial to the health of the global economy--but does the oil industry know where it's going? True, top executives from the majors regularly turn out at conferences and other public occasions to talk...

Reserves suffer under year-end pricing rule.(reserves reporting)
March 7, 2005... The oil industry's dissatisfaction with the year-end pricing rule endorsed by the US Securities & Exchange Commission (SEC) is understandable if examined in the light of how it affected reported reserve replacement ratios (RRR) in 2004. The...

Iran leaves Europeans out in the cold.(oil field development contracts)
March 7, 2005... Amid a dearth of upstream opportunities in the wider Middle East, Iran provides the best hopes for European majors such as Total, Royal Dutch/Shell and Statoil that are keen to deepen their footprint in the region. But Iran poses several...

Qatari LNG breaks yet more new ground.(liquefied natural gas contracts)
March 7, 2005... Qatar signed three major liquefied natural gas (LNG) deals in just two days last week, which will make it the world's biggest LNG supplier by 2010. The multiple deals with Royal Dutch/Shell, Total and Belgian utility Distrigas were innovative...

Chevron's O'Reilly sees new energy equation.(ChevronTexaco Corp., David O'Reilly)
March 7, 2005... Energy has been off the radar screen for the last 20 years because supplies of oil and gas were plentiful and cheap, but all of that has changed, according to David O'Reilly, Chairman and Chief Executive of ChevronTexaco, who believes it is...

Solar slowly emerges from the shadows.
March 7, 2005... Investing in renewables--mostly wind and solar--is proving to be a hit and miss affair for the oil majors. Exxon Mobil continues to spurn them as a business while backing research, and ConocoPhillips has dumped its wind activities altogether....

Australian oil heads into steady eclipse.(production)
March 7, 2005... Declining crude oil production in Australia has even homegrown companies BHP Billiton, Woodside Petroleum and Santos looking for projects overseas to grow their production. Natural gas, however, is keeping international companies interested in...

ChevronTexaco's O'Reilly: the surplus is over.(David J. O'Reilly)(Interview)
March 7, 2005... With oil prices at over $50 per barrel, most oil companies are in great shape. But this is no time for complacency as the issues facing the industry are the most daunting they have been for decades. Demand is growing rapidly while production...

Corporate--oil company shares stocks may have started March on a down note, but the integrated oil sector moved 14.2% higher in February, consolidating the recovery that began in January after a slide in the last month of 2004.(General)(Brief Article)
March 7, 2005... CORPORATE -- Oil company shares stocks may have started March on a down note, but the integrated oil sector moved 14.2% higher in February, consolidating the recovery that began in January after a slide in the last month of 2004. Exxon Mobil...

Corporate--Italian major Eni has announced plans to achieve world leading production growth over the next few years.(General)(Brief Article)
March 7, 2005... CORPORATE -- Italian major Eni has announced plans to achieve world leading production growth over the next few years. Eni is targeting 2 million boe/d by 2008 through organic--not acquired--growth of over 5% per year, one of the highest in the...

Industry Restructuring--Exxon Mobil has announced the sale of its 3.7% stake in China's listed Sinopec Corp. for US$1.37 billion, making it the last Western major to cash out of the refiner.(General)
March 7, 2005... INDUSTRY RESTRUCTURING -- Exxon Mobil has announced the sale of its 3.7% stake in China's listed Sinopec Corp. for US$1.37 billion, making it the last Western major to cash out of the refiner. Last year, BP and Royal Dutch/Shell sold their...

LNG--the focus of LNG demand growth will shift from the Pacific Basin to Atlantic Basin markets within 10 years, executives and consultants told last week's 5th Doha Conference on Natural Gas.(General)(liquefied natural gas)(Brief Article)
March 7, 2005... LNG -- The focus of LNG demand growth will shift from the Pacific Basin to Atlantic Basin markets within 10 years, executives and consultants told last week's 5th Doha Conference on Natural Gas. North America will see LNG imports increase from...

