Petroleum Intelligence Weekly articles from October 2004

Petroleum Intelligence Weekly archives from October 2004

Oil froths to $50; expect more volatility.
October 4, 2004... Coming in the wake of the destruction wrought in the Gulf of Mexico by Hurricane Ivan, it was the antics of a Nigerian militia leader that briefly pushed oil over $50 per barrel for the first time. A surprise ramp up in US inventories a couple...

Bad practices deepen Iraqi upstream angst.
October 4, 2004... The gruesome insurgency in Iraq is exacting a mounting toll of innocent lives lost. Is it also inflicting lasting damage on the country's oil sector? From the steady uptick in oil production and export volumes--amid the repeated attacks on...

Eni strives for respect, not a sale.
October 4, 2004... Is Italian champion Eni losing its appetite for privatization? To the debt-ridden government in Rome, a handy way to raise more cash would be via a further sale of the state's remaining 30% stake in the national energy behemoth. Eni chief...

Conoco/Lukoil deal looks good for US, Russia.
October 4, 2004... ConocoPhillips is set to boost its reserves and production by 10% as a result of a new strategic alliance with Lukoil that envisages the joint development of oil and gas reserves in Russia and possibly Iraq. But the US major's $2 billion...

US distaste for diesel foils efficiency drive.
October 4, 2004... Sky-high oil prices and Mideast instability fears have fired up the Washington policy wonks. While environmental groups usually lead pushes for improved fuels and more energy efficiency, conservative activists are also now touting less reliance...

Big oil's profits leap, spending lags.
October 4, 2004... Oil companies, riding a wave of sustained commodity price strength, have been generating copious amounts of cash and sharing it generously with their shareholders. But while their profitability has been stellar, some measures of operational...

Corporate--Oklahoma-based Devon Energy plans to raise up to $1.5 billion by selling off mature assets in the US and Canada with current production of around 100,000 boe/d.(General)(Brief Article)
October 4, 2004... CORPORATE -- Oklahoma-based Devon Energy plans to raise up to $1.5 billion by selling off mature assets in the US and Canada with current production of around 100,000 boe/d. The company also last week announced a long waited plan to buy back up...

Corporate--UK independent Dana Petroleum has struck a wide-ranging agreement with Australia's Woodside Petroleum involving the exchange of acreage in Australia, Mauritania, Kenya and Ghana.(General)(Brief Article)
October 4, 2004... CORPORATE -- UK independent Dana Petroleum has struck a wide-ranging agreement with Australia's Woodside Petroleum involving the exchange of acreage in Australia, Mauritania, Kenya and Ghana. Dana also raised its stake in the UK's Hudson field...

Industry restructuring--US antitrust authorities conditionally approved Buckeye Partners' plan to buy five oil products pipelines and 24 terminals in the US Midwest from Royal Dutch/Shell.(General)(Brief Article)
October 4, 2004... INDUSTRY RESTRUCTURING -- US antitrust authorities conditionally approved Buckeye Partners' plan to buy five oil products pipelines and 24 terminals in the US Midwest from Royal Dutch/Shell (PIW Jul.5,p6). Japanese trading house Marubeni has...

LNG--Royal Dutch/Shell has joined the queue of international oil firms providing studies on potential LNG development of Russian Gazprom's Shtokman gas project in the Barents Sea, having confirmed its interest during Sep. 29 talks with Russian Prime Minister Mikhail Fradkov in the Netherlands.(General)(Brief Article)
October 4, 2004... LNG -- Royal Dutch/Shell has joined the queue of international oil firms providing studies on potential LNG development of Russian Gazprom's Shtokman gas project in the Barents Sea, having confirmed its interest during Sep. 29 talks with...

Algeria--State oil company Sonatrach's hectic licensing schedule was set to continue Oct. 1 with the launch of a sixth bid round, for 10 onshore blocks.(Countries)(Brief Article)
October 4, 2004... ALGERIA -- State oil company Sonatrach's hectic licensing schedule was set to continue Oct. 1 with the launch of a sixth bid round, for 10 onshore blocks. Awards are expected early next year. The new release follows the recent signing of eight...

