Petroleum Intelligence Weekly articles from October 2005

Petroleum Intelligence Weekly archives from October 2005

Storms offer chance to find new direction.
October 3, 2005... While crises create challenges, they also present opportunities, not least for leadership. The energy shock delivered by Hurricanes Katrina and Rita is such a moment, with the global issues of tight capacity, climate change, energy security and...

How to spend it? Big oil weighs its windfall.
October 3, 2005... With oil prices at record highs, oil companies have got some explaining to do. Why, politicians and consumers are asking, are the majors not doing more to help the world economy by taking some of the heat out of the market? And why, in...

Rita hits hard, leaves long-term supply threat.
October 3, 2005... When Hurricane Katrina struck the US Gulf in late August it sent shock waves around the world, reinforced by the sight of huge human suffering in one of the world's most advanced and prosperous societies. But it did a lot less damage to the...

Nigeria's Daukoru plans to lead by example.(Edmund Daukoru of Organization of the Petroleum Exporting Countries)
October 3, 2005... Nigeria's top oil man Edmund Daukoru has a tough year ahead: With record oil prices now gnawing away at economic confidence and consumer complaints rising, he takes over the presidency of Opec in January. Back home, Nigeria is struggling to...

Kazakh export routes falling short on capacity.(Kazakkstan)
October 3, 2005... As it aims to ramp up current oil production of 1.3 million barrels per day to some 3.5 million b/d by 2015, Kazakkstan will need to build massive new export capacity to handle the extra barrels. While ingenuity has been enough in the past to...

Biofuels find their place in the mainstream.
October 3, 2005... Over the next few years a small revolution is set to occur at filling stations around the world, as the gasoline and diesel on tap will likely contain an increasing blend of biofuels such as ethanol and biodiesel. Helped by the surge in oil...

Asia's refinery growth aims to keep fat margins.
October 3, 2005... With China's rampant demand on the one hand and cash pouring into the other from complex margins, Asia's refiners should be more excited than most about the global downstream capacity bind. Indeed, they have duly announced plans to build an...

Reliance's Prasad: promoting a revolution in India.(Interview)
October 3, 2005... Reliance Industries, India's private-sector giant, has burst onto the oil and gas scene in recent years, with the start-up of its Jamnagar refinery and a series of large deepwater gas discoveries off India's southeast coast. The refining and...

Corporate--flush with billions of dollars in excess cash, oil companies have taken some knocks for not spending enough to boost reserves and volumes, while returning too much cash to shareholders at the expense of volume growth (p1).(GENERAL)
October 3, 2005... CORPORATE -- Flush with billions of dollars in excess cash, oil companies have taken some knocks for not spending enough to boost reserves and volumes, while returning too much cash to shareholders at the expense of volume growth (p1). But a...

Industry restructuring--German energy group E.On is acquiring UK upstream independent Caledonia Oil and Gas, which has interests in 15 UK southern North Sea gas fields, for 690 million [euro] ($831 million) inclusive of debt, from an investor group led by US energy-focused private equity firm First Reserve.(GENERAL)
October 3, 2005... INDUSTRY RESTRUCTURING -- German energy group E.On is acquiring UK upstream independent Caledonia Oil and Gas, which has interests in 15 UK southern North Sea gas fields, for 690 million [euro] ($831 million) inclusive of debt, from an investor...

China--crude oil and product import quotas for non-state firms are being raised by 15% for 2006, according to the Ministry of Commerce.(COUNTRIES)
October 3, 2005... CHINA -- Crude oil and product import quotas for non-state firms are being raised by 15% for 2006, according to the Ministry of Commerce. Beijing will assign the private companies quotas for 14.5 million tons (290,000 b/d) of crude oil, plus...

India--the government has signed production sharing contracts for 18 exploration blocks under the fifth round of its New Exploration Licensing Policy (Nelp-5).(COUNTRIES)
October 3, 2005... INDIA -- The government has signed production sharing contracts for 18 exploration blocks under the fifth round of its New Exploration Licensing Policy (Nelp-5). The international winners were Italy's Eni, Caim Energy and Hardy Exploration from...

