Petroleum Intelligence Weekly articles from September 2004

Petroleum Intelligence Weekly archives from September 2004

Majors facing biggest test since 1970s.
September 27, 2004... Despite their stellar financial performance this year, the major international oil companies find themselves in a bind. Access to large, low-cost reserves in the Mideast and elsewhere has not come as easily as was expected the late 1990s. On...

Futures could be coming soon to Dubai.(joint venture of New York Mercantile Exchange, Dubai Development and Investment Authority)
September 27, 2004... Progress is apparent in efforts to create an exchange-traded sour crude futures contract for the Mideast and Asian oil trade. Dubai looks set to agree to creation of a Dubai Mercantile Exchange (DME) in cooperation with the New York Mercantile...

Caracas takes its time on new deals.
September 27, 2004... Now that Venezuela seems to have shaken off two years of political instability, international oil companies are ready to jump in with new long-term investments. But the government does not seem to be in much of a hurry as it enjoys an...

Iranian output grows despite obstacles.
September 27, 2004... Does Iran need the international oil majors (p1)? Although Opec's second-largest producer is making heavy weather of awarding new acreage to international companies, it is starting to make some headway in its bid to increase oil production...

Shell surprises investors by underpromising.(Royal Dutch-Shell Group of Cos.)
September 27, 2004... Last week's much anticipated strategy presentation from Royal Dutch/Shell looks sound enough as the start of a long-term recovery after this year's reserves debacle, but it offers little in the near term for investors--as market reaction to the...

UK sparks new interest in North Sea.
September 27, 2004... The UK's recent 22nd licensing round saw 163 blocks awarded across the UK Continental Shelf to 58 firms, ranging from supermajors to minnows. Featuring a new licensing system that provides greater flexibility in fees, acreage relinquishment and...

Alaska struggles to maintain oil flows.
September 27, 2004... While US oil production is being hit hard this month by storms in the Gulf of Mexico (p8), it was already being crimped in August by problems in Alaska that underscore the challenges of maintaining production in a maturing basin. Alaska's North...

Industry restructuring.(General)(Brief Article)
September 27, 2004... Investment bank Goldman Sachs is paying National Energy & Gas Transmission $656 million for 12 US power plants and a 5.7% stake in the 375 mile Iroquois Gas Transmission System. Vintage Petroleum has agreed to sell its Canadian interests to...

LNG--Gazprom boss Alexei Miller traveled to the US last week in hopes of signing up ChevronTexaco, Exxon Mobil or both to help market output from the increasingly ambitious looking Shtokman LNG venture.(General)(Brief Article)
September 27, 2004... LNG--Gazprom boss Alexei Miller traveled to the US last week in hopes of signing up ChevronTexaco, Exxon Mobil or both to help market output from the increasingly ambitious looking Shtokman LNG venture. He got at least part of his wish. Chevron...

LNG--BP is targeting Galveston, Texas, 50 miles south of Houston and adjacent to the giant Houston Ship Channel market, for a second US LNG receiving terminal to augment the Crown Landing project in New Jersey.(General)(Liquefied natural gas, British Petroleum Company PLC)(Brief Article)
September 27, 2004... LNG--BP is targeting Galveston, Texas, 50 miles south of Houston and adjacent to the giant Houston Ship Channel market, for a second US LNG receiving terminal to augment the Crown Landing project in New Jersey. The goal, BP tells PIW, is to...

Azerbaijan--BP has given the green light for a $4.7 billion investment program for the third and final phase of development, confirming prospects for total output from the Azeri, Chirag and Guneshli (ACG) fields in the Caspian Sea offshore Baku to hit 1 million bid by 2009, from 150,000 b/d now.(Countries)(Brief Article)
September 27, 2004... AZERBAIJAN -- BP has given the green light for a $4.7 billion investment program for the third and final phase of development, confirming prospects for total output from the Azeri, Chirag and Guneshli (ACG) fields in the Caspian Sea offshore...

