Petroleum Intelligence Weekly articles from May 2003

Petroleum Intelligence Weekly archives from May 2003

North America no longer M&A leader.
May 5, 2003... Once the undisputed capital of upstream merger and acquisition (M&A) activity, North America has taken a backseat to overseas markets over the past 18 months. Expensive asset prices, weak exploration results, and high operating costs have...

Iraqi oil flows covering needs, exports next? (Eye On Iraq).
May 5, 2003... Iraq's oil production is being brought back to life at gathering speed by the team of US army engineers and the growing number of Iraqi specialists who are returning to work. Production in the south was pushing 250,000 barrels per day last...

Petronas packs global punch in LNG game.
May 5, 2003... A rash of new acquisitions is marking out Malaysia's Petronas as no ordinary national oil company. A shipping deal in Singapore and an oil field purchase in Sudan last week strengthened its oil arm. But the $1.75 billion buy-in to Egyptian...

Iraq's new oil industry is a long way off. (Eye On Iraq).
May 5, 2003... Although Iraqi oil production and operations made rapid strides toward recovery last week and the interim advisory committee for the oil industry began to take clearer shape, the full emergence of the postwar oil industry is a long way off....

Exxon scores gains in gas technologies.
May 5, 2003... Like a cat protecting her kittens, Exxon Mobil's trademark tiger prefers to keep hidden its research and development efforts until they reach the likely survival stage. Exxon acted just that way with the recent disclosure of several new almost...

Service firms seek lift from less tension.(Industry Overview)
May 5, 2003... While oil companies are delivering impressive first-quarter results on the back of high oil prices, oil field service providers and drilling contractors are still waiting for their turn to shine in the spotlight. Their business has lagged as...

Stocks need rebuilding, but by how much?(Industry Overview)
May 5, 2003... Global oil inventories are in need of rebuilding during this quarter if they are to provide a more comfortable cushion against oil supply disruptions. The question is how much more is needed. Nobody can be sure any more. Most agree that...

Corporate--the brave, even reckless $17 billion hostile bid by Spanish Gas Natural (GN) for leading electricity firm Iberdrola has almost certainly collapsed after rejection by the energy regulator. (General).(Spanish Gas Natural )(Brief Article)
May 5, 2003... CORPORATE -- The brave, even reckless $17 billion hostile bid by Spanish Gas Natural (GN) for leading electricity firm Iberdrola has almost certainly collapsed after rejection by the energy regulator. Rejection by the Comision Nacional de...

Futures--London's International Petroleum Exchange (IPE) has begun the task of closing its trading pit, revealing last week plans to move the morning trading session for Brent crude futures contracts from the floor to the IntercontinentalExchange's (ICE) electronic trading platform in July. (General).(Brief Article)
May 5, 2003... FUTURES -- London's International Petroleum Exchange (IPE) has begun the task of closing its trading pit, revealing last week plans to move the morning trading session for Brent crude futures contracts from the floor to the Intercontinental...

Technology--although development work on a new generation of fuel-efficient vehicles, including hydrogen cars, has begun, the UK government's Department of Transport doesn't expect mass production for another 15-20 years. (General).(Brief Article)
May 5, 2003... TECHNOLOGY -- Although development work on a new generation of fuel-efficient vehicles, including hydrogen cars, has begun, the UK government's Department of Transport doesn't expect mass production for another 15-20 years. In an attempt to...

Ecuador -- in a blow to this cash-strapped Andean nation last week, the ninth bidding round for the development of four oil fields failed to attract investors. (Countries).(Brief Article)
May 5, 2003... ECUADOR -- In a blow to this cash-strapped Andean nation last week, the ninth bidding round for the development of four oil fields failed to attract investors. The government had named ConocoPhillips, Repsol YPF, Hunt Oil, Occidental, Enap, and...