Indonesia--the government was braced for mass protests when it introduced product price hikes on Oct. 1 as part of plans to reduce the high cost of fuel subsidies.(COUNTRIES)
October 3, 2005... INDONESIA -- The government was braced for mass protests when it introduced product price hikes on Oct. 1 as part of plans to reduce the high cost of fuel subsidies. President Susilo Bambang Yudhoyono said last week that the scale of the...

Iran--Tehran's referral to the UN Security Council for refusing to make concessions on its controversial nuclear program could be costly for countries that supported the move, after the government said it would "reconsider" economic ties with those, such as India, that voted against it at the International Atomic Energy Agency.(COUNTRIES)
October 3, 2005... IRAN -- Tehran's referral to the UN Security Council for refusing to make concessions on its controversial nuclear program could be costly for countries that supported the move, after the government said it would "reconsider" economic ties with...

Libya--Abdullah al-Badri, chairman of National Oil Corp. (NOC), kicked off the 18th World Petroleum Congress in Johannesburg last week by spelling out ambitious plans to speed up the opening to international oil companies.(COUNTRIES)
October 3, 2005... LIBYA -- Abdullah al-Badri, chairman of National Oil Corp. (NOC), kicked off the 18th World Petroleum Congress in Johannesburg last week by spelling out ambitious plans to speed up the opening to international oil companies. NOC is aiming to...

Russia--Moscow is sharpening its focus on creating new oil and natural gas export routes to China.(COUNTRIES)
October 3, 2005... RUSSIA -- Moscow is sharpening its focus on creating new oil and natural gas export routes to China. National pipeline operator Transneft has submitted a feasibility study for regulatory approval of the first stage construction of an oil...

Russia--separate court rulings last week positioned state Rosneft to take over what remains of Yukos and dismissed the appeal of its former CEO Mikhail Khodorkovsky against his conviction on charges of fraud and tax evasion.(COUNTRIES)
October 3, 2005... RUSSIA -- Separate court rulings last week positioned state Rosneft to take over what remains of Yukos and dismissed the appeal of its former CEO Mikhail Khodorkovsky against his conviction on charges of fraud and tax evasion. A Moscow court...

Saudi Arabia--the kingdom could soon declare a big increase in its proven oil reserves, adding some 200 billion bbl to the current official estimate of 264 billion bbl.(COUNTRIES)
October 3, 2005... SAUDI ARABIA -- The kingdom could soon declare a big increase in its proven oil reserves, adding some 200 billion bbl to the current official estimate of 264 billion bbl. "Ongoing analysis of Saudi Arabia's reservoirs and focused exploration...

South Africa--joining the global frenzy to find new reserves, the republic is taking its search for oil to the extremes of the world's oceans by trying to find oil and gas around the remote sub-Antarctic Prince Edward Islands.(COUNTRIES)
October 3, 2005... SOUTH AFRICA -- Joining the global frenzy to find new reserves, the republic is taking its search for oil to the extremes of the world's oceans by trying to find oil and gas around the remote sub-Antarctic Prince Edward Islands. An exploration...

United Kingdom--crude oil and natural gas liquids production took another sharp dive in the second quarter, according to government statistics released last week.(COUNTRIES)
October 3, 2005... UNITED KINGDOM -- Crude oil and natural gas liquids production took another sharp dive in the second quarter, according to government statistics released last week. Oil output dropped by 10.1% year-on-year to just under 21.9 million metric tons...

United States--Occidental Petroleum has shipped its first cargo of crude from Libya, marking its first shipment of Libyan oil to the US in nearly 20 years.(COUNTRIES)
October 3, 2005... UNITED STATES -- Occidental Petroleum has shipped its first cargo of crude from Libya, marking its first shipment of Libyan oil to the US in nearly 20 years. The cargo, currently bound for Houston, consists of approximately 900,000 bbl of...

Venezuela--the government is ready to seize or close oil fields developed by private companies under service agreements if the operators fail to switch those contracts to joint ventures with state-owned Petroleos de Venezuela (PDV) by year-end.(COUNTRIES)
October 3, 2005... VENEZUELA -- The government is ready to seize or close oil fields developed by private companies under service agreements if the operators fail to switch those contracts to joint ventures with state-owned Petroleos de Venezuela (PDV) by...

Gazprom gets Sibneft, aims to become global player.(What's New Around the World)
October 3, 2005... The takeover talks were the worst-kept secret in Russia's oil and gas industry but gas giant Gazprom last week duly confirmed that it had signed a binding agreement to buy 72.66% of oil producer Sibneft for around $13.1 billion from Roman...