Congo (Brazzaville)--French major Total has struck oil in ultra deep waters off Pointe Noire on its Mer Tres Profonde Sud permit.(Countries)(Brief Article)
September 27, 2004... CONGO (Brazzaville) -- French major Total has struck oil in ultra deep waters off Pointe Noire on its Mer Tres Profonde Sud permit. The discovery--the second this year--shows that the country, often dismissed as a mature producer, still has...

Iran--In a blow to the country's goal of becoming a transit corridor for Caspian crude oil exports, the volume of Kazakh, Russian and Turkmen oil barged across the inland sea to Iran's Neka terminal is set to drop by nearly 40% this month as shippers divert their barrels to Black Sea ports to take advantage of higher prices in the Mediterranean.(Countries)(Brief Article)
September 27, 2004... IRAN -- In a blow to the country's goal of becoming a transit corridor for Caspian crude oil exports, the volume of Kazakh, Russian and Turkmen oil barged across the inland sea to Iran's Neka terminal is set to drop by nearly 40% this month as...

Iraq--Despite stepped-up bombings of pipelines that have disrupted oil flows recently, exports could be higher than expected this month at 1.99 million b/d if scheduled loadings continue smoothly.(Countries)(Brief Article)
September 27, 2004... IRAQ -- Despite stepped-up bombings of pipelines that have disrupted oil flows recently, exports could be higher than expected this month at 1.99 million b/d if scheduled loadings continue smoothly. Last week, port officials at Basra Oil...

Mexico--Crude oil production fell again in August--by a modest 9,000 b/d to 3.454 million b/d--but that follows a drop of 73,000 bid in July, according to data released last week by state Pemex.(Countries)(Brief Article)
September 27, 2004... MEXICO -- Crude oil production fell again in August--by a modest 9,000 b/d to 3.454 million b/d--but that follows a drop of 73,000 bid in July, according to data released last week by state Pemex. Natural gas liquids output also slid over the...

Russia--Yukos is cutting rail shipments of crude to China National Petroleum Corp. (CNPC) on Sep. 28 due to a lack of cash, marking the first time that the government's attack on the company has disrupted oil supplies to world markets.(Countries)(Brief Article)
September 27, 2004... RUSSIA -- Yukos is cutting rail shipments of crude to China National Petroleum Corp. (CNPC) on Sep. 28 due to a lack of cash, marking the first time that the government's attack on the company has disrupted oil supplies to world markets. The...

Russia--International oil companies are again expanding their presence through equity purchases.(Countries)(Brief Article)
September 27, 2004... RUSSIA -- International oil companies are again expanding their presence through equity purchases. Last week France's Total followed in the steps of BP's deal with TNK by buying 25% plus one share in Novatek, the country's biggest independent...

Saudi Arabia--Despite ongoing security concerns, foreign companies are pushing ahead with planned investments in petro-chemicals and gas.(Countries)(Brief Article)
September 27, 2004... SAUDI ARABIA -- Despite ongoing security concerns, foreign companies are pushing ahead with planned investments in petro-chemicals and gas. Just last week, Saudi Arabia's Eastern Petrochemical Co. (Sharq), owned jointly by Sabic and a...

South Korea--Crude imports leapt 30% higher in August from a year ago, driven up by a flood of oil from Saudi Arabia to its affiliate S-Oil, but in the year through August imports are only up 1.1% to 2.15 million bid.(Countries)(Brief Article)
September 27, 2004... SOUTH KOREA -- Crude imports leapt 30% higher in August from a year ago, driven up by a flood of oil from Saudi Arabia to its affiliate S-Oil, but in the year through August imports are only up 1.1% to 2.15 million b/d. Imports in August stood...

United States--Despite continuing worries about US natural gas supplies, reserves grew again last year, for the ninth time in the last ten years, as companies replaced 111% of slightly increased production.(Countries)(Brief Article)
September 27, 2004... UNITED STATES -- Despite continuing worries about US natural gas supplies, reserves grew again last year, for the ninth time in the last ten years, as companies replaced 111% of slightly increased production. Meanwhile, crude oil reserves...

