Petroleum Intelligence Weekly articles from November 2006

Petroleum Intelligence Weekly archives from November 2006

Premier play signals new M&A era.
November 6, 2006... Analysts don't expect the likely takeover of UK independent Premier Oil to mark the start of a wave of mergers and aquisitions (M&A) in the regional exploration and production sector, but what if they're wrong? Premier could become the second...

Pragmatism beats ideology in Bolivian gas.
November 6, 2006... After weeks of heated negotiations Bolivia's President Evo Morales last week triumphantly announced that private energy companies had agreed to sign new production contracts with state Yacimientos Petroliferos Fiscales Boliviano (YPFB), as part...

China steps ahead in Kazakh scramble.(acquisitions of Karazhanbasmunai)
November 6, 2006... China is poised to claim another oil scalp in Kazakhstan after state-owned Citic Group clinched a $1.91 billion deal with Canada's Nations Energy to buy its 95% stake in onshore producer Karazhanbasmunai with its proven reserves of some 340...

Forward curve shows investor confidence.
November 6, 2006... While the front of the crude futures curve has come crashing down by more than $20 over the past several months, the back of the curve has held up relatively well, and as a result all contracts out to December 2012 are above the prompt-month...

Tanks boost Singapore's special status.
November 6, 2006... Storage capacity has become a precious commodity in an oil market that has been in contango, with prompt prices below future contracts, for so long. While the shortage is global, Asia is due for relief from next year as Singapore, already the...

Banks tap jet, logistics for new revenue.
November 6, 2006... As gains from energy derivatives diminish with falling oil prices, investment banks are looking elsewhere for new sources of revenue. And increasingly, they are turning to fuel procurement. The recent takeover of jet fuel supply and logistics...

Total raises its game in global LNG.
November 6, 2006... Until a few years ago French Total was an LNG pioneer whose fortunes were snared on Indonesia's freeze on any further investment in natural gas for export. But a flurry of recent equity acquisitions in LNG ventures in Nigeria and Australia has...

Banking & finance--Russian state-run Rosneft could be looking to open a whopping $24.5 billion short-term line of credit from a group of Western banks, as it builds a war chest to purchase the remaining assets of bankrupt oil company Yukos.(GENERAL)
November 6, 2006... BANKING & FINANCE -- Russian state-run Rosneft could be looking to open a whopping $24.5 billion short-term line of credit from a group of Western banks, as it builds a war chest to purchase the remaining assets of bankrupt oil company Yukos....

Corporate--third-quarter earnings of the integrated oil sector were impressive, but the days of watching profits move higher from one quarter to the next have ended (p7).(GENERAL)
November 6, 2006... CORPORATE -- Third-quarter earnings of the integrated oil sector were impressive, but the days of watching profits move higher from one quarter to the next have ended (p7). "We're not suggesting a crash by any means," says BP Chief Executive...

Environment--New UN data showing greenhouse gas emissions rising in wealthy countries by 2.4% in 2000-04 has coincided with calls from the EU and the UK for swift international action to tackle climate change.(GENERAL)
November 6, 2006... ENVIRONMENT -- New UN data showing greenhouse gas emissions rising in wealthy countries by 2.4% in 2000-04 has coincided with calls from the EU and the UK for swift international action to tackle climate change. If nothing is done, UK...

Industry restructuring--US utility and natural gas producer Dominion has decided to drastically downsize its North American upstream operations after failing to convince investors of their worth.(GENERAL)
November 6, 2006... INDUSTRY RESTRUCTURING -- US utility and natural gas producer Dominion has decided to drastically downsize its North American upstream operations after failing to convince investors of their worth. Up for sale are its Gulf of Mexico, Gulf...

LNG--Germany's E.On Ruhrgas has purchased its first ever cargo, as it seeks to gather experience ahead of developing its first import and regasification terminal at Wilhelmshaven in north Germany.(GENERAL)
November 6, 2006... LNG -- Germany's E.On Ruhrgas has purchased its first ever cargo, as it seeks to gather experience ahead of developing its first import and regasification terminal at Wilhelmshaven in north Germany, and another with partners on the island of...

