Petroleum Intelligence Weekly articles from September 2003

Petroleum Intelligence Weekly archives from September 2003

Oil shares miss out on market surge.
September 1, 2003... The oil and gas sector proved to be a safe haven for investors during the bear market of 2001-02, but Big Oil is trailing leading equity market indices so far in 2003, in spite of strong earnings and high commodity prices. A resurgent stock...

New Turkish line to tempt Russians.(pipeline proposed)
September 1, 2003... As oil production in the Caspian region rises, so does the need for new pipelines to ease bottlenecks and provide better access to international markets. Around two years ago, the Caspian Pipeline Consortium (CPC) began pumping its first...

Mexico drilling boom lifts service firms.
September 1, 2003... Mexico's drive to boost oil and gas production is generating plenty of lucrative work for international oil field service companies. Schlumberger, Halliburton, and BJ Services have all singled out Mexico as a top source of revenue and earnings...

Non-Opec poses tough test for Opec.
September 1, 2003... Although the near-term oil market has a distinctly bullish tone to it, the storm clouds are gathering for Opec producers. The threat is not from Iraq, as many had expected, but from just about everywhere else. A big jump in non-Opec supplies in...

Rivals race PetroChina to Shanghai.
September 1, 2003... China's second- and third-ranked oil companies have teamed up to take on the country's leading oil and natural gas producer, PetroChina, in the race to sell piped natural gas to the booming market in and around Shanghai. China Petrochemical...

Israel turns again to Egypt, snubbing BG.
September 1, 2003... Israel has decided it does want to import natural gas from Egypt, apparently snubbing a rival offer from BG Group to deliver from fields offshore the Gaza Strip. Giving the final green light for the project rests with the Egyptian government...

Latin America slips in US import stakes.(oil imports)
September 1, 2003... Even as the US looks at containing its dependence on oil imports from the Mideast, an earlier strategy of boosting reliance on its own backyard in Latin America is losing momentum. Mexico alone continues to provide 15% of US imports, while...

Venezuela's "new PDV" struggles to convince.(Petroleos de Venezuela)
September 1, 2003... Opec producer Venezuela has experienced tumultuous change since an opposition-led strike last December brought state oil company Petroleos de Venezuela (PDV)--and much of the economy--to a standstill. In this PIW Supplement, Energy...

Industry restructuring--Russia's Anti-Monopoly Ministry has approved the joint venture between Tyumen Oil Co. and BP.(General)(briefs)(Brief Article)
September 1, 2003... INDUSTRY RESTRUCTURING--Russia's Anti-Monopoly Ministry has approved the joint venture between Tyumen Oil Co. and BP (p11). Lukoil outbid Hungary's Mol in the privatization of 79.5% of Serbia's Beopetrol (p11). US independent Patina Oil & Gas...

Opec--representatives of 10 of the producer group's 11 member states--Iraq was not present--drew up at an Aug. 22 meeting in Vienna a list of possible guidelines to consider when next determining how to share a collective production ceiling.(General)(Brief Article)
September 1, 2003... OPEC--Representatives of 10 of the producer group's 11 member states--Iraq was not present--drew up at an Aug. 22 meeting in Vienna a list of possible guidelines to consider when next determining how to share a collective production ceiling....

Refining--US refiners are enjoying the best margins they've seen since the summer of 2001 due to a combination of factors, including the recent blackouts, unplanned refinery maintenance in California and the Gulf Coast, and a major pipeline shutdown in the Phoenix area.(General)(Brief Article)
September 1, 2003... REFINING--US refiners are enjoying the best margins they've seen since the summer of 2001 due to a combination of factors, including the recent blackouts, unplanned refinery maintenance in California and the Gulf Coast, and a major pipeline...

Brazil -- RoyalDutch/Shell has pledged to expand deepwater oil exploration and production, despite concerns about high royalties and lackluster interest from private companies in the country's fifth oil licensing round.(Countries)(Brief Article)
September 1, 2003... BRAZIL -- RoyalDutch/Shell has pledged to expand deepwater oil exploration and production, despite concerns about high royalties and lackluster interest from private companies in the country's fifth oil licensing round (PIW Aug.25,p6). Shell...

China -- completion of the Guangdong (Shenzhen) LNG project is being pushed back by more than a year to 2007 or beyond due to delays in construction and planning approvals.(Countries)(Brief Article)
September 1, 2003... CHINA -- Completion of the Guangdong (Shenzhen) LNG project is being pushed back by more than a year to 2007 or beyond due to delays in construction and planning approvals. It is now expected to be two or three years after initial 2007...