United States--Canada consolidated its position as number one US crude oil supplier in July and moved closer to dethroning Saudi Arabia from the top spot for the year, which the kingdom has held since 1998.(Countries)(Brief Article)
September 27, 2004... UNITED STATES -- Canada consolidated its position as number one US crude oil supplier in July and moved closer to dethroning Saudi Arabia from the top spot for the year, which the kingdom has held since 1998. However, Saudi Arabia is sending...

Where is Opec's revenue windfall going?(Organization of Petroleum Exporting Countries)
September 27, 2004... Thanks to strong demand growth for oil and record-high prices, Opec exporters seem sure to score their largest oil revenues ever in 2004. But that windfall is unlikely to be squandered as it was following the oil price shocks of 25 years ago....

Ivan's wrath.(Marketview)
September 27, 2004... NEW YORK -- Hurricane Ivan wrecked havoc on the US Gulf Coast two weeks ago and its full power took another week to be felt in oil markets. The supply losses, big inventory draws and import disruptions are combining to support the view that...

PIW market indicators.(Petroleum Intelligence Weekly)(Illustration)
September 27, 2004... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $40.89 $38.82 $38.89 UK Brent (Dated) 44.56 41.89 40.66...

Opec ceiling matters little, means more.
September 20, 2004... Opec's decision last week to increase its production ceiling by 1 million barrels per day to a record 27 million b/d from Nov. 1 may not mean much to oil markets because it represents no real change in current supplies. Yet the agreement still...

Producers still find hedging a risky business.
September 20, 2004... Strong oil prices have brought welcome cash to Latin America's oil exporters, providing a tempting opportunity--it would seem--for state oil companies to lock in prices and provide a fillip to national budgets. But while the region's producers...

Gazprom grows by taking oil, global exposure.(Gazprom Russian Joint Stock Co.)
September 20, 2004... The world's biggest gas company is about to get bigger--much bigger. Russia's Gazprom already pumps one-fifth of the world's gas supply, at 540 billion cubic meters per year (52 billion cubic feet per day), but has long coveted an oil...

Sudanese oil lurches from crisis to crisis.
September 20, 2004... Sudan's seven-year-old oil sector just doesn't seem able to shake itself free of controversy. The industry was long subject to fierce criticism from human rights and religious activists, who argued that oil revenue was financing a protracted...

Russian output growth takes center stage.
September 20, 2004... Russia has had more than its 15 minutes of market fame this year, stealing headlines on both oil fundamentals, as it dominates non-Opec supply growth, and psychology, as the Yukos conflict raises the threat of an outage rivaling those in...

New deepwater play revives Gulf Interest.(Gulf of Mexico)
September 20, 2004... Just as exploration activity in the US Gulf of Mexico seemed to be losing momentum, a new deepwater play has emerged to shake things up again. Early efforts in the so-called Lower Tertiary play have been rewarded with a high success rate,...

BHP focuses again on its home patch.(BHP Billiton Ltd.)
September 20, 2004... After spreading its wings, Australian energy giant BHP Billiton is refocusing closer to home for sources of long-term growth. Though its next output additions will come from a slew of projects that are as far flung as the US Gulf of Mexico,...

Industry restructuring--US independent Anadarko has sold a large package of US onshore assets in exchange for $850 million in cash plus interests in two oil and gas fields in Wyoming.(General)(Brief Article)
September 20, 2004... INDUSTRY RESTRUCTURING--US independent Anadarko has sold a large package of US onshore assets in exchange for $850 million in cash plus interests in two oil and gas fields in Wyoming. Most assets were acquired by Merit Energy, a private Dallas...

Premier.(People)(Brief Article)
September 20, 2004... PEOPLE--UK independent Premier said its operations director, Simon Lockett, would take over as chief executive from mid-2005, replacing Charles Jamieson who will retire. Lockett, 40, joined Premier from Shell in 1994. Pierre Gadonneix, who has...