Natural Gas--Northwest Europe has become the world's most expensive spot gas market, after prompt UK traded gas prices hit a new record high of 1.70 [pounds sterling] per therm ($32.50/MMBtu, or $195/boe) on Mar. 3, almost 50% above a record set a week earlier.(General)(Brief Article)
March 7, 2005... NATURAL GAS -- Northwest Europe has become the world's most expensive spot gas market, after prompt UK traded gas prices hit a new record high of 1.70 [pounds sterling] per therm ($32.50/MMBtu, or $195/boe) on Mar. 3, almost 50% above a record...

Angola--first condensate has flowed on schedule from ChevronTexaco's offshore Sanha field in the first phase of a project--which includes crude oil from the nearby Bomboco field--that will deliver an average of 100,000 b/d of oil, condensate and LPG by 2007.(Countries)(Brief Article)
March 7, 2005... ANGOLA -- First condensate has flowed on schedule from ChevronTexaco's offshore Sanha field in the first phase of a project--which includes crude oil from the nearby Bomboco field--that will deliver an average of 100,000 b/d of oil, condensate...

Brazil--state-controlled Petrobras earned a record 17.9 billion reais ($6.8 billion) in 2004, despite a 52% profit tumble in the fourth quarter to 4.6 billion reais ($1.7 billion) from the same period in 2003.(Countries)(Petroleo Brasileiro S.A.'s production data)(Brief Article)
March 7, 2005... BRAZIL -- State-controlled Petrobras earned a record 17.9 billion reais ($6.8 billion) in 2004, despite a 52% profit tumble in the fourth quarter to 4.6 billion reais ($1.7 billion) from the same period in 2003. The company attributed the...

Iran--after a delay of more than a year, the Royal Dutch/Shell-led project to develop the offshore Nowruz and Soroosh structures is set to reach its plateau of 190,000 b/d in the next two to three months, after which National Iranian Oil Co. will take over operatorship of the two fields.(Countries)(Brief Article)
March 7, 2005... IRAN -- After a delay of more than a year, the Royal Dutch/Shell-led project to develop the offshore Nowruz and Soroosh structures is set to reach its plateau of 190,000 b/d in the next two to three months, after which National Iranian Oil Co....

Kazakhstan--a South Korean consortium led by state Korea National Oil Corp. (KNOC) has made a breakthrough in the offshore northern Caspian Sea by signing a preliminary agreement with state oil and gas company Kazmunaigas.(Countries)(Brief Article)
March 7, 2005... KAZAKHSTAN -- A South Korean consortium led by state Korea National Oil Corp. (KNOC) has made a breakthrough in the offshore northern Caspian Sea by signing a preliminary agreement with state oil and gas company Kazmunaigas. The deal takes the...

Mexico--crude oil production bounced back in January from December's depressed volumes, as offshore fields that had rested during domestic refinery maintenance were brought back up to capacity (PIW Jan.31,p7).(Countries)(Brief Article)
March 7, 2005... MEXICO -- Crude oil production bounced back in January from December's depressed volumes, as offshore fields that had rested during domestic refinery maintenance were brought back up to capacity (PIW Jan.31,p7). According to data from state...

Norway--Statoil is planning to invest $2.3 billion in late-life development plan for its North Sea Statfjord field, which will switch the emphasis from oil extraction to gas and achieve some world beating recovery rates.(Countries)(Brief Article)
March 7, 2005... NORWAY -- Statoil is planning to invest $2.3 billion in a late-life development plan for its North Sea Statfjord field, which will switch the emphasis from oil extraction to gas and achieve some world beating recovery rates. The revamp plans...

Russia--crude export duties could hit a new record high, with the fees poised to rise to as much as $101.70 per ton, or some $13.87 per barrel, from Apr. 1 after Moscow completes its monitoring of oil prices in January and February, a period in which Urals crude has averaged around $40.20/bbl.(Countries)(Brief Article)
March 7, 2005... RUSSIA -- Crude export duties could hit a new record high, with the fees poised to rise to as much as $101.70 per ton, or some $13.87 per barrel, from Apr. 1 after Moscow completes its monitoring of oil prices in January and February, a period...

