Petroleum Intelligence Weekly articles from May 2006

Petroleum Intelligence Weekly archives from May 2006

Russia's Gazprom has its way with German gas deal.
May 1, 2006... Germany is going where others apparently fear to tread, deepening its cooperation with Gazprom at a time when any hint of Russian expansion into Europe elicits denunciations of Kremlin interference. A far-reaching agreement signed with BASF in...

PIW scorecard: US gets best deal from Mideast.
May 1, 2006... Mideast oil producers had to offer progressively larger discounts to their term contract customers in the US as crude stocks rose during the first quarter of this year, while commanding strikingly better prices for their exports to Asia, the...

Abu Dhabi terms debate inches forward.
May 1, 2006... Abu Dhabi National Oil Co. (Adnoc) and its foreign partners have been in on-off talks on renewing their operating concessions for months, with the partners--who include industry giants BP, Exxon Mobil, Royal Dutch Shell and Total--pressing for...

High prices do few favors for Repsol recovery.
May 1, 2006... These are tricky times for Repsol YPF. Most oil companies couldn't be happier with oil at $70 per barrel, but high prices are causing headaches for the Spanish major as they are emboldening governments to dictate harsher terms to foreign...

India's retail revolution has pricing problems.
May 1, 2006... Fearful of the emerging private sector competition in the retail sector, India's state oil companies are responding with an aggressive expansion of their national networks of filling stations. But the rapid growth in retail capacity is reducing...

UK Indies test potential of new frontiers.(Cairn Energy USA Inc.)(Brief article)
May 1, 2006... Soaring oil prices and shrinking opportunities at home are turning UK-based independents into active players in the oil industry's global land grab. Propelled by the maturing of their original North Sea base and the lure of $70 oil, the likes...

Updated price scorecard for key world grades.(crude oil price under contracts)
May 1, 2006... PIW's Price Scorecard is designed to sort through the complexities of crude oil pricing under term contracts, allowing a deeper understanding of market trends than is possible from tracking only spot grades. The scorecard aims to put all...

How term-contract prices are calculated.(crude oil prices)
May 1, 2006... Term-contract formulas generally have four basic components: the point of sale, a market-related benchmark, an adjustment factor for differences related to crude oil quality and point of sale, and a timing mechanism stipulating when the value...

Majors see new gains in US gas assets.
May 1, 2006... Talk of the majors losing interest in their US onshore natural gas assets appears to have been premature. Take Exxon Mobil, for example, which is pursuing a project in Colorado that may ultimately recover 35 trillion cubic feet of gas--the...

Industry Restucturing--Oil services giant Schlumberger is paying $2.4 billion to acquire Baker Hughes' 30% stake in their WesternGeco seismic joint venture and will take full control of the company created by the two firms in 2000.(GENERAL)
May 1, 2006... INDUSTRY RESTUCTURING--Oil services giant Schlumberger is paying $2.4 billion to acquire Baker Hughes' 30% stake in their WesternGeco seismic joint venture and will take full control of the company created by the two firms in 2000. Japan's...

OPEC--Oil ministers say they are powerless to bring down prices but have reaffirmed their commitment to supply the market with whatever it needs.(GENERAL)
May 1, 2006... OPEC--Oil ministers say they are powerless to bring down prices but have reaffirmed their commitment to supply the market with whatever it needs. "There is nobody asking for additional crude," Saudi Oil Minister Ali Naimi said in Doha, Qatar...

Algeria--state-owned Sonatrach has announced its fourth solo discovery so far this year--a gas and condensate find in the AHM-1 well in Berkine Basin Block 405a.(COUNTRIES)
May 1, 2006... ALGERIA -- State-owned Sonatrach has announced its fourth solo discovery so far this year--a gas and condensate find in the AHM-1 well in Berkine Basin Block 405a. Two further finds have been made with partners. Tests in the Tournaisien and...

