Petroleum Intelligence Weekly articles from September 2005

Petroleum Intelligence Weekly archives from September 2005

Perfect storm batters global oil business.(petroleum industry effected by Hurricane Katrina)
September 5, 2005... A global oil supply system already stretched to its limits by rising demand now confronts a full scale disruption in the form of Hurricane Katrina on the US Gulf Coast. In the end, the widely anticipated supply disruption that had already...

Big oil still shy to revise M&A strategies.
September 5, 2005... $60 oil, now $70 oil--surely these prices should be prompting a rethink for Big Oil executives scanning the horizon for merger and acquisition (M&A) opportunities? Apparently not. The conventional wisdom propounded by industry leaders such as...

Indonesia tries harder to tempt oil investors.
September 5, 2005... Indonesia's faltering effort to arrest declining crude oil production screams out for intensified investment. But uncertainties over regulatory processes and the taxation system have kept major oil companies at bay for some time. The tone has...

Plans for Iraq spell trouble for oil sector.
September 5, 2005... Iraq's draft constitution, which will be put to a referendum in mid-October despite strong opposition from the Sunni Muslim minority, could be a double-edged sword for the embattled oil industry. On the plus side, it paves the way for the...

China makes slow progress in Latin America.(petroleum industry)
September 5, 2005... As China trawls the world for future sources of oil, it has found a receptive audience in Latin America. Bolivia, Brazil, Ecuador and Venezuela have all inked deals with Beijing that look to long-term energy cooperation. Venezuela has gone...

South Africa's Sasol breaks with its past.
September 5, 2005... South African synthetic fuel producer, oil refiner and gas-to-liquids (GTL) pioneer Sasol is trying to make a clean break from the past under its new Chief Executive Pat Davies. After a series of ugly run-ins with the government over race,...

Condensates rise, price direction less certain.
September 5, 2005... North America continues to dominate the production of noncrude hydrocarbons but the rest of the world is catching up quickly. Although natural gas liquids (NGLs) are dominant, these hydrocarbons include synthetic crudes derived from bitumen and...

The age of peak oil: old myth or new reality?
September 5, 2005... Despite world oil prices in excess of $60 per barrel the global oil market remains tight due to both refining constraints and the fact that there is no real usable Opec spare capacity left. It is understandable in this context that there is an...

Futures--subject to final regulatory approval, the New York Mercantile Exchange (Nymex) plans to launch its London open-outcry trading floor on Sep. 12, offering Brent crude oil futures and options and Northwest Europe gas oil futures.(GENERAL)
September 5, 2005... FUTURES--Subject to final regulatory Approval, the New York Mercantile Exchange (Nymex) plans to launch its London open-outcry trading floor on Sep. 12, offering Brent crude oil futures and options and Northwest Europe gas oil futures. The...

Industry restructuring--Australia's Woodside Petroleum is to acquire private US oil and gas firm Gryphon Exploration for $282.7 million.(GENERAL)
September 5, 2005... INDUSTRY RESTRUCTURING--Australia's Woodside Petroleum is to acquire private US oil and gas firm Gryphon Exploration for $282.7 million. Gryphon has interests in 118 leases in the US Gulf of Mexico, of which it operates 95. Italy's Eni has paid...

China--Beijing is moving to fix the recent gasoline shortages by suspending tax breaks that had stimulated oil products exports.(COUNTRIES)
September 5, 2005... CHINA -- Beijing is moving to fix the recent gasoline shortages by suspending tax breaks that had stimulated oil products exports. Last week the government suspended until the end of the year tax rebates of 11% for gasoline and 13% for naphtha...

Congo (Brazzaville)--France's Total has secured official approval to begin developing the offshore Moho-Bilondo project, which should come on stream in 2008.(TOTAL S.A.)(Brief Article)
September 5, 2005... CONGO (BRAZZAVILLE) -- France's Total has secured official approval to begin developing the offshore Moho-Bilondo project, which should come on stream in 2008. Moho-Bilondo is about 80 km offshore and consists of a number of discoveries in...