Sparring partners: Rosneft resists Gazprom's embrace.(What's New Around the World)(OAO Gazprom's merger)
March 7, 2005... The mega-merger of Gazprom, the world's largest natural gas producer, with Russian state oil company Rosneft is back on the fast-track after a Houston court last week dismissed Yukos' claim for US bankruptcy protection following the seizure and...

Getting excited.(Marketview)(petroleum prices and demand)
March 7, 2005... WASHINGTON -- An already bullish market turned even more bullish last week. Benchmarks West Texas Intermediate (WTI) and Brent traded above $53 per barrel and $51/bbl, respectively, and are closing in on the all-time nominal highs set last...

PIW market indicators.(Marketview )(Petroleum Intelligence Weekly )(crude prices)(Illustration)
March 7, 2005... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $46.48 $43.96 $40.13 UK Brent (Dated) 50.23 ...

Double hull ship costs hit fuel oil margins.(Marketview)(Brief Article)
March 7, 2005... Heavy-grade oil traders are seeing their margins erode as shipping costs start to rise with the approach of Singapore's April ban on the use of single-hulled oil tankers. "Shipowners are taking the opportunity to jack up the rates... to find...

Rising stocks, prices pose Opec quandary.(Organization of Petroleum Exporting Countries)
March 14, 2005... The coincidence of soaring oil prices and rising stocks has focused Opec's attention firmly on the latter. So many of the classic assumptions about oil market behavior seem not to apply right now that rising OECD stocks in winter stand out as a...

High oil price raises puzzling questions again.
March 14, 2005... With oil prices once more hitting $55 per barrel despite apparently sufficient flows to meet demand, the spotlight is again on the puzzling disconnect between supply/demand fundamentals and sky-high prices. Among the two most popular...

Growth targets elude Europe's star players.
March 14, 2005... Last year was one of mixed fortunes for the big hitters of continental Europe. While Italian Eni and French Total toasted record profits, Spanish Repsol YPF had a forgettable year. All three have now set ambitions production targets for the...

M&A talk heats up for oil majors.(merger and acquisition)
March 14, 2005... All it takes is a rumor--this time it was ChevronTexaco considering a buyout of Unocal--to get Wall Street talking and investors wondering if a wave of merger and acquisition (M&A) activity is on the way. M&A has been strong in recent quarters,...

Qatar's LNG boom faces climbing costs.
March 14, 2005... With few technological breakthroughs anticipated for LNG facilities, project sponsors are looking at fundamental measures such as scale and project management skills to bring down unit costs. The cost-control challenge is as great today, when...

US refiners show way for process gains.
March 14, 2005... Refiners are committed to spending billions of dollars on hydro treatment to produce low-sulfur gasoline and diesel required as the US, Europe and much of the rest of the world clean up their act. But independent US refiners are putting up...

China's foreign drive faces long road ahead.(Petroleum industry)
March 14, 2005... The international upstream expansion of China's energy firms is ostensibly aimed at securing supply. The growing gap between near static domestic output and soaring oil demand worries Beijing's policy makers, who are keen to see the big three...

Corporate--Exxon Mobil's strategy isn't being swayed by the moves of competitors or the strength of oil prices.(General)(Brief Article)
March 14, 2005... CORPORATE -- Exxon Mobil's strategy isn't being swayed by the moves of competitors or the strength of oil prices. "You will not hear about some kind of radical restructuring or a major change in strategy or plan," Chief Executive Lee Raymond...

Formula prices--Saudi Arabia reduced the discounts in its price terms across the board for April.(General)(petroleum pricing)(Brief Article)
March 14, 2005... FORMULA PRICES -- Saudi Arabia reduced the discounts in its price terms across the board for April. The sole exception was Arab Heavy to Asia, which saw its discount raised by 40 cents per bbl. The narrow discounts from spot benchmark prices...

