Petroleum Intelligence Weekly articles from May 2002

Petroleum Intelligence Weekly archives from May 2002

Saudi Aramco takes the plunge into spot trading.
May 6, 2002... State Saudi Aramco has decided to make a leap forward into the world of spot trade through the creation of a special unit targeting the Asian market for refined products and derivatives. But just how big a deal is this? True, the move...

Forward Brent clawing back lost liquidity.
May 6, 2002... Is the 15-day or forward Brent market staging an unexpected comeback? It certainly seems that recent changes to the ailing market could allow it to claw back liquidity previously lost to London's International Petroleum Exchange Brent futures....

Algeria sticks to aggressive E&P expansion.(exploration and production of crude oil)
May 6, 2002... Notwithstanding Opec quota restrictions, which have limited authorized production to 693,000 barrels per day, or 63% of capacity, since the start of the year, Algeria is sticking to its aggressive exploration and development program. The goal...

US gas soars while European prices slump.(Industry Overview)
May 6, 2002... Long-term natural gas prices in Europe are at a two-year low and prompt UK gas prices slipped to a three-year low last month while US gas markets have surged in recent months, and may rise throughout 2002. Both regions have weathered a string...

Risk sharing holds key to gas delivery.(natural gas delivery schemes need suitabel financial arrangements)(Industry Overview)
May 6, 2002... While the world's huge untapped natural gas resources and growing demand are a given, the greater challenge is proving to be how to pay to develop the pipelines and liquefied natural gas (LNG) facilities needed to bring distant supplies to...

Capital markets snap up energy sector offerings.
May 6, 2002... One might think that volatile commodity prices, weak financial results, and the implosion of Enron would turn the capital markets off the energy sector. Far from it. Over the past six months investors have shown a remarkable appetite for energy...

Indian risk puts Mideast Gulf LNG projects on edge.
May 6, 2002... Mideast Gulf liquefied natural gas (LNG) sellers are finding that India continues to spring unwelcome surprises as a market. Last year, the collapse of Enron's Dabhol project sent Oman LNG and Abu Dhabi's Adgas scrambling for new buyers to take...

Algeria's Khelil opts to stay the course.(Algerian Oil Minister Chakib Khelil)(Interview)
May 6, 2002... In an interview with PIW in Algiers last week, Oil Minister Chakib Khelil made no apologies for high oil prices, attributing current levels to high fuel taxes and Mideast tensions--not Opec production cuts. In his three years as oil minister,...

Corporate--First-quarter profits reported last week by Europe's two supermajors were down sharply but both BP and Royal Dutch/Shell still came in towards the top end of analysts' expectations. (General).(Brief Article)
May 6, 2002... CORPORATE--First-quarter profits reported last week by Europe's two supermajors were down sharply but both BP and Royal Dutch/Shell still came in towards the top end of analysts' expectations. BP posted headline earnings of $1.582 billion, down...

Industry restructuring- Exxon Mobil began the process of post-merger asset rationalization by selling its copper mining business in Chile, Compania Minera Disputada de las Condes Limituda, to Anglo American for $1.3 billion, plus future contingent payments in the event of higher copper prices. (General).(Brief Article)
May 6, 2002... INDUSTRY RESTRUCTURING--Exxon Mobil began the process of post-merger asset rationalization by selling its copper mining business in Chile, Compania Minera Disputada de las Condes Limituda, to Anglo American for $1.3 billion, plus future...

China -- Contrasting results from two top companies reflect downstream pains and upstream gain. (Countries).(Brief Article)
May 6, 2002... CHINA -- Contrasting results from two top companies reflect downstream pains and upstream gain. State refiner Sinopec saw its share price slump last week after declaring an 86% drop on year-ago first-quarter profits to $65 million, with only...

Equatorial Guinea -- Exxon Mobil is moving ahead with a $900 million project to produce another 110,000 b/d by 2003 from the offshore Zafiro field, on top of existing output of 150,000 b/d. (Countries).(Brief Article)
May 6, 2002... EQUATORIAL GUINEA -- Exxon Mobil is moving ahead with a $900 million project to produce another 110,000 b/d by 2003 from the offshore Zafiro field, on top of existing output of 150,000 b/d. The Zafiro Southern Expansion Area project will...