Ecuador--state oil company Petroecuador lifted force majeure on crude exports following a significant recovery of its oil production after violent protests curtailed output in two key oil producing regions.(COUNTRIES)
September 5, 2005... ECUADOR -- State oil company Petroecuador lifted force majeure on crude exports following a significant recovery of its oil production after violent protests curtailed output in two key oil producing regions. The company's production had...

Kazakhstan--despite offering a premium price of $4.2 billion for PetroKazakhstan, China National Petroleum Corp. (CNPC) may yet face competition in its attempt to acquire the Calgary-based producer of 150,000 b/d from the Komkol field.(COUNTRIES)
September 5, 2005... KAZAKHSTAN -- Despite offering a premium price of $4.2 billion for PetroKazakhstan, China National Petroleum Corp. (CNPC) may yet face competition in its attempt to acquire the Calgary-based producer of 150,000 b/d from the Komkol field....

Nigeria--the government has provisional winners for 44 blocks after a marathon upstream licensing round that favored Asian companies pledging sizable downstream, gas and power projects in their bids.(COUNTRIES)
September 5, 2005... NIGERIA -- The government has provisional winners for 44 blocks after a marathon upstream licensing round that favored Asian companies pledging sizable downstream, gas and power projects in their bids. More than 70 blocks were offered, 18 of...

Russia--Moscow is getting ready to crank up crude export tariffs to new all-time highs this fall--even as the country's decision makers consider easing the tax burden on oil producers to encourage output growth.(COUNTRIES)
September 5, 2005... RUSSIA -- Moscow is getting ready to crank up crude export tariffs to new all-time highs this fall--even as the country's decision makers consider easing the tax burden on oil producers to encourage output growth. The government is preparing a...

South Korea--crude imports climbed 6.6% in July to an average of 2.15 million b/d as refiners brought their plants back on line after a period of maintenance.(COUNTRIES)
September 5, 2005... SOUTH KOREA -- Crude imports climbed 6.6% in July to an average of 2.15 million b/d as refiners brought their plants back on line after a period of maintenance. The monthly intake was up 133,000 b/d from a year earlier. Imports from Saudi...

Sudan--digging in deeper, Malaysia's state Petronas has signed an agreement to build a new 100,000 b/d refinery on the Red Sea coast at Port Sudan.(COUNTRIES)
September 5, 2005... SUDAN -- Digging in deeper, Malaysia's state Petronas has signed an agreement to build a new 100,000 bid refinery on the Red Sea coast at Port Sudan. The refinery would process the acidic Dar Blend crude from Blocks 3 and 7 in the Melut Basin,...

Venezuela--despite being bumped off the Mariscal Sucre natural gas project, Royal Dutch Shell says it is still seeking a role in a gas export project even if it is excluded from the upstream side and is talking to the government about the possibilities.(COUNTRIES)
September 5, 2005... VENEZUELA -- Despite being bumped off the Mariscal Sucre natural gas project, Royal Dutch Shell says it is still seeking a role in a gas export project even if it is excluded from the upstream side and is talking to the government about the...

Venezuela--in another poke at the Bush administration, President Hugo Chavez is studying the possibility of selling 66,000 b/d of heating fuel to poor communities in the US at preferential prices, supplied from the 660,000 b/d that Caracas refines in the US through its subsidiary Citgo, according to Energy Minister Rafael Ramirez.(COUNTRIES)(Brief Article)
September 5, 2005... VENEZUELA -- In another poke at the Bush administration, President Hugo Chavez is studying the possibility of selling 66,000 b/d of heating fuel to poor communities in the US at preferential prices, supplied from the 660,000 b/d that Caracas...

Katrina's fury.(Marketview)
September 5, 2005... WASHINGTON -- The supply disruption traders have been waiting for finally arrived, and it did so in a spectacularly destructive fashion. Crude and product prices have risen to such lofty levels this year partly because of limited excess...