Brazil--the country is now self sufficient in crude oil following the start of production at the P-50 platform in the Albacora Leste field in the oil-rich Campos Basin.(COUNTRIES)
May 1, 2006... BRAZIL -- The country is now self sufficient in crude oil following the start of production at the P-50 platform in the Albacora Leste field in the oil-rich Campos Basin (p7). Three other platforms are due on line in 2006: the 60,000 b/d P-34...

China--crude imports rose by 10.9% in March to slightly more than 3 million b/d, up 10.9% year-on-year, according to the latest customs statistics.(COUNTRIES)
May 1, 2006... CHINA -- Crude imports rose by 10.9% in March to slightly more than 3 million b/d, up 10.9% year-on-year, according to the latest customs statistics. Angola remained the largest crude supplier, recording a 145.2% jump compared with March last...

China--the government is looking to Saudi Arabia to help stock its planned strategic oil reserve and deepen downstream cooperation with the kingdom, which is the country's largest crude supplier.(COUNTRIES)
May 1, 2006... CHINA -- The government is looking to Saudi Arabia to help stock its planned strategic oil reserve and deepen downstream cooperation with the kingdom, which is the country's largest crude supplier (PIW Apr. 3,p6). President Hu Jintao is...

Ecuador--state-owned Petroecuador wants to impose a retroactive tax on the excess private oil company profits generated by high prices between 2001 and 2005, a move that could add $1.15 billion to government coffers.(COUNTRIES)
May 1, 2006... ECUADOR -- State-owned Petroecuador wants to impose a retroactive tax on the excess private oil company profits generated by high prices between 2001 and 2005, a move that could add $1.15 billion to government coffers. Private companies...

India--Reliance Petroleum's initial public offering (IPO) has raised a total of $2.4 billion from public investors, foreign funds and parent company Reliance Industries.(COUNTRIES)
May 1, 2006... INDIA -- Reliance Petroleum's initial public offering (IPO) has raised a total of $2A billion from public investors, foreign funds and parent company Reliance Industries. Of the 1.8 billion shares offered, 450 million shares went to public...

Indonesia--Exxon Mobil has sold its 50% interest in the gas-rich Block A in northern Sumatra's troubled Aceh province to a consortium of UK independent Premier Oil, Indonesia's PT Medco Energi and Japan's Japex for $51 million.(COUNTRIES)
May 1, 2006... INDONESIA -- Exxon Mobil has sold its 50% interest in the gas-rich Block A in northern Sumatra's troubled Aceh province to a consortium of UK independent Premier Oil, Indonesia's PT Medco Energi and Japan's Japex for $51 million (p4). Subject...

Kazakhstan--about 33 million bbl of crude will be supplied to China this year via a 980 km pipeline linking it with Kazakhstan, with shipments slated to begin at the end of last month, according to officials from state-owned China National Petroleum Corp. (CNPC).(COUNTRIES)
May 1, 2006... KAZAKHSTAN -- About 33 million bbl of crude will be supplied to China this year via a 980 km pipeline linking it with Kazakhstan, with shipments slated to begin at the end of last month, according to officials from state-owned China National...

Kuwait--energy minister Sheikh Ahmad al-Fahd al-Sabah has said that Kuwait Oil Co. (KOC) is in the final stages of drafting a document showing that the country's oil reserves are much higher than stated in a 2001 internal report.(COUNTRIES)
May 1, 2006... KUWAIT -- Energy minister Sheikh Ahmad al-Fahd al-Sabah has said that Kuwait Oil Co. (KOC) is in the final stages of drafting a document showing that the country's oil reserves are much higher than stated in a 2001 internal report. KOC and the...

Libya--Tripoli is planning to announce its next upstream tender by the end of the year, the third such bid round in less than two years.(COUNTRIES)(Brief article)
May 1, 2006... LIBYA -- Tripoli is planning to announce its next upstream tender by the end of the year, the third such bid round in less than two years. "We are looking at the acreage available, its location and whether we need to introduce changes in the...