Iran -- State National Iranian Oil Co. (NIOC) has shipped its first condensate from the giant South Pars gas structure. (Countries).(Brief Article)
May 6, 2002... IRAN -- State National Iranian Oil Co. (NIOC) has shipped its first condensate from the giant South Pars gas structure. The 34,000 ton cargo went to Dubai's Emirates National Oil Co. (Enoc) for its Jebel Ali condensate refinery.. The condensate...

Iraq -- The political temperature in the surrounding region will be a major concern for President Saddam Hussein as he considers whether to extend the crude oil export ban when it expires May 7. (Countries).(Brief Article)
May 6, 2002... IRAQ -- The political temperature in the surrounding region will be a major concern for President Saddam Hussein as he considers whether to extend the crude oil export ban when it expires May 7. Since the start of the ban on Apr. 8 in protest...

Japan -- The crisis facing Tokyo's upstream investment policy has been solved by Tokyo's feuding ministries agreeing to both the demise of Japan National Oil Co. (Countries).(Brief Article)
May 6, 2002... JAPAN -- The crisis facing Tokyo's upstream investment policy has been solved by Tokyo's feuding ministries agreeing to both the demise of Japan National Oil Co. (JNOC)--and its longer-term survival. Japan's restructuring agency says from next...

Japan -- Oil demand, which has contracted steadily for nearly a year, took a steep dive in March, according to preliminary data from the Ministry of Economy, Trade & Industry. (Countries).(Brief Article)
May 6, 2002... JAPAN -- Oil demand, which has contracted steadily for nearly a year, took a steep dive in March, according to preliminary data from the Ministry of Economy, Trade & Industry. Total product demand fell by 7.6% relative to March 2001, the...

Kuwait -- Despite a severe accident at its second largest producing field, Kuwait is on track to boost capacity to 3 million b/d from 2.4 million b/d by 2005. (Countries).(Brief Article)
May 6, 2002... KUWAIT -- Despite a severe accident at its second largest producing field, Kuwait is on track to boost capacity to 3 million b/d from 2.4 million b/d by 2005. The Jan. 31 blast at its Raudhatain oil field cut off supplies of 610,000 b/d from...

Mexico -- In yet another negative signal for energy reform, the Supreme Court struck down a year-old executive order that allowed private industries to sell any surplus electricity they generated to the two state utilities. (Countries).(Brief Article)
May 6, 2002... MEXICO -- In yet another negative signal for energy reform, the Supreme Court struck down a year-old executive order that allowed private industries to sell any surplus electricity they generated to the two state utilities. President Vicente...

Oman -- Petroleum Development Oman (PDO) says its new discovery at the Dafaq oil field, near last year's cluster of finds at Harweel, could contain reserves of up to 40 million bbl of oil, bringing total reserves in the area to nearly 300 million bbl (PIW Feb. 12'01,p3). (Countries).(Brief Article)
May 6, 2002... OMAN -- Petroleum Development Oman (PDO) says its new discovery at the Dafaq oil field, near last year's cluster of finds at Harweel, could contain reserves of up to 40 million bbl of oil, bringing total reserves in the area to nearly 300...

Thailand -- Debt restructuring at the 150,000 b/d Star refinery is improving prospects for Oman's bid for a foothold in Asian refining. (Countries).(Brief Article)
May 6, 2002... THAILAND -- Debt restructuring at the 150,000 b/d Star refinery is improving prospects for Oman's bid for a foothold in Asian refining. State Petroleum Authority of Thailand (PTT) is rescheduling payments on $400 million in debt, potentially...

UAE -- The UAE Offsets Group (UOG) is evaluating five offers that are all well in excess of $200 million from Conoco, Exxon Mobil, Royal Dutch/Shell, BP, and Occidental for a stake of up to 24.5% in the $3.5 billion Dolphin project to import up to 2 Bcf/d of natural gas from Qatar (PIW Mar. 18,p7). (Countries).
May 6, 2002... UAE -- The UAE Offsets Group (UOG) is evaluating five offers that are all well in excess of $200 million from Conoco, Exxon Mobil, Royal Dutch/Shell, BP, and Occidental for a stake of up to 24.5% in the $3.5 billion Dolphin project to import up...

