Petroleum Intelligence Weekly articles from September 2006

Petroleum Intelligence Weekly archives from September 2006

Big oil lands surer payback in deepwater.
September 4, 2006... Total is out to make a name for itself in the deepwater Gulf of Mexico, where it is playing catch up with long-time deepwater experts BP and Royal Dutch Shell in the oil-rich region. The French major snapped up 20 deepwater tracts at last...

Europe sees it two ways with Gazprom.
September 4, 2006... The conflicted state of relations between Russia's Gazprom and its long-standing West European customers was strikingly evident last week--not only in new gas supply deals struck with Germany's E.On Ruhrgas but also in contrary lobbying by Gaz...

Morales moves to buck up Bolivia reform.
September 4, 2006... Bolivia's renationalization process has made little progress in the four months since leftist President Evo Morales dramatically ordered the army to move into oil and natural gas fields operated by private companies. Hobbled by lack of funds...

Costs cramp Canada's oil sands growth.
September 4, 2006... Canadian oil sands producers expect to be delivering around 3 million barrels per day of synthetic crude by 2015, up from about 1.2 million b/d anticipated this year. The question is, what happens after that? Most of the prime lands already...

Austria's OMV sees dark side of acquisitions.
September 4, 2006... Acquisitions have proved the quickest route to growth for many oil companies in recent years--but they aren't always easy. Austria's OMV has splashed out with the aim of becoming the biggest refiner in Central and Eastern Europe, but its...

Panel pricing of Asian crude under scrutiny.
September 4, 2006... A small tweak in Indonesia's formula for setting its monthly official crude selling price has revived a long-standing debate about flaws in Asia's homegrown crude oil benchmarks--notably their thin base of trade and the region's unusual...

CEO interview: Norsk Hydro's Eivind Reiten.(Interview)
September 4, 2006... Norway's Norsk Hydro has undergone some serious changes in recent years, divesting its fertilizer business to concentrate on petroleum and aluminum, and making a big--and expensive--splash in the US Gulf last year with its $2.56 billion...

Ormen Lange bucks trend on costs.
September 4, 2006... Norway's Ormen Lange gas field development and its associated Langeled pipeline to the UK have bucked the recent industry trend of rising costs and project budget overruns (PIW Aug.28,p1). Ormen Lange costs will not exceed its $10.5 billion...

Corporate--the cooperation plans between ConocoPhillips and Lukoil are progressing at a modest pace, starting with a deal providing the Russian major with favorable terms at US' Conoco's European refineries.(GENERAL)
September 4, 2006... CORPORATE -- The cooperation plans between ConocoPhillips and Lukoil are progressing at a modest pace, starting with a deal providing the Russian major with favorable terms at US' Conoco's European refineries. The duo expect to firm up their...

Corporate--in a bid to bulk up in the US Gulf, Australia's Woodside made an unsoficited $883 million offer for US Energy Partners last week.(GENERAL)
September 4, 2006... CORPORATE -- In a bid to bulk up in the US Gulf, Australia's Woodside made an unsoficited $883 million offer for US Energy Partners last week. If accepted, the acquisition would help diversify Woodside's output and restore its production growth...

Industry restructuring--US refiner Western Resources is buying rival Giant Industries for $1.5 billion.(Brief article)
September 4, 2006... INDUSTRY RESTRUCTURING -- US refiner Western Resources is buying rival Giant Industries for $1.5 billion. The deal will make Western the fourth-largest independent refiner in the US with 216,000 b/d of capacity, behind Valero, Sunoco and...

Australia--Japanese upstream firm Inpex has reached a deal to sell a 24% stake of its holding in the Ichthys field in Western Australia to French major Total.(Ichthys field in Western Australia)(Brief article)
September 4, 2006... AUSTRALIA -- Japanese upstream firm Inpex has reached a deal to sell a 24% stake of its holding in the Ichthys field in Western Australia to French major Total. Block WA 285-P is located in approximately 250 meters of water offshore...

Canada--EnCana has dramatically revised the production scheme for the long-awaited Deep Panuke gas field offshore Nova Scotia after detailed engineering and geological analyses of the complex project.(COUNTRIES)
September 4, 2006... CANADA -- EnCana has dramatically revised the production scheme for the long-awaited Deep Panuke gas field offshore Nova Scotia after detailed engineering and geological analyses of the complex project. The company tells PIW that studies showed...