China -- the country's second-largest oil producer, China Petrochemical Corp. (Sinopec), is planning to issue its first corporate bond to raise $420 million, following the example of top tier rival China National Offshore Oil Corp., which has raised $1 billion in the past 18 months.(Countries)(Brief Article)
September 1, 2003... CHINA -- The country's second-largest oil producer, China Petrochemical Corp. (Sinopec), is planning to issue its first corporate bond to raise $420 million, following the example of top tier rival China National Offshore Oil Corp., which has...

Colombia -- pipeline bombings in Iraq have prompted some security experts to draw parallels with the much-improved situation since US military support and funding for "Plan Colombia" started to show results.(Countries)(Brief Article)
September 1, 2003... COLOMBIA -- Pipeline bombings in Iraq have prompted some security experts to draw parallels with the much-improved situation since US military support and funding for "Plan Colombia" started to show results. Civil advances by the administration...

Indonesia -- Australia's Santos is the latest company to be awarded an oil and gas exploration block as major oil companies mostly bypass the troubled archipelago.(Countries)(Brief Article)
September 1, 2003... INDONESIA -- Australia's Santos is the latest company to be awarded an oil and gas exploration block as major oil companies mostly bypass the troubled archipelago. The offshore block--North Bali I--is one of 11 areas tendered since the start of...

Iraq -- the pace of crude oil export loadings from the Mideast Gulf terminal of Mina al-Bakr picked up in late August to about 750,000 b/d, from an average of 475,000 b/d in the first 21 days of the month.(Countries)(Brief Article)
September 1, 2003... IRAQ -- The pace of crude oil export loadings from the Mideast Gulf terminal of Mina al-Bakr picked up in late August to about 750,000 b/d, from an average of 475,000 b/d in the first 21 days of the month (PIW Aug.25,p1). Vessels have been...

Russia -- seaborne crude exports are to shed 50,000 b/d in September from the previous month in the seaport loading schedules issued so far--even as crude production soars to new highs.(Countries)(Brief Article)
September 1, 2003... RUSSIA -- Seaborne crude exports are to shed 50,000 b/d in September from the previous month in the seaport loading schedules issued so far--even as crude production soars to new highs. The drop is entirely from the Black Sea ports, as a...

Russia -- the $6.15 billion joint venture between Tyumen Oil Co. (TNK) and BP and has been cleared by the Anti-Monopoly Ministry, enabling the new company to go live this month.(Countries)(Brief Article)
September 1, 2003... RUSSIA -- The $6.15 billion joint venture between Tyumen Oil Co. (TNK) and BP and has been cleared by the Anti-Monopoly Ministry, enabling the new company to go live this month. The ministry did not impose any conditions. TNK-BP still has to...

Serbia -- Russia's Lukoil has come up trumps in the privatization of 79.5% of state oil company Beopetrol, outbidding Hungary's Mol for one of the last remaining pieces up for grabs in the consolidation of the Balkan downstream.(Countries)(Brief Article)
September 1, 2003... SERBIA--Russia's Lukoil has come up trumps in the privatization of 79.5% of state oil company Beopetrol, outbidding Hungary's Mol for one of the last remaining pieces up for grabs in the consolidation of the Balkan downstream (PIW Aug.11,p5)....

Sudan -- Asian investors continue to snap up more acreage, with four agreements signed on Aug. 28 by President Omar Bashir with Malaysia's Petronas, China National Petroleum Corp. (CNPC), and newcomer Zafair Petroleum of Pakistan.(Countries)(Brief Article)
September 1, 2003... SUDAN -- Asian investors continue to snap up more acreage, with four agreements signed on Aug. 28 by President Omar Bashir with Malaysia's Petronas, China National Petroleum Corp. (CNPC), and newcomer Zafair Petroleum of Pakistan. Petronas is...

US changes tack on Iraqi oil management.(What's New Around the World)
September 1, 2003... Months into the daunting task of rehabilitating Iraq's oil industry, US planners are coming to realize that Iraq's own oil experts are best placed to lead the effort. By ditching plans to install a US-led, corporate-style board to run the...