Industry restructuring--BP has retained investment banks Morgan Stanley and Goldman Sachs to advise on options for disposal of its petrochemical business, which is valued at about $8 billion.(General)
March 14, 2005... INDUSTRY RESTRUCTURING -- BP has retained investment banks Morgan Stanley and Goldman Sachs to advise on options for disposal of its petrochemical business, which is valued at about $8 billion. UK independent Dana Petroleum is to swap its 5%...

Sasol.(People)(appointed Pat Davies)(Alexei Ivchenko head of Naftogas Ukrainy)(Brief Article)
March 14, 2005... South Africa's Sasol has appointed Pat Davies chief executive from Jul. 1, succeeding Pieter Cox, who takes over as chairman from Paul du Kruger in January 2006. In Ukraine, Alexei Ivchenko, a member of President Viktor Yushchenko's political...

Algeria--state energy giant Sonatrach has signed letters of intent with 12 Italian firms for natural gas supply through the planned 900 km Galsi pipe to mainland Italy via Sardinia.(Countries)(Brief Article)
March 14, 2005... ALGERIA -- State energy giant Sonatrach has signed letters of intent with 12 Italian firms for natural gas supply through the planned 900 km Galsi pipe to mainland Italy via Sardinia. Italy's Edison has signed for up to 4 Bcm/yr (387-MMcf/d)...

China--construction work has started on the second of four storage centers for the country's planned 100-million bbl strategic petroleum reserve (SPR).(Countries)(Brief Article)
March 14, 2005... CHINA -- Construction work has started on the second of four storage centers for the country's planned 100-million bbl strategic petroleum reserve (SPR). The tank farm at Dalian, Liaoning province is destined to hold 18.7 million barrels of...

China--crude imports slumped in January, dropping by nearly a quarter to an average of 1.85 million b/d as refiners scaled back imports ahead of the lunar New Year holiday.(Countries)(Brief Article)
March 14, 2005... CHINA -- Crude imports slumped in January, dropping by nearly a quarter to an average of 1.85 million bid as refiners scaled back imports ahead of the lunar New Year holiday. The whopping 586,000 bid drop is exaggerated by unusually high...

Indonesia--supermajor BP has secured extended contractual rights to three blocks--Wiriagar, Muturi and Berau--that will ensure the viability of its long-awaited $5 billion Tangguh LNG project.(Countries)(British Petroleum Company PLC)(Brief Article)
March 14, 2005... INDONESIA -- Supermajor BP has secured extended contractual rights to three blocks--Wiriagar, Muturi and Berau--that will ensure the viability of its long-awaited $5 billion Tangguh LNG project. The project plans to use 14.4 Tcf of natural gas...

Kazakhstan--as Russia turns the clock back by effectively renationalizing Yukos, its Caspian neighbor is heading in the opposite direction with plans to privatize an upstream subsidiary of national oil and gas champion Kazmunaigas.(Countries)(Brief Article)
March 14, 2005... KAZAKHSTAN -- As Russia turns the clock back by effectively renationalizing Yukos, its Caspian neighbor is heading in the opposite direction with plans to privatize an upstream subsidiary of national oil and gas champion Kazmunaigas. The...

Libya--Occidental Petroleum has signed contracts with National Oil Corp. (NOC) for acreage won in the January licensing round, marking its formal return to the country.(Countries)
March 14, 2005... LIBYA -- Occidental Petroleum has signed contracts with National Oil Corp. (NOC) for acreage won in the January licensing round, marking its formal return to the country (PIW Feb.7,p3). Oxy, with partners, won the exploration rights to nine...