Chad--President Idriss Deby is making a grab to divert more oil money to state coffers.(COUNTRIES)
September 4, 2006... CHAD -- President Idriss Deby is making a grab to divert more oil money to state coffers. Last week, he declared that due to their nonpayment of $480 million in taxes Malaysian Petronas and US' Chevron would be evicted from the consortium that...

China--offshore specialist China National Offshore Oil Corp. (CNOOC) raised production by 7.2% to 74.4 million boe (411,000 boe/d) in the first half of the year, despite the loss of more than 2 million bbl of gross production due to typhoons.(COUNTRIES)
September 4, 2006... CHINA -- Offshore specialist China National Offshore Oil Corp. (CNOOC) raised production by 7.2% to 74.4 million boe (411,000 boe/d) in the first half of the year, despite the loss of more than 2 million bbl of gross production due to typhoons....

China--crude imports totaled 2.52 million b/d in July, down 2.6% from a year ago, according to the latest customs data.(COUNTRIES)
September 4, 2006... CHINA -- Crude imports totaled 2.52 million b/d in July, down 2.6% from a year ago, according to the latest customs data. Angola remained the largest supplier, increasing by 7.4% to 406,000 b/d, followed by Saudi Arabia whose imports fell 35.1%...

Egypt--state-owned Egyptian General Petroleum last month tendered six oil exploration blocks in its 2006 licensing round, for which bids are due Nov. 7.(COUNTRIES)
September 4, 2006... EGYPT -- State-owned Egyptian General Petroleum last month tendered six oil exploration blocks in its 2006 licensing round, for which bids are due Nov. 7. The acreage includes two offshore Gulf of Suez blocks--East Kheir Block 1 and North Ras...

Iran--the threat of eventual UN sanctions intensified after Tehran refused to accept the Aug. 31 deadline set down by the UN Security Council for it to suspend enrichment of uranium.(COUNTRIES)
September 4, 2006... IRAN -- The threat of eventual UN sanctions intensified after Tehran refused to accept the Aug. 31 deadline set down by the UN Security Council for it to suspend enrichment of uranium. Any ensuing sanctions are thought unlikely to target the...

Japan--crude imports were slightly over 4 million bid in July, down 2.1% from a year ago.(COUNTRIES)
September 4, 2006... JAPAN -- Crude imports were slightly over 4 million bid in July, down 2.1% from a year ago, The strongest declines were from the Neutral Zone and Iran. On the other hand, volumes from the United Arab Emirates surged 41% to 1.13 million b/d and...

Libya--bidding parameters for the third open-bid licensing round, announced by state National Oil earlier this month, have been broadened to include a minimum work program.(COUNTRIES)
September 4, 2006... LIBYA -- Bidding parameters for the third open-bid licensing round, announced by state National Oil earlier this month, have been broadened to include a minimum work program. While it makes the process a little more complex, it will also give...

Poland--state refiner the Lotos Group has signed a deal to purchase 1 million bbl of crude from Kuwait Petroleum in a move to lower the Polish company's dependence on oil from Russia, whose reliability as an energy supplier has been again been called into question by the shutoff of supplies to Lithuania (p9).(COUNTRIES)
September 4, 2006... POLAND -- State refiner the Lotos Group has signed a deal to purchase 1 million bbl of crude from Kuwait Petroleum in a move to lower the Polish company's dependence on oil from Russia, whose reliability as an energy supplier has been again...

Russia--despite a total shutoff of pipeline crude oil deliveries to Lithuania, Moscow is managing to maintain its seaborne export volumes by pushing record volumes out of the Baltic port of Primorsk, which is slated to see 1.432 million bid (5.861 million tons) in September.(COUNTRIES)
September 4, 2006... RUSSIA -- Despite a total shutoff of pipeline crude oil deliveries to Lithuania, Moscow is managing to maintain its seaborne export volumes by pushing record volumes out of the Baltic port of Primorsk, which is slated to see 1.432 million bid...

One year on, US Gulf still reeling from Katrina.(Pipelines damaged)(federal Minerals Management Service)
September 4, 2006... A slower than expected start to the 2006 Atlantic hurricane season has come as a relief for the Gulf of Mexico--still reeling from Hurricanes Katrina and Rita last year and Hurricane Ivan the year before. "The effects of these storms is still...

