Petroleum Intelligence Weekly articles from November 2005

Petroleum Intelligence Weekly archives from November 2005

Oil majors face harsh political backlash.
November 7, 2005... In response to record high oil and gas prices and soaring profits, US politicians--and counterparts in Western Europe--are calling upon the oil industry to either invest more, or face tighter legislation and higher taxes. Calls for a windfall...

Pemex lays out growth strategy amid decline.
November 7, 2005... Mexico's Cantarell field--one of the world's largest after Saudi Arabia's Ghawar--passed its peak this year, falling from 2.1 million barrels per day in 2004 to 2.02 million bid. It will decline by another 80,000-90,000 bid this year and in...

Is Norway's dynamic duo back?(increasing production)
November 7, 2005... Norwegian majors Statoil and Norsk Hydro have burst out of the blocks in the latest quarterly results season--reporting record profits and increased production, and drilling success. Both have backed these up with expensive acquisitions in the...

Volcker damns traders but won't change them.
November 7, 2005... In one fell swoop, the final report of the UN's Volcker committee paints a group of oil traders as sanctions busters and collaborators for paying millions in kickbacks to Iraq's former regime of Saddam Hussein. Some national law enforcement...

Is Asia's spare refining capacity really spare?
November 7, 2005... Could underutilized or mothballed refineries scattered around Asia help provide a quick fix for the tightness in global refining capacity accentuated by this autumn's devastating US Gulf Coast hurricanes? The International Energy Agency...

E.On Ruhrgas turns skeptical about Gazprom.
November 7, 2005... Over the decades in which Germany's leading gas company was owned by a mix of domestic and international energy companies, Ruhrgas became dependant on Russia for roughly 30% of its gas. It was hard wired into Ruhrgas culture to look after the...

Corporate--Royal Dutch Shell looks as though it will struggle to drill all the "Big Cat" exploration wells it planned for 2005, with only 10 spudded so far out of the 19 that were planned.(GENERAL)
November 7, 2005... CORPORATE--Royal Dutch Shell looks as though it will struggle to drill all the "Big Cat" exploration wells it planned for 2005, with only 10 spudded so far out of the 19 that were planned. The company is also facing fresh worries over its...

Formula prices--Saudi Arabia is changing its term prices for December crude exports by narrowing the discounts for Arab Heavy crude to the US, Asia and Europe.(GENERAL)
November 7, 2005... FORMULA PRICES--Saudi Arabia is changing its term prices for December crude exports by narrowing the discounts for Arab Heavy crude to the US, Asia and Europe. The discount for Arab Medium has been left steady for US customers, but narrowed for...

Industry restructuring--US independent Kerr-McGee has sold onshore assets along the US Gulf Coast, Oklahoma and Rocky Mountain region to several unnamed buyers for $510 million (PIW Oct. 24, p6).(GENERAL)(Brief Article)
November 7, 2005... INDUSTRY RESTRUCTURING--US independent Kerr-McGee has sold onshore assets along the US Gulf Coast, Oklahoma and Rocky Mountain region to several unnamed buyers for $510 million (PIW Oct. 24, p6). The sales are part of an asset divestiture...

Australia--Boosting its prospects, the Gorgon LNG project concluded its first sales agreement with Japanese utility Tokyo Gas last week.(COUNTRIES)
November 7, 2005... AUSTRALIA -- Boosting its prospects, the Gorgon LNG project concluded its first sales agreement with Japanese utility Tokyo Gas last week. Gorgon will deliver 1.2 million tons/yr of LNG for 25 years starting in 2010. Tokyo Gas is already buying...

Australia--Independent producer Santos saw its third-quarter output jump 15% compared with 2004, helping to push the company's revenue to a new quarterly record.(COUNTRIES)(Brief Article)
November 7, 2005... AUSTRALIA -- Independent producer Santos saw its third-quarter output jump 15% compared with 2004, helping to push the company's revenue to a new quarterly record. However, BHP Billiton faced weakening crude off output in the third quarter...