United States -- the Energy Information Administration continues to have problems with its preliminary assessments of US petroleum product demand and inventories, showing significantly lower demand and higher inventories at the end of the second quarter than its weekly data indicated.(Countries)(Brief Article)
September 1, 2003... UNITED STATES -- The Energy Information Administration continues to have problems with its preliminary assessments of US petroleum product demand and inventories, showing significantly lower demand and higher inventories at the end of the...

The Leong view.(Marketview)(Hin Leong jet fuel buys hurt Europe)
September 1, 2003... LONDON -- Heavy buying by Hong Kong-based trading outfit Hin Leong is threatening to cut off Europe's jet fuel lifeline from the Mideast Gulf. In the two weeks to Aug. 28, the trader had bought more than 3 million bbl (215,000 b/d) of jet fuel...

Petroplus turns heat on Platts for poor results.(Brief Article)
September 1, 2003... Independent European refiner Petroplus has taken the unusual step of blaming the new methodology of oil pricing service Platts for poor first-half results. Petroplus said adverse movements in the price of clean diesel were "partly related to a...

PIW market indicators.(Illustration)
September 1, 2003... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $29.03 $28.29 $28.72 UK Brent (Dated) 29.97 29.46 30.09 UK B-wave...

Saudi pact shows Russia's new strength.(energy pact between Saudi Arabia and Russia )
September 8, 2003... Last week's mold-breaking energy pact between Saudi Arabia and Russia probably says as much about the growing competition between the world's top two oil producers as it does about the closer cooperation that is heralded in the text. Russia's...

Upstream gloss masks Total's downstream ills.
September 8, 2003... Total didn't try to wow investors with any new tricks at last week's mid-year presentation in Paris; it simply reminded them why they liked the company in the first place--it delivers the production growth it promises. By growing oil and gas...

West Africa looks east for support.(seek Asian buyers for petroleum)
September 8, 2003... As the US summer driving season draws to a close, sellers of light sweet Nigerian grades are looking elsewhere for buyers. The big hope in West Africa is that Asian demand, which slumped to miserable lows in recent months, will recover and be...

Majors hunger for low-cost reserves.(major petroleum companies)
September 8, 2003... The answer will invariably be the same if you ask a top executive what the biggest challenge facing a large, integrated oil company is: gaining access to new low cost reserves. In recent years a disturbing trend of falling reserve replacement...

US holds key to Libyan recovery.(petroleum industry renovation)(Industry Overview)
September 8, 2003... Libya's release from UN sanctions could prove just the tonic that Tripoli needs to reinvigorate its stymied oil industry. Several non-US firms, apparently happy to ignore Washington's Iran-Libya Sanctions Act (Ilsa), are in advanced talks for...

Minnows swim to the rescue in Indonesia.(smaller oil companies)(Industry Overview)
September 8, 2003... Indonesia is not netting the big fish right now but local and regional players are keeping the country's moribund oil and gas exploration sector alive. While Western giants mostly stayed away, local outfits took half of the blocks awarded in...

Adrift again, but pundits stay bearish.(crude oil prices)
September 8, 2003... The year 2003 has not been a good time to be a market bear. Considering that many oil analysts fall into that camp, price forecasts look a lot different than they did six months, or even six weeks, ago. The geopolitical uncertainties that...

LNG gets ready for second US coming.(liquefied natural gas )(Industry Overview)
September 8, 2003... After a false start in the 1970s, US intake of liquefied natural gas (LNG) is on the rise again. A plethora of new import terminals is planned onshore and offshore, some of which employ radical new solutions for storage and transportation. In...

Corporate--BP may be reluctant to commit itself to the firm oil and gas production targets that have burned it in he past, but the supermajor still intends to grow its upstream business at a rapid clip.(General)(Brief Article)
September 8, 2003... CORPORATE -- BP may be reluctant to commit itself to the firm oil and gas production targets that have burned it in the past, but the supermajor still intends to grow its upstream business at a rapid clip. BP expects to have production capacity...

Formula prices--Saudi Arabia significantly increased the October prices for its lighter crudes going to Asia, Europe, and the US.(General)(Brief Article)
September 8, 2003... FORMULA PRICES -- Saudi Arabia significantly increased the October prices for its lighter etudes going to Asia, Europe, and the US. Saudi Aramco widened the differentials for heavier etudes heading for Asia, hut tightened them for Arab Medium...