Egypt -- BP has won three new offshore exploration licenses in the Gulf of Suez--the East el-Morgan Block 2, North Ghara Block 4, and East Warda Block 35--and one in the northern Red Sea covering Blocks 12 and 13. (Countries).(Brief Article)
May 5, 2003... EGYPT -- BP has won three new offshore exploration licenses in the Gulf of Suez--the East el-Morgan Block 2, North Ghara Block 4, and East Warda Block 35--and one in the northern Red Sea covering Blocks 12 and 13. Russia's Lukoil and US...

Kazakhstan -- the Caspian Pipeline Consortium (CPC) crude export pipeline is filling up, with a fifth company signing up to begin shipments. (Countries).(Brief Article)
May 5, 2003... KAZAKHSTAN -- The Caspian Pipeline Consortium (CPC) crude export pipeline is filling up, with a fifth company signing up to begin shipments. Aktobe-Kazakhoil, a 50-50 joint venture of former state oil company Kazakhoil, now Kazmunaigas (KMG),...

Libya -- as a potential beneficiary of a growing rapprochement with the US, Occidental Petroleum has approached the government with proposals for returning to oil fields it left in the 1980s. (Countries).(Brief Article)
May 5, 2003... LIBYA -- As a potential beneficiary of a growing rapprochement with the US, Occidental Petroleum has approached the government with proposals for returning to oil fields it left in the 1980s. Teams have visited recently to study the fields, and...

Mexico -- national electric utility Comision Federal de Electricidad (CFE) is likely to issue a tender later this year for LNG imports on the West Coast, which should help kick start developments of new terminals. (Countries).(Brief Article)
May 5, 2003... MEXICO -- National electric utility Comision Federal de Electricidad (CFE) is likely to issue a tender later this year for LNG imports on the West Coast, which should help kick start developments of new terminals. Possible sites include Lazaro...

Nigeria -- as oil companies recover from losing shallow and onshore production in recent weeks, dark clouds have been gathering over their operations in deeper waters. (Countries).(Brief Article)
May 5, 2003... NIGERIA -- As oil companies recover from losing shallow and onshore production in recent weeks, dark clouds have been gathering over their operations in deeper waters. A labor dispute escalated into an occupation of four Transocean drilling...

Russia -- after months of deliberations, Moscow has finally settled in favor of building a crude pipeline to China rather than one to the Pacific port of Nakhodka that would have mainly served Japan. (Countries).(Brief Article)
May 5, 2003... RUSSIA -- After months of deliberations, Moscow has finally settled in favor of building a crude pipeline to China rather than one to the Pacific port of Nakhodka that would have mainly served Japan. The decision is a victory for Yukos, which...

Russia -- challenged by the planned merger of Yukos and Sibneft, oil major Lukoil has moved to maintain its position as the top energy company by raising reserve estimates. (Countries).(Brief Article)
May 5, 2003... RUSSIA -- Challenged by the planned merger of Yukos and Sibneft, oil major Lukoil has moved to maintain its position as the top energy company by raising reserve estimates. New numbers for oil and gas reserves of 19.7 billion boe rank Lukoil...

Sudan -- Sweden's Lundin Petroleum is sell its 40.4% stake in the undeveloped Thar Yath field on Block 5A to Malaysia's Petronas, which is on a new spending spree in Africa. (Countries).(Brief Article)
May 5, 2003... SUDAN -- Sweden's Lundin Petroleum is sell its 40.4% stake in the undeveloped Thar Yath field on Block 5A to Malaysia's Petronas, which is on a new spending spree in Africa (p2). Lundin, which recently announced plans to restart work on the...

Trinidad and Tobago -- Atlantic LNG last week announced the start up of its third 3.3 million ton/yr train three months ahead of schedule, raising its capacity to around 10 million tons/yr and completing a $1.05 billion two-train expansion. (Countries).(Brief Article)
May 5, 2003... TRINIDAD AND TOBAGO -- Atlantic LNG last week announced the start up of its third 3.3 million ton/yr train three months ahead of schedule, raising its capacity to around 10 million tons/yr and completing a $1.05 billion two-train expansion....