Azerbaijan--Loading of the first tanker of Azeri crude oil at the Turkish Mediterranean port of Ceyhan has been pushed back several months due to delays along the Turkish section of the 1 million b/d Baku-Tbilisi-Ceyhan pipeline.(COUNTRIES)
November 7, 2005... AZERBAIJAN -- Loading of the first tanker of Azeri crude oil at the Turkish Mediterranean port of Ceyhan has been pushed back several months due to delays along the Turkish section of the 1 million b/d Baku-Tbilisi-Ceyhan pipeline. Sources in...

China--Crude imports climbed just under 5% in September to an average of 2.65 million b/d, driven by hefty increases from Saudi Arabia and Oman.(COUNTRIES)
November 7, 2005... CHINA -- Crude imports climbed just under 5% in September to an average of 2.65 million b/d, driven by hefty increases from Saudi Arabia and Oman. Saudi Arabia saw its volumes leap 44% to an average of 524,000 b/d, up 159,000 b/d on last...

Iran--President Mahmoud Ahmadinejad appears to be risking a fresh political crisis in his three-month-old government by nominating another inexperienced figure, Sadeq Mahsouli, to the key post of oil minister.(COUNTRIES)
November 7, 2005... IRAN -- President Mahmoud Ahmadinejad appears to be risking a fresh political crisis in his three-month-old government by nominating another inexperienced figure, Sadeq Mahsouli, to the key post of oil minister. Mahsouli, like the president a...

Iraq--Basrah Light crude exports are expected to rise in November after disappointing October sales, but a lot will depend on weather and security, which are not being cooperative.(COUNTRIES)
November 7, 2005... IRAQ -- Basrah Light crude exports are expected to rise in November after disappointing October sales, but a lot will depend on weather and security, which are not being cooperative. According to data from shipping agents, 35 million bbl, or...

Japan--Crude oil imports slipped 3% to an average of 4.18 million b/d in September, but leading suppliers UAE and Saudi Arabia both increased their market share into Asia's biggest oil importer.(COUNTRIES)
November 7, 2005... JAPAN -- Crude oil imports slipped 3% to an average of 4.18 million b/d in September, but leading suppliers UAE and Saudi Arabia both increased their market share into Asia's biggest oil importer. The UAE supplied an average of 1.25 million...

Kazakhstan--Timur Kulibaev, the son-in-law of President Nursultan Nazarbaev, has stepped down as first deputy head of Kazakhstan's state oil company Kazmunaigas in a move that could herald a major shake-up of the Central Asian republic's oil and gas sector.(COUNTRIES)(Brief Article)
November 7, 2005... KAZAKHSTAN -- Timur Kulibaev, the son-in-law of President Nursultan Nazarbaev, has stepped down as first deputy head of Kazakhstan's state oil company Kazmunaigas in a move that could herald a major shake-up of the Central Asian republic's oil...

Korea (South)--India's Oil and Natural Gas Corp. (ONGC) is in discussions with Korea National Oil Corp. (KNOC) to lease oil tanks for strategic crude oil inventories.(COUNTRIES)
November 7, 2005... KOREA (SOUTH) -- India's Oil and Natural Gas Corp. (ONGC) is in discussions with Korea National Oil Corp. (KNOC) to lease oil tanks for strategic crude oil inventories. India is keen to build stockpiles but lacks facilities. In January, Saudi...

Russia--Moscow's 28.5% hike in crude export tariffs weighed heavily on shipments, which dropped almost 100,000 bid in October.(COUNTRIES)
November 7, 2005... RUSSIA -- Moscow's 28.5% hike in crude export tariffs weighed heavily on shipments, which dropped almost 100,000 bid in October. Crude exports via the Transneft pipeline system plummeted to 3.483 million b/d in October, but are still up a slim...

