Petroleum Intelligence Weekly articles from November 2004

Petroleum Intelligence Weekly archives from November 2004

BP talks of evolving deals with NOCs.
November 1, 2004... BP as a company and John Browne as a individual were described by PIW as "a seedbed of ideas" for the international oil industry as far back as 1998, even before the takeover of Amoco and later Arco set off a wave of consolidation that created...

Majors retire hurt from China play.
November 1, 2004... The collapse of two high-profile joint ventures between China's energy firms and international majors are signs of a rapid evolution in relationships. As in so many sectors, China is increasingly confident of its ability to go it alone. After...

Terms hang over Abu Dhabi investment.
November 1, 2004... With a helping hand from its western partners, Abu Dhabi National Oil Co. (Adnoc) is pushing ahead with long-term plans to boost sustainable production capacity from around 2.4 million barrels per day towards 3 million b/d. But the...

PIW scorecard: volatility hits term buyers.(Petroleum Intelligence Weekly)
November 1, 2004... Widening spreads between sweet and sour crudes have been hurting refiners who buy oil under term contract from Middle East producers. PIW's quarterly price Scorecard shows that sour barrels delivered under these term contracts cost at least $I...

IEA shows concern over energy future.(International Energy Agency)
November 1, 2004... With the world in a flap about $50 oil, the International Energy Agency's latest biennial long-term energy outlook attracted more attention than usual when it was released last week. Though the revisions to the 2002 forecasts were minimal, the...

High rig rates signal uptick in development.
November 1, 2004... With most oil companies sticking to tight investment criteria, the recent surge in drilling activity is no exploration splurge. Activity is rising mostly because of development of current fields. Free cash flow is heading back to shareholders...

Atlantic Canada falls far short of expected.
November 1, 2004... When development of the first major natural gas finds off Sable Island, Nova Scotia began in the late 1990s, optimism arose about a potentially major new producing basin that would serve growing demand in Atlantic Canada and the US Northeast...

BP's Lord Browne: the best is yet to come.(CEO of BP)(Interview)
November 1, 2004... Though oil markets are going through a turbulent period at the moment, Lord Browne, the CEO of supermajor BP, does not believe that oil is on the verge of a new era that should prompt major oil companies to revise radically their investment...

Corporate--Anglo-Dutch supermajor Royal Dutch/Shell has announced radical plans to merge its two parent companies into a single new UK-listed entity, Royal Dutch Shell plc, and has moved ahead with a shake-up of senior management, unifying its multiple boards and replacing its Committee of Managing Directors with an executive committee led by a chief executive.(General)(Brief Article)
November 1, 2004... CORPORATE--Anglo-Dutch supermajor Royal Dutch/Shell has announced radical plans to merge its two parent companies into a single new UK-listed entity, Royal Dutch Shell pie, and has moved ahead with a shake-up of senior management, unifying its...

Industry Restructuring--Germany's E.On Ruhrgas concluded the 303 million ($382 million) purchase of a 51% share in Romanian gas supplier Distrigaz Nord.(General)(Brief Article)
November 1, 2004... INDUSTRY RESTRUCTURING--Germany's E.On Ruhrgas concluded the 303 million ($382 million) purchase of a 51% share in Romanian gas supplier Distrigaz Nord (PIW Oct.25,p6). E.On recently acquired stakes in a Romanian power and heat generator, a...

Algeria--Data rooms will be open until Dec. 16 for the sixth exploration licensing round which was launched last month by state Sonatrach and the Oil Ministry.(Countries)
November 1, 2004... ALGERIA -- Data rooms will be open until Dec. 16 for the sixth exploration licensing round which was launched last month by state Sonatrach and the Oil Ministry. Bids for the 10 onshore blocks on offer are due and will be opened on Mar. 20,...

Angola--It looks like China rather than India is going to be favored with a 50% stake in the offshore Block 18 that state oil firm Sonangol plans to sell.(Countries)(Brief Article)
November 1, 2004... ANGOLA -- It looks like China rather than India is going to be favored with a 50% stake in the offshore Block 18 that state oil firm Sonangol plans to sell. China's promise of up to $2 billion in development aid to support projects has clinched...