United States -- The absence of Iraqi crude and lower-than-expected Alaskan North Slope (ANS) crude supplies have combined to close the differential between ANS and the higher-quality West Texas Intermediate to just 75 cents/bbl, the narrowest ANS discount in more than four years. (Countries).(Brief Article)
May 6, 2002... UNITED STATES -- The absence of Iraqi crude and lower-than-expected Alaskan North Slope (ANS) crude supplies have combined to close the differential between ANS and the higher-quality West Texas Intermediate to just 75 cents/bbl, the narrowest...

Russian cuts mean more oil not less.
May 6, 2002... If Opec should decide to keep the lid on output from mid-year, it can be almost certain of one thing: Russia will not come along for the ride. Russian oil production and exports both increased in the first quarter despite pledges made to Opec...

No retreat. (Marketview).(crude oil futures prices)
May 6, 2002... NEW YORK -- Crude oil futures faced downward pressure in the latter part of last week, from surprisingly bearish US inventory data and a slight easing of Mideast tensions--just after prices surpassed pre-Sep. 11 levels. Last Monday light, sweet...

GTL schemes are inching ahead again.(gas-to-liquids)(Brief Article)
May 6, 2002... High natural gas prices in 2000 and early 2001 prompted many players in the nascent natural gas-to-liquids (GTL) sector to shift their focus to liquefied natural gas and pipeline options, but now GTL efforts are again moving forward on several...

PIW market indicators.(Petroleum Intelligence Weekly)(Illustration)
May 6, 2002... PIW Market Indicators Last 2 Weeks 4 Weeks Week Ago Ago Spot Crude Opec Basket $25.60 $25.01 $24.43 UK Brent (Dated)...

Heavy oils gain weight in global mix.(Brief Article)(Statistical Data Included)
May 13, 2002... The mix of global crude oil supplies is set to move decisively toward the heavy end of the crude slate, as deposits of lighter, more accessible crude are played out. The combination of heavier conventional crude, extra-heavy crude, bitumen, tar...

Total tops list of loyal Syrian term buyers.(Sytrol contracts)(Brief Article)(Statistical Data Included)
May 13, 2002... The remarkable surge in Syrian crude oil exports over the past 18 months -- attributable to Syria's regular intake of over 150,000 barrels per day of Iraqi crude pumped to the Homs and Banias refineries -- has enabled state marketer Sytrol to...

Senate alleges US refiners fix prices.(Brief Article)(Statistical Data Included)
May 13, 2002... US refiners are feeling heat from politicians and the media, facing allegations of price collusion. A Senate committee released a report accusing firms of deliberately withholding or reducing gasoline supplies when markets are tight to increase...

Iraqi embargo takes down April supply.(world oil supply production)(Brief Article)(Statistical Data Included)
May 13, 2002... Global supply fell by 600,000 barrels per day last month to 75.32 million b/d, 1.2 million b/d lower than a year ago. The monthly decrease relates almost entirely to Iraq's one-month embargo from Apr. 8 in support of the Palestinians. Other...

Dry holes lower hopes for big Angolan finds.(Brief Article)(Statistical Data Included)
May 13, 2002... Three dry holes do not spell disaster for those exploring Angola's ultra-deep waters. But they are casting a shadow over the expectations of majors who paid bank-breaking signature bonuses to secure stakes near one of the world's most prolific...

Ecuador basks in price boom, volumes next.(Brief Article)
May 13, 2002... When Ecuador revised down its 2002 state budget forecast because of lower oil prices, it was not counting on the rapid recovery of its flagship 24 [degrees] API Oriente grade on the spot market nor the sharp upgrade in proved reserves....

Corporate -- Norway's Statoil reported first-quarter pretax profits of $1.302 billion, down only 27% year-on-year, a good performance compared with the 45%-60% profit drop many majors reported for the quarter. (General).(Brief Article)(Statistical Data Included)
May 13, 2002... CORPORATE -- Norway's Statoil reported first-quarter pretax profits of $1.302 billion, down only 27% year-on-year, a good performance compared with the 45%-60% profit drop many majors reported for the quarter. The state-controlled company was...