US--With the demand for drilling rigs tightening and dayrates climbing, Anadarko has locked up two of Transocean's deepwater drilling ships for three years each in a deal valued at $985 million.(COUNTRIES)
November 7, 2005... US -- With the demand for drilling rigs tightening and dayrates climbing, Anadarko has locked up two of Transocean's deepwater drilling ships for three years each in a deal valued at $985 million. The Discoverer Spirit and Deepwater Millennium...

Global oil supply recovers in October.
November 7, 2005... Global oil supply rebounded in October as non-Opec output recovered from the aftermath of three hurricanes in the US, maintenance closures and other problems, driving oil output up by 430,000 b/d from September rates to 84.8 million b/d. ...

Hidden demand?(Marketview)
November 7, 2005... NEW YORK -- The prevailing view is that the US heating oil market should rest easy because inventories are adequate and demand looks soft. But it's still premature to come to that conclusion, and the potential exists for a near-term rally. ...

Arcadia sale reflects mounting risk exposure.
November 7, 2005... The rise in oil prices is putting operational strains on traders and other market intermediaries, prompting some to shrink their exposure. To limit an elevated risk profile due to higher prices and to take advantage of recent strong...

PIW market indicators.(Illustration)
November 7, 2005... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $53.32 $53.44 $54.68 UK Brent (Dated) 58.71 58.70 58.73 UK...

IEA takes some heat off Mideast.(International Energy Agency )
November 14, 2005... Oil demand growth over the next 25 years may be far lower than has previously been assumed. In a major shift in thinking, scenarios presented last week by the International Energy Agency (IEA) show global oil demand in 2030 of just 115 million...

Indies resist urge to roam from home.
November 14, 2005... Are high oil prices making North American independents more willing to venture overseas? That would be a tough case to prove, because for every US or Canadian company that strikes out for foreign shores, there seems to be another that opts to...

Azerbaijan eyes entry into major league.
November 14, 2005... Azerbaijan faces a critical period in the coming months, as oil production from the BP-operated Azeri, Chirag, Guneshli (ACG) group of fields creeps upwards, filling the 1,760 km Baku-Tbilisi-Ceyhan (BTC) pipeline to the Mediterranean, and...

Pundits growing more bullish for 2006.
November 14, 2005... Has the oil market finally found some stability around $60 per barrel? Most pundits think so. After being behind the market rise quarter after quarter for the past two years, analysts see more of an equilibrium being established as worldwide...

Demand defies price pressure, for now.
November 14, 2005... It may look modest when set against the explosive growth rates of the past two years, but October's 1.4% gain in global oil demand from year-ago levels was a veritable show of strength, given the persistence of high oil prices. What's more, the...

Emergency offer exceeds market needs.
November 14, 2005... On Sep. 2, the members of the International Energy Agency (IEA), the club of industrialized energy consuming countries, announced a 30-day, 60 million barrel emergency oil release to counter the supply shortages caused when Hurricane Katrina...

LNG costs turn off Asian buyers.
November 14, 2005... Is the run-up in international oil and natural gas prices going to destroy demand before it even develops in Asia's emerging gas markets? Prospective Chinese buyers are balking at long-term liquefied natural gas (LNG) deals that might yield the...

Corporate--UK-based BG Group is following its peers and plans to spend up to 1 billion [pounds sterling] ($1.8 billion) on share buybacks over the next 12 to 18 months.(GENERAL)(Brief Article)
November 14, 2005... CORPORATE -- UK-based BG Group is following its peers and plans to spend up to 1 billion [pounds sterling] ($1.8 billion) on share buybacks over the next 12 to 18 months. Capital investment between now and end-2006 will also be increased by 500...