Mexico widened discounts for October Maya crude exports to the Western Hemisphere and Asia, but tightened discounts for Europe-bound cargoes.(General)(Brief Article)
September 8, 2003... Mexico widened discounts for October Maya crude exports to the Western Hemisphere and Asia, but tightened discounts for Europe-bound cargoes. Maya bound for the US Gulf in October was set at a $2.70/bbl discount, the widest since May, while...

Industry restructuring--India's state oil and Natural Gas Corp. is paying $115 million for Austrian OMV's interests in Blocks 5A and 5B in Sudan, located in the Muglad basin, 700 kilometers southwest of Khartoum.(General)(Brief Article)
September 8, 2003... INDUSTRY RESTRUCTURING -- India's state Oil and Natural Gas Corp. is paying $115 million for Austrian OMV's interests in Blocks 5A and 5B in Sudan, located in the Muglad Basin, 700 kilometers southwest of Khartoum. In addition, the agreement...

North Sea -- the UK approved the first deal under an initiative to stimulate offshore investment in the UK Continental Shelf and ease the entry of new players and smaller independents.(Countries)(Brief Article)
September 8, 2003... NORTH SEA -- The UK approved the first deal under an initiative to stimulate offshore investment in the UK Continental Shelf and ease the entry of new players and smaller independents. The deal involved BP, BG, and Royal Dutch/Shell in the sale...

China -- construction has begun in the coastal province of Fujian on the country's second LNG terminal, dousing concerns that the project might turn into a white elephant.(Countries)(Brief Article)
September 8, 2003... CHINA -- Construction has begun in the coastal province of Fujian on the country's second LNG terminal, dousing concerns that the project might turn into a white elephant. The $2.7 billion venture, which is led by China National Offshore Oil...

Indonesia -- US Marathon Oil has signed an initial agreement to buy LNG from the Donggi gas development.(Countries)(Brief Article)
September 8, 2003... INDONESIA -- US Marathon Oil has signed an initial agreement to buy LNG from the Donggi gas development. The deal with state Pertamina calls for the supply of 6 million tons/yr for 20 years from a proposed liquefaction facility in Sulawesi to...

Iraq -- crude exports from the Mideast Gulf terminal of Mina al-Bakr for the full month of August averaged about 580,000 b/d, for a total of 18 million bbl in nine cargoes, PIW estimates.(Countries)(Brief Article)
September 8, 2003... IRAQ -- Crude exports from the Mideast Gulf terminal of Mina al-Bakr for the full month of August averaged about 580,000 b/d, for a total of 18 million bbl in nine cargoes, PIW estimates. An additional 2 million bbl cargo left on Sep. 1 on the...

Kazakhstan -- the government has reluctantly agreed to extend the date for production start up at the supergiant Kashagan field by two years to early 2007.(Countries)(Brief Article)
September 8, 2003... KAZAKHSTAN -- The government has reluctantly agreed to extend the date for production start up at the supergiant Kashagan field by two years to early 2007. Operator ENI and its partners Exxon Mobil, Royal Dutch/Shell, Total, ConocoPhillips, and...

Mexico -- president Vicente Fox named Felipe Calderon Hinojosa energy minister last week and fired Ernesto Martens.(Countries)(Brief Article)
September 8, 2003... MEXICO -- President Vicente Fox named Felipe Calderon Hinojosa energy minister last week and fired Ernesto Martens. After Martens' failed attempts, Calderon, who hails from Fox's National Action Party (PAN), has to convince a skeptical Congress...

Russia -- crude exports have continued to rise, with seaborne shipments up by a further 63,000 b/d in August from the previous month, and a striking 161,000 b/d over August 2002 levels.(Countries)(Brief Article)
September 8, 2003... RUSSIA -- Crude exports have continued to rise, with seaborne shipments up by a further 63,000 b/d in August from the previous month, and a striking 161,000 b/d over August 2002 levels. The increase was split evenly between Black Sea shipments...

Ukraine -- years of squabbling with Russia over natural gas supplies have been laid to rest by an agreement to hike gas imports and a plan to build a new pipeline across the country to carry more Russian gas to Western Europe.(Countries)(Brief Article)
September 8, 2003... UKRAINE -- Years of squabbling with Russia over natural gas supplies have been laid to rest by an agreement to hike gas imports and a plan to build a new pipeline across the country to carry more Russian gas to Western Europe. Moscow is to...

Venezuela--negotiations with foreign companies to convince them voluntarily to switch contract models to joint ventures are advancing.(Countries)(Brief Article)
September 8, 2003... VENEZUELA -- Negotiations with foreign companies to convince them voluntarily to switch contract models to joint ventures are advancing, with some already amenable to the idea, according to Luis Vierma, deputy off minister and a director at...