Corporate -- US energy merchant El Paso announced plans to develop offshore regasification facilities for LNG in the Gulf of Mexico and off the Atlantic Coast. (General).(Brief Article)
May 13, 2002... CORPORATE -- US energy merchant El Paso announced plans to develop offshore regasification facilities for LNG in the Gulf of Mexico and off the Atlantic Coast. The system is the first of its kind in the world. El Paso aims to build receiving...

Formula prices -- Saudi Arabia narrowed the price differential slightly for most grades for June delivery to the US, Europe, and Asia. (General).(Brief Article)(Statistical Data Included)
May 13, 2002... FORMULA PRICES -- Saudi Arabia narrowed the price differential slightly for most grades for June delivery to the US, Europe, and Asia. All grades bound for the US market narrowed their differentials to benchmark crude West Texas Intermediate...

Industry restructuring -- Norway's Statoil is selling its Danish oil and gas production business to Denmark's state-run Dong for $120 million to focus on core areas and explore new ones. (General).(Brief Article)(Statistical Data Included)
May 13, 2002... INDUSTRY RESTRUCTURING -- Norway's Statoil is selling its Danish oil and gas production business to Denmark's state-run Dong for $120 million to focus on core areas and explore new ones. The assets include a 40% stake in the Siri and Stine...

Brazil -- Brazil's National Oil Agency (ANP) will launch its fourth licensing round on Jun. 19-20 to auction off 54 blocks located in 18 sedimentary basins. Thirty-one companies -- among them eight newcomers -- have signed up to participate in the round, which will offer 15 onshore and 39 offshore blocks, according to a statement released by the ANP. (Countries).(Brief Article)
May 13, 2002... BRAZIL -- Brazil's National Oil Agency (ANP) will launch its fourth licensing round on Jun. 19-20 to auction off 54 blocks located in 18 sedimentary basins. Thirty-one companies -- among them eight newcomers -- have signed up to participate in...

China -- Beijing gave the nod to Sinopec to acquire a minority stake in the $18 billion West-East gas pipeline. (Countries).(Brief Article)(Statistical Data Included)
May 13, 2002... CHINA -- Beijing gave the nod to Sinopec to acquire a minority stake in the $18 billion West-East gas pipeline. Sinopec will only hold a limited 5%-10% stake in the project. The mega-project is of interest to Sinopec as its subsidiary, Xinxing...

China -- Royal Dutch/Shell plans to bid aggressively for a stake in China's second LNG terminal, a 2.5 million ton/yr facility to be built in Fujian province, on the country's east coast. (Countries).(Brief Article)
May 13, 2002... CHINA -- Royal Dutch/Shell plans to bid aggressively for a stake in China's second LNG terminal, a 2.5 million ton/yr facility to be built in Fujian province, on the country's east coast. Shell is already a contender to supply LNG to the first...

Colombia -- A disappointed Occidental has decided to relinquish the 110,000 acre Siriri Block to state Ecopetrol. After drilling to a depth of 12,000 feet, at a cost of $100 million, Oxy found only isolated traces of gas and water. Oxy's announcement was welcomed by the indigenous U'wa community of northeastern Colombia. (Countries).(Brief Article)
May 13, 2002... COLOMBIA -- A disappointed Occidental has decided to relinquish the 110,000 acre Siriri Block to state Ecopetrol. After drilling to a depth of 12,000 feet, at a cost of $100 million, Oxy found only isolated traces of gas and water. Oxy's...

Egypt -- Egypt and Libya have finished groundwork for a 620 km double pipeline project to carry Egyptian gas to Libya and Libyan crude to Egypt, according to Egyptian Oil Minister Sameh Fahmi. (Countries).(Brief Article)
May 13, 2002... EGYPT -- Egypt and Libya have finished groundwork for a 620 km double pipeline project to carry Egyptian gas to Libya and Libyan crude to Egypt, according to Egyptian Oil Minister Sameh Fahmi. The routing of the first part of the pipeline,...

