Petroleum Intelligence Weekly articles from May 2004

Petroleum Intelligence Weekly archives from May 2004

Majors under pressure to use windfall wisely.
May 3, 2004... With benchmark West Texas Intermediate averaging more than $35 per barrel, US natural gas prices hovering above $5 per thousand cubic feet and refining margins riding high on strong gasoline demand, top integrated oil companies posted huge...

China retail is a shot in the dark.
May 3, 2004... Gaining entry to the world's hottest energy market is no cakewalk. BP, Exxon Mobil and Royal Dutch/Shell have all agreed to set up retail joint ventures with China's two state oil giants. Yet with the products market due to be liberalized on...

Politics apart, Indian oil perks up.
May 3, 2004... The dead hand of politics has long weighed heavily on India's oil sector, frustrating attempts at privatization and the reform of costly fuel subsidies. Reform is likely to be the loser again as the horse-trading begins to cobble together a...

Ecuador shuffles officials as output falls.
May 3, 2004... The head of the state oil company in Ecuador became the latest victim of President Lucio Gutierrez's clear out of the energy sector when he resigned last week, following the earlier sacking of Petroecuador vice-presidents and the resignation of...

Gas drives Iran's new urge to deal.
May 3, 2004... As chaos in Iraq snuffs out the prospect of a juicy upstream opening there, it is Iran--despite its pariah status with the US--that is offering some of the biggest openings in the Mideast Gulf. The Islamic republic is showing fresh enthusiasm...

Tougher terms loom over Orinoco oil.
May 3, 2004... Venezuela's vast extra heavy oil reserves in the Orinoco Belt were for years considered a useless pool of tar, but high oil prices are turning the Orinoco sludge into Venezuela's newest goldmine. State-owned Petroleos de Venezuela (PDV) is...

Molecules & money: true value in oil & gas reserves.
May 3, 2004... US Securities & Exchange Commission (SEC) proved reserves systematically understate both the future productive capacities and the financial value of companies, according to Dr. John D. Grace of Earth Science Associates. The SEC rules may well...

Corporate--US services giant Halliburton reckons its postwar contracts in Iraq have peaked, but they generated a whopping $2.1 billion in revenues in the first quarter of this year and $32 million in operating profits--for a margin of around 1.5%.(General)(Brief Article)
May 3, 2004... CORPORATE -- US services giant Halliburton reckons its postwar contracts in Iraq have peaked, but they generated a whopping $2.1 billion in revenues in the first quarter of this year and $32 million in operating profits--for a margin of around...

Czech Republic--The commission overseeing the sale of Unipetrol has recommended the sole final bid from Poland's PKN Orlen, which offered $415 million for the state's 63% stake.(Countries)(Brief Article)
May 3, 2004... CZECH REPUBLIC -- The commission overseeing the sale of Unipetrol has recommended the sole final bid from Poland's PKN Orlen, which offered $415 million for the state's 63% stake. The company will kick in another $62 million to cover debts...

Egypt--BP struck gas last week in its Ras el Barr concession in the eastern Nile Delta, dose to its existing Ha'py gas field, further boosting its plans to participate in a liquefied natural gas (LNG) train.(Countries)(Brief Article)
May 3, 2004... EGYPT -- BP struck gas last week in its Ras el Barr concession in the eastern Nile Delta, dose to its existing Ha'py gas field, further boosting its plans to participate in a liquefied natural gas (LNG) train. The Tuart well, which tested in...

Iraq--Making a virtue out of necessity, State Oil Marketing Organization (Somo) used the brief interruption of crude loadings from the Mideast Guff on Apr. 24-25 to increase storage levels in the south of the country.(Countries)(Brief Article)
May 3, 2004... IRAQ -- Making a virtue out of necessity, State Oil Marketing Organization (Somo) used the brief interruption of crude loadings from the Mideast Guff on Apr. 24-25 to increase storage levels in the south of the country. Strut currently has...

Libya--The lifting of US sanctions by President George W. Bush on Apr. 23 has opened the way for the resumption of business by US oil firms that have been barred from the country since 1986 and full US participation in upcoming license rounds for exploration acreage.(Countries)(Brief Article)
May 3, 2004... LIBYA -- The lifting of US sanctions by President George W. Bush on Apr. 23 has opened the way for the resumption of business by US oil firms that have been barred from the country since 1986 and full US participation in upcoming license rounds...