PIW market indicators.(petroleum industry)(Illustration)
September 5, 2005... PIW Market Indicators Last 2 Weeks 3 Weeks Spot Crude Week Ago Ago Opec Basket 60.35 58.49 56.78 UK Brent (Dated) ...

Katrina: making waves for US energy outlook.(What's New Around the World)
September 5, 2005... Hurricane Katrina may have borne a woman's name, but she was no lady. Just what an ugly mess she left behind was barely beginning to be apparent as PIW went to press last week, as oil and gas operators tried to reach remote facilities that were...

Upstream M&A activity rebounds worldwide.
September 12, 2005... Oil companies paid top dollar for oil and gas reserves last year, with deal making in Canada, the North Sea and US driving up purchase prices around the world. As commodity prices moved higher throughout 2004, coupled with higher finding and...

Major international oil and gas reserve deals in 2004 *.(Illustration)
September 12, 2005... MAJOR INTERNATIONAL OIL AND GAS RESERVE DEALS IN 2004 * Region/Buyers Sellers CANADA UTS Energy TrueNorth Energy Canadian Natural Resources Anadarko Progress Energy ...

Refinery deals focus on Asia-Pacific region.
September 12, 2005... Refinery transactions picked up last year, with most deals involving companies acquiring small stakes in plants, particularly in the booming Asia-Pacific region. Close to $5 billion in refinery transactions were completed in the US and abroad...

Paradigm shift needed for oil business.
September 19, 2005... A paradigm shift is urgently needed in the international oil industry to deal with the capacity constraints that confront both the upstream and the downstream sectors. Not only are the future production capabilities of Mideast Gulf countries...

Demand growth takes a knock from high prices.
September 19, 2005... Oil demand growth was not immune to higher oil prices after all. As more data become available and revisions fall into place, it has become clear that price elasticity is alive and kicking. Year-on-year demand growth did indeed slow when oil...

Majors balance pluses, minuses in Venezuela.
September 19, 2005... With global oil prices at historic highs, Venezuela is convinced it can reverse the famed oil "opening" of the 1990s so as to grab more revenue--and still get the help from international oil companies it needs to reach state Petroleos de...

Opec on the sidelines and liking it.
September 19, 2005... Oil markets will take little notice of Opec when ministers meet in Vienna this week because there is little that the producer group can do to affect prices. Opec has been effectively sidelined by high prices, its own lack of spare capacity and...

Chinese gas outlook soars with oil price.
September 19, 2005... High oil prices have China rethinking its energy strategy and projections for future natural gas consumption are rising sharply in the process. Interestingly, the main focus of gas demand growth as described by Beijing planners is not power...

Offshore drillers see many strong years ahead.
September 19, 2005... Noble's Max Smith semisubmersible is drilling a well in the deepwater Gulf of Mexico for BHP Billiton at a cost of $155,000 per day: Come January the rate jumps to $305,000/day, when it is contracted to start drilling for Amerada Hess. This big...

Refinery expansion finally picks up pace in US.
September 19, 2005... Expansion of US refining capacity is starting to pick up pace with a jump of over I million barrels per day now likely by the end of the decade. With exceptionally strong margins and a lot of focus on insufficient refining capacity in the past...

Europe--popular outcry over high gasoline prices in the wake of Hurricane Katrina is forcing oil companies to cut retail gasoline prices in response to government pressure (PIW Sept.5,p1).(GENERAL)
September 19, 2005... EUROPE -- Popular outcry over high gasoline prices in the wake of Hurricane Katrina is forcing oil companies to cut retail gasoline prices in response to government pressure (PIW Sept.5,p1). Total agreed to cut gasoline prices in the UK,...

IEA--the West's energy watchdog is having it both ways, intervening in the market while holding to its free-market principles.(GENERAL)(International Energy Agency)
September 19, 2005... IEA -- The West's energy watchdog is having it both ways, intervening in the market while holding to its free-market principles. In its latest monthly Oil Market Report, it took pains to emphasize reliance on market forces. The IEA "added...