Cold comfort.(Marketview)
September 4, 2006... WASHINGTON -- Last year at this time, oil and product prices spiked in reaction to the havoc wrought by Hurricane Katrina on oil and gas facilities on the US Gulf Coast. Lately, however, crude oil prices have been falling, sliding by as much as...

US regulators examining BP trading.(Marketview)
September 4, 2006... London-based supermajor BP said last week that US regulators are investigating its role in possible price manipulation in the global over-the-counter (OTC) crude oil market in 2003 and 2004. The US Commodity Futures Trading Commission (CFTC)...

PIW market indicators.(Spot Crude)(Statistical table)
September 4, 2006... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $65.53 $67.64 $71.72 UK Brent (Dated) 67.30 71.59 ...

Lower tertiary play looks like a winner.(ultradeep shelf wells )
September 11, 2006... Simplistic comparisons with Alaska's giant Prudhoe Bay field were wide of the mark, but the successful test of the Jack discovery in the deepwater US Gulf of Mexico is still a pretty big deal. By showing that Jack can sustain commercial rates...

Iran speeds up deals to foil sanctions.
September 11, 2006... Faced with the prospect of sanctions over its refusal to suspend enrichment of uranium, Iran is speeding up efforts to sign major upstream deals with state-backed companies from Japan and China in the hope that it will split the UN Security...

Opec enjoys life in the comfort zone.
September 11, 2006... Opec has been on autopilot since suspending production quotas a year ago and is likely to sit tight this week when ministers meet again in Vienna. Global oil supply pressures have long since eased, but not much else has changed. There are some...

Diesel, weather color heating oil outlook.
September 11, 2006... US heating oil consumers may get a break this year if no hurricane disrupts supplies on the US Gulf Coast, as has happened for the past two years. Nonetheless, the middle distillate market--which includes diesel and heating oil--is the tightest...

Caracas pushes takeover of Orinoco assets.
September 11, 2006... Venezuela's vast heavy crude reserves ought to be a magnet for investment at a time of high international oil prices. But the government's continuing campaign to crank up taxes and cut down foreign ownership is deterring any serious interest....

Turkmen gas gets price boost from Gazprom.
September 11, 2006... Has Gazprom's winning streak really come to an end? In a major effort to avoid a repeat of last winter's natural gas supply disruptions, the Russian behemoth has bowed to Turkmenistan's demands and will pay nearly 70% more for the top Central...

Asia, Mideast float futures contracts, again.
September 11, 2006... Previous efforts to set up energy futures markets in Asia and the Mideast Gulf have flopped, so are the latest initiatives to launch fuel oil futures contracts in Dubai and Singapore any more likely to succeed? In their favor, there is...

Corporate--share values of the oil majors and leading independent producers took a beating in August as oil prices retreated from their recent records.(GENERAL)
September 11, 2006... CORPORATE--Share values of the oil majors and leading independent producers took a beating in August as oil prices retreated from their recent records. Stock prices slid by as little as 0.1% in the case of super-major Exxon Mobil to as much as...

Futures--the Dubai Mercantile Exchange (DME) will launch Brent-Oman and WTI-Oman spread contracts when the Oman Crude Oil Futures Contract starts trading in the fourth quarter of this year.(GENERAL)
September 11, 2006... FUTURES--The Dubai Mercantile Exchange (DME) will launch Brent-Oman and WTI-Oman spread contracts when the Oman Crude Oil Futures Contract starts trading in the fourth quarter of this year. The spread contracts are aimed at enhancing liquidity...

Formula prices--Saudi Arabia adjusted its October term contract price formulas by easing the differentials for exports to the US, while tightening most of the differentials to Europe.(US benchmark price)(Brief article)
September 11, 2006... FORMULA PRICES--Saudi Arabia adjusted its October term contract price formulas by easing the differentials for exports to the US, while tightening most of the differentials to Europe. Asian differentials were tightened for lighter grades and...