Turkey -- a mid-March decision to quietly suspend imports of Russian gas from Gazprom via the Blue Stream pipeline for six months demonstrates how adept Turkey has become at re jigging its gas supply contracts to cope with lagging demand. (Countries).(Brief Article)
May 5, 2003... TURKEY -- A mid-March decision to quietly suspend imports of Russian gas from Gazprom via the Blue Stream pipeline for six months demonstrates how adept Turkey has become at re jigging its gas supply contracts to cope with lagging demand (PIW...

United States -- the May 1 start-up of the expanded Kern River natural gas pipeline system is expected to lead to a drilling boom in the US Rockies, which has suffered from low gas prices for years. (Countries).(Brief Article)
May 5, 2003... UNITED STATES -- The May 1 start-up of the expanded Kern River natural gas pipeline system is expected to lead to a drilling boom in the US Rockies, which has suffered from low gas prices for years. Capacity on Kern, which ships Rockies gas to...

Sars hits global oil demand; impact could worsen. (What's New Around the World).(severe acute respiratory syndrome)(Brief Article)
May 5, 2003... The outbreak of severe acute respiratory syndrome (Sars)--a deadly flu-like virus that has spread in Asia and beyond--is undermining global oil demand by 200,000300,000 b/d. Investment bank Lehman Brothers has lowered its oil demand projections...

Mood swings. (Marketview).(Industry Overview)
May 5, 2003... NEW YORK -- With winter and war out of the way, oil markets are looking for direction. They have zeroed in on inventories, particularly in the US, and Opec action as the main drivers for their trading mood swings, and these factors look likely...

Tanker rates plunge with Opec cuts.(Brief Article)
May 5, 2003... The prospect of lower Opec crude oil production levels from next month, or perhaps even sooner, pushed Mideast Gulf tanker rates to new six-month lows last week. For VLCC voyages from the Gulf, the drop in transportation costs has reduced...

PIW market indicators.(Illustration)
May 5, 2003... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $23.39 $25.52 $25.34 UK Brent (Dated) 23.22 24.82 24.89...

Swap index moves forward in Asia.
May 12, 2003... A new oil pricing service launched in Singapore last week has the modest intention of providing swaps prices to traders' back offices for 'mark-to-market' assessments. But if the region's oil traders accept it, Forward Market Curve (FMC) data...

Export freeze stalls Iraq oil recovery. (Eye on Iraq).
May 12, 2003... After early euphoria on the lack of damage to Iraq's oil infrastructure, US officials spent much of last week backpedaling on bullish claims about the speedy resumption of production. Bottlenecks, refinery outages, power cuts, pipeline...

Africa's new crudes face tough audience.
May 12, 2003... After mastering the technical challenges of developing new fields from the deepwater to the deserts of West Africa, oil companies are launching at least six new crudes from the region this year, with net new flows likely to add 1 million...

Shell sales on a new track in North Sea.
May 12, 2003... In the biggest European shake-up since its mid-1990s integration of national oil supply and trading desks, Royal Dutch/Shell is consolidating its eight national upstream operations into just three centers--one each in Norway, the Netherlands,...

US investor groups target gas pipelines.
May 12, 2003... The investment community was expected to pick up some of the pieces from former energy merchants forced to dispose of assets to restore some vestige of financial health in the post-Enron meltdown. But the properties they are buying are not the...

Canada plays heavy to get better value.
May 12, 2003... Tired of selling its crude at discounts of up to $2 per barrel to similar international and US grades, one of Canada's top oil producers is trying to create a new crude benchmark and develop new markets for Canadian crude--all with the aim of...

April flows hold up well despite war.
May 12, 2003... While showing the effects of the first full month without Iraqi oil and a significant amount of Nigerian oil off the market, April's global oil supply managed to stay well above global demand, at 79 million barrels per day, compared to a...