Malaysia--The deepest drilling yet by US Murphy Oil in its promising offshore Block K has confirmed but not extended the limits of the deepwater field.(Countries)(Brief Article)
May 3, 2004... MALAYSIA -- The deepest drilling yet by US Murphy Oil in its promising offshore Block K has confirmed but not extended the limits of the deepwater field. The Kikeh #7 well reached a total depth of 14,899 ft and is the deepest penetration in the...

Russia--Scenting that Moscow is poised to lift restrictions on foreigners buying shares in Gazprom, the world's biggest natural gas producer, international investors are getting ready to strike. The fall of the so-called "ring fence" around Gazprom shares would be the event of the year for Russia's capital markets, creating a new blue chip stock overnight.(Countries)(Brief Article)
May 3, 2004... RUSSIA -- Scenting that Moscow is poised to lift restrictions on foreigners buying shares in Gazprom, the world's biggest natural gas producer, international investors are getting ready to strike. The fall of the so-called "ring fence" around...

Russia--Producers cranked up their oil output by another 64,000 b/d in March from the previous month to 8.95 million b/d, achieving a first-quarter average of 8.89 million b/d, nearly 10% up from the same period in 2003.(Countries)(Brief Article)
May 3, 2004... RUSSIA -- Producers cranked up their oil output by another 64,000 b/d in March from the previous month to 8.95 million b/d, achieving a first-quarter average of 8.89 million b/d, nearly 10% up from the same period in 2003. Yukos retained its...

Russia--Moscow is getting ready to grab a bigger chunk of the oil sector's windfall from high world crude prices with a significant tax hike. New duties due to take effect in August could net the state an additional $1.98 billion/yr at an average oil price of $27/bbl, and another $3.48 billion/yr if prices are $30/bbl.(Countries)(Brief Article)
May 3, 2004... RUSSIA -- Moscow is getting ready to grab a bigger chunk of the oil sector's windfall from high world crude prices with a significant tax hike. New duties due to take effect in August could net the state an additional $1.98 billion/yr at an...

Russia--Turning up the heat another notch on Yukos, a group of minority shareholders is preparing to sue the oil company. At the same time, Yukos named a top Russian banker as its board chairman to help it fight a massive tax dispute with the government.(Countries)(Brief Article)
May 3, 2004... RUSSIA -- Turning up the heat another notch on Yukos, a group of minority shareholders is preparing to sue the oil company. At the same time, Yukos named a top Russian banker as its board chairman to help it fight a massive tax dispute with the...

Sao Tome--Chevron Texaco has taken the operatorship of the most prospective block in the Joint Development Zone (JDZ) shared with Nigeria. The US major bid highest--offering a signature bonus of $123 million--in last year's auction and has secured a 51% stake in Block 1.(Countries)(Brief Article)
May 3, 2004... SAO TOME -- Chevron Texaco has taken the operatorship of the most prospective block in the Joint Development Zone (JDZ) shared with Nigeria. The US major bid highest--offering a signature bonus of $123 million--in last year's auction and has...

South Korea--China's Sinochem is one step closer to owning the bankrupt Inchon Oil refinery, having been chosen as the preferred bidder by the local district court, which currently has legal control of the company.(Countries)(Brief Article)
May 3, 2004... SOUTH KOREA -- China's Sinochem is one step closer to owning the bankrupt Inchon Oil refinery, having been chosen as the preferred bidder by the local district court, which currently has legal control of the company. Sinochem's winning bid for...

Trinidad and Tobago--After a two-year hiatus, BP is planning a "major" exploration drilling program beginning in the third quarter of this year.(Countries)(Brief Article)
May 3, 2004... TRINIDAD AND TOBAGO -- After a two-year hiatus, BP is planning a "major" exploration drilling program beginning in the third quarter of this year. The country has already committed to projects--including a fourth LNG train--that account for all...

United States--Saudi Arabian Oil Minister Ali Naimi's offer last week to build two 500,000 b/d refineries is being taken with a grain of salt.(Countries)(Brief Article)
May 3, 2004... UNITED STATES -- Saudi Arabian Oil Minister Ali Naimi's offer last week to build two 500,000 b/d refineries is being taken with a grain of salt. The offer is actually a clever way of underscoring the extreme tightness of US refining capacity,...