Kazakstan -- during a four-day visit to Moscow that began May 12, President Nursultan Nazarbaev was expected to sign a raft of energy agreements binding Kazakslan closer to Russia. (Countries).(Brief Article)
May 13, 2002... KAZAKSTAN -- During a four-day visit to Moscow that began May 12, President Nursultan Nazarbaev was expected to sign a raft of energy agreements binding Kazakslan closer to Russia. One agreement calls for the creation of a joint venture between...

Peru -- Belgian Tractebel has deepened its involvement in Latin America, signing a 30-year agreement to build and operate the first distribution network for gas from Peru's 13 Tcf Camisea field. (Countries).(Brief Article)
May 13, 2002... PERU -- Belgian Tractebel has deepened its involvement in Latin America, signing a 30-year agreement to build and operate the first distribution network for gas from Peru's 13 Tcf Camisea field. Tractebel, which already operates LNG terminals...

Russia -- Gazprom, the world's largest gas producer, has fallen short of its profit forecast for 2001. (Countries).(Brief Article)(Statistical Data Included)
May 13, 2002... RUSSIA -- Gazprom, the world's largest gas producer, has fallen short of its profit forecast for 2001. The company posted a 2001 non-consolidated net profit of 71.9 billion rubles ($2.5 billion) in accounts prepared according to Russian...

UAE -- US-based Occidental is set to expand its presence in the Mideast Gulf after the UAE Offsets Group (UOG) awarded the company a 24.5% stake in the $3.5 billion Dolphin project, which will deliver up to 2 Bcf/d of gas from Qatar to the UAE from late 2005. (Countries).(Brief Article)(Statistical Data Included)
May 13, 2002... UAE -- US-based Occidental is set to expand its presence in the Mideast Gulf after the UAE Offsets Group (UOG) awarded the company a 24.5% stake in the $3.5 billion Dolphin project, which will deliver up to 2 Bcf/d of gas from Qatar to the UAE...

US refiners eager to buy Iraqi crude again.(Brief Article)
May 13, 2002... US refiners plan to continue buying Iraqi crude, despite a recent Senate vote banning Iraqi oil imports. Ship fixtures published after Iraq's decision to resume crude exports on May 8, following a month-long outage protesting Western support...

Marketview.(Brief Article)(Industry Overview)
May 13, 2002... Malaise Asian traders are worried that the restart of Iraqi crude exports will weaken the regional sour crude market. While this might seem good news for the region's browbeaten refiners, they are preoccupied by weak regional product...

PIW Market Indicators.(Brief Article)(Illustration)(Statistical Data Included)
May 13, 2002... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $24.64 $25.01 $23.54 UK Brent (Dated) ...

WTI again under fire as marker.(West Texas Intermediate crude oil prices said to be manipulated)
May 20, 2002... Hard on the heels of the intense debate in Europe about Brent's credibility as a benchmark, it is now the US' turn. Pricing service Platts and the New York Mercantile Exchange (Nymex) have started talking about how to shore up the credibility...

Booking Mideast oil reserves remains elusive.(Brief Article)
May 20, 2002... After a period of optimism, the international oil companies (IOCs) hungry to book some of the oil and gas riches of the Mideast Gulf are facing up to reality--the upstream opportunities are few, far between, and going nowhere fast. No majors...

German giants switch off oil for gas, power.(Brief Article)
May 20, 2002... The transforming potential of focusing on a core business has few better examples than Germany's twin power giants E.On and RWE. Their focus on gas and power has transformed the once lumbering industrial conglomerates into two of Europe's...

US gas drilling lags, needs higher prices.(Brief Article)
May 20, 2002... With spot prices for US natural gas hovering above $3 per million Btu for about eight weeks now--nearly reaching $4/MMBtu last week--and forward prices looking even more robust at around $4.30/MMBtu for the upcoming winter, one might expect a...

ENI captain repels foes, retains helm.(Brief Article)
May 20, 2002... Italy's great survivor has done it again. ENI Chief Executive Vittorio Mincato has seen off interfering chairmen and meddling politicians in his three-and-a-half years heading the oil and gas giant, and come through more popular with investors...