Corporate--total added to the string of forecast-beating results for the first quarter, surprising analysts with net earnings of $2.4 billion, a 49% rise from last year, thanks to higher oil prices and a sharp rebound in European refining margins. (General).(Brief Article)
May 12, 2003... CORPORATE--Total added to the string of forecast-beating results for the first quarter, surprising analysts with net earnings of $2.4 billion, a 49% rise from last year, thanks to higher oil prices and a sharp rebound in European refining...

Formula prices--Saudi Arabia hiked its June official selling prices, with the steepest rises to the US. (General).(Brief Article)
May 12, 2003... FORMULA PRICES--Saudi Arabia hiked its June official selling prices, with the steepest rises to the US. The increases coincide with the decision to cut output by 1.3 million b/d from Jun. 1, as agreed at the Opec meeting (PIW Apr.28,p7)....

Futures--Behind the public rows, the New York Mercantile Exchange (Nymex) may be quietly courting its arch-rival, the IntercontinentalExchange (ICE). (General).(Brief Article)
May 12, 2003... FUTURES--Behind the public rows, the New York Mercantile Exchange (Nymex) may be quietly courting its arch-rival, the IntercontinentalExchange (ICE). ICE, owner of London's International Petroleum Exchange (IPE), denied reports in the UK press...

Industry restructuring--Royal Dutch/Shell, which owns 45% of the outstanding common stock of Russian Oil firm Khanty-Mansiisk Oil Corp. (KMOC). (General).(Brief Article)
May 12, 2003... INDUSTRY RESTRUCTURING--Royal Dutch/Shell, which owns 45% of the outstanding common stock of Russian Oil firm Khanty-Mansiisk Oil Corp. (KMOC), has consented to US Marathon's proposed $275 million acquisition of KMOC (PIW Apr.28,p6).

Angola -- After more than a year's delay, the government has given French major Total the green light to develop the $3.4 billion Dalia deepwater field in prolific Block 17. (Countries).(Brief Article)
May 12, 2003... ANGOLA -- After more than a year's delay, the government has given French major Total the green light to develop the $3.4 billion Dalia deepwater field in prolific Block 17. Total's development plan for Dalia, which has estimated reserves of...

Brazil -- State-controlled Petrobras is budgeting $5.5 billion though 2007 to upgrade refinery capacity to 2 million b/d and reduce dependence on imported diesel. (Countries).(Brief Article)
May 12, 2003... BRAZIL -- State-controlled Petrobras is budgeting $5.5 billion though 2007 to upgrade refinery capacity to 2 million b/d and reduce dependence on imported diesel. Petrobras refineries were built to process mostly light imported crude, and have...

Japan -- Term contract volumes of crude saw Saudi Arabia topple the UAE from its position as top supplier in March as total imports climbed 2.5% to 4.65 million b/d. (Countries).(Brief Article)
May 12, 2003... JAPAN -- Term contract volumes of crude saw Saudi Arabia topple the UAE from its position as top supplier in March as total imports climbed 2.5% to 4.65 million b/d. With all Mideast suppliers making good on promises to deliver 100% of their...

Nigeria -- Africa's biggest oil producer will ask for a higher quota at the Jun. 11 Opec meeting in Doha, Qatar, Dr. Rilwanu Lukman, Nigeria's presidential adviser on petroleum and energy, told PIW in Houston last week. (Countries).(Brief Article)
May 12, 2003... NIGERIA -- Africa's biggest oil producer will ask for a higher quota at the Jun. 11 Opec meeting in Doha, Qatar, Dr. Rilwanu Lukman, Nigeria's presidential adviser on petroleum and energy, told PIW in Houston last week. Lukman said that...

Nigeria -- Exxon Mobil is tallying losses from its Oso operations after a fire at one its platforms forced the shutdown of 95,000 b/d of condensate and 45,000 b/d of natural gas liquids production. (Countries).(Brief Article)
May 12, 2003... NIGERIA -- Exxon Mobil is tallying losses from its Oso operations after a fire at one its platforms forced the shutdown of 95,000 b/d of condensate and 45,000 b/d of natural gas liquids production. The fire, at the RG compressor platform was...