Russia--Rosneft and Surgutneftegas have won separate government tenders for the development of East Siberian oil fields strategically located near future export routes to Asia.(COUNTRIES)
May 1, 2006... RUSSIA -- Rosneft and Surgutneftegas have won separate government tenders for the development of East Siberian oil fields strategically located near future export routes to Asia. Rosneft paid 2.522 billion rubles ($91.9 million) for the rights...

United States--The Department of Energy is looking into ways to increase the size of the Strategic Petroleum Reserve (SPR), the government's emergency crude oil stockpile, from 727 million bbl to 1 billion bbl.(COUNTRIES)
May 1, 2006... UNITED STATES -- The Department of Energy is looking into ways to increase the size of the Strategic Petroleum Reserve (SPR), the government's emergency crude oil stockpile, from 727 million bbl to 1 billion bbl. At a likely fill rate of about...

Latin American policies invite stagnation.(What's New Around the World)
May 1, 2006... Brazil's state-controlled oil giant Petrobras made history last month, achieving self-sufficiency in oil production with the start-up of its P-50 platform in the Albacora Leste field in the Campos Basin. The progress sets Brazil apart from...

Political mix.(Marketview)
May 1, 2006... NEW YORK -- Crude futures on the New York Mercantile Exchange (Nymex) retreated last week after hitting a string of record highs the previous week and ultimately trading above $75 per barrel on Apr. 21. The June contract, as PIW went to press,...

PIW market indicators.(crude oil prices compared)(Statistical data)
May 1, 2006... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $67.36 $66.20 $61.44 UK Brent (Dated) 73.48 72.28 66.97...

Surge in jet demand pumps up prices.(Marketview)(Brief article)
May 1, 2006... Jet fuel prices in Northwest Europe have soared as demand increases for Mideast supplies. European jet fuel swaps last week surged to their highest level in more than six months before May front-month premiums steadied at around $74/ton over...

Latin America offers investors shrinking returns.
May 8, 2006... Where Venezuela has led, neighboring Bolivia has followed. The sudden renationalization of Bolivia's oil and gas last week was more draconian than expected, leaving foreign companies with 180 days to accept new terms, or cut their losses and...

Saudis, US see eye-to-eye on energy security.
May 8, 2006... Given the howls from US consumers over the cost of gasoline while Saudi Arabia is raking in record revenues from sky-high prices, the annual confab between the world's largest oil producer and the largest oil consumer was a very civil affair....

New Norway entrants target discarded assets.
May 8, 2006... Norway was long chided for moribund exploration activity, high upstream tax rates and an unwillingness to open up offshore areas or license new operators, but it has shaken off its fusty image in recent years, recently topping a survey by tax...

Oil supplies rise, outpacing demand gains.
May 8, 2006... Global oil supply rebounded in April and was more than 1 million barrels per day ahead of demand for the month. Although last month's total global supply of 84.8 million b/d was barely 250,000 b/d ahead of year ago levels, it outstripped demand...

Big Oil's big profits solid, not spectacular.
May 8, 2006... Unlike other quarters, Exxon Mobil's first-quarter profit--which at $8.4 billion was the supermajor's fourth highest ever--wasn't greeted with a rousing round of applause from Wall Street. Rival BP, too, posted a solid but unspectacular set of...

Politics, prices stymie Gulf gas integration.
May 8, 2006... With the largest natural gas reserves in the Mideast Gulf, efforts by Iran und Qatar to export gas to their gas-needy Gulf neighbors have met with limited success. The sole cross-border deal remains Dolphin Energy, the project to pipe 2 billion...

Big is best at China's wholesale party.(World Trade Organization commitments)
May 8, 2006... Two years after liberalizing oil retailing, China is gearing up to open its wholesale sector this December to local private companies and foreign firms, as part of its World Trade Organization commitments. In theory, the opening will challenge...