World LNG trade up 11% in 2003.(What's New Around the World)
May 3, 2004... Global liquefied natural gas (LNG) imports increased by 11% last year to 125.2 million metric tons, according to the Paris-based International Group of LNG Importers (GIIGNL), equating to 155.2 Bcm (5.5 Tcf) once regasified. The hike nearly...

Ample in Asia.(Marketview)
May 3, 2004... SINGAPORE -- Asia's spot sour crude market is suffering from Saudi Aramco's pledge to supply full term contract volumes to eastern refiners in May, just as the region heads in to its seasonal maintenance period, which will take an estimated 1...

PIW market indicators.(Illustration)
May 3, 2004... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $33.14 $32.50 $30.85 UK Brent (Dated) 33.92 33.14...

South Korea cuts tariffs to cool prices.(Brief Article)
May 3, 2004... US consumers are not the only ones choking on high gasoline prices. Last week South Korea lowered oil import tariffs and import surcharges to help offset currently high oil prices, but stopped short of calling for drastic energy saving...

Saudi Aramco lifts the veil, rebuts critics.
May 10, 2004... Persistent prodding seems to have galvanized Saudi Aramco. The state giant is lifting the veil on its operations, spewing out data to rebut recent suggestions that its big oil reservoirs are less bountiful than were once imagined. At a time of...

China calls time out on riotous growth.
May 10, 2004... China has shocked world financial and commodity markets by issuing a temporary moratorium on new bank loans in an attempt to cool down its overheated economy. If central planners can engineer a soft landing, the impact on Chinese oil demand...

BTC could check Iran's swap plans.
May 10, 2004... Iran's bid to cash in on the Caspian by becoming an export outlet for its new oil production has made progress, with the upgraded terminal at Neka now handling around 130,000 barrels per day of Russian, Turkmen and Kazakh crude, which is piped...

Supply points to win-win for Opec.
May 10, 2004... Opec finds itself in a win-win situation for now. With crude futures nudging $40 per barrel, quota busting has become a virtue. In fact, quotas are irrelevant right now. Those members with any spare capacity--Venezuela and Indonesia have...

Overseas push lifts second tier firms.
May 10, 2004... If a major development project falters for a supermajor, it can always look to other big projects to pick up the slack. Not so for the industry's second tier. When Marathon Oil, Occidental, Amerada Hess and Murphy unveiled major plans to revamp...

Canadians push Alaskan gas plan forward.
May 10, 2004... The 35 trillion cubic feet of natural gas now stranded on Alaska's North Slope may lie beneath US territory, but two Canadian firms will probably own the pipeline that will carry those molecules to markets in the US lower-48 states. That...

High prices make S. Africa's margins viable.
May 10, 2004... South Africa and Namibia are struggling as the poor kids on the block while their peers in southern Africa--Angola, Mozambique and even Tanzania--are courted in the oil exploration boom sweeping the continent. Geology has dealt the oil minnows...

In search of objectivity: alternatives to proved reserves.
May 10, 2004... In the wake of the downgrade of proved reserves by Royal Dutch/Shell, many observers have been wondering if a deeper, systemic problem exists with reserves accounting that might impact the industry as a whole. Matt Simmons, Chairman and CEO of...

Formula prices--Saudi Arabia is pricing its June exports for a weaker global market for sour grades but a stronger market for sweets.(General)
May 10, 2004... FORMULA PRICES -- Saudi Arabia is pricing its June exports for a weaker global market for sour grades but a stronger market for sweets. Europe was the exception with differentials widened on all grades. Saudi Aramco increased the price for Arab...

IEA--high oil prices have a clear impact on the global economy, but hit poorer countries harder than wealthier ones, according to a new study by the Paris-based International Energy Agency.(General)
May 10, 2004... IEA -- High oil prices have a clear impact on the global economy, but hit poorer countries harder than wealthier ones, according to a new study by the Paris-based International Energy Agency. A $10/bbl rise in the price of oil from $25 to $35...

Industry restructuring--South African explorer Energy Africa has accepted a $500 million takeover bid from UK-Irish explorer Tullow Oil, paving the way for the creation of one of the largest independent oil and gas producers in Africa, with a production capacity of around 54,000 boe/d, and proved and probable reserves of 175 million boe.(General)
May 10, 2004... INDUSTRY RESTRUCTURING -- South African explorer Energy Africa has accepted a $500 million takeover bid from UK-Irish explorer Tullow Oil, paving the way for the creation of one of the largest independent oil and gas producers in Africa, with a...