Qatar -- US Anadarko has installed and commissioned a permanent offshore production platform at the Al-Rayyan field, capable of processing up to 45,000 b/d. (Countries).(Brief Article)
May 12, 2003... QATAR -- US Anadarko has installed and commissioned a permanent offshore production platform at the Al-Rayyan field, capable of processing up to 45,000 b/d. Anadarko assumed operatorship of Al-Rayyan last June after buying BP's 27.5% interest...

Venezuela -- A revamped state PDV claimed that a fresh approach to exploration was responsible for two oil finds with estimated oil in place of 5 billion-8 billion bbl. (Countries).(Brief Article)
May 12, 2003... VENEZUELA -- A revamped state PDV claimed that a fresh approach to exploration was responsible for two oil finds with estimated oil in place of 5 billion-8 billion bbl. PDV hit unexpected reserves by drilling to 17,300 feet, which is deeper...

Russia -- Crude exports shed 97,000 b/d in April from the previous month, as storms hampered loadings out of the Black Sea ports and pumping slowed on the Druzhba pipeline to East Europe. (Countries).(Brief Article)
May 12, 2003... RUSSIA -- Crude exports shed 97,000 b/d in April from the previous month, as storms hampered loadings out of the Black Sea ports and pumping slowed on the Druzhba pipeline to East Europe. Exports of 2.629 million b/d via the Transneft pipeline...

Upstream fuels best profits for Big Oil since early 2001.
May 12, 2003... Five of the largest integrated oil companies in the world recorded their highest quarterly earnings since the lust quarter of 2001, as soaring crude oil and natural gas prices fueled robust upstream profits and a broad recovery in global...

Ambivalence. (Marketview).
May 12, 2003... SINGAPORE -- As Opec and global crude output continues to grow solidly, refiners in Asia are struggling to process oil already on hand. This could get even trickier if Asia's refiners were to receive close to contracted volumes from Saudi...

PIW market indicators.
May 12, 2003... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $23.96 $23.79 $25.61 UK Brent (Dated) 23.89 ...

Iraqi delays buy Opec some time.
May 19, 2003... Even with the bogeyman of the past decade, Saddam Hussein, no longer a source of oil market volatility, uncertainty over Iraqi oil flows is still the wild card that will keep crude prices from collapsing, even if Opec puts off making further...

Saudi bombs blast hopes of investment.
May 19, 2003... The car bombs that ripped through residential compounds in the Saudi capital Riyadh on May 11 raise serious questions about the stability of the world's largest oil producer. The attacks had all the hallmarks of the Al-Qaeda terrorist group and...

Small players make it big in Australia.
May 19, 2003... Some unlikely heroes may help shape the future of Australia's upstream. Rather than industry giants Exxon Mobil, Royal Dutch/Shell, and Australia's own BHP Billiton, smaller players like locals Woodside and Santos and US Apache are now the most...

Investors cool as majors shift focus to profits.
May 19, 2003... Top integrated oil companies have been raking in the cash for the better part of three years, but that does not mean their business strategies are universally lauded. Just as a rising tide lifts all ships, high commodity prices make all oil and...

Kazakh snub dents China's Caspian plans.
May 19, 2003... China's efforts to diversify its energy sources away from the Middle East by tapping into production assets in its own backyard are having limited success. Just five months after being barred from bidding in a major Russian oil privatization,...

New tankers risk sinking high rates.
May 19, 2003... With the largest number of new vessels delivered since 1975, this year is set to be a historic one for the tanker industry. The flood of new arrivals stems from an ordering spree in 2000 and 2001--when tanker rates were booming--aided by lower...

Iraqi oil can't pay for debt and recovery.
May 19, 2003... Despite Iraq's massive oil reserves, with their promise of future riches, the country is weighed down by a crippling burden of debt accumulated by the regime of Saddam Hussein. Assuming even a fairly rapid return of oil production to prewar...