Corporate--shares in Paris-listed Technip were temporarily suspended last week after the French services firm warned of "overheating" in the entire oil and gas chain.(GENERAL)
May 8, 2006... CORPORATE -- Shares in Paris-listed Technip were temporarily suspended last week after the French services firm warned of "overheating" in the entire oil and gas chain. Continuing rises in raw material costs, coupled with increased demand for...

Industry restructuring--Oklahoma City-based Devon Energy has bought privately owned Chief Holdings for $2.2 billion, enlarging its already substantial position in the Barnett Shale in North Texas.(GENERAL)
May 8, 2006... INDUSTRY RESTRUCTURING -- Oklahoma City-based Devon Energy has bought privately owned Chief Holdings for $2.2 billion, enlarging its already substantial position in the Barnett Shale in North Texas (PIW May 1,p5). Brazil's Petrobras has closed...

Natural gas--the European Union has cautioned Russia not to seek to meddle in the way it decides on energy mergers.(GENERAL)
May 8, 2006... NATURAL GAS -- The European Union has cautioned Russia not to seek to meddle in the way it decides on energy mergers. In a letter to Russian Energy Minister Victor Khristenko, EU Energy Commissioner Andris Piebalgs said Gazprom would be treated...

People--Thomas O'Malley, the high-profile former boss of US Tosco and Premcor is to become chief executive at privately-held European refiner Petroplus.(GENERAL)
May 8, 2006... PEOPLE -- Thomas O'Malley, the high-profile former boss of US Tosco and Premcor is to become chief executive at privately-held European refiner Petroplus. The current chief executives, Marcel van Poecke and Willem Willemstein, will step down...

China--CNOOC Ltd., the listed arm of China National Oil Offshore Corp. (CNOOC) has raised around $1.95 billion through a share issue to fund its expansion plans.(COUNTRIES)
May 8, 2006... CHINA -- CNOOC Ltd., the listed arm of China National Oil Offshore Corp. (CNOOC) has raised around $1.95 billion through a share issue to fund its expansion plans. CNOOC is raising cash to fill its coffers after spending over $3 billion on...

Iraq--after making steady progress in crude exports over the past four months, Baghdad has scheduled 31 tankers to lift 1.65 million b/d of Basrah Light crude in May from its two southern oil terminals at Basrah and Khor al-Amaya.(COUNTRIES)
May 8, 2006... IRAQ -- After making steady progress in crude exports over the past four months, Baghdad has scheduled 31 tankers to lift 1.65 million b/d of Basrah Light crude in May from its two southern oil terminals at Basrah and Khor al-Amaya. If all the...

Japan--crude imports rose 8.8% in March from a year earlier, to 4.95 million b/d, with Saudi Arabia retaining its position as the country's leading supplier with sales of close to 1.4 million b/d.(COUNTRIES)
May 8, 2006... JAPAN -- Crude imports rose 8.8% in March from a year earlier, to 4.95 million b/d, with Saudi Arabia retaining its position as the country's leading supplier with sales of close to 1.4 million b/d. Deliveries from Iran were down by 20% for the...

Nigeria--China National Petroleum Corp. (CNPC) has bagged preferential rights to some potentially lucrative oil fields following Chinese President Hu Jintao's visit to Abuja.(COUNTRIES)
May 8, 2006... NIGERIA -- China National Petroleum Corp. (CNPC) has bagged preferential rights to some potentially lucrative oil fields following Chinese President Hu Jintao's visit to Abuja. CNPC has the right of first refusal for four of the 14 blocks to be...

Oman--UK gas giant BG has signed its first production sharing agreement, to develop a gas field relinquished by main operator Petroleum Development Oman (PDO).(COUNTRIES)
May 8, 2006... OMAN -- UK gas giant BG has signed its first production sharing agreement, to develop a gas field relinquished by main operator Petroleum Development Oman (PDO). BG is taking the operatorship of onshore Block 60, with a 100% interest. The 1,500...