Angola--ChevronTexaco is planning to invest with its partners a whopping $11 billion in 12 oil and gas projects in the next five years, accounting for more than half of the $20 billion that the company sees going into its African joint venture operations in the period.(Countries)(Brief Article)
October 4, 2004... ANGOLA -- ChevronTexaco is planning to invest with its partners a whopping $11 billion in 12 oil and gas projects in the next five years, accounting for more than half of the $20 billion that the company sees going into its African joint...

China--Unocal and Royal Dutch/Shell are dropping out of a big natural gas project in the East China Sea with China National Offshore Oil Corp. (CNOOC) and Sinopec, because they reckon it will not be commercially viable.(Countries)(Brief Article)
October 4, 2004... CHINA -- Unocal and Royal Dutch/Shell are dropping out of a big natural gas project in the East China Sea with China National Offshore Oil Corp. (CNOOC) and Sinopec, because they reckon it will not be commercially viable. Their exit follows the...

Egypt--a slew of deals has fixed most of the gas feedstock needs and matching LNG purchases for the first 5 million ton/yr train of the Spanish Egyptian Gas (Segas) LNG venture at Damietta, which is backed by Spain's Union Fenosa Gas.(Countries)(Brief Article)
October 4, 2004... EGYPT -- A slew of deals has fixed most of the gas feedstock needs and matching LNG purchases for the first 5 million ton/yr train of the Spanish Egyptian Gas (Segas) LNG venture at Damietta, which is backed by Spain's Union Fenosa Gas. In the...

Libya--Italy's Eni and state National Oil Corp. (NOC) last week were expected to send first exports of natural gas from their 50-50 West Libya Gas project to Sicily--and on to mainland Italy--via the Greenstream pipeline, which is 75% owned by Eni.(Countries)(Brief Article)
October 4, 2004... LIBYA -- Italy's Eni and state National Oil Corp. (NOC) last week were expected to send first exports of natural gas from their 50-50 West Libya Gas project to Sicily--and on to mainland Italy--via the Greenstream pipeline, which is 75% owned...

Norway--Statoil has brought into production its first high-temperature, high-pressure (HTHP) gas-condensate field development in the North Sea.(Countries)(Brief Article)
October 4, 2004... NORWAY -- Statoil has brought into production its first high-temperature, high-pressure (HTHP) gas-condensate field development in the North Sea. The first two out of 11 production wells at the Kvitebjorn project in the offshore Troll area came...

Russia--October seaborne exports are set for a hefty 123,000 b/d boost, according to port loading schedules, and could potentially rise even more.(Countries)(Brief Article)
October 4, 2004... RUSSIA -- October seaborne exports are set for a hefty 123,000 b/d boost, according to port loading schedules, and could potentially rise even more. The increase is planned to come entirely out of the Black Sea ports, as state pipeline operator...

Russia--the diplomatic dance around the Kovykta gas field development took another turn, with state gas giant Gazprom blasting TNK-BP for not getting the project going--and saying it planned instead to focus on Sakhalin gas sales, possibly with help from ChevronTexaco.(Countries)(Brief Article)
October 4, 2004... RUSSIA -- The diplomatic dance around the Kovykta gas field development took another turn, with state gas giant Gazprom blasting TNK-BP for not getting the project going--and saying it planned instead to focus on Sakhalin gas sales, possibly...

Saudi Arabia--in an injection of new blood, two up-and-coming executives of Saudi Aramco are joining the board of the kingdom's state oil giant.(Countries)(Brief Article)
October 4, 2004... SAUDI ARABIA -- In an injection of new blood, two up-and-coming executives of Saudi Aramco are joining the board of the kingdom's state oil giant. The nomination of Abdulaziz al-Khayyal and Khalid al-Falih to the new board marks the arrival of...