Formula prices--Mexico increased its October discount for US-bound cargoes of its heavy sour Maya crude by almost $1/bbl following on the heels of similar Saudi cuts.(GENERAL)
September 19, 2005... FORMULA PRICES -- Mexico increased its October discount for US-bound cargoes of its heavy sour Maya crude by almost $1/bbl following on the heels of similar Saudi cuts. The larger discount reflects the downstream impact of Hurricane Katrina...

Industry restructuring--a consortium led by Turkey's largest conglomerate Koc Holding, and including Royal Dutch Shell, has made the winning bid of $4.14 billion in an auction for a 51% stake in Turkish oil refiner Tupras.(GENERAL)
September 19, 2005... INDUSTRY RESTRUCTURING -- A consortium led by Turkey's largest conglomerate Koc Holding, and including Royal Dutch Shell, has made the winning bid of $4.14 billion in an auction for a 51% stake in Turkish oil refiner Tupras. Canada's EnCana is...

Ecuador--as part of a strategy to focus on North America, Canadian EnCana is selling all of its oil and pipeline assets to a Chinese venture, Andes Petroleum, for approximately $1.42 billion.(COUNTRIES)
September 19, 2005... ECUADOR -- As part of a strategy to focus on North America, Canadian EnCana is selling all of its oil and pipeline assets to a Chinese venture, Andes Petroleum, for approximately $1.42 billion. The sale is the final step in EnCana's plan to...

Indonesia--State Pertamina and Exxon Mobil are set to sign an agreement to end the standoff over the Cepu oil development, whose estimated 180,000 bid of production should boost the country's flagging production.(COUNTRIES)
September 19, 2005... INDONESIA -- State Pertamina and Exxon Mobil are set to sign an agreement to end the standoff over the Cepu oil development, whose estimated 180,000 bid of production should boost the country's flagging production. State Secretary Yusril Ihza...

Kazakhstan--China National Offshore Oil Corp. (CNOOC) and China National Petroleum Corp. (CNPC) are to collaborate for the first time overseas, having signed a memorandum of understanding with Kazakh state-owned Kazmunaigas to explore for oil and gas in the northern Caspian Sea.(COUNTRIES)
September 19, 2005... KAZAKHSTAN -- China National Offshore Oil Corp. (CNOOC) and China National Petroleum Corp. (CNPC) are to collaborate for the first time overseas, having signed a memorandum of understanding with Kazakh state-owned Kazmunaigas to explore for oil...

Mexico--President Vicente Fox caught the energy sector by surprise last week by announcing plans to amend the constitution to allow private companies to invest in the exploration and production of nonassociated natural gas.(COUNTRIES)
September 19, 2005... MEXICO -- President Vicente Fox caught the energy sector by surprise last week by announcing plans to amend the constitution to allow private companies to invest in the exploration and production of nonassociated natural gas. The planned...

Oman--Muscat told its Asian customers it will cut crude exports by 20% next year in order to supply domestic refining needs, a move likely to introduce increased volatility to Asia's de facto sour crude benchmark grade.(COUNTRIES)
September 19, 2005... OMAN -- Muscat told its Asian customers it will cut crude exports by 20% next year in order to supply domestic refining needs, a move likely to introduce increased volatility to Asia's de facto sour crude benchmark grade. The cut is equivalent...

Russia--Moscow looks to be calling a halt to Gazprom's aggressive policy of expansion through acquisitions in order to give a fighting chance to the country's independent gas producers.(COUNTRIES)
September 19, 2005... RUSSIA -- Moscow looks to be calling a halt to Gazprom's aggressive policy of expansion through acquisitions in order to give a fighting chance to the country's independent gas producers. Acquiring controlling stakes in independent gas...