China--Kerr-McGee has made its eighth offshore discovery, hitting 85 feet of net oil pay with the CFD 14-5-1 well in Block 09/18, one of four adjoining blocks it operates in Bohai Bay.(Countries)(Brief Article)
November 1, 2004... CHINA -- Kerr-McGee has made its eighth offshore discovery, hitting 85 feet of net oil pay with the CFD 14-5-1 well in Block 09/18, one of four adjoining blocks it operates in Bohai Bay. The well is located in 75 feet of water and was drilled...

East Timor--Talks with Australia over the Timor Gap collapsed in acrimony last week, potentially derailing Woodside Petroleum's A$6.6 billion (US$4.9 billion) Greater Sunrise LNG project, which needs the two sides to reach an agreement by the end of the year or it will miss a crucial deadline.(Countries)(Brief Article)
November 1, 2004... EAST TIMOR -- Talks with Australia over the Timor Gap collapsed in acrimony last week, potentially derailing Woodside Petroleum's A$6.6 billion (US$4.9 billion) Greater Sunrise LNG project, which needs the two sides to reach an agreement by the...

Iraq--The Oil Ministry has secured approval for a $3 billion investment budget for 2005 and is aiming for a sustainable production capacity in excess of 3 million b/d by the end of next year, according to interim Oil Minister Thamer al-Ghadban.(Countries)(Brief Article)
November 1, 2004... IRAQ -- The Oil Ministry has secured approval for a $3 billion investment budget for 2005 and is aiming for a sustainable production capacity in excess of 3 million bid by the end of next year, according to interim Oil Minister Thamer...

Libya--Signs of slight slippage are emerging on the tight deadlines set for the Epsa-4 bidding round, companies indicate.(Countries)(Brief Article)
November 1, 2004... LIBYA -- Signs of slight slippage are emerging on the tight deadlines set for the Epsa-4 bidding round, companies indicate. Data rooms opened three days late, on Oct. 23, and commercial contracts are not yet ready, though National Oil Corp....

Russia--This month will see a further rise in seaborne crude exports on the back of rising flows from Baltic Sea ports.(Countries)(Brief Article)
November 1, 2004... RUSSIA -- This month will see a further rise in seaborne crude exports on the back of rising flows from Baltic Sea ports. Shipments from the northern ports are set to rise to 1.287 million bid in November, up from October's 1.232 million bid....

Russia--Moscow has delivered a blow to oil exporters--and world energy consumers--by officially putting off any further discussion of pipeline expansion projects for at least six months.(Countries)(Brief Article)
November 1, 2004... RUSSIA -- Moscow has delivered a blow to oil exporters--and world energy consumers --by officially putting off any further discussion of pipeline expansion projects for at least six months. The decision probably means there will be no...

Russia--In a dramatic landmark for the global warming debate, the upper house of parliament approved on Oct. 27 the Kyoto climate change treaty, which sets binding targets and timetables for developed nations to reduce greenhouse gas emissions.(Countries)(Brief Article)
November 1, 2004... RUSSIA -- In a dramatic landmark for the global warming debate, the upper house of parliament approved on Oct. 27 the Kyoto climate change treaty, which sets binding targets and timetables for developed nations to reduce greenhouse gas...

Russia--Tempted by high world oil prices, oil major Lukoil plans to increase crude oil exports by 11% next year and is targeting sales of 49 million tons 984,000 b/d).(Countries)(Brief Article)
November 1, 2004... RUSSIA -- Tempted by high world oil prices, oil major Lukoil plans to increase crude oil exports by 11% next year and is targeting sales of 49 million tons 084,000 b/d). Lukoil expects to produce 90.2 million tons (1.8 million b/d) of crude in...

Saudi Arabia--Saudi Aramco is pulling together plans for its next big upstream development--the Abu Hadriya, Fadhili and Khursaniya fields--and is expected to invite engineering, procurement and construction bids early next year.(Countries)(Brief Article)
November 1, 2004... SAUDI ARABIA -- Saudi Aramco is pulling together plans for its next big upstream development--the Abu Hadriya, Fadhili and Khursaniya fields--and is expected to invite engineering, procurement and construction bids early next year. Aramco is...