BP.(PEOPLE)
November 6, 2006... BP is replacing the head of its Alaska operations, appointing Doug Suttles, current head of operations on the Russian island of Sakhalin, as president of BP Exploration Alaska from Jan. 1, 2007. He succeeds Steve Marshall, who will move to vice...

China--crude imports in September rose 24% year-on-year to a record high of 3.29 million b/d.(COUNTRIES)
November 6, 2006... CHINA -- Crude imports in September rose 24% year-on-year to a record high of 3.29 million b/d. Saudi Arabia remained the largest supplier, while Iran nudged Angola out of second place, with a 34.6% rise to 393,000 b/d. Imports from Africa were...

Opec making cuts, as non-Opec expands.(What's New Around the World)
November 6, 2006... The oil supply situation certainly looks very different from last year at this time, when hurricanes had shuttered much of the Gulf of Mexico and Opec was scrambling to make up the difference. Now the producer group is actively cutting...

China--the sole importer of LNG, state-backed China National Offshore Oil Corp. (CNOOC), has been busy arranging a mix of short and long-term deals to supply new and existing terminals.(COUNTRIES)
November 6, 2006... CHINA -- The sole importer of LNG, state-backed China National Offshore Oil Corp. (CNOOC), has been busy arranging a mix of short and long-term deals to supply new and existing terminals. As well as master agreements with Royal Dutch Shell and...

Iran--with gasoline consumption rising by 10%/yr, Tehran has backed off plans to try to curb the growth, and has budgeted a further $2.5 billion to fund gasoline imports to the end of the Iranian year in March 2007.(COUNTRIES)
November 6, 2006... IRAN -- With gasoline consumption rising by 10%/yr, Tehran has backed off plans to try to curb the growth, and has budgeted a further $2.5 billion to fund gasoline imports to the end of the Iranian year in March 2007. The country has already...

Iraq--bad weather reduced crude exports for October by 48,000 b/d from scheduled levels, leaving them 61,000 b/d below September at 1.549 million b/d.(COUNTRIES)
November 6, 2006... IRAQ -- Bad weather reduced crude exports for October by 48,000 b/d from scheduled levels, leaving them 61,000 b/d below September at 1.549 million b/d. For November, the State Oil Marketing Organization plans to export 1.6 million b/d of...

Japan--crude imports fell 2% to 4.1 million b/d in September, which was likely caused by lower refinery runs and ample inventories.(COUNTRIES)
November 6, 2006... JAPAN -- Crude imports fell 2% to 4.1 million b/d in September, which was likely caused by lower refinery runs and ample inventories. Volumes from Saudi Arabia were stable at 1.2 million b/d, while imports from Iran, Qatar and Indonesia...

Q3 earnings momentum starts to slow for big oil.(What's New Around the World)
November 6, 2006... Exxon Mobil is on track to earn an astounding $40 billion this year -nearly twice as much as it earned just three years ago and higher than the $36 billion made in 2005. Although oil prices started moving lower late in the third quarter, Exxon...

Gasoline blues.
November 6, 2006... LONDON/WASHINGTON -- The global crude oil markers West Texas Intermediate (WTI) and Brent are range-bound in the upper $50s, as traders weigh conflicting signals. Most bullish news has been drowned out by the ongoing bearish sentiment in the...

PIW market indicators.(Petroleum Intelligence Weekly)(Statistical table)
November 6, 2006... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $54.37 $54.76 $54.85 UK Brent (Dtd.) 56.03 ...

Asian spreads show demand still skittish.
November 13, 2006... Some analysts reckon oil prices have bumped along the bottom long enough for the recent lows--$57.39 for Brent and $57.05 for West Texas Intermediate--to be regarded as pretty solid floor prices. It is tempting to believe them but high stocks...

Iraq moves closer to brink of Chaos.
November 13, 2006... The nightmare scenario of Iraq splintering under militia rule with no central authority and no working institutions is fast becoming reality. This has already happened in Baghdad, where the government's power is confined to the fortress-like...