Azerbaijan--the third and final phase of the BP-led development of the Azeri, Chirag and Guneshli (ACG) fields is due to be sanctioned on Sep. 20, as the republic celebrates the 10th anniversary of the signing of the contract for the offshore project.(Countries)(British Petroleum Company )(Brief Article)
September 20, 2004... AZERBAIJAN -- The third and final phase of the BP-led development of the Azeri, Chirag and Guneshli (ACG) fields is due to be sanctioned on Sep. 20, as the republic celebrates the 10th anniversary of the signing of the contract for the offshore...

Brazil--Petrobras' oil and gas production fell by a little less than 1% in August--a drop attributed to the shut-in of one well in the Marlim Sul field.(Countries)(Petroleo Brasileiro S.A)(Brief Article)
September 20, 2004... BRAZIL -- Petrobras' oil and gas production fell by a little less than 1% in August--a drop attributed to the shut-in of one well in the Marlim Sul field. Petrobras produced 1.675 million b/d of crude and 2.202 Bcf/d of gas from its domestic...

China--China National Offshore Oil Corp. (CNOOC) signed up eight utilities in Fujian Province to take natural gas from its proposed Fujian LNG terminal.(Countries)(Brief Article)
September 20, 2004... CHINA -- China National Offshore Oil Corp. (CNOOC) signed up eight utilities in Fujian Province to take natural gas from its proposed Fujian LNG terminal. Five city gas companies and three power generators will buy a combined 107 MMcf/d of gas...

India--crude oil imports rose by almost one-fifth to just under 2 million b/d in July, on flat domestic production and growing domestic demand.(Countries)(Brief Article)
September 20, 2004... INDIA -- Crude oil imports rose by almost one-fifth to just under 2 million b/d in July, on flat domestic production and growing domestic demand. July imports jumped by 23.3% to an average of 1.98 million b/d, against 1.6 million b/d a year...

Iran--state CNPC advanced China's drive into the Middle East by gaining rights to Iran's aged Masjed-i-Suleiman oil field--the first commercial find in the Middle East, which helped establish the Anglo-Persian Oil Co.(Countries)(China National Petroleum Corp)(Brief Article)
September 20, 2004... IRAN -- State CNPC advanced China's drive into the Middle East by gaining rights to Iran's aged Masjed-i-Suleiman oil field--the first commercial find in the Middle East, which helped establish the Anglo-Persian Oil Co. CNPC acquired a...

Iraq--fresh attacks on the northern oil pipeline network have not deterred some refiners from signing up to buy Kirkuk crude under term contracts running through the end of this year, as state Somo seeks to rebuild its Mediterranean customer base.(Countries)(Brief Article)
September 20, 2004... IRAQ -- Fresh attacks on the northern oil pipeline network have not deterred some refiners from signing up to buy Kirkuk crude under term contracts running through the end of this year, as state Somo seeks to rebuild its Mediterranean customer...

Malaysia--state Petronas has approved US Murphy's development plan for the deepwater Kikeh oil field.(Countries)(A. Murphy Construction Co.)(Brief Article)
September 20, 2004... MALAYSIA -- State Petronas has approved US Murphy's development plan for the deepwater Kikeh oil field. First oil production is expected in 2007, five years after the field's discovery. Production is expected to rise to 120,000 b/d within two...

Nigeria--Statoil's board approved plans for its participation in a unitized development led by ChevronTexaco of the deepwater Agbami oil field.(Countries)(Brief Article)
September 20, 2004... NIGERIA -- Statoil's board approved plans for its participation in a unitized development led by ChevronTexaco of the deepwater Agbami oil field. Located in 1,500 meters of water, the field should produce 250,000 b/d when it comes on stream in...