South Korea--Crude imports slipped a tad in September to an average of 2.06 million b/d, in line with the trend of negligible growth in the year to date.(Countries)(Illustration)
November 1, 2004... SOUTH KOREA--Crude imports slipped a tad in September to an average of 2.06 million b/d, in line with the trend of negligible growth in the year to date. Imports were down 32,000 b/d, or 1.5% in the month, against an average increase of 0.8% in...

Fog of uncertainty masks oil outlook.
November 1, 2004... An outspoken critic of the poor information standards in the oil industry sounded off again last week, denouncing the "fog of oil uncertainty" created by inaccurate and inadequate oil and gas supply data. Houston-based Matthew Simmons, chairman...

Sweet overload.(Marketview)(Industry Overview)
November 1, 2004... SINGAPORE -- The notion that the world's refiners have an almost limitless appetite for lighter, sweeter crudes rather than heavy sour grades is taking a big knock in Asia. Abu Dhabi's decision to increase the number of lighter, sweeter barrels...

PIW market indicators.(Illustration)
November 1, 2004... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $45.67 $45.90 $43.94 UK Brent (Dated) 51.20 50.70...

New study on Libya's Oil & Gas potential.(Brief Article)
November 1, 2004... After years of living on the fringes of the international oil market, Libya is poised for a surge in foreign investment in oil and gas development. The competition will be fierce. With the recent removal of international sanctions, this...

Updated price scorecard for key world grades.(petroleum)(Illustration)
November 1, 2004... 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.(Illustration)
November 1, 2004... 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...

Get ready for the age of Chinese oil.
November 8, 2004... If there's one thing that's clear from the oil market shock, it's that China has arrived. After leapfrogging over Japan last year to become the world's second largest oil market, China continued the pace with scorching demand growth this...

Oil company values may be about to peak.
November 8, 2004... US President George W. Bush wasn't the only winner on Nov. 3. Oil company shareholders saw the value of their holdings soar, with the American Stock Exchange Oil Index jumping more than 2% on the day Bush declared victory. Investors clearly...

Cost creep takes bite out of profits.
November 8, 2004... Given recent commodity price strength, you might expect oil and gas executives to be laughing all the way to the bank. For some, however, the fun is being spoiled by rising costs for oil field services and equipment that are gnawing away at...

Russia looks to China to open East Siberia.
November 8, 2004... Coincidence or not, Russia has merged in the latest data as China's top oil supplier, just as the Kremlin has called for a swift decision on construction of the East Siberian oil pipeline project (p8). A go-ahead for this gigantic...

Politics speeds up Iran's Asian LNG play.
November 8, 2004... With the signing of agreements on long-term purchases with China and India, a strong sense of political urgency seems to be advancing Iran's long quest to launch exports of liquefied natural gas (LNG). As a permanent member of the Security...

Tight supply, top rates boost tankers.
November 8, 2004... The global tanker industry is struggling to cope with soaring oil demand growth, while basking in record high revenues. Rates have quadrupled in barely three months to an unprecedented $200,000 per day for a very large crude carrier (VLCC) and...

Indian oil vies for role as state giant.(Indian Oil Corporation Ltd.)
November 8, 2004... As one of the world's faster growing economies, India is experiencing a surge in energy consumption second only to China's in Asia. In common with its neighbor, India faces stagnant indigenous oil production and growing imports. It is also...

IOC: the future is oil, gas & petrochemicals.(Interview)
November 8, 2004... India's new government has ruled out privatization in favor of creating one or two integrated state oil companies, one of which could be led by Indian Oil Co. (IOC). In an exclusive interview during the recent 25th annual Oil & Money conference...

Industry restructuring--EnCana sold its UK North Sea assets--including the prized Buzzard field--to fellow Canadian independent Nexen for $2.1 billion in cash and also plans to sell assets in Ecuador and US Gulf of Mexico to focus on North American onshore gas.(General)(Brief Article)
November 8, 2004... INDUSTRY RESTRUCTURING--EnCana sold its UK North Sea assets--including the prized Buzzard field--to fellow Canadian independent Nexen for $2.1 billion in cash and also plans to sell assets in Ecuador and US Gulf of Mexico to focus on North...