Sudan--the threat of oil sanctions is proving no deterrent to the Malaysian companies that are making a sweep of big oil sector construction contracts.(Countries)(Brief Article)
October 4, 2004... SUDAN -- The threat of oil sanctions is proving no deterrent to the Malaysian companies that are making a sweep of big oil sector construction contracts. Last week, Peremba Construction, a subsidiary of Malaysia's PECD Group, took a $232...

United States--refiners disrupted by Hurricane Ivan got a helping hand from the government, which is lending a handful of refineries a few million barrels of sweet crude oil from its Strategic Petroleum Reserve (SPR)--a politically contentions decision with the Nov. 2 presidential elections looming.(Countries)(Brief Article)
October 4, 2004... UNITED STATES -- Refiners disrupted by Hurricane Ivan got a helping hand from the government, which is lending a handful of refineries a few million barrels of sweet crude oil from its Strategic Petroleum Reserve (SPR)--a politically...

Vietnam--a new zone to the north of current oil and gas production areas is being opened up to bidders in the 2004 licensing round that was unveiled last week.(Countries)(Brief Article)
October 4, 2004... VIETNAM -- A new zone to the north of current oil and gas production areas is being opened up to bidders in the 2004 licensing round that was unveiled last week. On offer are Blocks 122 through 129 in the Phu Khanh Basin which will be let under...

Bitter sweet.(Marketview)
October 4, 2004... LONDON -- Both West Texas Intermediate (WTI) and Brent showed extraordinary strength during the third quarter and there is little to suggest there could be an imminent reversal of this trend. At the same time the differentials between sweet and...

PIW market indicators.(Petroleum Intelligence Weekly (magazine))(Illustration)
October 4, 2004... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $43.19 $40.97 $38.62 UK Brent (Dated) 46.78 ...

Kremlin edits the script for Russian deals.
October 11, 2004... The recent flurry of corporate deals in Russia has produced pretty clear outlines of what the Kremlin wants to see when it comes to controlling the country's hydrocarbons. The state-orchestrated merger of Gazprom and Rosneft into "Gazpromneft"...

Kashagan: an avoidable mess in the making?
October 11, 2004... Industry conferences offer a chance to air grievances and last week's annual jamboree in the Kazakh capital Almaty was no exception. Foreign investors feel they are being squeezed too hard by a rising tax burden even before large-scale oil...

Still down, but African refining looks up.
October 11, 2004... Sub-Saharan Africa's upstream sector is going from strength to strength--driven by major oil discoveries and billions of dollars of investment--while its downstream sector has become the poor relation. Its shabby image, reinforced by the...

Algeria's oil capacity surge set to slow.
October 11, 2004... Seemingly determined to leave its slim Opec quota of just 830,000 barrels per day in the dust, Algeria is sticking to a goal of raising oil output capacity to 1.5 million h/d in 2005. There will be a further leap to 2 million b/d by 2010, which...

US refiners weigh sweet, sour options.
October 11, 2004... You might expect, amid all the fuss about a shortage of sweet crude and a surplus of sour grades, that all US refiners would be rushing to install the cokers needed to turn heavier, sour, sulfur-rich barrels into low-sulfur gasoline and other...

Japan backs off state drive upstream.
October 11, 2004... Investors will enjoy a rare opportunity next month when Japan sells off about half of its majority holding in Inpex Corp., one of the country's few successful upstream exploration firms, through an initial public offering (IPO). The upside...

Gulf of Mexico may be US' weakest link.
October 11, 2004... The US Gulf of Mexico has been making big headlines this year, not only because of the recent shut-ins related to a succession of storms but also on account of the earlier technical problems that disrupted Royal Dutch/Shell's Mars field. More...

Formula prices -- Saudi Arabia is giving deeper discounts in its price terms for heavier crudes in November, widening the discount for Arab Heavy to $13.20/bbl in the US and to $11.80/bbl for Europe.(General)
October 11, 2004... FORMULA PRICES -- Saudi Arabia is giving deeper discounts in its price terms for heavier etudes in November, widening the discount for Arab Heavy to $13.20/bbl in the US and to $11.80/bbl for Europe. But unlike in October, the Saudis are not so...