Russia--construction has started on the $7.2 billion first phase of the East Siberian oil pipeline to China and other Asian markets, though the final route may be diverted away from Lake Baikal, which could tack an additional $1 billion onto the cost.(COUNTRIES)
May 8, 2006... RUSSIA -- Construction has started on the $7.2 billion first phase of the East Siberian oil pipeline to China and other Asian markets, though the final route may be diverted away from Lake Baikal, which could tack an additional $1 billion onto...

Russia--Moscow has penciled in seaborne exports of 2.89 million b/d in May (12.23 million metric tons), up sharply from April when an attempt was made to boost refining runs to control climbing domestic product prices.(COUNTRIES)
May 8, 2006... RUSSIA -- Moscow has penciled in seaborne exports of 2.89 million b/d in May (12.23 million metric tons), up sharply from April when an attempt was made to boost refining runs to control climbing domestic product prices. The increased loadings...

South Korea--crude imports in March were down 14.7% from year-ago levels at some 2.23 million b/d.(COUNTRIES)
May 8, 2006... SOUTH KOREA -- Crude imports in March were down 14.7% from year-ago levels at some 2.23 million b/d. The country's largest refiner, SK Corp., and its affiliate SK Inchon Oil diversified their crude sources, buying less from the Mideast and...

Saudi Arabia--Saudi Aramco says it expects to ink initial deals with Total and ConocoPhillips for two new refineries in the kingdom by the end of this month.(COUNTRIES)
May 8, 2006... SAUDI ARABIA -- Saudi Aramco says it expects to ink initial deals with Total and ConocoPhillips for two new refineries in the kingdom by the end of this month. "The company board of directors last week approved the recommendation to engage in...

United States--The joint venture of Royal Dutch Shell and Saudi Refining, Motiva Enterprises, has completed the initial process design to expand its Port Arthur, Texas, refinery to 600,000 b/d, making it the largest in the country.(COUNTRIES)
May 8, 2006... UNITED STATES -- The joint venture of Royal Dutch Shell and Saudi Refining, Motiva Enterprises, has completed the initial process design to expand its Port Arthur, Texas, refinery to 600,000 b/d, making it the largest in the country. Saudi...

Impressive upstream tempered by lower refining earnings in Q1.
May 8, 2006... With benchmark West Texas Intermediate crude averaging $63/bbl in the first quarter, top oil companies easily turned in a solid set of upstream profits. Downstream earnings, however, were a different story. Planned maintenance and unplanned...

Singapore swings.(Marketview)
May 8, 2006... SINGAPORE -- As WTI crude oil futures prices spiked at a record $75.35/bbl on Apr. 23 and then kept flirting with the $75 level, Asian middle and heavy distillate prices also hit record outright prices, with Singapore gas oil breaching $88/bbl...

PIW market indicators.(Statistical data)
May 8, 2006... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $64.21 $66.34 $63.13 UK Brent (Dated) 73.84 72.87 68.93...

Labor shortage delays projects and hikes costs.
May 15, 2006... Oil companies have been griping about the lack of skilled personnel in their industry for years, but they are now conceding that the labor shortage is slowing project schedules and driving up costs. The tight market is delaying the delivery of...

Renewables rise fast but lots of room for oil.
May 15, 2006... A few years ago, with oil prices below $30 per barrel, many oil producers were worried that higher prices would accelerate the introduction of renewable and alternative fuels, threatening oil's dominance over time. Now, with oil at $70/bbl--and...

Seesawing prices, rising costs shift upstream spending.
May 15, 2006... When Canadian Natural Resources set its 2006 budget, natural gas prices in Western Canada were US$7.50 per thousand cubic feet and heavy oil prices in Canada were US$35 per barrel. Since then, Western Canadian gas prices have dropped 40% and...