Industry restructuring--French oil-field services company Compagnie Generale de Geophysique (CGG) is set to purchase Houston-based Veritas DGC in a deal worth $3.1 billion, creating the world's largest seismic services business.(GENERAL)
September 11, 2006... INDUSTRY RESTRUCTURING--French oil-field services company Compagnie Generale de Geophysique (CGG) is set to purchase Houston-based Veritas DGC in a deal worth $3.1 billion, creating the world's largest seismic services business. Talisman Energy...

Pipelines--President Vladimir Putin has thrown Russia's weight behind the proposed Bourgas-Alexandroupolis oil pipeline, which is intended to bypass Turkey's congested Bosporus waterway between the Black Sea and the Mediterranean.(GENERAL)
September 11, 2006... PIPELINES--President Vladimir Putin has thrown Russia's weight behind the proposed Bourgas-Alexandroupolis oil pipeline, which is intended to bypass Turkey's congested Bosporus waterway between the Black Sea and the Mediterranean. During a...

Australia--the North West Shelf (NWS) LNG consortium has approved a 21% increase in costs for the construction of a fifth train at its onshore gas plant, pumping up the project budget to A$2.4 billion (US$1.9 billion) from A$2 billion (US$1.5 billon).(COUNTRIES)
September 11, 2006... AUSTRALIA -- The North West Shelf (NWS) LNG consortium has approved a 21% increase in costs for the construction of a fifth train at its onshore gas plant, pumping up the project budget to A$2.4 billion (US$1.9 billion) from A$2 billion (US$1.5...

India--the export-oriented refining complex at Jamnagar in the western state of Gujarat will hit critical mass later this year with the much-delayed opening of the refinery being built by private industrial group Essar Oil.(COUNTRIES)
September 11, 2006... INDIA -- The export-oriented refining complex at Jamnagar in the western state of Gujarat will hit critical mass later this year with the much-delayed opening of the refinery being built by private industrial group Essar Oil. When combined with...

Iraq--the Papua New Guinea explorer Oil Search is the latest recruit to join the oil exploration drive in the Kurdistan region of northern Iraq.(COUNTRIES)
September 11, 2006... IRAQ -- The Papua New Guinea explorer Oil Search is the latest recruit to join the oil exploration drive in the Kurdistan region of northern Iraq. The company has acquired a 20% stake in A&T Petroleum, a wholly owned subsidiary of Turkish firm...

Iraq--plans by the State Oil Marketing Organization (Somo) to resume sales of Kirkuk crude after a two-month stoppage on the northern export pipeline could boost overall exports for September to 1.93 million b/d, well above the target of 1.8 million b/d.(COUNTRIES)
September 11, 2006... IRAQ -- Plans by the State Oil Marketing Organization (Somo) to resume sales of Kirkuk crude after a two-month stoppage on the northern export pipeline could boost overall exports for September to 1.93 million b/d, well above the target of 1.8...

Libya--the government has set up an Oil and Gas Affairs Council to review and assess exploration programs and oversee state National Oil Corp. (NOC), according to state news agency Jana.(COUNTRIES)
September 11, 2006... LIBYA -- The government has set up an Oil and Gas Affairs Council to review and assess exploration programs and oversee state National Oil Corp. (NOC), according to state news agency Jana. The council will present resolutions to the General...

Russia--in an about-tarn, Lukoil is reconsidering exercising its option on a 20% stake in the Kharyaga oil project operated by France's Total in the giant Timan-Pechora oil province.(COUNTRIES)
September 11, 2006... RUSSIA -- In an about-tarn, Lukoil is reconsidering exercising its option on a 20% stake in the Kharyaga oil project operated by France's Total in the giant Timan-Pechora oil province. This would reverse previous advice that Lukoil had no...

Russia--crude exports slipped again in August following pipeline monopoly Transneft's cutoff in supplies to Lithuania after a minor breach in its export pipeline.(COUNTRIES)
September 11, 2006... RUSSIA -- Crude exports slipped again in August following pipeline monopoly Transneft's cutoff in supplies to Lithuania after a minor breach in its export pipeline. State-run Rosneft, the largest supplier to Lithuania, made only partial use of...

United Kingdom--the largest discovery since the Buzzard field five years ago has given a late-hour boost to exploration prospects in the mature North Sea.(COUNTRIES)
September 11, 2006... UNITED KINGDOM -- The largest discovery since the Buzzard field five years ago has given a late-hour boost to exploration prospects in the mature North Sea. A sidetrack from an initial exploration well drilled earlier this year has confirmed a...