China--the government plans to adopt by July the country's first oil and gas law, covering reforms in the upstream and downstream sectors.(Countries)
May 10, 2004... CHINA -- The government plans to adopt by July the country's first oil and gas law, covering reforms in the upstream and downstream sectors. Details are scant but the aims of the legislation include ensuring a systematic approach to exploration...

China--crude imports set a scorching pace in March, jumping 28.1% from one year ago to an average of 2.2 million b/d.(Countries)
May 10, 2004... CHINA -- Crude imports set a scorching pace in March, jumping 28.1% from one year ago to an average of 2.2 million b/d. Saudi Arabia remained the biggest single source in March, accounting for 384,000 b/d, keeping its market share stable at...

Iraq--oil exports ticked up to an estimated 2.16 million b/d in April to a post-invasion record, based on tanker loadings from the two Mideast Gulf outlets--Basrah and Khor al-Amaya--and the Ceyhan oil export terminal in Turkey.(Countries)
May 10, 2004... IRAQ -- Oil exports ticked up to an estimated 2.16 million bid in April to a post-invasion record, based on tanker loadings from the two Mideast Gulf outlets--Basrah and Khor al-Amaya--and the Ceyhan oil export terminal in Turkey. Exports from...

Japan--crude imports slipped 4.8% in March, down 223,000 b/d on a year ago to 4.43 million b/d.(Countries)
May 10, 2004... JAPAN -- Crude imports slipped 4.8% in March, down 223,000 bid on a year ago to 4.43 million bid. Imports from the UAE jumped nearly 14% to 1.08 million b/d. Saudi sales were off 12%, down 148,000 b/d to 1.04 million b/d. Iraq supplied 116,000...

Russia--Black Sea bottlenecks and the onset of May holidays have forced a scaling back of seaborne crude exports by 74,000 b/d in May from the previous month (PIW Apr.5,p5).(Countries)
May 10, 2004... RUSSIA -- Black Sea bottlenecks and the onset of May holidays have forced a scaling back of seaborne crude exports by 74,000 bid in May from the previous month (PIW Apr.5,p5). Seaborne exports from the Baltic Sea ports and the Black Sea outlets...

Russia--Caspian Pipeline Consortium (CPC) shareholders are close to reaching an agreement to expand the line's capacity to an ultimate 1.4 million b/d, according to Lukoil President Vagit Alekperov, to accommodate Lukoil's need for an outlet for its output from the northern Caspian Sea shelf.(Countries)
May 10, 2004... RUSSIA -- Caspian Pipeline Consortium (CPC) shareholders are close to reaching an agreement to expand the line's capacity to an ultimate 1.4 million b/d, according to Lukoil President Vagit Alekperov, to accommodate Lukoil's need for an outlet...

Russia--the stock market has collapsed from record highs, as investors--scared by the Kremlin's crackdown on big business--pull money out of equities.(Countries)
May 10, 2004... RUSSIA -- The stock market has collapsed from record highs, as investors--scared by the Kremlin's crackdown on big business--pull money out of equities. The main exchange, the Russian Trading System, lost about 20% of its value in the second...

Saudi Arabia--the security of oil installations is under the microscope after a May 1 shooting attack in Yanbu industrial city that killed five foreign employees of ABB Lummus, the US engineering arm of Swiss-Swedish firm ABB, who were working at the Yanpet petrochemical plant jointly owned by Exxon Mobil and Saudi giant Sabic (p1).(Countries)
May 10, 2004... SAUDI ARABIA -- The security of oil installations is under the microscope after a May 1 shooting attack in Yanbu industrial city that killed five foreign employees of ABB Lummus, the US engineering arm of Swiss-Swedish firm ABB, who were...

Big oil fires on all cylinders in bumper q1.
May 10, 2004... Five of the world's largest publicly-traded oil companies posted a 15% increase in first-quarter profits as oil and gas prices soared and refining margins showed strength in the US and Asia-Pacific. Exxon Mobil, Royal Dutch/Shell, BP,...

$40 bubble.(Marketview)
May 10, 2004... NEW YORK -- How can the price of oil flirt with $40/bbl while, at the same time, the crude oil futures curve looks like it could be about to flip into contango? The answer is that contango probably won't happen, not just yet anyway. The spread...