Europe boosts share of global LNG market.(Industry overview)
May 15, 2006... Europe was the focus of the growth in liquefied natural gas (LNG) trade last year as regional gas market pressures increasingly shape the global market. New exporter Egypt, incremental supplier Qatar, plus cargoes from Trinidad diverted from...

Independents go for upstream in Southeast Asia.(Malaysia and Myanmar the biggest beneficiaries)
May 15, 2006... Southeast Asia is experiencing a healthy uptick in upstream activity. The majors' narrow focus on deepwater and LNG opportunities has left a vast swathe of basins for smaller operators to explore and develop. Consolidation at the top of the...

As oil fades Egypt pushes harder for gas.
May 15, 2006... As oil output continues its inexorable decline, Egypt is furiously promoting gas. In February, Cairo launched an exploration bid round for 20 blocks, most of them gas-prone, and announced that proven gas reserves of 67 trillion cubic feet could...

US and China at heart of demand dilemma.(International Energy Forum)
May 15, 2006... Perceptions of future oil demand growth have become a key driver of prices, but getting the future right obviously depends on an accurate assessment of the present. The accuracy of these assessments has been increasingly called into question by...

OPEC--Member countries will register another large surplus on current account in 2006. But it could be slightly smaller than last year's and more modest than recently projected by the IMF and other institutions.(GENERAL)
May 15, 2006... OPEC -- Member countries will register another large surplus on current account in 2006. But it could be slightly smaller than last year's and more modest than recently projected by the IMF and other institutions. With slowing demand and more...

Formula Prices--Saudi Arabia adjusted its June term contract price formulas by narrowing differentials for crude exports to the US, while easing differentials for cargoes to Europe.(GENERAL)(Statistical table)(Brief article)
May 15, 2006... FORMULA PRICES -- Saudi Arabia adjusted its June term contract price formulas by narrowing differentials for crude exports to the US, while easing differentials for cargoes to Europe. The new price terms for exports to Asia are mixed, with some...

Industry Restructuring--Shell Canada is paying C$2.4 billion (US$2.2 billion) for BlackRock Ventures, an oil sands producer in Western Canada. Shell Canada is 78% owned by Royal Dutch Shell.(GENERAL)
May 15, 2006... INDUSTRY RESTRUCTURING -- Shell Canada is paying C$2.4 billion (US$2.2 billion) for BlackRock Ventures, an oil sands producer in Western Canada. Shell Canada is 78% owned by Royal Dutch Shell. Texas-based independent Range Resources is...

Angola--A Chinese-Angolan venture Sonangol Sinopec International (SSI) is leading the race to secure fights to the remaining parts of deepwater Blocks 17 and 18.(COUNTRIES)(China Petrochemical International Co. (Sinopec International))(Tullow Oil PLC)(VAALCO Energy Inc.)(Brief article)
May 15, 2006... ANGOLA -- A Chinese-Angolan venture Sonangol Sinopec International (SSI) is leading the race to secure fights to the remaining parts of deepwater Blocks 17 and 18. SSI offered a signature bonus of $1.1 billion for up to 50% of each of the two...

Austria--Adding to its list of acquisitions and further establishing itself as a national energy champion, OMV is to buy the country's leading power firm Verbund in a deal worth up to 13.1 billion [euro] ($16.4 billion).(COUNTRIES)(OMV (UK) Ltd. to acquire Verbund)(Brief article)
May 15, 2006... AUSTRIA -- Adding to its list of acquisitions and further establishing itself as a national energy champion, OMV is to buy the country's leading power firm Verbund in a deal worth up to 13.1 billion [euro] ($16.4 billion). The two firms say...

Bolivia--Backlash from foreign companies continues over Bolivia's decision to nationalize its oil and gas reserves.(COUNTRIES)
May 15, 2006... BOLIVIA -- Backlash from foreign companies continues over Bolivia's decision to nationalize its oil and gas reserves (PIW May8,p1). Brazil's Petrobras said it was temporarily rejecting new directors of its Bolivia unit, named by the Bolivian...