Party is over for Canada's energy trusts.
November 13, 2006... Canada's energy income trusts are reeling from the shock decision of the Conservative-led federal government to end their favorable tax treatment, a move that has wiped C$35 billion (US$31 billion) off the sector's value since Oct. 31. The...

IEA: act now to avert energy crisis.
November 13, 2006... In a searing indictment, the International Energy Agency (IEA) says the world is heading for an energy future that is "dirty, insecure and expensive." Worse still, energy industry investment is falling far behind what's needed to meet future...

Asia-Pacific set for flood of condensates.(capacity of petroleum industry)
November 13, 2006... With over 1 billion barrels of condensate offshore Australia waiting to be developed in association with new LNG projects, plus an even bigger glut of this ultra-sweet, low-sulfur gas liquid due on stream from Qatar's profusion of giant gas...

Demand surge lifts products in October.(demand for petroleum products)
November 13, 2006... Early indications are that global oil consumption in October was a thumping 3.2 million barrels per day higher year-on-year, bearing in mind--of course--that the comparison is with the previous two years when hurricanes in the US hammered down...

Angola moves on speedy growth path.
November 13, 2006... It's already sub-Saharan Africa's second largest oil producer but Angola is on a roll, with production set to double to around 2.8 million barrels per day in the next three years, deepwater discoveries continuing and new onshore frontiers...

Corporate--Gazprom is flirting with both Italy's Eni and BG of the UK as the Russian gas giant presses its strategy to gain a foothold in key markets.(GENERAL)
November 13, 2006... CORPORATE -- Gazprom is flirting with both Italy's Eni and BG of the UK as the Russian gas giant presses its strategy to gain a foothold in key markets (PIW Oct.9,p1). Gazprom Chief Executive Alexei Miller is due to meet his Eni counterpart...

Corporate--as oil prices stabilize, oil equities are starting to reflect more closely the specific performance of each company, rather than simply moving in lockstep with oil prices.(GENERAL)
November 13, 2006... CORPORATE -- As oil prices stabilize, oil equities are starting to reflect more closely the specific performance of each company, rather than simply moving in lockstep with oil prices. In October, investors seized a good buying opportunity...

Earnings--French major Total fell behind its peers with a 5% drop in oil and gas production in the third quarter, forcing it to cut its output target for the year.(GENERAL)
November 13, 2006... EARNINGS -- French major Total fell behind its peers with a 5% drop in oil and gas production in the third quarter, forcing it to cut its output target for the year (PIW Nov.6,p7). The company expects to return to strong growth from next year,...

Formula prices--Saudi Arabia adjusted its term contract prices by tightening December discounts for most exports to the US, while easing them for most grades to Europe.(GENERAL)
November 13, 2006... FORMULA PRICES -- Saudi Arabia adjusted its term contract prices by tightening December discounts for most exports to the US, while easing them for most grades to Europe. Asian differentials are mixed, with premiums for lighter grades eased,...

Industry restructuring--Norway's Statoil has expanded its interests in the US Gulf, paying US independent Anadarko Petroleum $901 million for a 25% stake in the Knotty Head discovery and stakes of 15% each in the Big Foot discovery and the Big Foot North prospect.(GENERAL)
November 13, 2006... INDUSTRY RESTRUCTURING -- Norway's Statoil has expanded its interests in the US Gulf, paying US independent Anadarko Petroleum $901 million for a 25% stake in the Knotty Head discovery and stakes of 15% each in the Big Foot discovery and the...

Philippines--industry giants including Exxon Mobil are casting their eye over two blocks in the Sandakan Basin, raising the profile of a country long seen as an exploration backwater.(COUNTRIES)
November 13, 2006... PHILIPPINES -- Industry giants including Exxon Mobil are casting their eye over two blocks in the Sandakan Basin, raising the profile of a country long seen as an exploration backwater. The interest, which focuses on service contract areas 56...

Russia--exports of crude oil dropped by 178,000 b/d in October as cooler weather forced a major shift away from the dominant Baltic Sea outlet.(COUNTRIES)
November 13, 2006... RUSSIA -- Exports of crude oil dropped by 178,000 b/d in October as cooler weather forced a major shift away from the dominant Baltic Sea outlet. Exports via the Transneft pipeline system fell to 3.7 million b/d (15.64 million metric tons) from...