Russia--Lukoil is holding a $300 million tender to buy five ice-class tankers to shuttle crude from its Varandey terminal on the Arctic northern coast to the deepwater port of Murmansk.(COUNTRIES)
September 19, 2005... RUSSIA -- Lukoil is holding a $300 million tender to buy five ice-class tankers to shuttle crude from its Varandey terminal on the Arctic northern coast to the deepwater port of Murmansk. Lukoil is investing $620 million to expand Varandey's...

US--with retail gasoline prices soaring above $3/gallon in the wake of Hurricane Katrina, some state politicians responded to motorists' fears by cutting taxes and easing environmental rules.(COUNTRIES)
September 19, 2005... US -- With retail gasoline prices soaring above $3/gallon in the wake of Hurricane Katrina, some state politicians responded to motorists' fears by cutting taxes and easing environmental rules. However, the impact of such moves is modest and...

Uzbekistan--an international consortium including companies from China, Malaysia, South Korea and Russia has been set up to explore and develop oil and gas reserves in the Uzbek sector of the Aral Sea.(COUNTRIES)
September 19, 2005... UZBEKISTAN -- An international consortium including companies from China, Malaysia, South Korea and Russia has been set up to explore and develop oil and gas reserves in the Uzbek sector of the Aral Sea. China National Petroleum Corp.,...

Production recovery slows in Gulf of Mexico.(What's New Around the World)
September 19, 2005... By last week it was clear that the impact of Hurricane Katrina on Gulf of Mexico oil and gas production was far greater than any of her predecessors and that the loss would also likely be more lasting. Shut-in oil production had reached a...

Katrina's shadow.(Marketview)
September 19, 2005... NEW YORK -- In the immediate aftermath of Hurricane Katrina, all eyes were on US gasoline as it marched beyond $100/bbl. Quickly though, the focus has shifted from a supply shortage of gasoline to the tight market for middle distillates. Last...

Nymex versus IPE in London--first round.
September 19, 2005... London's fully electronic International Petroleum Exchange (IPE) futures market now has a local competitor, but it is not clear that the New York Mercantile Exchange's (Nymex) rival Brent futures contract that is trading by traditional open...

PIW market indicators.(Petroleum Intelligence Weekly)(Illustration)
September 19, 2005... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $56.28 $58.98 $58.49 UK Brent (Dated) 61.14 63.29 65.60...

Saudi Aramco sees big role for NOCs.
September 26, 2005... National oil companies will play an even greater role in the international petroleum business of the future as a direct reflection of their large resource endowments, Abdallah Jumah, president and chief executive of Saudi Aramco, predicts in an...

Hydro spends big to follow Statoil into US Gulf.
September 26, 2005... Norsk Hydro's $2.56 billion acquisition of US independent Spinnaker Exploration is intriguing on a couple of levels--for the strikingly aggressive valuation used by the Norwegian company, and for the apparent mimicking of rival Statoil's...

Katrina ignites market for clean tankers.
September 26, 2005... The Atlantic Basin clean tanker market is booming in the aftermath of Hurricane Katrina. Since the storm struck the Gulf of Mexico at the end of August, spot charter rates for product tankers to the US have soared by nearly 50% to $32,000 per...

Hurricanes wreak havoc on US natural gas.
September 26, 2005... Any expectations that North American natural gas storage inventories might still be adequate after the passage of Hurricane Katrina had to be demolished by the advent of the storm's even more menacing sister Rita. The Category 5 storm was...

US refiners run more gasoline, less distillate.
September 26, 2005... Hurricane Katrina's impact on US gasoline output, expected to be severe, has turned out to be manageable after all. Just before Hurricane Rita threatened more havoc on the Gulf Coast, US gasoline output was back to pre-Katrina levels, although...

Nymex faces skeptics with new Asia push.
September 26, 2005... No one disputes that futures markets bolster liquidity and stimulate trading in crude oil and oil products. But what works in North America and Europe does not transfer readily to Asia, which has a solid history of letting regionally based...