Venezuela--the energy ministry has signed a framework agreement with foreign companies and one local firm, clearing the way for bidding for two natural gas blocks in the Deltana Platform offshore basin.(Countries)
September 8, 2003... VENEZUELA -- The Energy Ministry has signed a framework agreement with foreign companies and one local firm, clearing the way for bidding for two natural gas blocks in the Deltana Platform offshore basin. Signatories include Exxon Mobil,...

Turning up the heat.(heating oil market)
September 8, 2003... WASHINGTON -- Though futures traders are still reeling from summer driving season's fiery finish and the subsequent post-Labor Day free fail, some have turned their attention to heating oil, which is now in the energy-market driver's seat. ...

Russian fuel oil flood reaches the east.(Far East)(Brief Article)
September 8, 2003... Traders took advantage of the abundance of Russian summer fuel oil shipments to exploit the arbitrage to the Far East. US trader Koch loaded a very large crude carrier (VLCC) with fuel oil at Tallinn in August--the first time a VLCC has ever...

PIW market indicators.(petroleum price trends)
September 8, 2003... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $28.07 $28.89 $28.78 UK Brent (Dated) ...

US slurs on Saudis miss the point.
September 15, 2003... Coming just ahead of the second anniversary of the Sep. 11 attacks, the recent record gasoline prices in the US have set people looking for someone to blame. A federal probe into alleged price gouging is in the works, but Democrats in the US...

Iraqis start to think out loud.
September 15, 2003... After weeks of setbacks, Iraq appears to be turning a corner with a steady recovery in oil production and export levels. Production capacity is ramping up towards 2 million barrels per day while exports--all out of the Mideast Gulf terminal of...

US keeps big reserves off limits.
September 15, 2003... Large quantities of oil and natural gas that could provide a welcome boost to US domestic energy supplies are currently closed to exploration and production and that situation appears unlikely to change any time soon, barring a major shift in...

Prices, Opec ignore global supply growth.
September 15, 2003... Opec may be getting nervous about growing non-Opec oil supply and the chance that absent member Iraq will finally get its act together and be able to sustain significant exports (p1). But with prices still high and inventories on the low side,...

Pemex MSCs fail to hit their target.
September 15, 2003... Mexican state oil firm Pemex thought it had solved the puzzle of how to meet its constitutional duty to retain control over the country's hydrocarbons and at the same time enlist outside finance and technical help to boost natural gas...

Canada's oil sand seek new outlets.(Industry Overview)
September 15, 2003... The rapid growth of Western Canada's oil sands projects is turning into a potential field day for oil pipeline companies. Canadian conventional and synthetic crude production could reach as much as 4 million barrels per day by 2015, versus the...

Turkey acts tough to slash gas.
September 15, 2003... Turkey is busy biting the hand that feeds it, cutting contracted natural gas imports from Russia, Iran, and Africa after botching its gas demand forecasts. Having been too bullish on demand growth, state gas and pipeline monopoly Botas is...

Corporate--Finnish energy group Fortum is to split off its oil business in an initial public offering (IPO) on the Helsinki stock exchange.(General)(Brief Article)
September 15, 2003... CORPORATE--Finnish energy group Fortum is to split off its oil business in an initial public offering (IPO) on the Helsinki stock exchange. The new company will include all of its oil refining, marketing, shipping, and production assets and...

Demand--For the first time this year, demand for transportation fuel--gasoline, diesel, and jet fuel--showed signs of strength, sending fresh signals that the global economy may be recovering.(General)(Brief Article)(Industry Overview)
September 15, 2003... DEMAND--For the first time this year, demand for transportation fuel--gasoline, diesel, and jet fuel--showed signs of strength, sending fresh signals that the global economy may be recovering. Global oil demand increased by 1 million b/d, or...

IEA--Barring a surprise move by Opec or a flare-up in familiar flashpoints--Iraq, Venezuela, or Nigeria--price direction over the coming weeks is in the hands of Mother Nature.(General)(Brief Article)(Industry Overview)
September 15, 2003... IEA--Barring a surprise move by Opec or a flare-up in familiar flashpoints--Iraq, Venezuela, or Nigeria--price direction over the coming weeks is in the hands of Mother Nature. The latest monthly report by the International Energy Agency...