IEA--the International Energy Agency's May Oil Market Report lowered the forecast for global oil demand again and noted a further decline in global inventories. (General).(Brief Article)
May 19, 2003... IEA -- The International Energy Agency's May Oil Market Report lowered the forecast for global oil demand again and noted a further decline in global inventories. In a 90,000 b/d reduction from the April forecast, oil demand in 2003 will rise...

Formula prices--Mexico narrowed the discount for June Maya and Isthmus crudes to the US Gulf by 20 cents/bbl, and raised Olmeca to a 5 cents/bbl premium, to shore up crude prices against weakening markets for high-sulfur fuel oil, a formula component. (General).
May 19, 2003... FORMULA PRICES -- Mexico narrowed the discount for June Maya and Isthmus crudes to the US Gulf by 20 cents/bbl, and raised Olmeca to a 5 cents/bbl premium, to shore up crude prices against weakening markets for high-sulfur fuel oil, a formula...

Industry restructuring--top US independent refiner Valero is expanding in the Gulf Coast, paying $500 million in cash and equity for the 185,000 b/d Orion refinery in southeast Louisiana to bankrupt Orion Refining Corp. (General).(Brief Article)
May 19, 2003... INDUSTRY RESTRUCTURING -- Top US independent refiner Valero is expanding in the Gulf Coast, paying $500 million in cash and equity for the 185,000 b/d Orion refinery in southeast Louisiana to bankrupt Orion Refining Corp. Australian oil and gas...

Tankers--the London-based International Oil Pollution Compensation Fund (IOPC Fund) has agreed to pay 171.5 million [euro] ($197 million) in compensation for last year's Prestige oil spill off northwest Spain (PIW Nov.25,p6). (General).(Brief Article)
May 19, 2003... TANKERS -- The London-based International Oil Pollution Compensation Fund (IOPC Fund) has agreed to pay 171.5 million [euro] ($197 million) in compensation for last year's Prestige oil spill off northwest Spain (PIW Nov.25,p6). Initial...

Technology--while Exxon Mobil, Royal Dutch/Shell Group, and Sasol focus on development of natural gas-to-liquids (GTL) mega-projects of 33,000 to 100,000 b/d, another company is targeting the other end of the size spectrum. (General).(Brief Article)
May 19, 2003... TECHNOLOGY -- While Exxon Mobil, Royal Dutch/Shell Group, and Sasol focus on development of natural gas-to-liquids (GTL) mega-projects of 33,000 to 100,000 b/d, another company is targeting the other end of the size spectrum. GTL MicroSystems,...

ANGOLA--Total has announced a "promising" discovery in offshore Block 32, strengthening hopes that ultra-deep blocks will deliver significant finds after a disappointing start. (Countries).(Brief Article)
May 19, 2003... ANGOLA -- Total has announced a "promising" discovery in offshore Block 32, strengthening hopes that ultra-deep blocks will deliver significant finds after a disappointing start. The Gindungo I well tested successively at rates of 7,400 b/d,...

Brazil--oil and natural gas production by state-controlled Petrobras slipped again last month to 1.887 million boe/d. Gas output was down 5.8% at 1.63 Bcf/d while oil production edged ahead by 0.4% to 1.62 million b/d. (Countries).(Brief Article)
May 19, 2003... BRAZIL -- Oil and natural gas production by state-controlled Petrobras slipped again last month to 1.887 million boe/d. Gas output was down 5.8% at 1.63 Bcf/d while oil production edged ahead by 0.4% to 1.62 million b/d. The RO-24 well came on...

Indonesia--Opec's assumptions that Jakarta is unable to boost its crude production look all too accurate as national upstream regulator BP Migas warns of a 200,000 b/d drop in crude and condensate output by 2005 to around 1 million b/d versus a current Opec quota of 1.317 million b/d (PIW Apr.28,p7). (Countries).(Brief Article)
May 19, 2003... INDONESIA -- Opec's assumptions that Jakarta is unable to boost its crude production look all too accurate as national upstream regulator BP Migas warns of a 200,000 b/d drop in crude and condensate output by 2005 to around 1 million b/d versus...