Technology key to the majors' upstream strategies.
September 26, 2005... Trends in upstream investment by the international oil majors are increasingly driven by technology--where the majors feel they have an edge. With more competition from national oil companies (NOCs) and emerging majors, technology is one of the...

Saudi Aramco's Jumah: we are doing our share.(Interview)
September 26, 2005... The high oil price, tightness across the supply chain and anxiety about the industry's ability to meet future demand has triggered a major capacity expansion by Saudi Arabia. Heading that expansion program is Saudi Aramco's President and Chief...

Corporate--with a $12 billion loan package to finance the acquisition of Sibneft completed last week, natural gas giant Gazprom expects to buy the oil firm by the end of the year.(GENERAL)
September 26, 2005... CORPORATE -- With a $12 billion loan package to finance the acquisition of Sibneft completed last week, natural gas giant Gazprom expects to buy the oil firm by the end of the year. "Negotiations [to buy Sibneft] are under way and I do hope...

Corporate--French Total is sticking to an investment benchmark of $25/bbl for assessing the profitability of potential new upstream projects--even though oil prices currently top $65--partly because of the spiraling cost of oil services.(GENERAL)
September 26, 2005... CORPORATE -- French Total is sticking to an investment benchmark of $25/bbl for assessing the profitability of potential new upstream projects--even though oil prices currently top $65--partly because of the spiraling cost of oil services (p1)....

IEA--the International Energy Agency does not rule out a further release of emergency oil inventories, following its agreement on the coordinated release of 60 million bbl after Hurricane Katrina, but insists this would have to be in response to a supply disruption and not any price trigger.(GENERAL)
September 26, 2005... IEA -- The International Energy Agency does not rule out a further release of emergency oil inventories, following its agreement on the coordinated release of 60 million bbl after Hurricane Katrina, but insists this would have to be in response...

Industry restructuring--Norway's Norsk Hydro has paid $2.56 billion to acquire US independent Spinnaker Exploration.(GENERAL)
September 26, 2005... INDUSTRY RESTRUCTURING -- Norway's Norsk Hydro has paid $2.56 billion to acquire US independent Spinnaker Exploration (p1). Greece's Vardinoyannis family has sold a 16.4% stake in the Greek refiner Motor Oil Hellas for 319 million ($387...

OPEC--in a symbolic gesture to appease consumers, the producer group is offering its remaining 2 million b/d of spare oil production capacity to any interested customers, setting aside its much-abused 28 million b/d production ceiling for three mouths from Oct. 1.(GENERAL)
September 26, 2005... OPEC -- In a symbolic gesture to appease consumers, the producer group is offering its remaining 2 million b/d of spare oil production capacity to any interested customers, setting aside its much-abused 28 million b/d production ceiling for...

Ecuador--just weeks after protestors shut down production, state oil company Petroecuador is planning to restart the bidding process for oil blocks to grow production at its marginal fields.(COUNTRIES)
September 26, 2005... ECUADOR -- Just weeks after protestors shut down production, state oil company Petroecuador is planning to restart the bidding process for oil blocks to grow production at its marginal fields. "We need to update some documents necessary for the...

India--UK independent Cairn Energy has hiked its reserve estimates for three large oil fields in Rajasthan, upgrading its combined oil-in-place estimate for the Mangala, Bhagyam and Aishwariya fields to 1.7 billion bbl of oil from 1.64 billion bbl, of which up to 685 million bbl is now thought to be recoverable.(COUNTRIES)
September 26, 2005... INDIA -- UK independent Cairn Energy has hiked its reserve estimates for three large oil fields in Rajasthan, upgrading its combined oil-in-place estimate for the Mangala, Bhagyam and Aishwariya fields to 1.7 billion bbl of oil from 1.64...