Australia -- China National Offshore Oil Corp. (CNOOC) has given the Gorgon natural gas project a much-needed boost by signing a letter of agreement to discuss taking LNG as well as buying equity in the ChevronTexaco-led development.(Countries)(Brief Article)
September 15, 2003... AUSTRALIA -- China National Offshore Oil Corp. (CNOOC) has given the Gorgon natural gas project a much-needed boost by signing a letter of agreement to discuss taking LNG as well as buying equity in the ChevronTexaco-led development. A deal...

China -- State oil trader Sinochem is finalizing a $100 million deal to buy a 14% stake in Block 16 in Ecuador from ConocoPhillips.(Countries)(Brief Article)
September 15, 2003... CHINA -- State oil trader Sinochem is finalizing a $100 million deal to buy a 14% stake in Block 16 in Ecuador from ConocoPhillips. The onshore field is understood to he pumping around 90,000 b/d currently. Earlier this year, Sinochem made its...

Denmark -- State oil firm Dong last week began producing oil from Nini and Cecilie, two new fields in the Danish North Sea that should yield a combined 25,000 b/d for the rest of this year, and 30,000 b/d in 2004.(Countries)(Brief Article)
September 15, 2003... DENMARK -- State oil firm Dong last week began producing oil from Nini and Cecilie, two new fields in the Danish North Sea that should yield a combined 25,000 b/d for the rest of this year, and 30,000 b/d in 2004. Partners are Danish Denerco...

Indonesia -- Hard on the heels of a deal to supply LNG to US Marathon Oil, US Sempra has signed a memorandum of understanding with state agency BP Migas to take LNG for its proposed $600 million receiving terminal in Baja California, Mexico, which will feed power plants and industry in Northern Mexico and the Southwestern US (PIW Sep.8,p10).(Countries)(Brief Article)
September 15, 2003... INDONESIA -- Hard on the heels of a deal to supply LNG to US Marathon Oil, US Sempra has signed a memorandum of understanding with state agency BP Migas to take LNG for its proposed $600 million receiving terminal in Baja California, Mexico,...

Iraq -- Oil production capacity has recovered to just short of 2 million b/d. Exports of Basrah Light are expected to reach 900,000 b/d this month and 1 million b/d by October, up from a previous goal of 800,000 b/d for September (p1).(Countries)
September 15, 2003... IRAQ -- Oil production capacity has recovered to just short of 2 million b/d. Exports of Basrah Light are expected to reach 900,000 b/d this month and 1 million b/d by October, up from a previous goal of 800,000 b/d for September (p1)....

Japan -- A new gas oil futures contract at Tokyo Commodity Exchange (Tocom) could pave the way for refiners to lock in their margins and may increase the chances of a link-up with Nymex.(Countries)(Brief Article)
September 15, 2003... JAPAN -- A new gas oil futures contract at Tokyo Commodity Exchange (Tocom) could pave the way for refiners to lock in their margins and may increase the chances of a link-up with Nymex. Tocom's gas oil contract trades in yen per kiloliter, in...

Libya -- Total has started production at its 40,000 b/d offshore Al-Jurf field, which it operates with a 37.5% interest.(Countries)(Brief Article)
September 15, 2003... LIBYA -- Total has started production at its 40,000 b/d offshore Al-Jurf field, which it operates with a 37.5% interest. Total's partners in the venture are Germany's Wintershall (12.5%) and Libyan state National Oil Corp. (NOC). Total also...

Nigeria -- Shell Nigeria workers suspended a two-week strike on Sep. 11 despite extracting no concessions from Royal Dutch/Shell on its plans to fold its local arm into a new unit, Shell EP Africa.(Countries)(Brief Article)
September 15, 2003... NIGERIA -- Shell Nigeria workers suspended a two-week strike on Sep. 11 despite extracting no concessions from Royal Dutch/Shell on its plans to fold its local arm into a new unit, Shell EP Africa. The strike forced the closure of Shell's...

Peru -- Partners in the Camisea natural project scored two victories last week when the InterAmerican Development Bank (IDB) approved $135 million in loans and an Andean multilateral granted $75 million.(Countries)(Brief Article)
September 15, 2003... PERU -- Partners in the Camisea natural project scored two victories last week when the InterAmerican Development Bank (IDB) approved $135 million in loans and an Andean multilateral granted $75 million. On Aug. 28, the US Export-Import Bank...