Industry restructuring -- Royal Dutch/Shell subsidiary Shell South Africa is in advanced talks to sell a 25% slake in the 180,000 b/d Sapref refinery to a black-owned partner.(General)(Brief Article)
October 11, 2004... INDUSTRY RESTRUCTURING -- Royal Dutch/Shell subsidiary Shell South Africa is in advanced talks to sell a 25% stake in the 180,000 b/d Sapref refinery to a black-owned partner. Sapref is a 50-50 joint venture with BP Southern Africa. Shell has...

LNG -- the outline of Russian giant Gazprom's ambitions is starting to become clear, with Chief Executive Alexei Miller saying that Gazprom hopes to make its LNG market entree in 2005 by swapping incremental Russian pipeline gas in Europe for LNG deliverable to the US.(General)(Liquefied natural gas, Gazprom Russian Joint Stock Co.)(Brief Article)
October 11, 2004... LNG -- The outline of Russian giant Gazprom's ambitions is starting to become clear, with Chief Executive Alexei Miller saying that Gazprom hopes to make its LNG market entree in 2005 by swapping incremental Russian pipeline gas in Europe for...

China -- crude oil imports jumped by a striking 38% in August, up 600,000 b/d from one year ago, to an average of 2.21 million b/d.(Countries)(Brief Article)(Illustration)
October 11, 2004... CHINA -- Crude off imports jumped by a striking 38% in August, up 600,000 b/d from one year ago, to an average of 2.21 million b/d. Omani oil was especially favored during the month, streaking to 365,000 b/d and overtaking Saudi Arabia to claim...

China -- the first pieces of the strategic petroleum reserve are falling into place, with storage capacity to be built and managed by Sinopec, Sinochem and PetroChina.(Countries)(China National Chemicals Import-Export Corp., China Petroleum and Chemical Corp., PetroChina Company Ltd.)(Brief Article)
October 11, 2004... CHINA -- The first pieces of the strategic petroleum reserve are falling into place, with storage capacity to be built and managed by Sinopec, Sinochem and PetroChina. Sinopec subsidiary Zhenhai Refining and Chemical will manage a 32 million...

Japan -- crude imports inched up 62,000 b/d in August versus last year to an average of 3.96 million b/d.(Countries)(Brief Article)(Illustration)
October 11, 2004... JAPAN -- Crude imports inched up 62,000 b/d in August versus last year to an average of 3.96 million b/d. The UAE was the top provider, as usual Sudan made big inroads, notching up a fivefold increase in sales of its 32.76[degrees] API, 0.045%...

Norway -- Oslo is expecting higher oil production and prices of around $34/bbl in 2005, down from an actual $37 this year.(Countries)(Brief Article)
October 11, 2004... NORWAY -- Oslo is expecting higher oil production and prices of around $34/bbl in 2005, down from an actual $37 this year. Production is expected to rise to 3.3 million b/d, up 100,000 b/d from an average of 3.2 million b/d in 2004, according...

Philippines -- Australia's BHP Billiton is moving forward with its plans to maintain growth beyond 2007 by venturing into the deepwater in the South Sulu Sea.(Countries)(Department of Energy )(Brief Article)
October 11, 2004... PHILIPPINES -- Australia's BHP Billiton is moving forward with its plans to maintain growth beyond 2007 by venturing into the deepwater in the South Sulu Sea. The Department of Energy is in negotiations to award exploration contracts to a group...

Russia -- BP and Rosneft say they found "significant volumes of oil and gas in a number of high-quality sandstone reservoirs" with their first exploration well on Sakhalin-5 acreage.(Countries)(British Petroleum Company PLC, Elvary Neftegas)(Brief Article)
October 11, 2004... RUSSIA -- BP and Rosneft say they found "significant volumes of oil and gas in a number of high-quality sandstone reservoirs" with their first exploration well on Sakhalin-5 acreage. Drilling began in July, after BP and Rosneft signed a...