Malaysia--a crisis has erupted with Indonesia after the award of exploration rights to supermajor Royal Dutch/Shell in a disputed offshore area, where Jakarta says it had already awarded rights to US Unocal.(Countries)(Brief Article)
March 14, 2005... MALAYSIA -- A crisis has erupted with Indonesia after the award of exploration fights to supermajor Royal Dutch/Shell in a disputed offshore area, where Jakarta says it had already awarded rights to US Unocal. The two countries agreed last week...

Nigeria--tougher terms seemed set to be the order of the day in the bid round for 60 exploration blocks, including 12 deepwater ones, which was to due to kick off in Abuja at the end of last week.(Countries)(Brief Article)
March 14, 2005... NIGERIA -- Tougher terms seemed set to be the order of the day in the bid round for 60 exploration blocks, including 12 deepwater ones, which was to due to kick off in Abuja at the end of last week. In addition to the 12 blocks in the deep...

Russia--despite the turmoil of the Yukos affair and Gazprom's takeover of Rosneft, crude production is continuing to rise, albeit at a reduced rate.(Countries)(Brief Article)
March 14, 2005... RUSSIA -- Despite the turmoil of the Yukos affair and Gazprom's takeover of Rosneft, crude production is continuing to rise, albeit at a reduced rate. Output climbed to 9.33 million bid in February, according to preliminary data from the...

South Korea--crude imports climbed 4.8% to an average of 2.02 million b/d in January, up 92,000 b/d from a year earlier as refiners responded to colder weather and stronger domestic demand.(Countries)(Brief Article)
March 14, 2005... SOUTH KOREA -- Crude imports climbed 4.8% to an average of 2.02 million b/d in January, up 92,000 bid from a year earlier as refiners responded to colder weather and stronger domestic demand. Saudi Arabia supplied an average of 553,000 b/d,...

Global supply bounces back in February.(What's New Around the World)(Petroleum industry)
March 14, 2005... Global oil supply grew by an estimated 480,000 b/d in February from depressed January levels, as Opec largely maintained overall production levels due to a partial bounce back in Iraq. Non-Opec supply recovered, led by Norway and growing output...

Herd instinct.(Marketview)(Petroleum industry)
March 14, 2005... LONDON -- The market is overbought, inventories are building and Opec is no longer even pretending it may decide to cut production at its Mar. 16 meeting. But April Brent futures contemptuously defied such signals to set a new all-time record...

IPE bids goodbye to open outcry.(What's New Around the World)(International Petroleum Exchange of London Ltd.)(Brief Article)
March 14, 2005... London's International Petroleum Exchange (IPE) on Mar. 7 raised the stakes in its battle with the New York Mercantile Exchange (Nymex) for control of Brent crude futures by deciding to end open outcry trading and switch to full electronic...

PIW market indicators.(What's New Around the World)(Illustration)
March 14, 2005... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $49.01 $46.59 $41.68 UK Brent (Dated) 52.81 51.21 ...

Opec's soothing message fails to convince.(Organization of the Petroleum Exporting Countries )
March 21, 2005... If Opec's soothing message about steady oil supply and stable prices was intended to calm fevered markets last week, it manifestly failed. Sure, ministers changed tack and bumped up the Opec production ceiling with immediate effect, rather than...

SEC rules aside, big oil has reserves issues.(Securities and Exchange Commission)
March 21, 2005... The oil industry has applied heavy pressure in recent weeks on the US Securities and Exchange Commission (SEC) to overhaul its accounting rules for oil and gas reserves: Big Oil has funded a study by consultants Cambridge Energy Research...

Iraq struggles with flagging oil industry.
March 21, 2005... Two years after the US overthrew the regime of Saddam Hussein in Iraq, the country's production is running roughly 700,000 barrels per day below prewar levels of 2.8 million b/d--and falling. Plans have been drawn up and money set aside to turn...

Russia's oil firms shy away from investment.
March 21, 2005... The Russian oil industry--among the world's fastest growing--seems destined for a slowdown. Not only is the rate of production growth forecast to fall in 2005 to a six-year low of 3.8%, from an earlier forecast of 5%-6%, but companies, like...