Russia--in more bad news for Anglo-Russian joint venture TNK-BP, prosecutors are calling for licenses held by its West Siberian gas subsidiary Rospan International to be revoked and the regional authority has begun criminal proceedings.(COUNTRIES)
November 13, 2006... RUSSIA -- In more bad news for Anglo-Russian joint venture TNK-BP, prosecutors are calling for licenses held by its West Siberian gas subsidiary Rospan International to be revoked and the regional authority has begun criminal proceedings. The...

South Korea--a $1 billion deal to help upgrade Nigerian railway infrastructure in return for upstream rights has bolstered a growing focus on reducing Korea's reliance on the Mideast, which accounts for 80% of crude imports.(COUNTRIES)
November 13, 2006... SOUTH KOREA -- A $1 billion deal to help upgrade Nigerian railway infrastructure in return for upstream rights has bolstered a growing focus on reducing Korea's reliance on the Mideast, which accounts for 80% of crude imports. Seoul will...

Syria--a new upstream bid round is in the works for early 2007 and Damascus is due to sign two new exploration agreements later this month--with France's Maurel & Prom for Block 11 and a Ukrainian company for Block 7.(COUNTRIES)
November 13, 2006... SYRIA -- A new upstream bid round is in the works for early 2007 and Damascus is due to sign two new exploration agreements later this month--with France's Maurel & Prom for Block 11 and a Ukrainian company for Block 7. Royal Dutch Shell signed...

Turkmenistan--a huge natural gas field has been discovered with reserves estimated at 7 Tcm--twice as big as Russia's giant Shtokman field.(COUNTRIES)
November 13, 2006... TURKMENISTAN -- A huge natural gas field has been discovered with reserves estimated at 7 Tcm--twice as big as Russia's giant Shtokman field. Announcing the find, President Saparmurat Niyazov said there had been a huge blowout at the field that...

United States--the takeover of both houses of Congress by the Democratic Party in midterm elections on Nov. 7 is likely to steer energy policy in new directions.(COUNTRIES)
November 13, 2006... UNITED STATES -- The takeover of both houses of Congress by the Democratic Party in midterm elections on Nov. 7 is likely to steer energy policy in new directions. Rep. John Dingell (D-Michigan), who is poised to take over as chairman of the...

North Sea allies combine for carbon capture.(What's New Around the World)
November 13, 2006... North Sea natural gas producers usually have no reason to cheer plans for new coal-fired power plants. They may change their tune if a $1.9 billion project on Teesside in northeast England comes to fruition. UK utility Centrica has paid...

Heating up.(Marketview)
November 13, 2006... NEW YORK -- The political change that destroyed the Republican Party's majorities in both houses of the US Congress last week had a less earth-shattering impact on the oil market, with prices edging up only slightly in response. The change...

PIW market indicators.(Marketview)(Statistical table)
November 13, 2006... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $54.87 $54.16 $55.28 UK Brent (Dtd.) 57.65...

High costs grind down will to spend.
November 20, 2006... At an eye-popping $276 billion, worldwide upstream spending last year was a prodigious 75% higher than in 2002. At that pace, one would expect to see significant expansion of oil supply but that is not the case. Instead, the industry is...

Gloss comes off Libya's shiny future.(International Energy Agency)(Brief article)
November 20, 2006... Libya has generated much hype since reopening to investors, but a sobering reality is now dawning. In its latest production outlook, the International Energy Agency (IEA) expects the country to be producing only 1.7 million barrels per day in...

Canadian gas drilling slows, US steams on.
November 20, 2006... As the North American natural gas market heads into the peak winter heating season, drilling activity has taken divergent paths on either side of the 49th parallel. In the US operators still have their foot on the accelerator, but in Canada...

No shock in China's strategic stocks.
November 20, 2006... With its crude imports soaring, speculation is rampant that China has started placing significant crude volumes into its strategic petroleum reserve. However, with the country's economic growth still surging and oil storage capacity limited,...