Iraq--Washington is optimistic that a new version of a draft resolution that would scrap sanctions and free up oil exports could be voted on at the UN Security Council this week as it will clarify legal and economic issues that other council members had raised, but some diplomats say a vote is unlikely soon. (Countries).(Brief Article)
May 19, 2003... IRAQ -- Washington is optimistic that a new version of a draft resolution that would scrap sanctions and free up oil exports could be voted on at the UN Security Council this week as it will clarify legal and economic issues that other council...

Iraq--Kurdish authorities in the northern province of Sulaymaniyah are actively offering upstream exploration and production acreage to international oil companies, acting independently of the embryonic authorities in Baghdad and raising new uncertainties about ownership and control of petroleum resources. (Countries).(Brief Article)
May 19, 2003... IRAQ -- Kurdish authorities in the northern province of Sulaymaniyah are actively offering upstream exploration and production acreage to international oil companies, acting independently of the embryonic authorities in Baghdad and raising new...

Russia--new tax legislation threatens several production sharing agreements (PSAs) being negotiated by Western majors. (Countries).(Brief Article)
May 19, 2003... RUSSIA -- New tax legislation threatens several production sharing agreements (PSAs) being negotiated by Western majors. Alarmingly for several supermajors--most notably Royal/Dutch Shell and BP--only three projects will keep their PSA status...

Russia--state-controlled gas monopoly Gazprom intends to become a major player in the nascent Far East market for Russian gas--signing a five-year agreement with state Korea Gas Corp. (Kogas) in the same week that the Royal Dutch/Shell-led Sakhalin-2 venture landed the first preliminary contract to sell Russian LNG to an Asian buyer, Tokyo Gas. (Countries).(Brief Article)
May 19, 2003... RUSSIA -- State-controlled gas monopoly Gazprom intends to become a major player in the nascent Far East market for Russian gas--signing a five-year agreement with state Korea Gas Corp. (Kogas) in the same week that the Royal Dutch/Shell-led...

United States--BG of the UK has lined up two big LNG deals that will boost its long-term supplies from West Africa and help to fill the capacity it controls at the Lake Charles terminal in Louisiana. (Countries).(Brief Article)
May 19, 2003... UNITED STATES -- BG of the UK has lined up two big LNG deals that will boost its long-term supplies from West Africa and help to fill the capacity it controls at the Lake Charles terminal in Louisiana. It inked memos of understanding with...

European traders throw down the Gauntlet to Platts.
May 19, 2003... European gasoline traders and brokers will this week throw down the gauntlet to benchmark price reporter Platts when they present their own proposal for "appropriate physical gasoline price assessments" to the price reporting agency. The...

Self fulfilling prophecy. (Marketview).(Brief Article)
May 19, 2003... WASHINGTON -- Market bulls had plenty to choose from last week when listing reasons for the futures market's rally to six-week highs. Oil powerhouse Saudi Arabia made good on its pledge to sop .up excess supplies when it informed customers that...

Market trades on Nymex-ICE speculation.(New York Mercantile Exchange; IntercontinentalExchange)(Brief Article)
May 19, 2003... The talk of New York Mercantile Exchange (Nymex) getting ready to make a bid for the IntercontinentalExchange (ICE) which owns London's International Petroleum Exchange (IPE) is refusing to die down (PIW May12,p6). Nymex's board of directors...

PIW market indicators.(Illustration)
May 19, 2003... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $25.37 $24.01 $25.52 UK Brent (Dated) 26.03 24.28 24.82...

US gest its way on Iraq interim rule.
May 26, 2003... Washington is now in control of Iraq's oil revenues and reconstruction, relegating the United Nations to the role of an observer, after US and UK assurances finally won over the UN Security Council last week. The hard-won victory at the UN...