Time to tame Iran's oil industry sprawl.(National Iranian Oil Co. plans restructuring)
March 21, 2005... Restructuring is on the cards for National Iranian Oil Co. (NIOC), Iran's state giant, which pumps 4 million barrels per day of crude oil, operates nine refineries with a total capacity close to 1.5 million b/d, and controls operations at the...

New product specs roil Indian refiners.
March 21, 2005... Thanks to an earlier largely private building boom, India's three state refiner-marketers have not had to import gas oil or most other products for five years--years in which Indian Oil Corp. (IOC), Bharat Petroleum and Hindustan Petroleum...

US firms weigh merits of cashing in reserves.
March 21, 2005... Oil and gas shares have left the rest of the stock market behind in a cloud of dust for a year or so now, causing some pundits to draw cautionary parallels with the technology stock boom of the 1990s. But not everybody belongs to the "too far,...

IEA--the International Energy Agency's most recent Oil Market Report attributes high oil prices mainly to rapid growth in demand, adding another 330,000 b/d to its 2005 demand estimate.(General)
March 21, 2005... IEA -- The International Energy Agency's most recent Oil Market Report attributes high oil prices mainly to rapid growth in demand, adding another 330,000 b/d to its 2005 demand estimate. Of that, 40,000 b/d reflects an upward revision in the...

Industry restructuring--Italy's Eni is the latest company rumored to be looking at a possible bid for Unocal.(General)
March 21, 2005... INDUSTRY RESTRUCTURING -- Italy's Eni is the latest company rumored to be looking at a possible bid for Unocal. The California-based producer's shares have soared this year on speculation that it could be a takeover target, first for China...

OPEC--the producer group adopted a new official reference basket of crudes last week, based on 11 streams representing the main export grades of all members, instead of the seven crudes in the current basket.(Organization of the Petroleum Exporting Countries)(Brief Article)
March 21, 2005... OPEC -- The producer group adopted a new official reference basket of crudes last week, based on 11 streams representing the main export grades of all members, instead of the seven crudes in the current basket. The 11 crude streams will be...

Austria--OMV is confident it can hit targets for expanding its upstream and downstream operations by the end of this year, some three years ahead of schedule.(OMV (Austria))(Brief Article)
March 21, 2005... AUSTRIA -- OMV is confident it can hit targets for expanding its upstream and downstream operations by the end of this year, some three years ahead of schedule. In 2002, OMV set itself the objective of achieving 350,000 boe/d of production, a...

Canada--Oil sands production continues to go gangbusters.(Suncor Energy Inc.)(Brief Article)
March 21, 2005... CANADA -- Oil Sands production continues to go gangbusters. Calgary-based Suncor Energy is on track to spend upwards of C$10 billion (US$8.3 billion) to boost its synthetic crude output from Northern Alberta oil sands to more than 500,000 b/d,...

China--PetroChina's record profits mask weak growth in its upstream oil segment, where production is flat and reserve replacement ratios are weak, but a planned $7.4 billion upstream spend could help turn this around.(PetroChina Company Ltd.)(Brief Article)
March 21, 2005... CHINA -- PetroChina's record profits mask weak growth in its upstream oil segment, where production is flat and reserve replacement ratios are weak, but a planned $7.4 billion upstream spend could help turn this around. PetroChina pumped an...

China--lobbying by Sinopec and PetroChina is pushing the government to raise domestic wholesale prices for the first time since August, just in time for an upswing in agricultural demand.(SINOPEC Company Ltd., PetroChina Company Ltd.)(Brief Article)
March 21, 2005... CHINA -- Lobbying by Sinopec and PetroChina is pushing the government to raise domestic wholesale prices for the first time since August, just in time for an upswing in agricultural demand. Prices for gas oil and gasoline are forecast to rise...