Russia -- is the dream team of Gazprom and Rosneft going to scrap over the details of their proposed union, and spoil Kremlin-inspired plans to establish a world-class national energy champion?(Countries)(Brief Article)
October 11, 2004... RUSSIA -- Is the dream team of Gazprom and Rosneft going to scrap over the details of their proposed union, and spoil Kremlin-inspired plans to establish a world-class national energy champion? Rosneft President Sergei Bogdanchikov has written...

Russia -- crude exports are continuing their upward ascent, with September shipments via the Transneft national pipeline system rising 61,000 b/d from the previous month.(Countries)(Brief Article)(Illustration)
October 11, 2004... RUSSIA -- Crude exports are continuing their upward ascent, with September shipments via the Transneft national pipeline system rising 61,000 b/d from the previous month. Exports totaled 3.185 million b/d, compared to August levels of 3.124...

Russia -- President Vladimir Putin has come out in favor of building an oil pipeline to the Pacific Ocean while urging that China, an alternative destination, "must not be forgotten.".(Countries)(Brief Article)
October 11, 2004... RUSSIA -- President Vladimir Putin has come out in favor of building an oil pipeline to the Pacific Ocean while urging that China, an alternative destination, "must not be forgotten." The government is due to decide on a route by the end of the...

Saudi Arabia -- Saudi Aramco has tendered for the supply of 14 drilling rigs, of which 11 are for onshore work, in a flurry of new drilling activity.(Countries)(Saudi Arabian Oil Co.)(Brief Article)
October 11, 2004... SAUDI ARABIA -- Saudi Aramco has tendered for the supply of 14 drilling rigs, of which 11 are for onshore work, in a flurry of new drilling activity. Awards are expected in the next 10 days for several contracts, with rigs to be put to use...

Global oil production edges higher.(Illustration)
October 11, 2004... Non-Opec and Iraq took over from the Opec 10 to drive global oil supplies higher in September, PIW soundings show. Total output of crude oil, natural gas liquids and other oils hit 83.7 million b/d, up from 83.1 million b/d in August. Most of...

The heat is on.(Marketview)(petroleum industry)
October 11, 2004... WASHINGTON/LONDON -- Crude oil markets continued their string of record-setting highs last week, with West Texas Intermediate (WTI) hitting $53/bbl and Brent close to $50, with neither showing any signs of weakness. The turmoil triggered by...

At $50/bbl, can you afford to miss Oil & Money 2004?
October 11, 2004... Not for many years has so much attention been focused on oil and its place in the global economy, and it is against this exciting backdrop that this year's Oil & Money Conference will be taking place at the Inter-Continental Hotel in London on...

PIW market indicators.(Petroleum Intelligence Weekly, Petroleum prices)(Illustration)
October 11, 2004... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $43.78 $43.11 $38.82 UK Brent (Dated) 46.96 46.86 41.89...

The oil price shock of 2004.
October 18, 2004... With oil prices now over $50 per barrel and rising, another oil shock is upon us--one that is profoundly different from others that have come before but potentially highly damaging to the world economy. The oil shock of 2004 was not sparked by...

Saudis drill more to stay ahead.
October 18, 2004... A burst of extra drilling activity in Saudi Arabia has sparked speculation that the kingdom is hiking its oil production capacity. What is underway is not a rush to boost capacity, however, but a busier drilling program to sustain elevated...

Russia aims more oil into Atlantic.
October 18, 2004... Russia's massive and rapid expansion of crude loading capacity out of the Baltic Sea is forcing oil companies to come up with creative marketing ideas and logistical solutions for the challenge of exporting oil via congested ports when they are...

$50 prices not like past market peaks.
October 18, 2004... High oil prices were driving negative sentiment on equity markets around the globe last week, adding to the growing sense that a new oil shock is rippling through the world economy. How big and how had a shock is it? Prices have increased by...

Syria feels loss of Saddam's oil.
October 18, 2004... Financially, Syria is still smarting from the March 2003 cut-off of some 200,000 barrels per day of Iraqi oil, which flowed into its tanks outside of the UN oil-for-food program, and made possible a dramatic rise in exports. At one point, Syria...