Petronas gears up for Asian asset scrap.(Brief Article)
May 20, 2002... Look out for the increasingly fierce competition for upstream assets among Asia's top oil companies to ratchet up even further. To overcome domestic constraints, Asian firms are bent on global expansion, and are spending liberally to achieve...

Final fix for Brent market manipulation.(Brief Article)
May 20, 2002... One week on from its seminal meeting with the Brent trading community, pricing service Platts is as adamant as ever that the market in the international benchmark crude oil needs "fixing" and is determined that its proposals will be...

Industry restructuring--Repsol YPF is selling up to 23% of the share capital in Gas Natural, reducing its stake from roughly 47% to 23%, and raising $967 million to pay down debt. (General).(Brief Article)
May 20, 2002... INDUSTRY RESTRUCTURING -- Repsol YPF is selling up to 23% of the share capital in Gas Natural, reducing its stake from roughly 47% to 24%, and raising $967 million to pay down debt. Long rumored to be the next big takeover target in Western...

Tankers--Frontline, the world's largest tanker operator and owner, is withdrawing from Tankers International, the tanker pool it took the initiative to establish just two years ago. (General).(Brief Article)
May 20, 2002... TANKERS -- Frontline, the world's largest tanker operator and owner, is withdrawing from Tankers International, the tanker pool it took the initiative to establish just two years ago. The pool, by far the largest in the sector, handled 59...

Formula prices -- Mexico's state Pemex maintained its discount for Maya crude headed for the US Gulf while narrowing the discount on Maya headed for the US West Coast by 20 cents/bbl. (General).(Brief Article)(Illustration)(Statistical Data Included)
May 20, 2002... FORMULA PRICES -- Mexico's state Pemex maintained its discount for Maya crude headed for the US Gulf while narrowing the discount on Maya headed for the US West Coast by 20 cents/bbl. The discount on US-bound Isthmus was slashed by 10 cents/bbl...

Algeria--the giant integrated project in Gassi Touil, as yet untendered, is forecast to export at least 10 Bcm/yr of gas, according to Energy and Mines Minister Chakib Khelil. (Countries).(Brief Article)(Statistical Data Included)
May 20, 2002... ALGERIA -- The giant integrated project in Gassi Touil, as yet untendered, is forecast to export at least 10 Bcm/yr of gas, according to Energy and Mines Minister Chakib Khelil. The fields contain estimate reserves of more than 200 Bcm (PIW May...

Angola--Ultra deepwater plays lost more of their allure after state Sonangol, Phillips, and Norsk Hydro confirmed their first exploration well on Block 34 to be a dry hole. (Countries).(Brief Article)(Statistical Data Included)
May 20, 2002... ANGOLA -- Ultra deepwater plays lost more of their allure after state Sonangol, Phillips, and Norsk Hydro confirmed their first exploration well on Block 34 to be a dry hole. The well is the third no-show in the ultra-deep, after BP's on Block...

Brazil--in contrast to rival oil giants, first quarter results from state Petrobras showed a sparkling 10% rise in year on year crude oil output to 1.48 million b/d. (Countries).(Petroleo Brasileiro S.A.)(Brief Article)(Statistical Data Included)
May 20, 2002... BRAZIL -- In contrast to rival oil giants, first quarter results from state Petrobras showed a sparkling 10% rise in year on year crude oil output to 1.48 million b/d. Far less spectacular was the 62% drop in earnings from the previous year to...

Canada--US Marathon is planning to drill a parallel well bore at its Annapolis prospect in Canadian Atlantic waters off Nova Scotia. (Countries).(Brief Article)(Statistical Data Included)
May 20, 2002... CANADA -- US Marathon is planning to drill a parallel well bore at its Annapolis prospect in Canadian Atlantic waters off Nova Scotia. After hitting a gas pocket in its original B-24 well in April, the well was abandoned before target depth was...

China--in the first firm deal of its kind, Royal Dutch/Shell has teamed up in a 50-50 joint venture with China Petrochemical Corp. (Sinopec) to invest $200 million to build some 500 retail outlets in Jiangsu province over three years. (Countries).(Brief Article)(Statistical Data Included)
May 20, 2002... CHINA -- In the first firm deal of its kind, Royal Dutch/Shell has teamed up in a 50-50 joint venture with China Petrochemical Corp. (Sinopec) to invest $200 million to build some 500 retail outlets in Jiangsu province over three years. The...