Formula prices--Mexico increased its December discount for US-bound cargoes of its heavy sour Maya as production levels at state Pemex rebounded to pre-hurricane levels.(GENERAL)
November 14, 2005... FORMULA PRICES -- Mexico increased its December discount for US-bound cargoes of its heavy sour Maya as production levels at state Pemex rebounded to pre-hurricane levels. Saudi Arabia last week narrowed the discount for its Arab Heavy to the...

IEA--global supply held up remarkably well in October, despite the impact of Hurricanes Katrina and Rita on the US Gulf of Mexico leaving the "call on Opec crude oil plus stock change" equal to Opec production, and also stock levels essentially unchanged during the first month of the fourth quarter, according to the latest monthly Oil Market Report from the International Energy Agency.(GENERAL)
November 14, 2005... IEA -- Global supply held up remarkably well in October, despite the impact of Hurricanes Katrina and Rita on the US Gulf of Mexico leaving the "call on Opec crude oil plus stock change" equal to Opec production, and also stock levels...

Industry restructuring--Japan's Inpex is absorbing Teikoku Oil in an all-share deal worth [yen] 360.5 billion ($3.09 billion).(GENERAL)(Brief Article)
November 14, 2005... INDUSTRY RESTRUCTURING -- Japan's Inpex is absorbing Teikoku Oil in an all-share deal worth [yen] 360.5 billion ($3.09 billion). UK independent Dana Petroleum has cut a multi-faceted deal with Gaz de France (GdF), gaining or paying for some...

Indonesia--the LNG industry took another hit last week when officials from state-owned Pertamina said they have cut 36 cargoes from the Bontang LNG terminal in 2006 because of continued problems with natural gas production.(COUNTRIES)
November 14, 2005... INDONESIA -- The LNG industry took another hit last week when officials from state-owned Pertamina said they have cut 36 cargoes from the Bontang LNG terminal in 2006 because of continued problems with natural gas production. The facility in...

Iran--the oil industry remains in limbo after President Mahmoud Ahmadinejad's new nomination for minister, Sadeq Mahsouli, withdrew from the running just hours before the Majlis or parliament was due to vote on his candidacy.(COUNTRIES)
November 14, 2005... IRAN -- The oil industry remains in limbo after President Mahmoud Ahmadinejad's new nomination for minister, Sadeq Mahsouli, withdrew from the running just hours before the Majlis or parliament was due to vote on his candidacy. This is another...

Iraq--oil exports from the two southern terminals were suspended for two days last week because of rough seas, throwing an ambitions November loading schedule into jeopardy.(COUNTRIES)
November 14, 2005... IRAQ -- Oil exports from the two southern terminals were suspended for two days last week because of rough seas, throwing an ambitious November loading schedule into jeopardy. Revised data for October exports show a drop to 1.25 million b/d...

Madagascar--among the upstream optimists now eyeing a country long dismissed as a salty, gas-prone sideshow, Mauritius-registered Madagascar Oil has a big story to sell, not to mention vast tracts of onshore acreage spanning 20,000 square miles across six blocks.(COUNTRIES)(Brief Article)
November 14, 2005... MADAGASCAR -- Among the upstream optimists now eyeing a country long dismissed as a salty, gas-prone sideshow, Mauritius-registered Madagascar Oil has a big story to sell, not to mention vast tracts of onshore acreage spanning 20,000 square...

Mexico--the Senate last week voted unanimously in favor of a tax reform that should save Pemex as much as $2.2 biilion/yr from 2006.(COUNTRIES)
November 14, 2005... MEXICO -- The Senate last week voted unanimously in favor of a tax reform that should save Pemex as much as $2.2 billion/yr from 2006. The reform scraps the flat 61% tax on Pemex's total revenues in favor of a scheme that taxes profits. The...

Norway--preliminary data from the Norwegian Petroleum Directorate (NPD) for October released last week show production falling short of levels indicated in the initial loading schedules for the major crude streams.(COUNTRIES)
November 14, 2005... NORWAY -- Preliminary data from the Norwegian Petroleum Directorate (NPD) for October released last week show production falling short of levels indicated in the initial loading schedules for the major crude streams. On the basis of those...