Oil output in Iran stuck in neutral.
November 20, 2006... Despite the official pledge to raise oil production capacity to 4.5 million barrels per day by 2010, Iran will struggle to even meet its Opec entitlement--recently revised down to about 3.93 million b/d--if it does not speed up development of...

Analyst views diverge on 2007 prices.
November 20, 2006... Most oil analysts have been behind the curve over the past several years, failing to anticipate how burgeoning developing country demand and limited excess capacity would push up oil prices. The analyst community is still split on market...

Corporate--Russian gas giant Gazprom and Italy's Eni signed their long-awaited "broad strategic agreement" in Moscow last week, extending Russian gas supply contracts and promising cooperation in the upstream, LNG, technology and power sectors.(GENERAL)
November 20, 2006... CORPORATE--Russian gas giant Gazprom and Italy's Eni signed their long-awaited "broad strategic agreement" in Moscow last week, extending Russian gas supply contracts and promising cooperation in the upstream, LNG, technology and power sectors....

Earnings--Italy's Eni grew adjusted net profits by 7.1% in the third quarter to 2.62 billion [euro] ($3.37 billion), well ahead of market expectations. But project delays prompted a cut in the 2006 capital expenditure budget for the second time in three months.(ENI Corp.)(Brief article)
November 20, 2006... EARNINGS--Italy's Eni grew adjusted net profits by 7.1% in the third quarter to 2.62 billion [euro] ($3.37 billion), well ahead of market expectations. But project delays prompted a cut in the 2006 capital expenditure budget for the second time...

Environment--the World Bank is working to reduce greenhouse gas emissions through a program of incentives to halt natural gas flaring, which currently burns off 5 Tcf per year, emitting 390 million tons of carbon dioxide.(GENERAL)
November 20, 2006... ENVIRONMENT--The World Bank is working to reduce greenhouse gas emissions through a program of incentives to halt natural gas flaring, which currently burns off 5 Tcf per year, emitting 390 million tons of carbon dioxide. The program is set to...

IEA--the oil market is a bit looser, but geopolitical risks and low spare capacity continue to support higher oil prices, the International Energy Agency noted its latest monthly Oil Market Report, which lopped another 100,000 b/d from demand growth, cutting its estimate to 900,000 b/d for 2006.(GENERAL)
November 20, 2006... IEA--The oil market is a bit looser, but geopolitical risks and low spare capacity continue to support higher oil prices, the International Energy Agency noted its latest monthly Oil Market Report, which lopped another 100,000 b/d from demand...

Industry restructuring--Canada's Centurion Energy has agreed to a C$1.15 billion (US$1 billion) takeover bid by the UAE's Dana Gas, which is 22% owned by the Sharjah-based Crescent Petroleum.(GENERAL)
November 20, 2006... INDUSTRY RESTRUCTURING--Canada's Centurion Energy has agreed to a C$1.15 billion (US$1 billion) takeover bid by the UAE's Dana Gas, which is 22% owned by the Sharjah-based Crescent Petroleum. Centurion produces 32,000 boe/d in Egypt and has...

Pipelines--the Russian government has rejected a proposal by the Caspian Pipeline Consortium (CPC) to double its capacity because of disagreements over transit tariffs, dealing another blow to Chevron's plans to increase the flows from the monster Tengiz field in Kazakhstan.(GENERAL)
November 20, 2006... PIPELINES--The Russian government has rejected a proposal by the Caspian Pipeline Consortium (CPC) to double its capacity because of disagreements over transit tariffs, dealing another blow to Chevron's plans to increase the flows from the...

People--Yves-Louis Darricarrere is to become president of exploration and production at French Total in February 2007 when the current upstream head, Christophe de Margerie, takes over as chief executive from Thierry Desmarest who will remain chairman.(GENERAL)
November 20, 2006... PEOPLE--Yves-Louis Darricarrere is to become president of exploration and production at French Total in February 2007 when the current upstream head, Christophe de Margerie, takes over as chief executive from Thierry Desmarest who will remain...