High margins underpin Urals; Kirkuk keeps lid on.
May 10, 2004... Strong refining margins are ensuring continuing demand for Russian Urals crude and have firmed differentials further. However, the strength of cash prices have snipped the top off margins, with an incremental barrel of Urals now making...

PIW market indicators.
May 10, 2004... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $34.72 $33.25 $32.60 UK Brent (Dated) 36.05 34.39 33.84...

Is Libya this year's industry darling?
May 17, 2004... Is Libya the new Iraq? A year ago, the industry was abuzz about potential opportunities in postwar Iraq, with its billions of barrels of reserves, underexploited from years of sanctions. One year later, Iraq is bogged down in turmoil, with no...

High prices Thwart majors' access.
May 17, 2004... High oil prices may be driving record profits for major oil companies, but they may not be good for business in other ways (PIW Mayl0,p9). At least one company, France's Total, claims high oil prices are closing off opportunities for majors to...

Despite terms, firms hold on in Abu Dhabi.
May 17, 2004... Abu Dhabi's determination to increase long-term production capacity, a strategy once questioned by some of its foreign partners, now looks to be vindicated as soaring oil prices defy Opec pledges to increase output. The tiny emirate is...

Red tape behind Libya's upstream door.
May 17, 2004... Libya is back on the radar screen and opening up to new investors, but oil companies will still need patience and perseverance to navigate Libya's oppressive and unpredictable bureaucracy. According to firms now active in this energy-rich North...

State control on the rise in Latin America.
May 17, 2004... The tide is changing in Latin America. The privatization drift of the 1990s is shifting, with once-defunct state-owned regional oil companies coming back in vogue. A case in point is a bill introduced by the Argentine government last week to...

Majors probe US Gulf's ultra-deep shelf.
May 17, 2004... Despite talk of the majors abandoning the shallow waters of the Gulf of Mexico continental shelf as a place where large volumes of hydrocarbons can still be found, is it too early to write off the zone? The majors are indeed concentrating more...

World will run out of oil, but when?
May 17, 2004... Just as American geoscientist M. King Hubbert predicted 30 years ago, the world is running out of oil. Just when, however, is at the center of an oft-heated debate. Hubbert maintained that global oil production would peak in 1995 then go into...

Oil demand for 2004--revised upward by 270,000 b/d from last month--is now projected to grow to 80.6 million b/d, up 1.95 million b/d from year-ago levels, the International Energy Agency said in its monthly report last week (PIW Apr.19,p7).(General)
May 17, 2004... IEA -- Oil demand for 2004--revised upward by 270,000 b/d from last month--is now projected to grow to 80.6 million b/d, up 1.95 million b/d from year-ago levels, the International Energy Agency said in its monthly report last week (PIW...

Industry restructuring--UK-based BG Group has completed the sale of its half-stake in the Muturi production sharing contract.(General)
May 17, 2004... INDUSTRY RESTRUCTURING -- UK-based BG Group has completed the sale of its half-stake in the Muturi production sharing contract in Indonesia's West Papua region, corresponding to 10.73% of the Tangguh LNG venture, for $253 million, to...

Australia--a new tax incentive to boost offshore deepwater exploration is seen by some oil companies as a big step forward in dealing with the issue of declining production. But the concession may not be enough to get companies to take on riskier, more costly deepwater drilling.(Countries)
May 17, 2004... AUSTRALIA -- A new tax incentive to boost offshore deepwater exploration is seen by some oil companies as a big step forward in dealing with the issue of declining production. But the concession may not be enough to get companies to take on...

Chile--President Ricardo Lagos says his government plans to invest $400 million-$500 million in a project to import and process LNG in order to replace crisis-ridden Argentina as a main source of natural gas by 2007.(Countries)
May 17, 2004... CHILE -- President Ricardo Lagos says his government plans to invest $400 million-$500 million in a project to import and process LNG in order to replace crisis-ridden Argentina as a main source of natural gas by 2007. The project calls for...

China--undaunted by recent efforts to slow an overheating economy, BP plans to invest another $1 billion in a raft of projects to boost its presence in China's growing energy market.(Countries)
May 17, 2004... CHINA -- Undaunted by recent efforts to slow an overheating economy, BP plans to invest another $1 billion in a raft of projects to boost its presence in China's growing energy market. BP now plans a 50-50 joint venture with Sinopec to build a...