United States--a fairly standard crude import picture in June was noteworthy for the strength of sweet and light oil, with high-gasoline-yielding grades such as Algeria's Saharan Blend faring particularly well.(COUNTRIES)
September 11, 2006... UNITED STATES -- A fairly standard crude import picture in June was noteworthy for the strength of sweet and light oil, with high-gasoline-yielding grades such as Algeria's Saharan Blend faring particularly well. Imports from Algeria had an...

Global supply goes on holiday in August.(What's New Around the World)
September 11, 2006... Global oil supplies took a large step backward in August, according to initial soundings by PIW. The normal bout of heavy North Sea maintenance, BP's unexpected struggles in Alaska and another dip in Nigerian loadings pushed global oil output...

War weary.(Marketview)(oil market )
September 11, 2006... NEW YORK -- The terrorist attacks on Sep. 11, 2001 spared the building housing the New York Mercantile Exchange (Nymex) just a block away, but the oil market hasn't been the same since. Geopolitical risks flowing from the attacks--among other...

Gasoline Arb shuts, crack spreads tumble.
September 11, 2006... The precipitous drop in gasoline prices over the past month on the New York Mercantile Exchange (Nymex) has sent crack spreads crashing and closed the trans-Atlantic arbitrage. On Sep. 5, the unleaded gasoline crack spread closed at 55...

PIW market indicators.(Futures markets)(Statistical table)
September 11, 2006... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $63.76 $65.40 $68.12 UK Brent (Dtd.) 65.59 67.34 ...

Opec opts for vagueness in targets, methods.
September 18, 2006... First the oil majors went fuzzy with output targets, and now Opec has followed suit. Having dropped country quotas 12 months ago, the producer group last week dumped its output ceiling too. Such postmodern vagueness leaves Opec with no live...

Global refining tightness seen for next 20 years.
September 18, 2006... Downstream constraints have been one of the major factors--if not the major factor--behind record crude oil and products prices over the past few years, and they will ease neither quickly nor cheaply. With economic growth still stoking demand,...

Rig deals run deep into next decade.
September 18, 2006... How keen are upstream companies to get their hands on scarce deepwater drilling rigs? Keen enough in some cases to sign contracts that run into the second half of the next decade. Upstream companies are looking increasingly to deepwater...

Siberian light exports to wither away.
September 18, 2006... Exports of Siberian Light crude oil are set to vanish as plans gather pace to turn the Russian Black Sea port of Tuapse--the export outlet for Russia's premium crude export grade--into a major oil products export hub. Driven by Moscow's...

Opec sticks with US dollar investments.
September 18, 2006... Opec oil producers seem quite content in their marriage to US investment and the dollar, the currency in which oil is denominated, despite the dollar's weakness this year and contentious politics between the US and the Middle East. As recently...

Iran faces a gasoline time bomb.(gasoline demand)
September 18, 2006... With revenues from its 2.5 million barrels per day of crude exports set to exceed the $50 billion mark this year, Iran--like most Opec producers--is enjoying a financial windfall. But a growing chunk of Iran's oil revenues are being absorbed by...

Indonesia plays rough with IOCs on gas.
September 18, 2006... News that the Indonesian government is threatening to snatch Exxon Mobil's giant Natuna D-Alpha gas field unless it starts long-delayed development work throws into relief the country's topsy-turvy gas policies. In a situation common across the...

EU--BP, Kuwait Petroleum, Royal Dutch Shell, Total and Germany's Wintershall were among 14 firms fined a total of 266.7 million [euro] ($339 million) by the European Commission for operating a road bitumen cartel.(GENERAL)
September 18, 2006... EU -- BP, Kuwait Petroleum, Royal Dutch Shell, Total and Germany's Wintershall were among 14 firms fined a total of 266.7 million [euro] ($339 million) by the European Commission for operating a road bitumen cartel. In a four-year...

Industry restructuring--Canada's Addax Petroleum has completed its purchase of Pan-Ocean Energy for C$1.6 billion (US$1.4 billion) in cash (PIW Jul.31,p6).(GENERAL)
September 18, 2006... INDUSTRY RESTRUCTURING--Canada's Addax Petroleum has completed its purchase of Pan-Ocean Energy for C$1.6 billion (US$1.4 billion) in cash (PIW Jul.31,p6). The purchase makes Addax one of the largest independent producers in West Africa....