Australia--US Chevron announced a large natural gas discovery at its Clio-1 offshore exploration well, 20 km north of its giant Gorgon field.(COUNTRIES)
November 20, 2006... AUSTRALIA -- US Chevron announced a large natural gas discovery at its Clio-1 offshore exploration well, 20 km north of its giant Gorgon field. The Clio well hit 190 meters of net gas sands, making it one of the top Australian gas wells in...

India--Reliance Industries is touting glowing new production estimates for its D6 block in the offshore Krishna-Godavari Basin, claiming it could produce up to 120 MMcm/d (4.2 Bcf/d) of natural gas, up from a previous 80 MMcm/d estimate.(COUNTRIES)
November 20, 2006... INDIA -- Reliance Industries is touting glowing new production estimates for its D6 block in the offshore Krishna-Godavari Basin, claiming it could produce up to 120 MMcm/d (4.2 Bcf/d) of natural gas, up from a previous 80 MMcm/d estimate....

Iraq--Norwegian independent DNO says it's encouraged by its Tawke-2 appraisal well in the Zakho area of Kurdistan and is looking to achieve higher-than-expected recovery rates from development of the discovery.(COUNTRIES)
November 20, 2006... IRAQ -- Norwegian independent DNO says it's encouraged by its Tawke-2 appraisal well in the Zakho area of Kurdistan and is looking to achieve higher-than-expected recovery rates from development of the discovery. The appraisal well flowed at...

Russia--Anglo-Russian TNK-BP and the tax service have settled a long-running dispute over an audit that said the venture owed 53 billion rubles ($1.8 billion) in back taxes for 2002 and 2003.(COUNTRIES)
November 20, 2006... RUSSIA -- Anglo-Russian TNK-BP and the tax service have settled a long-running dispute over an audit that said the venture owed 53 billion rubles ($1.8 billion) in back taxes for 2002 and 2003. TNK-BP did not give the settlement sum but had...

Saudi Arabia--a new oil refinery is being considered for Jizan on the southern Red Sea coast as part of a major project to develop the port city.(COUNTRIES)
November 20, 2006... SAUDI ARABIA -- A new oil refinery is being considered for Jizan on the southern Red Sea coast as part of a major project to develop the port city. If approved it would be the third new grassroots refinery undertaking after the two 400,000 b/d...

Venezuela--state-owned Petroleos de Venezuela (PDV) plans to build a new 800,000 b/d complex by 2011 to upgrade extra-heavy crude from new developments in the Orinoco area.(COUNTRIES)
November 20, 2006... VENEZUELA -- State-owned Petroleos de Venezuela (PDV) plans to build a new 800,000 b/d complex by 2011 to upgrade extra-heavy crude from new developments in the Orinoco area. The first phase calls for a 200,000 b/d upgrader to process...

Futures: Oman to drop retroactive pricing.(Dubai Mercantile Exchange)
November 20, 2006... In a radical departure for a key Mideast producer, Oman is to drop its retroactive crude pricing system next year and base its export prices on a futures contract--the daily settlement price of the new Oman crude oil futures contract planned by...

Old man winter?
November 20, 2006... NEW YORK -- Rapidly falling product stocks in the US and robust oil demand here have begun to tighten loose market balances, but last week that failed to lift the crude oil price out of its narrow trading range. Traders believe that a typical...

Asia-Pacific refined products.
November 20, 2006... Energy Intelligence and Asia Pacific Energy Consulting invite you to participate in a research study on the world's most dynamic refined products market. The Asia-Pacific Refined Products report delivers detailed analysis of the likely...

PIW market indicators.(Petroleum Intelligence Weekly)(Statistical table)
November 20, 2006... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $55.77 $55.74 $54.76 UK Brent (Dtd.) ...

Opec delivers cuts despite credibility gap.
November 27, 2006... With its credibility on the line, Opec is for the most part following through on its October pledge to rein in production by 1.2 million barrels per day. But so far, traders remain unconvinced, and their doubts about Opec's true commitment to...

Oil majors on verge of reserves turnaround.
November 27, 2006... Despite concerns about lack of access to resource-rich parts of the world, international oil companies should make some substantial improvements in booking new reserves in the coming years. After struggling during the early part of the decade...