Colombia--Exxon Mobil and Brazilian state oil giant Petrobras have signed an off-shore joint exploration agreement with Ecopetrol to develop the Tayrona Block, marking Exxon's return to upstream exploration in that country and its first offshore activity there.(Countries)
May 17, 2004... COLOMBIA -- Exxon Mobil and Brazilian state oil giant Petrobras have signed an off-shore joint exploration agreement with Ecopetrol to develop the Tayrona Block, marking Exxon's return to upstream exploration in that country and its first...

Iraq--the oil ministry plans to issue a tender later this month for a reservoir engineering study at the giant Kirkuk and Rumaila oilfields, marking the first such exercise by an international company since the 1980s.(Countries)
May 17, 2004... IRAQ -- The oil ministry plans to issue a tender later this month for a reservoir engineering study at the giant Kirkuk and Rumaila oilfields, marking the first such exercise by an international company since the 1980s. The tender papers will...

Kazakhstan--after a nine-month delay, joint operators BG and Eni have relaunched exports from Phase 2 of their Karachaganak gas condensate field.(Countries)
May 17, 2004... KAZAKHSTAN -- After a nine-month delay, joint operators BG and Eni have relaunched exports from Phase 2 of their Karachaganak gas condensate field. Until now any liquids went north to Orenburg in southern Russia, with the gas. But BG said...

Kuwait--tanker imports of Qatari LNG are being considered as an alternative to a stalled plan to build an underwater pipeline between the two countries.(Countries)
May 17, 2004... KUWAIT -- Tanker imports of Qatari LNG are being considered as an alternative to a stalled plan to build an underwater pipeline between the two countries. The plan follows an agreement by gas-hungry Kuwait to import natural gas via pipeline...

Mexico--state Pemex will cut three of seven administrative units--with accompanying job losses of up to 5,000 nonunion workers--in order to reduce operating costs and streamline operations.(Countries)
May 17, 2004... MEXICO -- State Pemex will cut three of seven administrative units--with accompanying job losses of up to 5,000 nonunion workers--in order to reduce operating costs and streamline operations. The industrial security and environmental protection...

Russia--crude exports shed 90,000 b/d in April due to reduced loadings out of the Black Sea ports, due mainly to a political dispute.(Countries)
May 17, 2004... RUSSIA -- Crude exports shed 90,000 b/d in April due to reduced loadings out of the Black Sea ports, due mainly to a political dispute. Russia shut off the pipeline taps to the Ukrainian pert of Yuzhny last month to punish Ukraine for its...

Russia--gas giant Gazprom is teaming up with China Gas Holdings, a struggling Hong Kong-listed gas company, to exploit downstream natural gas opportunities in China's burgeoning market.(Countries)
May 17, 2004... RUSSIA -- Gas giant Gazprom is teaming up with China Gas Holdings, a struggling Hong Kong-listed gas company, to exploit downstream natural gas opportunities in China's burgeoning market. Gazprom, which produces 20% of the world's natural gas,...

Saudi Arabia--Saudi Aramco and Japan's Sumitomo Chemical have signed a memorandum of understanding to build a $4.3 billion refining and petrochemicals complex at Rabigh on the Red Sea coast that is due to come into operation in late 2008.(Countries)
May 17, 2004... SAUDI ARABIA -- Saudi Aramco and Japan's Sumitomo Chemical have signed a memorandum of understanding to build a $4.3 billion refining and petrochemicals complex at Rabigh on the Red Sea coast that is due to come into operation in late 2008. The...

Saudi Arabia--Saudi Aramco's 2003 Annual Review shows the company replacing its oil reserves despite production of over 3 billion bbl, or 8.1 million b/d, while adding to natural gas and natural gas liquids reserves.(Countries)
May 17, 2004... SAUD1 ARABIA -- Saudi Aramco's 2003 Annual Review shows the company replacing its oil reserves despite production of over 3 billion bbl, or 8.1 million b/d, while adding to natural gas and natural gas liquids reserves. Oil reserves stood at...

Trinidad & Tobago--the Ministry of Energy and Energy Industries provisionally awarded eight offshore exploration blocks, but declared it would re-tender Block 2(ab), which had attracted the most interest.(Countries)
May 17, 2004... TRINIDAD & TOBAGO -- The Ministry of Energy and Energy Industries provisionally awarded eight offshore exploration blocks, but declared it would re-tender Block 2(ab), which had attracted the most interest. Trinidad's latest bid round is key to...