Russia -- State-owned Rosneft has ruled out any prospect of foreign companies taking an equity stake in the firm although they could act as junior partners for specific projects.(Countries)(Brief Article)
September 15, 2003... RUSSIA -- State-owned Rosneft has ruled out any prospect of foreign companies taking an equity stake in the firm although they could act as junior partners for specific projects. Instead, the company is concentrating on local partnerships, such...

Russia -- The Royal Dutch/Shell-led Sakhalin-2 project has cracked open a new market, sending its first crude to Taiwan last week, in what promises to become a growing tide from the Far East development.(Countries)(Brief Article)
September 15, 2003... RUSSIA -- The Royal Dutch/Shell-led Sakhalin-2 project has cracked open a new market, sending its first crude to Taiwan last week, in what promises to become a growing tide from the Far East development. The 720,000 bbl cargo was purchased by...

United States -- Norway's Statoil has turned to Tractebel for its first term LNG contract to bring 1 Bcm/yr--or about 725,000 tons--into its capacity at the Cove Point, Maryland, receiving terminal.(Countries)(Brief Article)
September 15, 2003... UNITED STATES -- Norway's Statoil has turned to Tractebel for its first term LNG contract to bring 1 Bcm/yr--or about 725,000 tons--into its capacity at the Cove Point, Maryland, receiving terminal. The three-year deal, which starts Oct. 1,...

Costs escalate for expanding Iraqi oil.
September 15, 2003... Restoring Iraq's oil sector is the key to rebuilding the nation's damaged economy and infrastructure, but that won't be accomplished until internal security is assured, maintains former US Army secretary Thomas E. White and colleagues at the...

Hot margins.(Marketview)
September 15, 2003... WASHINGTON--With distillate inventories rising rapidly, US refiners are hoping that a heavy turnaround season can be a catalyst for a continuation of high margins as the winter season approaches. With the summer driving season now in the...

Mideast tanker rates run to four-month high.(Brief Article)
September 15, 2003... Strong demand for crude from Asian refiners--fresh from turnarounds and preparing to meet peak winter heating fuel demand--pushed Mideast tanker rates to a new four-month high last week. Rates for VLCCs between the Mideast Gulf and Asia...

PIW market indicators.(Illustration)
September 15, 2003... Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $26.46 $27.63 $28.29 UK Brent (Dated) 27.48 28.17 ...

Opec lets Iraq back in from the cold.
September 22, 2003... For years, the joke has been that the US is the 12th member of Opec. This week, Iraq's first post-Saddam oil minister, Ibrahim Bahr al-Uloum, a former exile appointed by the Iraqi Governing Council--which was itself handpicked by the US--will...

Iran moves buyback focus to onshore.
September 22, 2003... Iran is gearing up to offer one of the world's largest undeveloped onshore oil fields to international oil companies. This new overture comes as negotiations with a Japanese consortium have reached an impasse and amid the furor over Iran's...

US heating season looks to be risky.(healting oil market expected to be tight)
September 22, 2003... US refiners will have to work even harder this year to provide their share of heating oil as they prepare for tighter product specifications in transport fuels, gasoline, and diesel. The US heating oil season could get complicated if the...

Output growth worsens Algeria's Opec headache.(petroleum production growth)
September 22, 2003... For an emerging mid-sized Opec producer, Algeria has a fairly miserly share of the producer group's quota. What's more, Algeria will be capable within the next two years of producing nearly twice as much oil as its current ceiling permits. At...

Asia's upstream terms lose their appeal.(becoming more marginal petroleum producers)
September 22, 2003... Asia's oil provinces are rapidly maturing, forcing companies into frontier exploration in deepwater and marginal areas. As large hydrocarbons deposits become more difficult and expensive to find, Southeast Asia's upstream terms are coming under...

Major agility can see off supermajors.(ENI leads Kashagan development)
September 22, 2003... The latest delays to hit Kazakhstan's most important oil project have led to aspersions being cast on the caliber of the operator, ENI. Two years ago, the Italian company beat industry giants Exxon Mobil, Royal Dutch/Shell, and Total to win...

Rockies M&A train ready to roll on.(gas industry mergers and acquisitions in the Rocky Mountain area)
September 22, 2003... Merger and acquisition(M&A) activity in the US Rockies has cooled down since reaching fever pitch in 2001 when a sharp rise in gas prices triggered a total of $5.9 billion in M&A deals. Nevertheless, many analysts expect the region's abundant...