Oman--an agreement by shareholders on the country's third LNG train, Qalhat LNG, gives the Omani government a 55.84% stake in the venture, the government-controlled Oman LNG consortium a 36.8% share, and Spain's Union Fenosa Gas, half owned by Italy's Eni, 7.36%.(Countries)(Brief Article)
September 20, 2004... OMAN -- An agreement by shareholders on the country's third LNG train, Qalhat LNG, gives the Omani government a 55.84% stake in the venture, the government-controlled Oman LNG consortium a 36.8% share, and Spain's Union Fenosa Gas, half owned...

Russia--Lukoil has launched a $365 million hydrocracking unit at its Perm refinery in Western Siberia to produce and export more higher-value light oil products.(Countries)(Brief Article)
September 20, 2004... RUSSIA -- Lukoil has launched a $365 million hydrocracking unit at its Perm refinery in Western Siberia to produce and export more higher-value light oil products. The unit will allow the plant to process heavy fuel oil into diesel fuel and...

Saudi Arabia--The kingdom has no immediate plans to increase its oil production capacity but will keep pumping 9.5 million b/d for the foreseeable future, Oil Minister Ali Naimi told reporters in Vienna.(Countries)(Brief Article)
September 20, 2004... SAUDI ARABIA -- The kingdom has no immediate plans to increase its oil production capacity but will keep pumping 9.5 million b/d for the foreseeable future, Oil Minister Ali Naimi told reporters in Vienna. Despite global concern about spare...

United Kingdom--New Energy Minister Mike O'Brien announced the award of 97 offshore licenses to 58 companies, including 15 potential North Sea newcomers, under the 22nd offshore licensing round, plus 26 more licenses under the 12th onshore round.(Countries)(Brief Article)
September 20, 2004... UNITED KINGDOM -- New Energy Minister Mike O'Brien announced the award of 97 offshore licenses to 50 companies, including 15 potential North Sea newcomers, under the 22nd offshore licensing round, plus 26 more licenses under the 12th onshore...

United Kingdom--National Grid Transco's LNG terminal at Grain has secured planning consent to expand import capacity from the initial 3.3 million tons/yr, starting first-quarter 2005, to as much as 10.5 million tons/yr by 2008.(Countries)(Brief Article)
September 20, 2004... UNITED KINGDOM -- National Grid Transco's LNG terminal at Grain has secured planning consent to expand import capacity from the initial 3.3 million tons/yr, starting first-quarter 2005, to as much as 10.5 million tons/yr by 2008. Consent for...

United States--Hurricane Ivan briefly disrupted oil supplies, as 1.4 million b/d of Gulf of Mexico production--more than 80% of the region's output--and 2 million b/d of refining capacity was temporarily closed down.(Countries)(Brief Article)
September 20, 2004... UNITED STATES -- Hurricane Ivan briefly disrupted oil supplies, as 1.4 million b/d of Gulf of Mexico production--more than 80% of the region's output--and 2 million b/d of refining capacity was temporarily closed down. The Loop offshore tanker...

Firms line up for Libyan offering.(What's New Around the World)
September 20, 2004... Libya's National Oil Corp. (NOC) last week attracted 350 people and representatives from more than 40 oil companies--including BP, Exxon Mobil, Royal Dutch/Shell, Eni, ChevronTexaco, BG, Anadarko, Marathon and Occidental--to a London...

Low-sulfur diet.(Marketview)
September 20, 2004... SINGAPORE -- Opec's announcement that it would raise production quotas by 1 million b/d from Nov. 1 to 27 million b/d, failed to have much of a cooling effect on global oil prices. No new crude will be flooding world markets next month, and...

PIW market indicators.(Illustration)
September 20, 2004... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $38.80 $38.62 $41.35 UK Brent (Dated) ...

Supply surge poses risks for Opec.(Organization of Petroleum Exporting Countries)
September 13, 2004... By rights, Opec shouldn't have much to do next week at its ministerial meeting in Vienna, except to repeat the mantra that it will supply as much oil as the market wants. But producers will have to tread lightly to avoid rocking the boat. Their...