IEA--the International Energy Agency added to the oil market's bearish tone with a downward revision in its demand outlook and an upward adjustment to Opec's estimated July crude production.(GENERAL)
September 18, 2006... IEA--The International Energy Agency added to the oil market's bearish tone with a downward revision in its demand outlook and an upward adjustment to Opec's estimated July crude production. In its latest monthly report, the IEA trimmed 100,000...

Formula prices--Mexico narrowed its discount for October of its heavy, sour Maya crude bound to the US Gulf Coast, while widening its price differential for Maya deliveries to the US West Coast from--$11.00 to -$11.25.(GENERAL)
September 18, 2006... FORMULA PRICES--Mexico narrowed its discount for October of its heavy, sour Maya crude bound to the US Gulf Coast, while widening its price differential for Maya deliveries to the US West Coast from-$11.00 to -$11.25. The discount for...

Chad--US major Chevron can continue operating here after agreeing to pay the taxes the government says it owes the Central African state.(COUNTRIES)
September 18, 2006... CHAD--US major Chevron can continue operating here after agreeing to pay the taxes the government says it owes the Central African state. President Idriss Deby last month ordered Chevron and Malaysia's Petronas to leave the country for failing...

China--the giant West-East gas pipeline will have its capacity expanded from a current 12 Bcm/yr to 17 Bcm/yr.(COUNTRIES)
September 18, 2006... CHINA -- The giant West-East gas pipeline will have its capacity expanded from a current 12 Bcm/yr to 17 Bcm/yr. China National Petroleum Corp. (CNPC) will invest $540 million in the expansion, increasing the number of pumping stations along...

Mexico--President-elect Felipe Calderon said his campaign pledge to amend the country's constitution to allow foreign investments in the country's energy sector is no longer a priority, and he plans instead to give priority to fighting poverty and curbing unemployment.(COUNTRIES)
September 18, 2006... MEXICO -- President-elect Felipe Calderon said his campaign pledge to amend the country's constitution to allow foreign investments in the country's energy sector is no longer a priority, and he plans instead to give priority to fighting...

Oman--the government is planning to launch a new industrial zone at Duqum in the southeast, centered on a new export refinery, according to local sources.(COUNTRIES)
September 18, 2006... OMAN -- The government is planning to launch a new industrial zone at Duqum in the southeast, centered on a new export refinery, according to local sources. The plan is similar to a project at Sohar in the north, where a new refinery is poised...

Russia--the Industry and Energy Ministry has decided to rework its energy development strategy and extend the plan's lifespan by 10 years to 2030.(COUNTRIES)(Brief article)
September 18, 2006... RUSSIA -- The Industry and Energy Ministry has decided to rework its energy development strategy and extend the plan's lifespan by 10 years to 2030. The current plan, created in 2003, has been made obsolete by significant economic changes both...

Russia--Gazprom and Eni have set the foundation for a broad-based new agreement that is expected to give Gazprom its long-sought entry into the Italian downstream sector while granting Eni a share in upstream development in Russia.(COUNTRIES)
September 18, 2006... RUSSIA -- Gazprom and Eni have set the foundation for a broad-based new agreement that is expected to give Gazprom its long-sought entry into the Italian downstream sector while granting Eni a share in upstream development in Russia. Following...

Russia--the Natural Resources Ministry has rejected an initial request by Exxon Mobil to automatically expand the boundaries of the Sakhalin-1 project on the Pacific shelf to include potential new reserves that the US supermajor says are part of the same geographic structure.(COUNTRIES)
September 18, 2006... RUSSIA -- The Natural Resources Ministry has rejected an initial request by Exxon Mobil to automatically expand the boundaries of the Sakhalin-1 project on the Pacific shelf to include potential new reserves that the US supermajor says are part...

Singapore--Nymex will launch its Singapore 380 cst fuel oil futures contract on Sep. 24, the first contract to book out against physical delivery outside of the US.(COUNTRIES)
September 18, 2006... SINGAPORE -- Nymex will launch its Singapore 380 cst fuel oil futures contract on Sep. 24, the first contract to book out against physical delivery outside of the US. Physical cargoes will be delivered in Singapore, with contract size at 100...