People--Shaikh Zayed bin Sultan al-Nahayan, the ruler of Abu Dhabi and president of the UAE died on Nov. 2.(General)(Brief Article)(Obituary)
November 8, 2004... PEOPLE--Shaikh Zayed bin Sultan al-Nahayan, the ruler of Abu Dhabi and president of the UAE died on Nov. 2. He was succeeded as ruler of Abu Dhabi by his eldest son, Shaikh Khalifa bin Zayed al-Nahayan, who is expected also to be named...

China--the first sign of slightly slower oil demand growth can be detected in September's crude import volumes, which were up only 6% from a year earlier, against a 36% average increase for the first nine months of 2004.(Countries)(Brief Article)(Illustration)
November 8, 2004... CHINA -- The first sign of slightly slower oil demand growth can be detected in September's crude import volumes, which were up only 6% from a year earlier, against a 36% average increase for the first nine months of 2004. A 5.7% rise saw the...

Indonesia--the Energy Ministry last week awarded 12 exploration licenses and plans to offer 10 more next month in an effort to improve flagging oil production.(Countries)(Brief Article)
November 8, 2004... INDONESIA -- The Energy Ministry last week awarded 12 exploration licenses and plans to offer 10 more next month in an effort to improve flagging oil production. The winners of the blocks, which include onshore and offshore areas in Java, Aceh...

Iraq--northern oil exports via Turkey were interrupted by new sabotage attacks to pipelines running from the Kirkuk oil fields to the Mediterranean port of Ceyhan as well as to the northern refinery of Baiji.(Countries)(Brief Article)
November 8, 2004... IRAQ -- Northern oil exports via Turkey were interrupted by new sabotage attacks to pipelines running from the Kirkuk oil fields to the Mediterranean port of Ceyhan as wen as to the northern refinery of Baiji. The flesh attacks followed weeks...

Japan--strong demand for sweeter, middle-distillate-yielding grades saw crude imports jump 10% in September to an average of 4.31 million b/d.(Countries)(Brief Article)(Illustration)
November 8, 2004... JAPAN -- Strong demand for sweeter, middle-distillate-yielding grades saw crude imports jump 10% in September to an average of 4.31 million b/d. Imports from the UAE surged by 20% to 1.15 million b/d, up 204,000 b/d on a year earlier. The UAE's...

Libya--huge interest in the Epsa-4 licensing round has led state National Oil Corp. (NOC) to push back the bid deadline to Jan. 19 from Jan. 10, with signatures now expected in the first half of February (PIW Nov, 1,p10).(Countries)(Brief Article)
November 8, 2004... LIBYA -- Huge interest in the Epsa-4 licensing round has led state National Oil Corp. (NOC) to push back the bid deadline to Jan. 19 from Jan. 10, with signatures now expected in the first half of February (PIW Nov, 1,p10). One executive says...

Netherlands--the government, Royal Dutch/Shell and Exxon Mobil have signed a heads of agreement on the restructuring of Gasunie--Western Europe's largest midstream natural gas supplier--that would legally separate its transportation and supply businesses.(Royal Dutch-Shell Group of Cos.)(Brief Article)
November 8, 2004... NETHERLANDS -- The government, Royal Dutch/Shell and Exxon Mobil have signed a heads of agreement on the restructuring of Gasunie--Western Europe's largest midstream natural gas supplier--that would legally separate its transportation and...

Oman--the oil ministry is negotiating with companies, including India's Reliance, on its offshore Block 18, following the submission of bids on Sep. 1.(Countries)(Reliance Petroleum Ltd.)(Brief Article)
November 8, 2004... OMAN -- The oil ministry is negotiating with companies, including India's Reliance, on its offshore Block 18, following the submission of bids on Sep. 1. No bids were received for Block 4, the only other block on offer. Deepwater Block 18 was...

Russia--oil major Yukos looks ready to throw in the towel and declare bankruptcy after receiving new tax demands that have driven its total bill to more than $17 billion.(YUKOS Oil Co.)(Brief Article)
November 8, 2004... RUSSIA -- Oil major Yukos looks ready to throw in the towel and declare bankruptcy after receiving new tax demands that have driven its total bill to more than $17 billion. The company has called a shareholders meeting for Dec. 20 to consider...