China--Beijing is expected to hike retail prices for gas oil and gasoline by up to 8% by the end of the month to ease pressure on refiners in the face of sharply higher crude oil costs.(COUNTRIES)
May 15, 2006... CHINA -- Beijing is expected to hike retail prices for gas oil and gasoline by up to 8% by the end of the month to ease pressure on refiners in the face of sharply higher crude oil costs. The National Development and Reform Commission (NDRC),...

Indonesia--Adding to the potential surplus in regional refining capacity, state-owned Pertamina and National Iranian Oil Co. (NIOC) have signed a memorandum of understanding for the construction of a 300,000 bid refinery in east Java.(COUNTRIES)
May 15, 2006... INDONESIA -- Adding to the potential surplus in regional refining capacity, state-owned Pertamina and National Iranian Oil Co. (NIOC) have signed a memorandum of understanding for the construction of a 300,000 bid refinery in east Java....

Japan--Reflecting Iran's intensifying nuclear spat with the West, purchases of Iranian crude were cut in the first quarter of this year by 12.8% to 603,000 b/d.(COUNTRIES)(Brief article)
May 15, 2006... JAPAN -- Reflecting Iran's intensifying nuclear spat with the West, purchases of Iranian crude were cut in the first quarter of this year by 12.8% to 603,000 bid. Top refiner Nippon Oil said in March that it would substitute part of the Iranian...

Norway--Early maintenance in April may set the stage for higher output during the country's normal peak maintenance period this summer.(higher quality crudes to feed to United States gasoline demand)(Brief article)
May 15, 2006... NORWAY -- Early maintenance in April may set the stage for higher output during the country's normal peak maintenance period this summer. The extra light, sweet crude output could be well appreciated during hurricane season in an Atlantic Basin...

Russia--Oil producers turned in a mixed bag of results in April as crude and condensate production rose to a total of 9.6 million b/d, up 46,400 b/d on the previous month and 3.2% higher than a year ago.(COUNTRIES)
May 15, 2006... RUSSIA -- Oil producers turned in a mixed bag of results in April as crude and condensate production rose to a total of 9.6 million b/d, up 46,400 b/d on the previous month and 3.2% higher than a year ago. Companies like Sibneft and Slavneft,...

Russia--A battle has broken out over national oil pipeline monopoly Transneft, one of the Kremlin's most powerful tools for implementing oil policy.(Transneft shares suspended and its merger with ransnefteprodukt and SGTrans)(Brief article)
May 15, 2006... RUSSIA -- A battle has broken out over national oil pipeline monopoly Transneft, one of the Kremlin's most powerful tools for implementing oil policy. The fight spilled into the open after trading in Transneft's preferred shares was suspended...

Spain--Reflecting high prices, Repsol YPF boosted net profits by 8% to 862 million [euro] ($1.1 billion) in the first quarter of 2006 compared with the same period of 2005, though oil and gas production fell by 2.6% to 1.1 million boe/d.(COUNTRIES)
May 15, 2006... SPAIN -- Reflecting high prices, Repsol YPF boosted net profits by 8% to 862 million [euro] ($1.1 billion) in the first quarter of 2006 compared with the same period of 2005, though oil and gas production fell by 2.6% to 1.1 million boe/d....

Syria--US oil company Marathon has signed a 25-year production sharing agreement (PSA) covering the Ash Shaer and Cherrife natural gas fields in Syria that was decades in the waiting.(COUNTRIES)
May 15, 2006... SYRIA -- US oil company Marathon has signed a 25-year production sharing agreement (PSA) covering the Ash Shaer and Cherrife natural gas fields in Syria that was decades in the waiting. The deal paves the way for Marathon to exit Syria since it...