South Korea--in a bid to spur overseas oil investments, the government plans to launch a fund in November for financing overseas oil projects and acquisitions.(COUNTRIES)(Brief article)
September 18, 2006... SOUTH KOREA -- In a bid to spur overseas oil investments, the government plans to launch a fund in November for financing overseas oil projects and acquisitions. The fund would have an initial funding of 200 billion won ($208 million). The...

United States--the Bush Administration has proposed easing clean air rules to encourage refinery expansion and to boost investment in clean, energy-saving technologies.(COUNTRIES)
September 18, 2006... UNITED STATES -- The Bush Administration has proposed easing clean air rules to encourage refinery expansion and to boost investment in clean, energy-saving technologies. The revisions to the Clean Air Act's New Source Review (NSR) program...

Iraqi Kurds publish final petroleum law.(What's New Around The World)
September 18, 2006... The Kurdistan Regional Government (KRG) has published its final draft of a petroleum law for Kurdistan and says a revised model production sharing contract will be released soon. Initial drafts of both documents were posted on the KRG website...

Bears be wary.(Marketview)
September 18, 2006... London--In what is turning out to be the most spectacular crash since the autumn of 2004, Brent crude prices have lost almost $15/bbl, or about 18%, over the past month, while West Texas Intermediate (WTI) has suffered a slightly more modest...

E-trading on ICE, Nymex hits new highs.
September 18, 2006... Energy derivatives marketplaces IntercontinentalExchange (ICE) and Nymex achieved new daily records for electronic trade of petroleum futures contracts as prices fell last week and funds exited the markets. ICE said its exchange-wide...

PIW market indicators.(Statistical table)
September 18, 2006... PIW Market Indicators Last 2 Weeks 4 Weeks Spot Crude Week Ago Ago Opec Basket $60.20 $63.18 $67.64 UK Brent (Dated) 62.40 65.26 71.59...

Supermajor model in need of a makeover.(national oil companies)
September 25, 2006... Contract rows in Russia, technical troubles in the US Gulf--it's no fun being a supermajor. It wasn't meant to be like this, of course. When the industry's new top tier was conceived in the consolidation frenzy of the late 1990s, the thinking...

Libya opens the door, sees limits to growth.(crude oils prices)
September 25, 2006... Opec oil ministers are reluctant to name price targets in today's market but Libya's top oilman is at least prepared to venture a view. Based on the fundamentals, Shokri Ghanem, the chairman of Libya's National Oil Corp. (NOC) believes the end...

Upstream spend soars, reserves fail to rise.
September 25, 2006... Upstream capital spending hit an all-time high in 2005, there is every indication that the industry will easily spend more this year. But the additional dollars are not translating into significant oil reserve growth, increasing concern that...

Long-term view still holds, but investors sour.
September 25, 2006... When the price of oil moves sharply to the downside, it is easy for analysts and traders to get caught up in the hype and declare the bull run to be over. Conversely, when prices are skyrocketing, the narrative sticks to the onward march...

Gazprom's LNG plans hinge on Sakhalin.
September 25, 2006... The issue of LNG development is coming to a head in Russia, as the Kremlin and state-controlled Gazprom twist Royal Dutch Shell's arm to force it to come to terms on the Sakhalin-2 project. Over the past few years Gazprom has been trying to get...

China rekindles interest in offshore.
September 25, 2006... Is China's deepwater shaping up as a hot new play? A recent natural gas find by Husky Energy has sparked renewed interest and China National Offshore Oil Corp. (CNOOC) has stoked it further with claims that its offshore discoveries to date...

Despite setbacks, supply set to outrun demand.(report of oil prices )
September 25, 2006... Until a few weeks ago, the global supply and demand balance for next year seemed pretty loose with a substantial crude oil overhang looming. This was before some setbacks lowered the projected volume on the supply side and an unexpected drop in...

Libya NOC's Shokri Ghanem: let the sunshine in.(National Oil Corp.)(Interview)
September 25, 2006... Libya has been transformed from a pariah state into one of the few Opec countries offering tempting new opportunities for international oil companies. Two licensing rounds with a third underway have attracted the majors, supermajors, leading...