Iran--China National Petroleum Corp. (CNPC) has joined the already crowded field of contenders to develop the onshore Yadavaran field, which is touted as a potential 300,000 b/d producer at its peak.(COUNTRIES)
September 26, 2005... IRAN -- China National Petroleum Corp. (CNPC) has joined the already crowded field of contenders to develop the onshore Yadavaran field, which is touted as a potential 300,000 b/d producer at its peak. National Iranian Oil Co. (NIOC) has...

Libya--the offshore Bahr Essalam gas field came on stream last month--marking the second phase of the giant Western Libya Gas Project, a joint venture of state National Oil Corp. and Italy's Eni.(COUNTRIES)
September 26, 2005... LIBYA -- The offshore Bahr Essalam gas field came on stream last month--marking the second phase of the giant Western Libya Gas Project, a joint venture of state National Oil Corp. and Italy's Eni. If called for, the gas could enable exports...

Mexico--oil and gas production bounced back in August from the shut-ins related to Hurricane Emily's visit to the Bay of Campeche in July, but oil exports remained relatively low as ports to the north had their own weather problems last month.(COUNTRIES)
September 26, 2005... MEXICO -- Oil and gas production bounced back in August from the shut-ins related to Hurricane Emily's visit to the Bay of Campeche in July, but oil exports remained relatively low as ports to the north had their own weather problems last...

Russia--gas behemoth Gazprom has taken another step in its ambitious plan to become an LNG player, last week shortlisting Norway's Norsk Hydro and Statoil, Chevron, ConocoPhillips and French Total as potential partners in the development of the Shtokmanovskoye gas field in the Barents Sea.(COUNTRIES)
September 26, 2005... RUSSIA -- Gas behemoth Gazprom has taken another step in its ambitious plan to become an LNG player, last week shortlisting Norway's Norsk Hydro and Statoil, Chevron, ConocoPhillips and French Total as potential partners in the development of...

South Korea--crude imports edged higher in August to an average of 2.21 million b/d, masking some hefty gains in supplies from Qatar and Oman.(COUNTRIES)
September 26, 2005... SOUTH KOREA -- Crude imports edged higher in August to an average of 2.21 million b/d, masking some hefty gains in supplies from Qatar and Oman. The rise of just 16,000 b/d was only 0.8% higher than the year-ago level. Saudi Arabia held its top...

Thailand--local oil company PTT is planning to list its Rayong refinery on the Thailand Stock Exchange independently after talks of a possible merger with Chevron's Star refinery fell through.(COUNTRIES)
September 26, 2005... THAILAND -- Local oil company PTT is planning to list its Rayong refinery on the Thailand Stock Exchange independently after talks of a possible merger with Chevron's Star refinery fell through. The Rayong company operates a 145,000 b/d...

United States--Canada was the top crude supplier with 1.613 million b/d in July, when crude imports were lower than last year but products reached records, in a sign that refiners can't keep pace with rising demand.(COUNTRIES)
September 26, 2005... UNITED STATES -- Canada was the top crude supplier with 1.613 million b/d in July, when crude imports were lower than last year but products reached records, in a sign that refiners can't keep pace with rising demand. While crude imports were...

Don't hold your breath for Iraqi recovery.
September 26, 2005... Iraq is unlikely to see any major change in its current 2.2 million b/d of production capacity or in the paralysis of its northern export route until late 2006 or early 2007, according to former Oil Minister Thamer al-Ghadban. Politics and...

Stormy outlook.(Marketview)
September 26, 2005... WASHINGTON -- Last September, in the trading session fight before Hurricane Ivan roared through the US Gulf Coast and wreaked havoc on refineries and oil and gas fields, crude futures on the New York Mercantile Exchange (Nymex) sold off by...

Nymex takes first step on path to an IPO.
September 26, 2005... The New York Mercantile Exchange (Nymex) has signed a nonbinding letter of intent with General Atlantic, a global private equity firm, under which the latter will invest $135 million for a 10% stake in the world's largest energy exchange. The...

PIW market indicators.(Illustration)
September 26, 2005... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $58.30 $56.60 $60.58 UK Brent (Dated) 63.74 61.11 66.37...