Saudi Arabia--Saudi Aramco reported the discovery of a new oil field, Abu Sidr, in the center of the country south of the Nuayyim field.(Countries)(Brief Article)
November 8, 2004... SAUDI ARABIA -- Saudi Aramco reported the discovery of a new oil field, Abu Sidr, in the center of the country south of the Nuayyim field. The Abu Sidr-1 well on Oct. 22 flowed 3,000 b/d of 54[degrees] API gravity Arabian Super Light crude oil...

United States--President George W. Bush's victory and a more strongly Republican Congress win likely ensure a seamless continuation of current energy politics, paving the way to restart stalled legislation, including an energy bill.(Countries)(Brief Article)
November 8, 2004... UNITED STATES -- President George W. Bush's victory and a more strongly Republican Congress win likely ensure a seamless continuation of current energy polities, paving the way to restart stalled legislation, including an energy bill. The...

Oil prices, strong chemicals earnings lift majors in Q3.(What's New Around the World)
November 8, 2004... For quarter after quarter, oil companies and Wall Street analysts have been quick to point to high crude prices as a key reason for the earnings strength of the world's biggest publicly traded oil companies. And the third quarter was no...

Bushy tail.(Marketview)
November 8, 2004... NEW YORK -- Oil prices eased down last week with US benchmark West Texas Intermediate slipping below $50/bbl by PIW press time. But it wasn't a one-way trip. The reelection of President George W. Bush put a spring back into the market, which...

Nymex takes open outcry battle to Ireland.(Marketview)(Brief Article)
November 8, 2004... The New York Mercantile Exchange (Nymex) launched its Brent futures contract in Dublin's riverside financial services center on Nov. 1 in another round of its ongoing turf war with the London-based International Petroleum Exchange's (IPE)....

PIW market indicators.(Illustration)
November 8, 2004... Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $42.24 $44.65 $45.72 UK Brent (Dated) 45.52 50.18 ...

Time to get moving on oil investment.
November 15, 2004... Falling oil prices suggest that the oil shock of 2004 is easing, for now at least (p8). The pace of demand growth is slowing and supply is plentiful (p2). While it wasn't a cataclysm, this year's oil market spike was a foretaste of bigger...

Scant signs of PDV rising to expectations.(Petroleos de Venezuela )
November 15, 2004... Venezuela's oil industry is showing a few signs of renewed activity, with the emphasis on a few. There is more drilling and new seismic acquisition, even though most spending is eaten up countering annual well decline rates of up to 25%....

Slower demand growth gives prices a break.
November 15, 2004... Slowing oil demand growth in key growth areas--essentially China and the US--plus ample crude supplies, have helped drive oil prices well down from their recent record highs (p8). In addition, the easing of price spreads for both crude oil and...

Indonesia's gas is way out of subsidy trap.
November 15, 2004... Sky-high oil prices are hurting one of Asia's least likely victims--oil and gas producing Indonesia. Seriously low domestic prices--held down by costly state subsidies--are to blame, and will land the government with a bill of $6.6 billion this...

High US gas prices are not about to change.
November 15, 2004... With North American natural gas prices settling in around $7-$8 per million Btu for the heating season, gas producers, transporters and distributors are bracing for a winter of discontent from customers whose bills could be double last year's...

US, Canadian Indies extend horizons slowly.
November 15, 2004... The old adage that "Rome wasn't built in a day" can equally be applied to the halting efforts of North American independents to expand their oil and gas operations beyond the US and Canada. Despite much talk about the need to venture into less...

Angola takes tougher line with partners.
November 15, 2004... Angola is starting to flex its muscles with foreign firms eager to tap into one of Africa's biggest upstream oil prizes. As firms compete for access to the country's prolific deep and ultra deep waters, state oil firm Sonangol is playing tough....

Corporate--Third quarter earnings from European majors Total, Eni and Repsol YPF had a common theme--beating expectations on earnings despite lower output.(General)(Total)(Brief Article)
November 15, 2004... CORPORATE--Third quarter earnings from European majors Total, Eni and Repsol YPF had a common theme--beating expectations on earnings despite lower output. Total's 2.5% year-on-year drop in output to 2.48 million boe/d was the first fall in...