Upbeat total rules out big buys.
September 13, 2004... For a good while now, France's Total has been something of an oil analysts' darling, thanks to its healthy upstream profile and prudent approach to acquisitions. The next few years will see a steady flow of projects from Angola, Nigeria, the...

Sweeter terms turn sour in Iran.(gas explorations)
September 13, 2004... Iran appears to be making two of its prime objectives--the award of new exploration acreage and the start of liquefied natural gas (LNG) production--much harder for itself. The recent decision of the new conservative-led Majlis, or parliament,...

Mexico touts its deepwater potential.(oil exploration)
September 13, 2004... Facing the impending decline of the huge Cantarell field that supplies two thirds of its oil, Mexico has been thinking out loud about the untapped deepwater hydrocarbon potential in the southern half of the Gulf of Mexico. Extensive seismic...

Egypt stages an upstream revival.(gas explorations)
September 13, 2004... Egypt's one-time erratic upstream efforts have moved into overdrive this year. Three state energy companies have launched no less than four separate exploration licensing rounds covering 35 blocks, with numerous concessions awarded--BP alone...

CNG: rising option for stranded gas.(compressed natural gas)
September 13, 2004... As flaring of associated natural gas loses favor in more and more locales, producers, particularly offshore, are looking at every available option for gas disposal, at a profit if possible. Liquefied natural gas (LNG) and natural gas-to-liquids...

BG banks on return to drilling.(BG Group PLC)
September 13, 2004... Recent months have seen the UK's BG Group on an exploration-orientated spending spree--splashing out over $915 million for predominantly undeveloped blocks in onshore Trinidad & Tobago, Brazil's offshore Santos Basin, Mauritania, Egypt, the...

Formula prices--in a bid to cool overheated oil prices, Saudi Arabia is giving deeper discounts on its price terms for heavier crudes in October, especially to clients in Europe and the US, moving the discount for Arab Heavy to a whopping $11.30/bbl in the US case.(General)
September 13, 2004... FORMULA PRICES--In a bid to cool overheated oil prices, Saudi Arabia is giving deeper discounts on its price terms for heavier crudes in October, especially to clients in Europe and the US, moving the discount for Arab Heavy to a whopping...

IEA--the International Energy Agency used its latest monthly report on Sep. 9 to reiterate its recent theme of "irrational exuberance" in the oil market.(General)(Brief Article)
September 13, 2004... IEA--The International Energy Agency used its latest monthly report on Sep. 9 to reiterate its recent theme of "irrational exuberance" in the oil market. The agency again noted geopolitical risks and limited spare capacity within Opec but its...

Industry restructuring--the Belgian affiliate of Royal Dutch/Shell has agreed to the sale of its 16.67% interests in Distrigas, the Belgian gas wholesale company, and Fluxys, the Belgian gas transmission company, to Tractebel, the Belgium-based energy arm of French utility group Suez, for 380.4 million ($459 million).(General)(Brief Article)
September 13, 2004... INDUSTRY RESTRUCTURING--The Belgian affiliate of Royal Dutch/Shell has agreed to the sale of its 16.67% interests in Distrigas, the Belgian gas wholesale company, and Fluxys, the Belgian gas transmission company, to Tractebel, the Belgium-based...

LNG--Norway's Statoil looks set to fill a bridging role between Russia's LNG ambitions and the growing US thirst for imports of LNG.(General)(liquefied natural gas)(Brief Article)
September 13, 2004... LNG -- Norway's Statoil looks set to fill a bridging role between Russia's LNG ambitions and the growing US thirst for imports of LNG. The company last week signed a wide-ranging memo of understanding with Russia's Gazprom and Rosneft for a...

Ecuador--in a bid to rekindle investor interest, President Lucio Gutierrez is planning to reoffer for bidding in October four producing Oriente fields, with several more in January.(Countries)(Brief Article)
September 13, 2004... ECUADOR -- In a bid to rekindle investor interest, President Lucio Gutierrez is planning to reoffer for bidding in October four producing Oriente fields, with several more in January. However, the biggest upcoming tender, now due in May 2005,...