Ukraine--The future of a controversial Russian natural gas supply contract hangs in the balance after a Vienna-based company, Centragas, was forced to step out of the shadows to reveal itself as the mystery owner of a 50% stake in gas trader RosUkrEnergo (RUE).(COUNTRIES)
May 15, 2006... UKRAINE -- The future of a controversial Russian natural gas supply contract hangs in the balance after a Vienna-based company, Centragas, was forced to step out of the shadows to reveal itself as the mystery owner of a 50% stake in gas trader...

US--Efforts to bring the long-planned natural gas pipeline from Alaska's North Slope to the US lower 48 moved slightly closer to reality last week as the state of Alaska and producers BP, ConocoPhillips and Exxon Mobil disclosed preliminary fiscal terms for the project.(COUNTRIES)
May 15, 2006... US -- Efforts to bring the long-planned natural gas pipeline from Alaska's North Slope to the US lower 48 moved slightly closer to reality last week as the state of Alaska and producers BP, ConocoPhillips and Exxon Mobil disclosed preliminary...

US--The Defense Department's Total Energy Development (TED) project, which has the stated objective of "catalyzing commercial industry to produce clean fuels for the military" is getting high-level support from Secretary Rumsfeld (PIW Oct.3,p4).(COUNTRIES)(Brief article)
May 15, 2006... US -- The Defense Department's Total Energy Development (TED) project, which has the stated objective of "catalyzing commercial industry to produce clean fuels for the military" is getting high-level support from Secretary Rumsfeld (PIW...

Venezuela--Caracas is studying ways to reform upstream contracts with private oil companies so that state oil firm Petroleos de Venezuela (PDV) can take a majority stake in four heavy oil upgrading projects, the latest effort by left-wing President Hugo Chavez to assert state control over the nation's oil wealth.(Caracas Co)(Brief article)
May 15, 2006... VENEZUELA -- Caracas is studying ways to reform upstream contracts with private oil companies so that state oil firm Petroleos de Venezuela (PDV) can take a majority stake in four heavy oil upgrading projects, the latest effort by left-wing...

Bulls rule.(Marketview)
May 15, 2006... WASHINGTON -- After trending lower in early May and briefly dipping below $70 per barrel, crude oil futures on the New York Mercantile Exchange (Nymex) took off again last week, with the front-month contract trading close to $74/bbl on the back...

PIW market indicators.(crude oil prices compared)(Statistical table)
May 15, 2006... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket +$65.03 +$66.78 +$66.20 UK Brent (Dated) ...

M&A no match for last year's $130 billion.
May 22, 2006... The upstream merger and acquisition (M&A) landscape so far this year bears little resemblance to the 2005 market. Missing is a lengthy list of Russian players eager to grab a piece of Russia's oil riches, gone are the natural gas-focused...

Russia-US standoff holds energy hostage.
May 22, 2006... Less than two months before Russia takes the chair of the G8 for the first time, relations with the West are deteriorating rapidly, to the point where doubts are being raised over a $20 billion LNG scheme aimed at supplying the US. With threats...

Mideast NOCs lead downstream drive in Asia.(national oil companies )
May 22, 2006... Asia holds the key to global oil demand growth in the coming decade, but despite this, the international oil companies (IOCs) have shown precious little interest in making big downstream investments in the region. Instead, it has been the...

Inversion of WTI to Brent Heralds new era.(West Texas Intermediate)
May 22, 2006... The value of a barrel of crude oil is determined by the value of the products it can yield in a given refinery, or by comparing it to benchmark crudes, of which West Texas Intermediate (WTI) and Brent are the two most important. But the...

Storm-weary US braces for more hurricanes.
May 22, 2006... With repairs still dragging on from Hurricanes Katrina and Rita, the US energy industry is bracing itself for what could be another disruptive hurricane season in the coming months. Forecasters at Colorado State University say there is a...

Asia NOCs lose from soaring subsidy costs.(national oil companies)
May 22, 2006... Investments in regional refining operations and upstream projects are at risk because Asian national oil companies (NOCs) are making huge downstream losses from selling petroleum products below cost. State oil companies in China, India and...