Kazakhstan--in a major breakthrough for companies eyeing acreage in the northern Caspian Sea, Oman and its strategic partner Royal Dutch/Shell are expected in the coming months to sign a production sharing agreement for the Zhemchuzinha Block.(Countries)(Brief Article)
March 21, 2005... KAZAKHSTAN -- In a major breakthrough for companies eyeing acreage in the northern Caspian Sea, Oman and its strategic partner Royal Dutch/Shell are expected in the coming months to sign a production sharing agreement for the Zhemchuzinha...

Libya--Brazil's Petrobras has signed a contract with National Oil Corp. (NOC) to explore Area 18, a region off the North African country's Mediterranean coast.(Petroleo Brasileiro S.A.)(Brief Article)
March 21, 2005... LIBYA -- Brazil's Petrobras has signed a contract with National Oil Corp. (NOC) to explore Area 18, a region off the North African country's Mediterranean coast. Petrobras holds a 70% stake and is the operator of the project, which includes Oil...

Myanmar--onshore exploration has become the exclusive preserve of national oil company Myanmar Oil & Gas Enterprise, reversing a trend of opening up to increased foreign investment.(Countries)(Brief Article)
March 21, 2005... MYANMAR -- Onshore exploration has become the exclusive preserve of national oil company Myanmar Oil & Gas Enterprise, reversing a trend of opening up to increased foreign investment. The energy ministry has informed foreign companies seeking...

Russia--after a bumpy start, natural gas monopoly Gazprom's takeover of state oil company Rosneft appears to be on track for completion this summer.(Countries)(Brief Article)
March 21, 2005... RUSSIA -- After a bumpy start, natural gas monopoly Gazprom's takeover of state oil company Rosneft appears to be on track for completion this summer. A program to consolidate the assets of Rosneft and Gazprom into a merged company has been...

Russia--crude oil exports are set to rise to 3.606 million b/d in the second quarter, up 209,000 b/d from the first, against a backdrop of a widespread shakeup of trading patterns in the wake of the turmoil surrounding Yukos.(Countries)(Brief Article)
March 21, 2005... RUSSIA -- Crude oil exports are set to rise to 3.606 million b/d in the second quarter, up 209,000 b/d from the first, against a backdrop of a widespread shakeup of trading patterns in the wake of the turmoil surrounding Yukos. The lion's share...

Russia--Yukos is fighting a fresh wave of allegations at home and abroad.(Countries)(Brief Article)
March 21, 2005... RUSSIA -- Yukos is fighting a fresh wave of allegations at home and abroad. State-owned Rosneft has hit the embattled company with an $11.2 billion lawsuit for debts that it claims are for unpaid taxes when Yukos still owned Yuganskneftegas,...

Saudi Arabia--foreign ventures exploring for natural gas are preparing to move onto drilling, after the initial phase of seismic work, with the first tenders for drilling rigs expected to be issued this month.(Countries)(Brief Article)
March 21, 2005... SAUDI ARABIA -- Foreign ventures exploring for natural gas are preparing to move onto drilling, after the initial phase of seismic work, with the first tenders for drilling rigs expected to be issued this month. Luksar Energy, a joint venture...

Venenzuela--the government has ordered a detailed tax review of oil producers holding operating service agreements with state Petroleos de Venezuela (PDV), claiming that 90% have failed to keep their books straight.(Countries)(Brief Article)
March 21, 2005... VENEZUELA--The government has ordered a detailed tax review of oil producers holding operating service agreements with state Petroleos de Venezuela (PDV), claiming that 90% have failed to keep their books straight. Venezuela's tax authority,...

Fundamentals show balanced market, prices don't.(What's New Around the World)
March 21, 2005... Oil market fundamentals point to a relatively balanced market at the moment, in stark contrast to current inflated price levels, according to recent soundings by PIW's sister publication Oil Market Intelligence (PIW Mar. 14,p 1). Stocks...