Iran--Petro Iran, a Jersey-registered affiliate of state National Iranian Oil Co. (NIOC), won the buyback contract to raise production from offshore Foroozan and Esfandiar oil fields--not a foreign oil company, as largely expected. (Countries).(Brief Article)(Statistical Data Included)
May 20, 2002... IRAN -- Petro Iran, a Jersey-registered affiliate of state National Iranian Oil Co. (NIOC), won the buyback contract to raise production from offshore Foroozan and Esfandiar oil fields--not a foreign oil company, as largely expected....

IRAQ--the UN Security Council last week approved a technical rollover of its oil-for-food program in a unanimous vote on a resolution that will make it easier for Iraq to import humanitarian goods. (Countries).(Brief Article)
May 20, 2002... IRAQ -- The UN Security Council last week approved a technical rollover of its oil-for-food program in a unanimous vote on a resolution that will make it easier for Iraq to import humanitarian goods. Now it is up to Iraq to accept the terms....

Kazakstan--the signing of a protocol delineating the northern Caspian Sea--a political breakthrough with Russia--opens the door for exploring the vast Kurmangazy structure, which Kazak President Nursultan Nazarbaev described as "a huge structure, second only to Kashagan." (Countries).(Brief Article)(Statistical Data Included)
May 20, 2002... KAZAKSTAN -- The signing of a protocol delineating the northern Caspian Sea--a political breakthrough with Russia--opens the door for exploring the vast Kurmangazy structure, which Kazak President Nursultan Nazarbaev described as "a huge...

Thailand--with Bangkok talking up the prospects for an early resolution of the disputed offshore border with Cambodia, Conoco is ready to invest around $1.5 billion in the Gulf of Thailand to develop what the company estimates is 6 Tcf-8 Tcf of natural gas reserves. (Countries).(Brief Article)(Statistical Data Included)
May 20, 2002... THAILAND -- With Bangkok talking up the prospects for an early resolution of the disputed offshore border with Cambodia, Conoco is ready to invest around $1.5 billion in the Gulf of Thailand to develop what the company estimates is 6 Tcf-8 Tcf...

Russia--Prime Minister Mikhail Kasyanov will meet the heads of leading domestic oil companies this month to discuss whether Moscow should continue crude export restrictions into the third quarter to maintain solidarity with Opec. (Countries).(Organization of Petroleum Exporting Countries)(Brief Article)(Illustration)(Statistical Data Included)
May 20, 2002... RUSSIA -- Prime Minister Mikhail Kasyanov will meet the heads of leading domestic oil companies this month to discuss whether Moscow should continue crude export restrictions into the third quarter to maintain solidarity with Opec. Russian...

Inflated figures further tarnish energy merchants.
May 20, 2002... It's confession time again in the energy merchant sector, and stockholders hate what they are hearing. Several shares in the sector that disgraced Enron once dominated crashed to new 52-week lows in intra-day trading last week, as CMS admitted...

Smoke and mirrors. (Marketview).(petroleum market overview)(Brief Article)(Statistical Data Included)
May 20, 2002... NEW YORK -- Market whispers last week focused on evidence of yet another wet-barrel crude squeeze,knocking the futures markets out of whack as they used physical trades as a guide. This play involves trade on both time differentials and spreads...

Total chalks up find in Nigeria.(Total Fina Elf makes significant oil discovery)(Brief Article)(Statistical Data Included)
May 20, 2002... Total Fina Elf reported another "significant" oil discovery in offshore prospecting license (OPL) 222, reinforcing the block's deepwater potential. Total says the Usan-1 discovery, drilled 100 km offshore Nigeria in water depths of 750 meters,...

PIW market indicators.(crude petroleum prices by region)(Brief Article)(Illustration)(Statistical Data Included)
May 20, 2002... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $25.95 $24.99 $25.01 UK Brent (Dated) 26.52 26.14 26.35 UK...