KBR, Iraq bring Halliburton pain, not profit.(Kellogg Brown & Root)(Halliburton Co.)
October 18, 2004... Halliburton, frustrated that its stock trades at a hefty discount to other oil field service firms, is considering a dramatic remedy: a divorce from its Kellogg Brown & Root (KBR) engineering and construction unit. CEO Dave Lesar says KBR will...

High oil costs pose larger threat.
October 18, 2004... Just as previous oil price shocks have been harbingers of global economic downturns, so the very sharp rise in oil prices this year now poses a more serious threat to the US and global economy than had been assumed. The breezy confidence that...

Corporate--Royal Dutch/Shell has confirmed it wants to sell InterGen, its power joint venture with US engineering firm Bechtel, which analysts estimate to be worth $3 billion-$4 billion.(General)(Brief Article)
October 18, 2004... CORPORATE -- Royal Dutch/Shell has confirmed it wants to sell InterGen, its power joint venture with US engineering firm Bechtel, which analysts estimate to be worth $3 billion-$4 billion. Shell said in September it was aiming for $10...

IEA--the International Energy Agency expects oil demand to continue rising despite high oil prices, but sees high prices crimping demand growth in 2005.(General)(Brief Article)(Illustration)
October 18, 2004... IEA -- The International Energy Agency expects oil demand to continue rising despite high oil prices, but sees high prices crimping demand growth in 2005, with next year's demand now projected to rise by 1.5 million b/d compared with a 1.8...

Industry restructuring--US independent Petrohawk is paying $425 million for privately held Wynn-Crosby Energy.(General)(Brief Article)
October 18, 2004... INDUSTRY RESTRUCTURING -- US independent Petrohawk is paying $425 million for privately held Wynn-Crosby Energy, which has gas properties in Texas and the US Midcontinent. Occidental Petroleum subsidiary Occidental Chemical is buying three US...

Angola--Chevron Texaco has made a "significant discovery" at the deepwater Lianzi-1 exploration well in the waters shared by Angola and Congo (Brazzaville).(Countries)(Brief Article)
October 18, 2004... ANGOLA -- Chevron Texaco has made a "significant discovery" at the deepwater Lianzi-1 exploration well in the waters shared by Angola and Congo (Brazzaville). The well, drilled in 909 meters (2,984 feet) of water, encountered two oil-bearing...

Australia--independent producer Santos last week received government approval to develop the A$200 million (US$145 million) Casino gas field in the Otway Basin offshore Victoria.(Countries)(Brief Article)
October 18, 2004... AUSTRALIA -- Independent producer Santos last week received government approval to develop the A$200 million (US$145 million) Casino gas field in the Otway Basin offshore Victoria. Production from Casino's proven and probable reserves of 268...

China--in a successful project completion, China National Offshore Oil Corp. (CNOOC) has started producing oil at a rate of 16,000 b/d from its BZ 25-1/BZ 25-1S project in Bohai Bay.(Countries)(Brief Article)
October 18, 2004... CHINA -- In a successful project completion, China National Offshore Oil Corp. (CNOOC) has started producing oil at a rate of 16,000 b/d from its BZ 25-1/BZ 25-1S project in Bohai Bay. A second phase is to follow in early 2006. CNOOC has 83.8%...

China--French energy giant Total has grabbed a bigger position in the retail sector ahead of product market liberalization on Jan. 1, 2005, following in the footsteps of supermajors BP, Exxon Mobil and Royal Dutch/Shell.(Total S.A.)(Brief Article)
October 18, 2004... CHINA -- French energy giant Total has grabbed a bigger position in the retail sector ahead of product market liberalization on Jan. 1, 2005, following in the footsteps of supermajors BP, Exxon Mobil and Royal Dutch/Shell (PIW May3,p1). Total...