Betting against Opec.(Organization of the Petroleum Exporting Countries)
March 21, 2005... NEW YORK -- When Opec decided last Wednesday to increase output and allow petroleum inventory levels to rise, traders reacted the same way they had done after many previous Opec meetings in the past year: They bought the market. Opec'sefforts...

PIW market indicators.(Illustration)
March 21, 2005... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $50.19 $48.80 $43.96 UK Brent (Dated) 53.86 ...

Emotion rules as sell signals start to surface.(production management to meet the demand)
March 28, 2005... There seems to be a growing emotional consensus that oil prices can only go higher, and Opec's latest promise to pump more oil has not yet calmed expectations. Investors are bidding up oil prices on worries of a possible supply shortage...

Kuwait, Saudis up the game downstream.(production management to meet export demand)
March 28, 2005... The recent Opec meeting urged consumers and non-Opec producers to do more to address the global refining shortages, particularly of conversion capacity, which are contributing to higher oil prices. Fair enough, but what is Opec itseff doing?...

Enbridge cashes in on Canada's new growth.(petroleum industry )
March 28, 2005... Sky-high oil prices and restricted access to reserves in the big producer countries have turned formerly marginal hydrocarbons assets such as Canada's oil sands into hot commodities. This is proving a windfall for companies like Canada's...

Sinopec tries to keep up with demand.(China Petroleum and Chemical Corp.'s production management)
March 28, 2005... As the biggest refiner in the world's fastest growing market, Sinopec is riding the crest of the wave when it comes to China's oil growth. Tighter product specifications are being introduced in July, but unlike India where refiners were forced...

Brazil sets its sights on gas potential.(natural gas exploration to meet the demand)
March 28, 2005... After a run of oil discoveries that will ensure self-sufficiency by next year, Brazil is switching the focus onto natural gas, as it draws up its seventh bidding round. The round will feature gas prone areas, with the aim of bolstering recent...

US refiners remain wary of expansion.(forecasts and trends of petroleum refineries)
March 28, 2005... A new grassroots refinery is close to a construction start in Yuma, Arizona, marking the first plant built in the US since the mid-1970s. Does this mark a turning point and the beginning of the end to the panic about the adequacy of US refining...

Enbridge's Daniel: eyeing the US--Asia too.(chief executive officer Patrick D. Daniel)(Interview)
March 28, 2005... Calgary-based Enbridge began life 55 years ago--when it was known as Interprovincial Pipe Line--to move oil from Canada's first crude discovery in Alberta to refineries in eastern Canada. As Canada's oil production grew, so did Interprovincial,...

Algeria--after years of fierce debate, the new hydrocarbons law appears to be firmly on track for parliamentary approval in early April, after the powerful UGTA trade union dropped its opposition last month, possibly after receiving government assurances on jobs.(Countries)(Brief Article)
March 28, 2005... ALGERIA -- After years of fierce debate, the new hydrocarbons law appears to be firmly on track for parliamentary approval in early April, after the powerful UGTA trade union dropped its opposition last month, possibly after receiving...

Australia--the Sunrise LNG project, led by Woodside, is being edged into cold storage, as Canberra and East Timor are unable to resolve their territorial dispute and the development partners cannot agree on a mode of development for the 10 Tcf of gas reserves.(liquefied natural gas)(Brief Article)
March 28, 2005... AUSTRALIA -- The Sunrise LNG project, led by Woodside, is being edged into cold storage, as Canberra and East Timor are unable to resolve their territorial dispute and the development partners cannot agree on a mode of development for the 10...

Mexico--state oil company Pemex's proven oil reserves declined 7% to 17.6 billion bbl at the end of 2004 from 18.9 billion bbl at the end of 2003, using the US Securities and Exchange Commission's accounting standards.(Petroleos Mexicanos)(Brief Article)
March 28, 2005... MEXICO -- State oil company Pemex's proven oil reserves declined 7% to 17.6 billion bbl at the end of 2004 from 18.9 billion bbl at the end of 2003, using the US Securities and Exchange Commission's accounting standards. The decline in total...