Norway's petroleum tax changes disappoint.(What's New Around the World)
May 17, 2004... Norway has announced several amendments to its petroleum tax act, although these fall far short of the tax cuts sought by the oil and gas industries. The concessions, revealed last week in Norway's revised national budget for 2004, aim to...

Next stop $50?(Marketview)
May 17, 2004... WASHINGTON -- Only in today's topsy-turvy oil market would a call from the world's largest supplier to increase crude production go ignored. After months of blaming everything--from the weak dollar to tight US refining capacity--for the...

IPE receives Singapore's blessing.(Marketview)
May 17, 2004... London's International Petroleum Exchange (IPE) has become the first overseas exchange to be recognized by the Monetary Authority of Singapore (MAS). The deal will allow the IPE to market electronic versions of its benchmark Brant crude and...

PIW market indicators.(Marketview)
May 17, 2004... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $35.91 $34.91 $32.62 UK Brent (Dated) 37.62 ...

Saudis drop volume, lose US top spot.
May 24, 2004... Has Saudi Arabia abandoned its pivotal policy of being the largest crude supplier to the US? The world's top oil exporter has long had the biggest share of the world's largest oil market and has favored volume over price to retain the top spot....

Opec to grab all growth from 2005.
May 24, 2004... There is little doubt that oil reserves and investment money are plentiful enough to support needed additions to oil production capacity over the rest of this decade. The question is whether those funds can gain access to the resource rich...

Trusts fuel W. Canada's merger frenzy.
May 24, 2004... Continued high commodity prices and a lack of exploration opportunities in heavily drilled Western Canada are turning energy income trusts into the new stars of the mature basin. From only 13 trusts in 1997, the sector has ballooned to more...

Fog obscures new dawn for Iraqi oil.
May 24, 2004... More than one year after the overthrow of Saddam Hussein, control of Iraq's oil is about to return to the Iraqis. Or is it? With six weeks to go before the official handover of sovereignty from the US-led Coalition Provisional Authority (CPA)...

Long haul, slow returns in Saudi gas.
May 24, 2004... As the international companies with natural gas exploration blocks in Saudi Arabia get down to work, they are busy talking up the prospects of making major discoveries, in public at least. What should be low-risk ventures in the world's most...

Smart refiners in new EU tempt buyers.
May 24, 2004... The European Union's 10 new members may only have 14 refineries processing just over 1 million barrels per day between them, but they include some of the most sophisticated upgrading plants in Europe. The EU's newcomers have more...

Corporate--Royal Dutch/Shell has begun rebuilding its senior management team with the appointment of Shell Canada chief Linda Cook to the group's all-powerful Committee of Managing Directors (CMD).(General)
May 24, 2004... Royal Dutch/Shell has begun rebuilding its senior management team with the appointment of Shell Canada chief Linda Cook to the group's all-powerful Committee of Managing Directors (CMD). Cook will take over responsibility for gas and power--a...

Formula prices--Mexico widened discounts for Maya crude exports to the US Gulf Coast, Caribbean and Europe by 15 cents/bbl, and also widened discounts for Maya exported to the West Coast.(General)
May 24, 2004... Mexico widened discounts for Maya crude exports to the US Gulf Coast, Caribbean and Europe by 15 cents/bbl, and also widened discounts for Maya exported to the West Coast. Maya grade bound for the Gulf Coast and Caribbean in June is now priced...

People--Ma Fucai has stepped down as chairman of PetroChina, the listed arm of China National Petroleum Corp. (CNPC).(General)
May 24, 2004... Ma Fucai has stepped down as chairman of PetroChina, the listed arm of China National Petroleum Corp. (CNPC). Ma quit as president of CNPC in April after a gas well blowout killed more than 230 people in December. Chen Geng, who replaced Ma as...

Australia--Woodside Petroleum is launching its Otway project to pipe natural gas onshore to Victoria with an initial investment of A$810 million ($559 million).(Countries)
May 24, 2004... Woodside Petroleum is launching its Otway project to pipe natural gas onshore to Victoria with an initial investment of A$810 million ($559 million). First gas is expected to flow in 2006, with Woodside having already secured a contract to...