Sour aftertaste.(Marketview)
October 3, 2005... WASHINGTON -- Worries that 15% or more of US refining capacity could be out of commission for the next month--or even longer--fueled fierce rallies in products markets on the New York Mercantile Exchange (Nymex) last week. The anxiety is so...

PIW market indicators.(Petroleum Intelligence Weekly )(Illustration)
October 3, 2005... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $57.42 $58.13 $58.98 UK Brent (Dated) ...

Big oil counts cost of gulf storms.
October 10, 2005... The powerful one-two punch of Hurricanes Katrina and Rita has made a strong and lasting impact on the Gulf of Mexico and the Texas-Louisiana coast. Since the Katrina-related shut-ins began in late August some 50 million barrels of Gulf of...

Bad omens for oil output in Russia's mergers.
October 10, 2005... The takeover of Russian oil producer Sibneft by state natural gas giant Gazprom has significantly advanced the renationalization of Russia's oil and gas sector but it hardly heralds a bright new dawn for either company. The deal divided the...

Hardball Iran puts its energy plans at risk.
October 10, 2005... By refusing to give ground on its controversial nuclear program, Iran runs the risk of losing key European and Asian allies such as France, the UK and Japan and becoming the pariah of the Mideast, a status formerly held by preinvasion Iraq. An...

Stormy days set to linger for oil supply.
October 10, 2005... The impact of Hurricanes Katrina and Rita will have ramifications well beyond the current oil market. New Gulf of Mexico fields, now delayed in the aftermath of the storms, had been counted on to soften an accelerating decline rate in the rest...

Runaway costs drive Asia to trim subsidies.
October 10, 2005... Indonesia finally bit the bullet last week, raising its subsidized fuel prices by an average of 125% in a bid to contain the cost in foreign exchange of forking out for increasingly expensive oil product imports. Although Indonesia has...

US storms add to stress on rig sector.
October 10, 2005... As efforts continue to repair the destruction wrought by Hurricanes Katrina and Rita, their combined impact on oil and gas infrastructure has turned out to be far greater than Ivan, the big storm that hit the US Gulf Coast in September 2004....

US refiners take the heat, earn hot returns.
October 10, 2005... US refiners will again be reporting record profits in the quarter just ended but the stellar performance will attract exceptional scrutiny--not all of it friendly. Margins have hit astronomical levels just as high fuel costs are causing pain to...

IEA's Mandil--a mutually beneficial strategy.(International Energy Agency)(interview with Claude Mandil )(Interview)
October 10, 2005... The relevance of the International Energy Agency recently received a handy boost from the swift and effective stock release in response to of Hurricane Katrina in early September. The speed of the decision and the degree of cooperation among...

Corporate--oil shares had a strong September, but can be expected to underperform in the fourth quarter if past experience is any guide.(GENERAL)(Brief Article)
October 10, 2005... CORPORATE -- Oil shares had a strong September, but can be expected to underperform in the fourth quarter if past experience is any guide. Deutsche Bank notes that integrated stocks have underperformed in 14 of the past 15 years for the period...

Corporate--on the back of booming international activity, French energy engineering group Technip has said its order intake during the first nine months of 2005 should be around 8 billion [euro] ($9.6 billion), three times higher than in the corresponding 2004 period.(GENERAL)(Brief Article)
October 10, 2005... CORPORATE -- On the back of booming international activity, French energy engineering group Technip has said its order intake during the first nine months of 2005 should be around 8 billion [euro] ($9.6 billion), three times higher than in the...

Formula prices--Saudi Arabia is easing differentials in its term prices for the US and Asia in November but tightening them for sales to Europe.(GENERAL)(Brief Article)
October 10, 2005... FORMULA PRICES -- Saudi Arabia is easing differentials in its term prices for the US and Asia in November but tightening them for sales to Europe. The price adjustments were expected because of the current crude market overhang in the wake of...

Industry restructuring--Oklahoma City-based independent Chesapeake Energy has agreed to pay $2.2 billion in cash for privately-owned Columbia Natural Resources, serving notice that it plans to become the dominant gas producer in the US Appalachian Basin, a position it already holds in the Midcontinent.(GENERAL)
October 10, 2005... INDUSTRY RESTRUCTURING -- Oklahoma City-based independent Chesapeake Energy has agreed to pay $2.2 billion in cash for privately-owned Columbia Natural Resources, serving notice that it plans to become the dominant gas producer in the US...