India--UK independent Cairn Energy confirmed the vast potential of its Mangala field in Rajasthan where it has made five significant oil discoveries this year in the northern part of the acreage.(Countries)(Brief Article)
September 13, 2004... INDIA -- UK independent Cairn Energy confirmed the vast potential of its Mangala field in Rajasthan where it has made five significant oil discoveries this year in the northern part of the acreage. Continuing the run of exploration success it...

Georgia--Moscow's threat to strike at terrorist bases anywhere in the world after the terrorist outrage in Beslan, North Ossetia, could destabilize the already volatile Caucasus region and the vital oil export projects that run through it.(Countries)(Brief Article)
September 13, 2004... GEORGIA -- Moscow's threat to strike at terrorist bases anywhere in the world after the terrorist outrage in Beslan, North Ossetia, could destabilize the already volatile Caucasus region and the vital oil export projects that run through it....

RUSSIA--Crude exports via the Transneft pipeline system dropped by 160,000 b/d in August, due to a steep drop in Black Sea loadings.(Countries)(Brief Article)(Illustration)
September 13, 2004... RUSSIA -- Crude exports via the Transneft pipeline system dropped by 160,000 bid in August, due to a steep drop in Black Sea loadings. Russia slashed crude pumping to the Ukrainian Black Sea port of Odessa as it diverted the volumes to fill the...

Russia--embattled oil giant Yukos has received another huge tax demand for around $4.1 billion for 2001, on top of a $3.4 billion bill for 2000.(Countries)(Brief Article)
September 13, 2004... RUSSIA -- Embattled oil giant Yukos has received another huge tax demand for around $4.1 billion for 2001, on top of a $3.4 billion bill for 2000. Yukos had already paid $2 billion of the earlier demand by the end of August but the justice...

South Africa--Sasol is aiming to get regulatory clearance for its planned liquid fuels merger with Malaysian Petronas-owned Engen by early next year, Chief Executive Pieter Cox said last week as he announced a 22% slump to $1.4 billion in group operating profit for the year to end-June 2004.(Countries)(Brief Article)
September 13, 2004... SOUTH AFRICA -- Sasol is aiming to get regulatory clearance for its planned liquid fuels merger with Malaysian Petronas-owned Engen by early next year, Chief Executive Pieter Cox said last week as he announced a 22% slump to $1A billion in...

United States--French oil major Total, one of the main movers and shakers in the global LNG business, has taken an option on a big chunk of the capacity at Cheniere Energy's proposed Sabine Pass LNG regasification terminal (pl).(Countries)(Brief Article)
September 13, 2004... UNITED STATES -- French oil major Total, one of the main movers and shakers in the global LNG business, has taken an option on a big chunk of the capacity at Cheniere Energy's proposed Sabine Pass LING regasification terminal (pl). If it...

United States--ChevronTexaco has encountered more than 350 feet of net oil pay with a well on its Jack prospect at Walker Ridge Block 759, marking the latest promising find in the deepwater Gulf of Mexico's emerging Lower Tertiary play.(Countries)(Brief Article)
September 13, 2004... UNITED STATES -- ChevronTexaco has encountered more than 350 feet of net oil pay with a well on its Jack prospect at Walker Ridge Block 759, marking the latest promising find in the deepwater Gulf of Mexico's emerging Lower Tertiary play. Jack...

Iraqi instability: not the price stimulant it was.
September 13, 2004... The lack of detailed information and the conflicting reports out of Iraq have added to oil market volatility on both the New York Mercantile Exchange (Nymex) and the International Petroleum Exchange (IPE). When news about pipeline attacks from...

Schizophrenia.(Marketview)(prices of crude oil)
September 13, 2004... LONDON -- The crude oil market is turning schizophrenic. On one side, fears of potential supply squeezes and limited reserve production capacity are pulling prices up; on the other, a growing perception that in fundamental terms the market is...