Oman poised to trade crude in Asia.(Brief Article)(Statistical Data Included)
May 27, 2002... Rather than standing on the sidelines as Asia's traders, price reporters, and refiners seek their own solutions to the problem of the Dubai market's lack of liquidity, Oman's ministry of oil and gas (MOG) is considering establishing an...

Opec pact is losing its heavy hitter.(Brief Article)(Statistical Data Included)
May 27, 2002... Just as Opec was settling for no change in quotas at its Jun. 26 meeting, the group consensus is being thrown into doubt by ultra-loyalist Venezuela, and the defection of non-Opec allies. With demand still subdued, Opec giant Saudi Arabia sees...

Iran opening is closing to foreign firms.(Brief Article)(Statistical Data Included)
May 27, 2002... After a long lull, Iran appears to be making headway in concluding upstream "buyback" deals that are crucial to boosting capacity from around 4 million barrels per day to 5 million b/d by 2005. But the big beneficiaries are local companies--in...

Oil prices fly in face of fundamentals.(Brief Article)(Statistical Data Included)
May 27, 2002... With just a month to go to its next meeting, Opec has given plentiful signals it will maintain current production levels (p1). And based on the latest estimates of global oil supply, demand, and inventories, the producer group would be hard...

Firms tread with caution in Brazil.(Brief Article)
May 27, 2002... All signs point toward a low-octane fourth bid round in Brazil, where 54 blocks in 18 sedimentary basins are being offered next month. The reasons for a slowdown in foreign participation--35 companies signed up to bid this year compared with 44...

Price spread hurts heavy refinery deals.(Brief Article)(Statistical Data Included)
May 27, 2002... The US refiners who locked into heavy crude oil supply deals with Latin American partners are having a rough time at the moment. Successive Opec cuts since 2000 have so tightened the supply of heavy crudes that their differential to benchmark...

US knocks, but Russia goes it alone.(Brief Article)(Statistical Data Included)
May 27, 2002... Whatever the immediate consequences of US President George W. Bush's first visit to Moscow last week, some form of closer energy connection is likely to be a lasting legacy. The question is to know its extent. US firms want greater access to...

Corporate--scale matters in the international energy industry. (General).(Brief Article)
May 27, 2002... CORPORATE -- Scale matters in the international energy industry. The mega-mergers that set off the trend have largely run their course, but a host of mergers and acquisitions in second- and third-tier companies is still underway. The forces...

Industry restructuring--in a North Sea asset swap BG is acquiring BP's 1.76% interest in the Elgin/Franklin field plus associated infrastructure, its 18% Neptune field stake, its 75% Atlantic field stake, plus various other interests. (General).(Brief Article)(Statistical Data Included)
May 27, 2002... INDUSTRY RESTRUCTURING -- In a North Sea asset swap BG is acquiring BP's 1.76% interest in the Elgin/Franklin field plus associated infrastructure, its 18% Neptune field stake, its 75% Atlantic field stake, plus various other interests. In...

North Sea--loading schedules for June show exports dropping over 600,000 b/d as Norway strives to meet its quarterly average output target in cooperation with Opec. (General).(Brief Article)(Statistical Data Included)
May 27, 2002... NORTH SEA -- Loading schedules for June show exports dropping over 600,000 b/d as Norway strives to meet its quarterly average output target in cooperation with Opec. Norwegian compliance during the second quarter seems assured as Statoil and...

Tankers--spot rates for very large crude carriers (VLCCs) surged to year highs early last week on a flurry of chartering for early June cargoes, before sliding slightly back towards the end of the week. (General).(Brief Article)(Statistical Data Included)
May 27, 2002... TANKERS -- Spot rates for very large crude carriers (VLCCs) surged to year highs early last week on a flurry of chartering for early June cargoes, before sliding slightly back towards the end of the week. Early last week, it cost about 59...

East Timor--the world's newest nation is determined to wrest what it can from the Greater Sunrise oil and gas fields it shares with Australia, although this could hold up development. (Countries).(Brief Article)(Statistical Data Included)
May 27, 2002... EAST TIMOR -- The world's newest nation is determined to wrest what it can from the Greater Sunrise oil and gas fields it shares with Australia, although this could hold up development. Project leader Woodside Petroleum, which has 33.44% of the...