Reserves--exploration has not led to the discovery of sufficient new oil and gas reserves to replace production, according to a study of 28 large global oil and gas companies by consulting firm Wood Mackenzie.(GENERAL)
October 10, 2005... RESERVES -- Exploration has not led to the discovery of sufficient new oil and gas reserves to replace production, according to a study of 28 large global oil and gas companies by consulting firm Wood Mackenzie. The group's exploration spending...

Canada--the Atlantic province of Nova Scotia believes it would be the ideal location for a new refining complex and wants to work with sponsors to arrange a regulatory scheme that is acceptable to all parties.(COUNTRIES)(Brief Article)
October 10, 2005... CANADA -- The Atlantic province of Nova Scotia believes it would be the ideal location for a new refining complex and wants to work with sponsors to arrange a regulatory scheme that is acceptable to all parties. Sources within the provincial...

China--crude oil imports fell by 6% in August to an average of 2.07 million b/d, or 134,000 b/d down from a year earlier.(COUNTRIES)
October 10, 2005... CHINA -- Crude oil imports fell by 6% in August to an average of 2.07 million b/d, or 134,000 b/d down from a year earlier. Former leader Oman was down sharply while Saudi Arabia, which averaged 349,000 b/d, was up 4% and Angola posted a 22%...

Cote d'Ivoire--US independent Vanco Energy has signed production sharing contracts for two deepwater blocks in the eastern offshore area.(COUNTRIES)
October 10, 2005... COTE D'IVOIRE -- US independent Vanco Energy has signed production sharing contracts for two deepwater blocks in the eastern offshore area. As operator it has already conducted a 2-D seismic survey over the blocks--CI-401 and CI-101--and is...

Russia--a 28.5% hike in crude export tariffs to $24.54/bbl went into effect on Oct. 1, which is expected to crimp shipments despite ambitious loading schedules published for this month.(COUNTRIES)
October 10, 2005... RUSSIA -- A 28.5% hike in crude export tariffs to $24.54/bbl went into effect on Oct. 1, which is expected to crimp shipments despite ambitious loading schedules published for this month. September crude exports via the Transneft pipeline...

Russia--as scheduled, Exxon Mobil brought on stream its Sakhalin-1 project on Oct. 1, with initial crude output of 50,000 b/d that will increase to a peak of 250,000 b/d by the end of 2006.(COUNTRIES)(Brief Article)
October 10, 2005... RUSSIA -- As scheduled, Exxon Mobil brought on stream its Sakhalin-1 project on Oct. 1, with initial crude output of 50,000 b/d that will increase to a peak of 250,000 b/d by the end of 2006. Early crude production will be sold into the...

Saudi Arabia--revival of the giant mothballed Manifa oil field is likely to be a key part of any effort to expand capacity after 2009, when the current target of 12.5 million b/d is due to be reached.(COUNTRIES)
October 10, 2005... SAUDI ARABIA -- Revival of the giant mothballed Manifa oil field is likely to be a key part of any effort to expand capacity after 2009, when the current target of 12.5 million b/d is due to be reached. The full development of the offshore...

Venezuela--state-owned Petroleos de Venezuela (PDV) is to acquire a refinery and about 150 service stations in Argentina as part of a $100 million deal with state oil company Enarsa.(COUNTRIES)
October 10, 2005... VENEZUELA -- State-owned Petroleos de Venezuela (PDV) is to acquire a refinery and about 150 service stations in Argentina as part of a $100 million deal with state oil company Enarsa. In addition, Spanish Repsol YPF will provide PDV with up to...

Venezuela--Russia's natural gas giant Gazprom and US Chevron last week signed 30-year exploration licenses for offshore gas blocks in the western Gulf of Venezuela that they won in the recent Rafael Urdaneta bid round (PIW Sep.19, p2).(COUNTRIES)
October 10, 2005... VENEZUELA -- Russia's natural gas giant Gazprom and US Chevron last week signed 30-year exploration licenses for offshore gas blocks in the western Gulf of Venezuela that they won in the recent Rafael Urdaneta bid round (PIW Sep.19, p2)....