Indonesia--BP's Tangguh project clinched a big LNG sales contract with Sempra Energy to take Asia's first LNG cargoes into Mexico from 2008.(Countries)(British Petroleum Company PLC, Sempra Energy LNG Corp.)(Brief Article)
October 18, 2004... Indonesia -- BP's Tangguh project clinched a big LNG sales contract with Sempra Energy to take Asia's first LNG cargoes into Mexico from 2008. BP will sell 3.7 million tons/yr (145 Bcf) of LNG from Tangguh under a 20-year contract. Sempra and...

Iraq--Canada's Ivanhoe Energy has become the latest international oil company to offer free studies and advice in a bid to establish closer relations with the country's oil authorities.(Countries)(Brief Article)
October 18, 2004... IRAQ -- Canada's Ivanhoe Energy has become the latest international oil company to offer free studies and advice in a bid to establish closer relations with the country's oil authorities. Ivanhoe has signed an memorandum of understanding to...

Kazakhstan--with tensions running high, new legislation has been adopted giving the state preemptive buying rights over the subsurface, which could seal the fate of BG's 16.67% stake in the giant Kashagan oil and gas field.(Brief Article)
October 18, 2004... KAZAKHSTAN -- With tensions running high, new legislation has been adopted giving the state preemptive buying rights over the subsurface, which could seal the fate of BG's 16.67% stake in the giant Kashagan oil and gas field (PIW Oct.11,p1)....

Nigeria--like its many predecessors, the latest workers' strike passed without having any discernible effect on oil exports, despite the knee-jerk panic reaction in oil markets.(Brief Article)
October 18, 2004... NIGERIA -- Like its many predecessors, the latest workers' strike passed without having any discernible effect on oil exports, despite the knee-jerk panic reaction in oil markets (p8). The strike, a protest against rising domestic fuel prices,...

Norway--the running dispute between drilling rig owners and the country's OFS union has led to the shutdown of two oil fields with total output of some 55,000 b/d.(Oil Fired Station)(Barrels per Day)(Brief Article)
October 18, 2004... NORWAY -- The running dispute between drilling rig owners and the country's OFS union has led to the shutdown of two oil fields with total output of some 55,000 b/d. Statoil-operated Glitne, a 30,000 b/d field that closed on Sep. 2 was followed...

Russia--the Justice Ministry announced it would sell off part of Yukos' main crude producing unit, Yuganskneftegas, to collect the outstanding tax owed by the mother company.(Countries)(YUKOS Oil Co.)(Brief Article)
October 18, 2004... RUSSIA -- The Justice Ministry announced it would sell off part of Yukos' main crude producing unit, Yuganskneftegas, to collect the outstanding tax owed by the mother company. The Federal Property Fund says it could sell off the shares by the...

Russia--state-dominated giant Gazprom is moving fast to firm up its first moves into LNG.(Countries)(Gazprom Russian Joint Stock Co., Liquefied natural gas)(Brief Article)
October 18, 2004... RUSSIA -- State-dominated giant Gazprom is moving fast to firm up its first moves into LNG. It looks set to reach agreement by year-end to join the Royal Dutch/Shell-led Sakhalin-2 project and it has signed a separate memorandum of...

Russia--oil major Lukoil plans to invest around $300 million next year on development in the Bolshekhetskaya depression in the far northern Yamal-Nenets autonomous district.(Countries)(Brief Article)
October 18, 2004... RUSSIA -- Oil major Lukoil plans to invest around $300 million next year on development in the Bolshekhetskaya depression in the far northern Yamal-Nenets autonomous district. Construction of the start-up complex for the Nakhodkinskoye gas...

United States--to support ongoing military operations in Iraq, Afghanistan and elsewhere, the US Defense Energy Support Center (DESC) projects that it will need about 128 million bbl of fuel in fiscal 2005, which began on Oct. 1.(Barrel)(Brief Article)
October 18, 2004... UNITED STATES -- To support ongoing military operations in Iraq, Afghanistan and elsewhere, the US Defense Energy Support Center (DESC) projects that it will need about 128 million bbl of fuel in fiscal 2005, which began on Oct. 1. Jet fuel...