Russia--how much of Rosneft will eventually be traded on the free market remains unclear but the government is weighing plans for minority shareholders to control as much as 35.7% of the state company.(COUNTRIES)
November 14, 2005... RUSSIA -- How much of Rosneft will eventually be traded on the free market remains unclear but the government is weighing plans for minority shareholders to control as much as 35.7% of the state company. Minority shareholders in Rosneft's 12...

Syria--the latest bid round is attracting interest from Europe, Asia and Russia but US firms were conspicuously absent from a briefing in Damascus last week hosted by Oil Minister Ibrahim Haddad.(COUNTRIES)
November 14, 2005... SYRIA -- The latest bid round is attracting interest from Europe, Asia and Russia but US firms were conspicuously absent from a briefing in Damascus last week hosted by Oil Minister Ibrahim Haddad. With political tensions running high over...

Turkey--Eni has teamed up with private Turkish industrial conglomerate Chalyk to carry out engineering and design studies for a 1 million b/d oil pipeline across Turkey, from the Black Sea port of Samsun to Ceyhan on the Mediterranean, bypassing the congested Bosporus Strait that cuts through Istanbul.(COUNTRIES)
November 14, 2005... TURKEY -- Eni has teamed up with private Turkish industrial conglomerate Chalyk to carry out engineering and design studies for a 1 million b/d oil pipeline across Turkey, from the Black Sea port of Samsun to Ceyhan on the Mediterranean,...

Hurricanes hurt output, but profits soar in record Q3.(What's New Around the World)
November 14, 2005... Oil companies with production operations in the US Gulf of Mexico and those with onshore production and refineries were all hit hard as Hurricanes Katrina and Rita swept through the Gulf. But with benchmark West Texas Intermediate crude...

Bears prowl.(Marketview)
November 14, 2005... LONDON -- Oil prices have taken a beating since US hurricanes blew them to record highs at the end of August and market bears seem to have taken control at a time when they should be thinking about hibernation. Mind you, exceptionally mild...

PIW market indicators.(Illustration)
November 14, 2005... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $52.46 $53.18 $53.92 UK Brent (Dated) ...

Opec to target minimum of over $40.
November 21, 2005... Oil markets can expect Opec to defend a new, higher price level. Adjusting the old $25 target upward for inflation and currency adjustments takes it to $33 or so, but Opec will be targeting something in the $40 or $50 range, explains Adnan...

Big oil's image not easy to polish.
November 21, 2005... Oil company chiefs kept cool and made no missteps during the recent US Senate hearing. But with months of cold weather--and costly heating bills--ahead, coupled with fourth-quarter earnings that are on pace to beat record third-quarter profits,...

Upbeat players mull oil sands expansions.
November 21, 2005... Recently announced expansion plans by a trio of independents have confirmed the status of Canada's huge oil sands resource as one of the hottest upstream plays in North America. EnCana, Canadian Natural Resources and Devon Energy are all...

Mixed signals from slower Asian demand.
November 21, 2005... High international oil prices are filtering through Asia's economies and starting to curb oil consumption, but they aren't the sole explanation for Asia's softer growth figures this year. Substitution of cheaper alternative fuels and feedstock...

Price fallback reflects notable market changes.
November 21, 2005... Oil prices have returned to mid-June levels in the mid-$50s per barrel. However, the market is anything but the same as it was before the hurricane season hit the US Gulf Coast with a vengeance between July and October. Although the global...

South Africa's retail merger turns sour.
November 21, 2005... South African synfuel producer and crude refiner Sasol has got a bad case of the jitters over its planned downstream liquids fuel merger with Malaysian Petronas-owned Engen after running into fierce opposition from its commercial rivals and...