Europe, Asia pay up for Libyan licenses.(COUNTRIES)
October 10, 2005... By accepting tough terms, companies from Asia and Europe dominated Libya's latest hotly contested upstream tender and emerged as the big winners when bids were opened in Tripoli on Oct. 2. US success was way down on the previous round, which...

Bearing down.(Marketview)
October 10, 2005... LONDON -- Crude oil futures prices have given up not only all the gains US Hurricanes Katrina and Rita blew their way but are trading well below even pre-hurricane warning levels. Brent has declined almost 10% from its Aug. 26 settlement level...

PIW market indicators.(Illustration)
October 10, 2005... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $57.30 $57.63 $56.79 UK Brent(Dated) ...

Saudis declare their faith in technology.
October 17, 2005... Saudi Arabia has responded to the global capacity crunch with an upstream expansion drive and big plans to boost downstream capacity (p2). Now a major jump in reserve estimates is also in the cards, with talk of a 200 billion barrel addition to...

Slower growth stops short of demand destruction.
October 17, 2005... Is the sudden talk of demand destruction in this oil market a tad premature? Destruction means demand is gone forever, but the US market promises to swing back in style. Many analysts overplayed what was a temporary supply problem as product...

Saudi downstream plans mirror upstream push.
October 17, 2005... While Saudi Arabia's plans to boost production capacity to 12.5 million barrels per day by 2009 have been aired repeatedly, a raft of refining expansion projects worth anything from $10 billion to $15 billion has not garnered so much attention....

Asian LNG price heading for a revolution.
October 17, 2005... Currently at historic highs, the US Henry Hub gas price benchmark has in recent years effectively come to dominate LNG spot trade, even in Asia-Pacific markets, where LNG purchases were traditionally indexed to the Japan Crude Cocktail (JCC)....

Chavez pushes Latin unity dream downstream.(Hugo Chavez)
October 17, 2005... The repeated threats by Venezuela's President Hugo Chavez to exit the Citgo refining venture in the US and expand downstream in Latin America instead are usually dismissed as the rhetorical ramblings of the self-styled Bolivarian revolutionary....

US onshore gas offers safe haven from storms.
October 17, 2005... As Hurricanes Katrina and Rita paralyzed US oil and natural gas output in the Gulf of Mexico, investors flocked to the safety of companies with production profiles dominated by onshore gas. Consequently, shares of onshore gas players such as...

As Kazakhstan's appeal grows, terms tighten.
October 17, 2005... Nobody doubts that Kazakhstan has been blessed with huge oil and gas reserves, but the energy powerhouse of Central Asia, which aims to become one of the world's top 10 producers in the next decade, is being accused by international oil...

Can we rely on technology to produce more oil?
October 17, 2005... The question of how much we can rely on technology for the discovery and development of future oil supplies is critical for the future of world supplies and the debate over "peak oil," which was aired in PIW recently (PIW Sep. 5, p5). In this...

Corporate--In another windfall, the after-tax proceeds from the $9 billion sale of BP's Innovene bulk chemicals business to the UK's Ineos will be returned to BP shareholders.(GENERAL)
October 17, 2005... CORPORATE--In another windfall, the after-tax proceeds from the $9 billion sale of BP's Innovene bulk chemicals business to the UK's Ineos will be returned to BP shareholders. BP pledged in March last year to return surplus cash flow from...

Corporate--BP and Sinopec are in talks on a partnership that could be as ambitious in scope as the TNK-BP joint venture in Russia.(GENERAL)
October 17, 2005... CORPORATE--BP and Sinopec are in talks on a partnership that could be as ambitious in scope as the TNK-BP joint venture in Russia, according to a Financial Times report last week. BP declined to comment, beyond saying that the company regularly...

Formula prices--Mexico increased its November discount for US-bound cargoes of its heavy sour Maya as refinery outages have put a substantial dent in demand on the US Gulf Coast, where nearly 1.9 million b/d remained offline last week.(GENERAL)
October 17, 2005... FORMULA PRICES--Mexico increased its November discount for US-bound cargoes of its heavy sour Maya as refinery outages have put a substantial dent in demand on the US Gulf Coast, where nearly 1.9 million b/d remained offline last week (p9). The...