PIW market indicators.(Illustration)
September 13, 2004... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago OpecBasket $38.40 $38.89 $41.95 UK Brent(Dated) 40.37 40.66 44.35...

Price analysis points to the upside.(petroleum)
September 6, 2004... When the front-month West Texas Intermediate futures contract set the latest in a series of new all-time record high at $49.40 per barrel on Aug. 20, market traders fully expected it to breach the psychological level of $50. It didn't, but...

China's second tier charge downstream.
September 6, 2004... The duopoly of Sinopec and PetroChina that has long dominated China's booming downstream market is being strengthened further by partnerships with supermajors BP, Exxon Mobil and Royal Dutch/Shell. But the incumbent giants are coming under...

Service giants thrive on technology.(petroleum mining)
September 6, 2004... Recently voiced concerns that global oil production may have peaked came as no surprise to US energy service giants Halliburton and Schlumberger. Their clients have been focusing on enhancing and extending the operating life of existing fields...

BP strategy sways most, but not all.
September 6, 2004... BP was a star performer in the second quarter, with its pre-tax earnings of almost $6.4 billion and an 18% year-on-year rise in production leaving even Exxon Mobil in the shade (PIW Aug.9,p7). Despite this, some observers have concerns about...

US heating oil outlook hangs on crude.
September 6, 2004... US households budgeting their winter heating bills have a lot to worry about this year. While the Farmers' Almanac is predicting wildly variable US winter weather, the spot price for heating oil in the New York harbor provides a starker and...

Angola's success is soured ny setbacks.(petroleum production)
September 6, 2004... Angola is suffering from a new bout of quick, quick, slow as it advances towards its target of more than doubling crude output to 2 million barrels per day by 2008. New field developments are coming on stream in leaps and bounds but they cannot...

Opec surge begins to show results.(Organization of Petroleum Exporting Countries)
September 6, 2004... Opec is really pouring it on in an avowed effort to cool overheated crude oil prices, but most Opec members are also happily carrying bags of unexpected cash to the bank. The latest monthly survey undertaken by PIW shows Opec crude oil...

Lessons to be learned from an oil price bubble.
September 6, 2004... In this special contribution to PIW two long-term observers of the global energy scene, John Gault and Nordine Ait-Laoussine, look at the latest cycle of exceptionally high oil prices, the response required from policy makers and the source of...

Industry restructuring.(General)
September 6, 2004... INDUSTRY RESTRUCTURING--The UK's National Grid Transco (NGT) is selling four of its eight regional gas distribution networks for 5.8 billion [pounds sterling] ($10.4 billion) in cash, with the purchasers also assuming 130 million [pounds...

LNG--BP is stacking up sales deals for the Tangguh LNG project in Indonesia, assembling the critical mass to make the delayed $3 billion project viable.(General)(K-Power)(Brief Article)
September 6, 2004... LNG--BP is stacking up sales deals for the Tangguh LNG project in Indonesia, assembling the critical mass to make the delayed $3 billion project viable. Last week it signed a deal to supply gas to South Korean utility K-Power for 600,000...

Azerbaijan--Exxon Mobil says it is too early to determine the results of its first well on the offshore Zafar-Mashal Block, despite local press reports saying it has recorded shows of natural gas.(Countries)(Brief Article)
September 6, 2004... AZERBAIJAN -- Exxon Mobil says it is too early to determine the results of its first well on the offshore Zafar-Mashal Block, despite local press reports saying it has recorded shows of natural gas. The block is regarded as the last great hope...

Bolivia--state oil company Yacimientos Petroliferos Fiscales de Bolivia (YPFB) is angling for a prominent role in the revamp of the energy sector following the recent referendum.(Countries)(Brief Article)
September 6, 2004... BOLIVIA -- State oil company Yacimientos Petroliferos Fiscales de Bolivia (YPFB) is angling for a prominent role in the revamp of the energy sector following the recent referendum. "We will have a law that will allow YPFB to participate in any...