Mars output woes upset sour pricing.
November 21, 2005... Hurricane damage two months ago shut in about 60% of Royal Dutch Shell's Mars production in the US Gulf of Mexico. This deprived spot crude traders of a grade they had come to rely on when determining the price of other sour grades and sour...

Opec's Shihab-Eldin: seeking oil market stability.(Interview)
November 21, 2005... Adnan Shihab-Eldin, the director of Opec's research division, has assumed a higher profile since his appointment to act for the Opec secretary-general in January. In this role he has become an effective spokesman for the producer group,...

Environment--bucking the White House position, a Senate Republican chairman is calling for US participation in international climate change agreements ahead of a major meeting of governments in Montreal, Canada, for the latest round of international climate negotiations.(GENERAL)
November 21, 2005... ENVIRONMENT -- Bucking the White House position, a Senate Republican chairman is calling for US participation in international climate change agreements ahead of a major meeting of governments in Montreal, Canada, for the latest round of...

Industry restructuring--Chinese refiner Sinopec is to pay nearly $1 billion for its subsidiary Zhenhai Refining and Chemical.(GENERAL)
November 21, 2005... INDUSTRY RESTRUCTURING -- Chinese refiner Sinopec is to pay nearly $1 billion for its subsidiary Zhenhai Refining and Chemical, in which super-major BP currently has a 9.4% stake, when it buys out shareholders early next year (PIW Oct.24,p 1).

LNG--Exxon Mobil and Qatar Petroleum (QP) last week officially launched the Ras Laffan Liquefied Natural Gas Co. (RL3), which is charged with building two 7.8 million ton/year LNG trains, for a total of 15.6 million tons/yr, that will supply the US from 2008.(GENERAL)
November 21, 2005... LNG -- Exxon Mobil and Qatar Petroleum (QP) last week officially launched the Ras Laffan Liquefied Natural Gas Co. (RL3), which is charged with building two 7.8 million ton/year LNG trains, for a total of 15.6 million tons/yr, that will supply...

Angola--UK independent Tullow Oil has concluded a farm-in agreement with state oil company Sonangol to assume a 15% stake in offshore Block 10 in the southern Kwanza Basin, which is operated by US Devon Energy.(COUNTRIES)
November 21, 2005... ANGOLA -- UK independent Tullow Oil has concluded a farm-in agreement with state oil company Sonangol to assume a 15% stake in offshore Block 10 in the southern Kwanza Basin, which is operated by US Devon Energy. Two prospects have been...

Australia--Woodside is expecting new output from fields in Africa and Australia, along with plans to raise exploration spending, to deliver a strong performance next year, after above forecast output this year.(COUNTRIES)(Brief Article)
November 21, 2005... AUSTRALIA -- Woodside is expecting new output from fields in Africa and Australia, along with plans to raise exploration spending, to deliver a strong performance next year, after above forecast output this year. New oil production at the...

Canada--production has started at Husky Energy's White Rose oil field and is set to reach a peak of 100,000 b/d in the first half of next year.(COUNTRIES)
November 21, 2005... CANADA -- Production has started at Husky Energy's White Rose oil field and is set to reach a peak of 100,000 b/d in the first half of next year. Production from the field offshore the east coast will be shuttled from an FPSO in two tankers....

India--UK explorer Cairn Energy made two modest discoveries and reported three appraisal wells were successful at its Rajasthan Block in western India.(COUNTRIES)(Brief Article)
November 21, 2005... INDIA -- UK explorer Cairn Energy made two modest discoveries and reported three appraisal wells were successful at its Rajasthan Block in western India. It made a new gas and condensate discovery at the GSV-1 well, located northwest of the...

Indonesia--State oil company Pertamina has turned to President Susilo Bambang Yudhoyono to break deadlocked negotiations with Exxon Mobil over who will operate the 500 million bbl Cepu oil field.(COUNTRIES)
November 21, 2005... INDONESIA -- State oil company Pertamina has turned to President Susilo Bambang Yudhoyono to break deadlocked negotiations with Exxon Mobil over who will operate the 500 million bbl Cepu oil field. Pertamina wants the companies to rotate the...