IEA--The recent hurricanes and high oil prices have dented short-term petroleum demand growth, the International Energy Agency notes in its October Oil Market Report.(GENERAL)
October 17, 2005... IEA--The recent hurricanes and high oil prices have dented short-term petroleum demand growth, the International Energy Agency notes in its October Oil Market Report. It revised down growth by 90,000 b/d in 2005 to 1.26 million b/d, or 1.53%,...

Inudstry restructuring--BP has sold its Innovene bulk chemicals business to the UK's Ineos for $9 billion.(GENERAL)
October 17, 2005... INDUSTRY RESTRUCTURING--BP has sold its Innovene bulk chemicals business to the UK's Ineos for $9 billion (p8). Austria's OMV is acquiring 70 Aral filling stations in the Czech Republic, a core market for the company, from BP for an undisclosed...

Refining--Historically high refining margins may have revived enough spare capacity in the global refining system to make up for the capacity shut-in at US Gulf Coast refineries after Hurricanes Katrina and Rita, according to the International Energy Agency.(GENERAL)
October 17, 2005... REFINING--Historically high refining margins may have revived enough spare capacity in the global refining system to make up for the capacity shut-in at US Gulf Coast refineries after Hurricanes Katrina and Rita, according to the International...

New publications--"Resources to Reserves: Oil & Gas Technologies for the Energy Markets of the Future".(GENERAL)
October 17, 2005... NEW PUBLICATIONS--"Resources to Reserves: Oil & Gas Technologies for the Energy Markets of the Future," ed. Christian Besson, International Energy Agency, Paris, France. www.iea.org. 130 pp., 80 [euro].

Austria--National champion OMV is raising its game, announcing ambitious plans to increase oil and gas production by almost 50% to 500,000 boe/d by 2010, and to move into Russia.(COUNTRIES)
October 17, 2005... AUSTRIA -- National champion OMV is raising its game, announcing ambitious plans to increase oil and gas production by almost 50% to 500,000 boe/d by 2010, and to move into Russia. This is a serious ramp-up from its previously stated ambition...

Indonesia--Upstream regulator BP Migas signed contracts earlier this month with nine local and foreign companies that have committed to invest $202 million in exploration and equipment over the next six years.(COUNTRIES)
October 17, 2005... INDONESIA -- Upstream regulator BP Migas signed contracts earlier this month with nine local and foreign companies that have committed to invest $202 million in exploration and equipment over the next six years. They will be granted 30-year...

Iraq--Baghdad has eased the price terms for Basrah Light exports to the US and Asia in November, falling in line behind other medium sour crude exporters, such as Saudi Arabia.(COUNTRIES)
October 17, 2005... IRAQ -- Baghdad has eased the price terms for Basrah Light exports to the US and Asia in November, falling in line behind other medium sour crude exporters, such as Saudi Arabia (PIW Oct.10,p8). The sour crude market is weaker because several...

Japan--Crude imports jumped 6.8% in August to average 4.23 million b/d with Saudi Arabia capturing most of the growth.(COUNTRIES)
October 17, 2005... JAPAN -- Crude imports jumped 6.8% in August to average 4.23 million b/d with Saudi Arabia capturing most of the growth. Imports from Saudi Arabia surged over 32% to average 1.19 million b/d in August, slightly higher than the UAE's 1.12...

Malaysia--Royal Dutch Shell and its partners have made a significant oil discovery in deepwater Block G offshore northwest Sabah.(COUNTRIES)
October 17, 2005... MALAYSIA -- Royal Dutch Shell and its partners have made a significant oil discovery in deepwater Block G offshore northwest Sabah. Shell said the Ubah-2 exploration well encountered significant hydrocarbon columns in high-quality reservoir...

Russia--Anglo-Russian TNK-BP has started to sell off smaller upstream assets in what is being seen in Moscow as preparation for an attempted takeover of 400,000 b/d Megionneftegas, Slavneft's core producer.(COUNTRIES)
October 17, 2005... RUSSIA -- Anglo-Russian TNK-BP has started to sell off smaller upstream assets in what is being seen in Moscow as preparation for an attempted takeover of 400,000 b/d Megionneftegas, Slavneft's core producer. The sell-offs may improve TNK-BP's...