United States--disruption caused by last month's hurricanes continued to affect oil and gas output from the Gulf of Mexico, with 471,000 b/d of oil production and 1.7 Bcf/d of gas still shut-in late last week.(Countries)(Brief Article)
October 18, 2004... UNITED STATES -- Disruption caused by last month's hurricanes continued to affect oil and gas output from the Gulf of Mexico, with 471,000 b/d of oil production and 1.7 Bcf/d of gas still shut-in late last week. The ongoing shut-ins were due...

Venezuela--royalty taxes on Orinoco heavy oil developments have been hiked to 16.6% from 1% in a unilateral move by the government of President Hugo Chavez to make more out of the high oil price windfall.(Countries)(Brief Article)
October 18, 2004... VENEZUELA -- Royalty taxes on Orinoco heavy oil developments have been hiked to 16.6% from 1% in a unilateral move by the government of President Hugo Chavez to make more out of the high oil price windfall. Orinoco operators--Exxon Mobil,...

Not turning sour.(Marketview)(petroleum industry)
October 18, 2004... WASHINGTON/LONDON -- Oil prices took a short breather last week from their recent habit of setting new record highs, almost on a daily basis. The slight easing on profit taking did not last long. however. Prices had recovered momentum as PIW...

PIW market indicators.(Illustration)
October 18, 2004... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $45.84 $43.94 $40.97 UK Brent (Dated) 50.68 47.84 ...

Time for big oil to raise its game.
October 25, 2004... It seems anachronistic at today's heady oil price levels that giants like BP and Royal Dutch/Shell are still stress-testing upstream investments at $20 per barrel. Why be so extremely cautious? Even more oddly, their financial commitments--from...

PetroChina set to become upstream king.
October 25, 2004... PetroChina looks to be preparing to acquire the upstream assets of its parent China National Petroleum Corp. (CNPC) in a move that would transform China's biggest listed energy firm from a domestic producer facing decline into an international...

Gas gamble pays off for China, India.
October 25, 2004... It's not just Asia's oil markets that are sizzling, gas markets in China and India are also heating up fast. Asia's twin growth giants are making up the rules as they go along, too. Far from turning into a repeat of Enron's gas to power...

Deepwater go-slow takes gloss off Nigeria.(petroleum exploration)
October 25, 2004... With billions of investment dollars sunk into a string of big deepwater discoveries in Nigeria, Western oil companies are probably wondering where it all went wrong. With no field development approvals since 2002, and just three fields...

Supply leads demand into fourth quarter.(influence of oil prices)
October 25, 2004... Whichever way you look at it, fundamental data continue to show oil supply running comfortably ahead of demand. What's missing is confirmation for this from current estimated stockbuilds, latest data from PIW sister publication Oil Market...

Oil giants keep minting more money.(profits in petroleum industry)
October 25, 2004... The good times don't seem to want to end for the world's largest integrated oil companies. When BP, ChevronTexaco, ConocoPhillips, Exxon Mobil and Royal Dutch/Shell reveal their third-quarter earnings this week, huge profits are once again...

Iran's politics sinks NIOC's freedom bid.(National Iranian Oil Co.)
October 25, 2004... Is domestic infighting constraining Iran's oil and gas potential almost as much as the US sanctions that complicate access to investment and technology? Internal disputes certainly figure alongside external impediments to progress, as...

Industry restructuring--Gaz de France signed the 311 million [euro] ($389 million) deal.(Brief Article)
October 25, 2004... INDUSTRY RESTRUCTURING -- Gaz de France signed the 311 million [euro] ($389 million) deal for an initial 30% of Distrigaz Sud, the southern Romanian distributor. Germany's E.On Ruhrgas is taking a similar stake in Distrigaz Nord. Both interests...

Opec--the producer group declared in its latest Monthly Oil Market Report.(Organization of the Petroleum Exporting Countries)(Brief Article)
October 25, 2004... OPEC -- The producer group declared in its latest Monthly Oil Market Report that shortages in refining capacity in the US and Asia will need "urgent attention" as they make the world too dependent on sweet oil grades. The US faces an outright...