Nigeria--a joint venture of Indian state oil company ONGC Videsh and private-sector steel giant Mittal is expecting to secure two deepwater exploration blocks and invest up to $6 billion in local refining and infrastructure as part of the recent controversial licensing round (PIW Oct.24,p5).(COUNTRIES)
November 21, 2005... NIGERIA -- A joint venture of Indian state oil company ONGC Videsh and private-sector steel giant Mittal is expecting to secure two deepwater exploration blocks and invest up to $6 billion in local refining and infrastructure as part of the...

Norway--some 24 companies have applied for 64 blocks offered in the country's 19th offshore licensing round, indicating much greater interest than was shown in earlier rounds.(COUNTRIES)
November 21, 2005... NORWAY -- Some 24 companies have applied for 64 blocks offered in the country's 19th offshore licensing round, indicating much greater interest than was shown in earlier rounds. The round includes 30 Barents Sea blocks--the first such offer in...

Saudi Arabia--the Ministry of Petroleum has launched an unusual and stinging attack on Sadad al-Husseini, the former upstream chief of Saudi Aramco, after he cast doubts on the kingdom's ability to meet capacity expansion targets.(COUNTRIES)(Brief Article)
November 21, 2005... SAUDI ARABIA -- The Ministry of Petroleum has launched an unusual and stinging attack on Sadad al-Husseini, the former upstream chief of Saudi Aramco, after he cast doubts on the kingdom's ability to meet capacity expansion targets. "The...

Sudan--after years of pumping oil from Blocks 1 and 2, the Greater Nile Petroleum Operating Co. (GNPOC) is turning to its other area, Block 4, to sustain production in a move into swampy areas rendered accessible by a peace agreement signed early this year.(COUNTRIES)(Brief Article)
November 21, 2005... SUDAN -- After years of pumping oil from Blocks 1 and 2, the Greater Nile Petroleum Operating Co. (GNPOC) is turning to its other area, Block 4, to sustain production in a move into swampy areas rendered accessible by a peace agreement signed...

United States--Burlington Resources is set to expand its position in the Bossier tight gas trend in East Texas by acquiring for $400 million the assets of a privately owned company that is the co-owner with Burlington of the Savell field in Robertson County.(COUNTRIES)
November 21, 2005... UNITED STATES -- Burlington Resources is set to expand its position in the Bossier tight gas trend in East Texas by acquiring for $400 million the assets of a privately owned company that is the co-owner with Burlington of the Savell field in...

United States--opposition from moderate Republicans worried about the prospect of a political backlash forced House of Representatives leaders to drop from a budget bill provisions that would allow oil and gas drilling in the Arctic National Wildlife Refuge (ANWR) and ease current restrictions on offshore drilling.(COUNTRIES)
November 21, 2005... UNITED STATES -- Opposition from moderate Republicans worried about the prospect of a political backlash forced House of Representatives leaders to drop from a budget bill provisions that would allow oil and gas drilling in the Arctic National...

Venezuela--Spain's Repsol YPF, Italy's Eni, Brazil's Petrobras and local outfit Vinccler Oil and Gas were the winners in the second phase of the Rafael Urdaneta bid round, which offered offshore natural gas blocks in the western Gulf of Venezuela.(COUNTRIES)
November 21, 2005... VENEZUELA -- Spain's Repsol YPF, Italy's Eni, Brazil's Petrobras and local outfit Vinccler Oil and Gas were the winners in the second phase of the Rafael Urdaneta bid round, which offered offshore natural gas blocks in the western Gulf of...

Fuel switching powers Europe's carbon trade.(What's New Around the World)
November 21, 2005... Prices for European carbon dioxide (C[O.sub.2]) emissions allowances have soared since the start of the year, with prices currently seen around 22.70 [euro] ($26.50) per metric ton, up from a January low of around 6.35/ton [euro] ($7.40/ton),...