Shell aims to lead EOR output growth.
November 27, 2006... With growing confidence that oil prices will remain above $40 per barrel in the medium term, and with access to resources and reserves replacement of increasing concern, interest in nonconventional resources and recovery techniques is growing....

Oman marker could transform Asian oil trade.
November 27, 2006... A new crude benchmark looks poised to take Asia by storm. The start of trading in Oman futures early next year could transform price discovery east of Suez, boost trading activity significantly and enhance the globalization of oil markets. But...

Winter non-Opec supply growth flusters Opec.
November 27, 2006... Opec faces a major challenge over the next several months in establishing credibility for production cuts agreed at its Oct. 20 Doha meeting, while also dealing with a big burst of new non-Opec supply (see p1). Demand will grow as winter moves...

Africa too hot for some small players.(petroleum)
November 27, 2006... Africa's growing popularity as a hotspot for producers and explorers continues to build for small independents as well as bigger players. But the heady atmosphere is being tempered by talk of consolidation as smaller operators are picked off....

Five years later: Enron's impact resonates.
November 27, 2006... At the turn of the millennium, Enron ruled. Its asset-light, trade-any-commodity business model was going to reveal the staid major oil companies as the dinosaurs that then-President Jeff Skilling said they were. Within the year, however, Enron...

EU.(GENERAL)
November 27, 2006... EU -- The $100 billion merger of France's Suez and Gaz de France (GdF), cleared by the EU Commission on Nov. 14, was stayed by a Paris court of appeal's ruling late Tuesday that state-run GdF's privatization required more scrutiny. The ruling,...

Futures.(GENERAL)
November 27, 2006... FUTURES -- After a month with no semblance of life, the New York Mercantile Exchange's new futures contract for Russian Export Blend Crude Oil, or Rebco, is finally garnering some interest from Russia's top players. A senior official from...

Industry Restructuring.(GENERAL)
November 27, 2006... INDUSTRY RESTRUCTURING -- Australia's Woodside Petroleum has given up on its US$883 million bid for Gulf of Mexico producer Energy Partners after the offer expired. Several conditions of the takeover were not met before the offer lapsed (PIW...

Algeria.(tax on international oil company)(Brief article)
November 27, 2006... ALGERIA -- Reflecting a rising tide of resource nationalism, a new windfall tax on international oil company (IOC) profits could bring in as much as $1 billion in revenues in 2007, and $500 million-$600 million this year, Energy Minister Chakib...

Australia.(COUNTRIES)
November 27, 2006... AUSTRALIA -- Woodside Petroleum says it will fall short of even its revised 2006 output target of 72 million boe, or 197,000 boe/d, which was slashd in June from 76 million boe (PIW Jun.26,p6). With problems at all three of its big projects for...

Brazil.(COUNTRIES)(Petroleo Brasileiro S.A.)(Brief article)
November 27, 2006... BRAZIL -- State-controlled Petrobras produced 1.821 million b/d from its domestic fields in October, marking the first time the company achieved self-sufficiency by producing enough oil to supply the national market, which averaged 1.8 million...

Canada.(COUNTRIES)(Brief article)
November 27, 2006... CANADA -- Petro-Canada is putting five of its Alberta oil sands properties on the auction block to concentrate on those that are already producing or close to starting commercial operations. The company said it will sell its stakes in the...

India.(COUNTRIES)(Brief article)
November 27, 2006... INDIA -- Adding to Asian product volumes, Essar Oil started commissioning its new $2.2 billion refinery at Vadinar, in the western state of Gujarat. The refinery will be export-oriented and will initially produce 150,000 b/d of gasoline,...

Iraq.(COUNTRIES)
November 27, 2006... IRAQ -- Turkey's Genel Enerji and its Canadian-listed partner Addax Petroleum last week announced promising flow test results from their first well, TT-04, at the Taq Taq field, which is 60 km northeast of Kirkuk. Three separately tested...

Kazakhstan.(COUNTRIES)
November 27, 2006... KAZAKHSTAN -- China's state investment giant Citic appears to be headed for a showdown with the government over its bid to buy oil and gas producer Karazhanbasmunai from Nations Energy, a Canadian firm. Kazakh Oil Minister Baktykozha...