IEA--The International Energy Agency notes in its latest monthly Oil Market Report an improved situation for consumers, with prices down nearly $7 from their peak by early November.(General)(Brief Article)
November 15, 2004... IEA--The International Energy Agency notes in its latest monthly Oil Market Report an improved situation for consumers, with prices down nearly $7 from their peak by early November. It projects a contra-seasonal 1.3 million b/d stockbuild this...

Formula prices--Saudi Arabia slashed further the discounts in its price terms for the US, Europe and Asia for December, with the exception of Arab Extra Light to Asia, which was unchanged.(General)
November 15, 2004... FORMULA PRICES--Saudi Arabia slashed further the discounts in its price terms for the US, Europe and Asia for December, with the exception of Arab Extra Light to Asia, which was unchanged. Discounts on Arab Heavy to the US swung to minus...

Industry restructuring--Germany's E.On. which owns Ruhrgas, is to acquire a majority stake in the gas business of Hungary's Mol, in the latest of a series of asset deals in central and eastern European grids and gas supply by the German giant (PIW Nov.1,p10).(General)(Brief Article)
November 15, 2004... INDUSTRY RESTRUCTURING--Germany's E.On. which owns Ruhrgas, is to acquire a majority stake in the gas business of Hungary's Mol, in the latest of a series of asset deals in central and eastern European grids and gas supply by the German giant...

Republican sweep in US favors energy industry.(What's New Around the World)
November 15, 2004... The Republican sweep of the Nov. 2 US elections promises to change the policy and regulatory landscape in favor of the energy industry. Jubilant Republicans, who now have majorities in both houses of the Congress, say that President George W....

Bangladesh--US producer Unocal signed an agreement to develop a natural gas field in the northeast and sell the gas to domestic markets, with total investment planned at $230 million.(Countries)(Unocal International Oil and Gas Div.)(Brief Article)
November 15, 2004... BANGLADESH -- US producer Unocal signed an agreement to develop a natural gas field in the northeast and sell the gas to domestic markets, with total investment planned at $230 million. The agreement supersedes earlier plans to sell the gas to...

Kazakhstan--The Eni-led consortium developing the giant Kashagan oil and gas field in the Caspian Sea has agreed in principle to let the Central Asian republic participate in the project as an equity investor, despite initial resistance from some of the foreign partners.(Countries)(Brief Article)
November 15, 2004... KAZAKHSTAN -- The Eni-led consortium developing the giant Kashagan oil and gas field in the Caspian Sea has agreed in principle to let the Central Asian republic participate in the project as an equity investor, despite initial resistance from...

Russia--Surging oil production is making instant history of the official Energy Strategy, which was only approved last year.(Countries)(Brief Article)
November 15, 2004... RUSSIA -- Surging oil production is making instant history of the official Energy Strategy, which was only approved last year. That document predicted output would reach 9 million-10.4 million b/d by 2020 but it is already inside this range,...

Russia--the campaign to steer more crude exports to domestic ports has claimed its latest victim.(Countries)(Brief Article)
November 15, 2004... RUSSIA -- The campaign to steer more crude exports to domestic ports has claimed its latest victim. The Lithuanian port of Butinge may have to shut its export terminal, as Russia now plans not use the Baltic Sea port for crude transshipment in...

Russia--the two Sakhalin oil and gas projects on the Pacific shelf have shifted up a gear.(Countries)(Brief Article)
November 15, 2004... RUSSIA -- The two Sakhalin oil and gas projects on the Pacific shelf have shifted up a gear. Exxon Mobil-operated Sakhalin-1 last week celebrated the start of work on the oil pipeline from Sakhalin island to the Khabarovsk region on the...

Turkey--in a long-awaited move, monopoly gas importer Botas is auctioning off six long-term supply contracts covering a total of 16 Bcm/yr--equivalent to half its contracted supply next year.(Countries)(Brief Article)
November 15, 2004... TURKEY -- In a long-awaited move, monopoly gas importer Bolas is auctioning off six long-term supply contracts covering a total of 16 Bcm/yr--equivalent to half its contracted supply next year. The 2001 gas law requires Botas to reduce its...