United States--Progress is being made to recover from Hurricanes Katrina and Rita but over 1 million b/d of Gulf of Mexico oil production remained shut in last week, according to the Minerals Management Service (MMS).(COUNTRIES)
October 17, 2005... UNITED STATES -- Progress is being made to recover from Hurricanes Katrina and Rita but over 1 million bid of Gulf of Mexico oil production remained shut in last week, according to the Minerals Management Service (MMS). A total of 1.86 million...

United States--In a vote of confidence in the hurricane battered Gulf of Mexico, Chevron and its partner Kerr-McGee last week announced the go-ahead for plans to develop the Blind Faith field in the deepwater Gulf, on Mississippi Canyon Blocks 695 and 696 in 7,000 feet of water.(COUNTRIES)
October 17, 2005... UNITED STATES -- In a vote of confidence in the hurricane battered Gulf of Mexico, Chevron and its partner Kerr-McGee last week announced the go-ahead for plans to develop the Blind Faith field in the deepwater Gulf, on Mississippi Canyon...

Iraq: minnows dive in as majors hang back.(What's New Around the World)
October 17, 2005... As oil majors adopt a "wait and see" approach, it is the minnows of the oil world that are carving out an upstream niche in Iraq in the hope of taking part in much larger projects in the future. Leading the pack of small independents in...

Depressing terms.(Marketview)
October 17, 2005... SINGAPORE -- High refinery throughput across Asia is soaking up the flood of term contract barrels out of the Mideast, but the eastern spot market for heavy sour grades is buckling under the strain and premiums are collapsing into deep...

Russia aims for EU fuel standards by 2010.
October 17, 2005... In a move that heralds a major change for European markets, Russia is to introduce tougher environmental standards for its domestic fuels market, raising them to match current EU standards by 2010. Russia's 0.2% sulfur gas oil has occupied...

PIW market indicators.(Petroleum Intelligence Weekly )(Illustration)
October 17, 2005... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $54.22 $55.69 $58.13 UK Brent (Dated) 58.32 59.07 63.55...

IOCs need to test-drive NOC prospects.
October 24, 2005... Given its record as an innovator, BP has created a predictable stir with its sudden apparent interest in Asia's downstream. On the face of it, the letter of intent with India's Hindustan Petroleum Corp. (HPCL) and reports of a possible tie-up...

Traders brace for blast from Volcker report.
October 24, 2005... The activities of international oil traders under Iraq's UN oil-for-food program will be exposed in unprecedented detail this week. Not all of the 138 traders and middlemen who violated UN sanctions by paying illegal kickbacks will feature...

India yet to match China's cash, political clout.
October 24, 2005... Both China and India are on the hunt for upstream assets and they aren't too fussy about the location. But with the exception of Sudan, where they are partners, China has repeatedly outbid the Indians for assets, driving up prices and drawing...

Upstream M&A wave starts to take shape.
October 24, 2005... The number of US-based independents is shrinking. After struggling to grow production and reserves, big oil companies are now dipping into their mounting cash pile to spend more freely and buy their way to growth. There was a lull in...

Big hopes vested in frontier plays.
October 24, 2005... Can global exploration get out of a slump that has seen the size of the average oil discovery fall to levels last seen in the 1950s? The chances are fairly slim. The number of wildcats drilled has been failing for decades, but the volume of 2-D...

Iraqi vote leaves oil issues wide open.
October 24, 2005... Iraq's draft constitution, which looks set to become law after being put to a referendum on Oct. 15, offers a mixed bag for international companies hoping to tap the country's giant oil reserves. On the plus side, the document provides an...

Nigerian round falls short of expectations.(Ministry of Petroleum Resources)(petroleum licensing rounds)
October 24, 2005... Nigeria's recent licensing round set out to kill several birds with one stone: Raise cash via signature bonuses; lure investors for refining, power and gas projects; boost exploration and development; and "Nigerianize" the sector by teaming...

Industry restructuring--Occidental Petroleum is buying US-based independent oil producer Vintage Petroleum for $3.8 billion (p3).(GENERAL)
October 24, 2005... INDUSTRY RESTRUCTURING -- Occidental Petroleum is buying US-based independent oil producer Vintage Petroleum for $3.8 billion (p3). Canada's Talisman Energy is acquiring the UK's Paladin Resources for $2.2 billion, bumping up further its North...