Reborn rivalry wakes sleepy Iran oil sector.
May 26, 2003... Events in Iraq appear to have given a much needed boost to Iran's lagging program to lift oil production capacity and maintain export levels. Iraq is at least six months away from regaining prewar capacity of some 3 million barrels per day, but...

After Caspian Rebuff, China seduces Sudan.
May 26, 2003... Chinese oil companies might have received a cold shoulder in Russia and Kazakhstan recently, but they are getting red carpet treatment in Sudan, where the absence of Western investors--driven out or scared off by pressure from human rights...

Saudi oil flows don't match expected.
May 26, 2003... Month-to-month Saudi Arabia's production levels are a source of endless controversy, as secondary sources disagree with each and often more so with guidance from the kingdom. The game is an expensive one in terms of market volatility, as...

Gas finds lift but also limit India's appeal.
May 26, 2003... India is banking on the recent success of deepwater exploration on its East Coast to draw a crowd to presentations of its new upstream round next month. With domestic oil production hovering at around 670,000 barrels per day and imports at 1.7...

Profits attest to euro power giants' strategy.
May 26, 2003... The recent crop of strong first-quarter financial results from Europe's power companies highlights the success of the multi-utility strategy of some of the continent's largest players. Having ditched their upstream and downstream oil assets in...

US drives into mogas season with low tanks.
May 26, 2003... Nearly 30 million Americans hit the road for the Memorial Day holiday on the official start of the summer gasoline season. They could be in for a bumpy ride. US motorists are starting on an emptier tank with US gasoline stocks 4.3% lower than a...

Industry restructuring--German utility RWE is taking full control of German gas importer ThyssenGas by buying the remaining 25% stake it did not already own from Royal Dutch/Shell for an undisclosed sum. (General).(Brief Article)
May 26, 2003... INDUSTRY RESTRUCTING--German utility RWE is taking full control of German gas importer ThyssenGas by buying the remaining 25% stake it did not already own from Royal Dutch/Shell for an undisclosed sum. Scottish & Southern Energy is planning to...

Azerbaijan -- though construction has started on the $3 billion Baku-Tbilisi-Ceyhan pipeline, it is unlikely to be plain sailing for project leader BP over the next two years before oil from the Caspian Sea begins to flow to the Mediterranean. (Countries).
May 26, 2003... AZERBAIJAN -- Though construction has started on the $3 billion Baku-Tbilisi-Ceyhan pipeline, it is unlikely to be plain sailing for project leader BP over the next two years before oil from the Caspian Sea begins to flow to the Mediterranean....

Brazil -- State-controlled Petrobras earned $1.9 billion on revenue of $11.2 billion in the first quarter. (Countries).(Brief Article)
May 26, 2003... BRAZIL -- State-controlled Petrobras earned $1.9 billion on revenue of $11.2 billion in the first quarter. Profits were higher due to an increase in exports from the Marlim field, a reflection of international crude prices in domestic sales,...

China -- the top two integrated oil companies are colluding to prop up retail petroleum prices as severe acute respiratory syndrome hurts demand and global oil prices fall in the aftermath of the Iraq war. (Countries).(Brief Article)
May 26, 2003... CHINA -- The top two integrated oil companies are colluding to prop up retail petroleum prices as severe acute respiratory syndrome hurts demand and global oil prices fall in the aftermath of the Iraq war (PIW May5,p7). Sinopec and PetroChina...

Colombia -- Bogota is promoting investment on a block-by-block basis ahead of a possible upstream licensing round next year and hopes to see payoff from its revised royalty terms by 2005, Mines and Energy MiniVer Luis Ernesto Mejia told PIW in an interview last week. (Countries).(Brief Article)
May 26, 2003... COLOMBIA -- Bogota is promoting investment on a block-by-block basis ahead of a possible upstream licensing round next year and hopes to see payoff from its revised royalty terms by 2005, Mines and Energy MiniVer Luis Ernesto Mejia told PIW in...