Global oil supply strong in October.(What's New Around the World)
November 15, 2004... Oil producers have been keeping the taps open wide, driving up global supply again last month. Global oil supply approached 85 million b/d in October, according to PIW data, and should continue to outstrip demand handsomely. Even if actual...

Once bitten, twice shy.(Marketview)
November 15, 2004... WASHINGTON--Is the bull run of 2004 over? Or is the market simply correcting itself after the accelerated move upward of more than $20/bbl this year? Both West Texas Intermediate (WTI) and Brent have lost 13%-14% over the past two and a...

New study on Libya's oil & gas potential.(Brief Article)
November 15, 2004... After years of living on the fringes of the international oil market. Libya is poised for a surge in foreign investment in oil and gas development. The competition will be fierce. With the recent removal of international sanctions, this...

PIW market indicators.
November 15, 2004... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $38.42 $42.20 $45.90 UK Brent (Dated) 43.25 45.15 50.70...

Nigeria faces long haul to progress.
November 22, 2004... Genuine candor has become such a rarity from politicians that it is something to be savored. Perhaps it is because he is first and foremost an oilman that Nigeria's presidential adviser on petroleum and energy was so frank in an interview with...

Oil industry can't agree on a boe.
November 22, 2004... At a time when the US Securities & Exchange Commission (SEC) is being encouraged to review guidelines on reserves bookings, there are some in the industry who believe it should also look at establishing rules on converting natural gas into...

Non-Opec oil pulls out the stops in Q4.(Organization of Petroleum Exporting Countries)
November 22, 2004... A sharp expansion in non-Opec production is underway that is expected to lead to oil supply growth of 1.75 million barrels per day over the fourth quarter of 2004. The projected rise is not only more than enough to compensate for expected...

Price pundits agree to disagree about 2005.
November 22, 2004... It's becoming much harder for market pundits to predict accurately the price of oil They have been woefully behind for the past year or so, ratcheting up their forecasts quarter after quarter in response to huge leaps in oil prices. No one saw...

There's more to Alaska's future than ANWR.(Arctic National Wildlife Refuge)
November 22, 2004... After peaking at just over 2 million barrels per day in 1988, Alaskan oil output has been trending down, with production at times dipping below 1 million b/d in recent years. Although Alaska likely won't return to the glory days of the 1980s, a...

Mexico's drive into deepwater now critical.
November 22, 2004... The narrative is now well known: The Cantarell field, the mainstay of Mexico's oil industry, has plateaued and is heading into decline. It marks the end of easy, shallow water drilling in Mexico, currently a 3.45 million barrel per day producer...

Repsol reaches for wider global role.
November 22, 2004... Are the mixed fortunes of Spanish Repsol YPF about to look up? Often disdained by the market in favor of peer group performers Total of France and Italian Eni, recent management changes have stirred expectations that Repsol will spread its...

Nigeria's Daukoru: a cool head in hot times.(Edmund Daukoru)(Interview)
November 22, 2004... Strife in Nigeria's oil producing heartland attracts more attention than the efforts the Opec producer is making to bring on more deepwater production, reform the downstream and attract new investment. Presidential Advisor on Petroleum and...

Corporate--BP's plans to spin off its petrochemicals division next year have expanded with the proposed inclusion of two refineries--Grangemouth in the UK and Lavera in southern France.(General: British Petroleum Company PLC)(Brief Article)
November 22, 2004... CORPORATE -- BP's plans to spin off its petrochemicals division next year have expanded with the proposed inclusion of two refineries--Grangemouth in the UK and Lavera in southern France. The two plants produce feedstocks for adjacent chemical...

Industry Restructuring--Canadian pipeline firm Enbridge is paying US$613 million for a Royal Dutch/Shell Gulf of Mexico natural gas pipeline affiliate. Enbridge is acquiring Shell's stake in 11 Gulf pipelines that currently transport 3 Bcf/d.(General)(Brief Article)
November 22, 2004... INDUSTRY RESTRUCTURING -- Canadian pipeline firm Enbridge is paying US$613 million for a Royal Dutch/Shell Gulf of Mexico natural gas pipeline affiliate. Enbridge is acquiring Shell's stake in 11 Gulf pipelines that currently transport 3 Bcf/d....