Weather watching.(Marketview)
November 21, 2005... WASHINGTON -- After a few weeks of unseasonably warm weather on the US East Coast, a cold blast finally made its way into key demand centers, causing crude markets to rally and turn bullish again after a brief lull that pushed US benchmark West...

ICE float soars on initial frenzy.
November 21, 2005... Although the market seems to be perplexed about the direction of oil prices, investors are not confused about the profit potential of trading the stuff. The public offering on Nov. 16 of shares in the IntercontinentalExchange (ICE), which...

PIW market indicators.(Illustration)
November 21, 2005... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $50.06 $52.58 $53.32 UK Brent (Dated) 54.07 ...

$58 contango: oil markets in Wonderland.
November 28, 2005... Like Alice in Wonderland, oil markets find themselves this year in a world at once familiar and surreal. In recent weeks, a classic bear market has again taken shape. Weather has been warm, storage tanks have filled, downstream capacity has...

Jodi database has a long way to go.
November 28, 2005... The new Jodi database of worldwide oil supply, demand and inventory statistics is a concrete outcome of the producer-consumer dialogue embodied in the International Energy Forum (IEF), but it is very much a work in progress and will struggle...

Output decline puts Yemen over a barrel.
November 28, 2005... As the decline of its main oil fields at Masila and Marib pushes overall production down below the 400,000 b/d mark, Yemen is staking its future on new exploration and exports of liquefied natural gas (LNG) that are due to kick off in late...

Despite recovery hurricanes cast long shadow.
November 28, 2005... The good news on the impact of the US Gulf Coast hurricanes is that about 60% of the lost oil and gas production has been restored, although not until two months after Rita hit. The bad news is that this represents the easy part: Most of the...

Caracas guns for OSA compliance.
November 28, 2005... Oil companies operating in Venezuela are used to the Chavez government's tough tactics. But abandoning their oil service agreements (OSAs) is proving to be the last straw. After six months of talks, most companies are not satisfied with the...

Korea looks abroad for oil security, markets.
November 28, 2005... High oil prices are renewing security-of-supply concerns in Asia's third-biggest crude importer, prompting South Korean refiners and state Korea National Oil Corp. to push overseas to lock in oil production. Slower domestic demand growth is...

Oil majors bet differently on renewables.
November 28, 2005... Earlier this month, as US senators grilled some of the world's most powerful oil executives over why their companies were reaping such juicy windfalls while consumers were paying for gasoline through the nose, one subject that came up a number...

Industry restructuring--EnCana is selling its 50% stake in the Chinook heavy oil discovery offshore Brazil to Norsk Hydro for $350 million.(GENERAL)
November 28, 2005... INDUSTRY RESTRUCTURING -- EnCana is selling its 50% stake in the Chinook heavy oil discovery offshore Brazil to Norsk Hydro for $350 million. The move is part of EnCana's plan to focus on North American onshore operations (PIW Nov.14, p1)....

Australia--Chevron has concluded a contract to sell LNG from its share of the Gorgon project to Japanese utility Chubu Electric.(COUNTRIES)
November 28, 2005... AUSTRALIA -- Chevron has concluded a contract to sell LNG from its share of the Gorgon project to Japanese utility Chubu Electric. Chubu will buy 1.5 million tons/yr of LNG from Gorgon for 25 years from 2010 under a contract worth A$10 billion...

Brazil--oil and gas production at state-controlled Petrobras reached 2.23 million boe/d in October, for a 9.3% gain on the same month last year.(COUNTRIES)
November 28, 2005... BRAZIL -- Oil and gas production at state-controlled Petrobras reached 2.23 million boe/d in October, for a 9.3% gain on the same month last year. Domestic oil production accounted for 1.72 million h/d, which was down a tad from 1.73 million...