The Oil Daily back issues from January 2006:
E&P firms to see cash flow shrink in '06.(exploration and production)
Jan 03, 2006; ... Energy analysts at Merrill Lynch believe 2006 will be a good year for North American exploration and production companies, but they do not expect them to fare as well they did in 2005 when they benefited from a "perfect pricing storm." "In fact, fiscal results could be ...
Petrobras stays hot with three more finds.(Petroleo Brasileiro S.A.)
Jan 03, 2006; ... Brazil's Petrobras ended 2005 on a high note with the announcement of three significant offshore oil and gas discoveries late last week. The news came close on the heels of a Petrobras announcement on Dec. 27 of the giant Papa-Terra discovery in the Campos Basin where reserves are ...
PetroChina unlikely to be reimbursed for downstream losses.(PetroChina Company Ltd.)
Jan 03, 2006; ... The Chinese government is unlikely to award PetroChina a comparable payout as has been granted to rival state refiner Sinopec to cover refinery losses from state intervention in market prices, analysts said Friday. The Ministry of Finance awarded Sinopec a one-time 10 billion ...
Crude market ends year with rally: Traders eye uncertain '06.(demand of petroleum)
Jan 03, 2006; ... Hurricanes take the prize for propelling crude prices to an all-time high of $70.85 per barrel in 2005, overshadowing even speculators and Chinese demand, which, to a large extent, supported the market the previous year. However, in 2006 Opec and the economy could play a bigger ...
Daily oil & gas price review: prices for Friday, December 30, 2005.(Statistical table)
Jan 03, 2006 ... <Pre> Daily Oil & Gas Price Review Prices for Friday, December 30, 2005 US Domestic Crudes ($/barrel) Crude Oil [GRAPHIC OMITTED] Cash/Spot ChangeSpot Price 5-Day Avg. Month-Ago WTS (Midland) +0.8455.8653.9153.39 LLS ...
Return of cold weather expected to trigger natural gas rally after big sell off.
Jan 03, 2006; ... Despite last week's deep sell-off of the February gas futures contract - which created more than $3 of losses in three days and put gas prices south of $11 - it appears market bulls could be set to stage a comeback on revised frigid weather forecasts. "Most of the US and ...
US rig count falls by four.(Baker Hughes drilling report)(Brief article)
Jan 03, 2006 ... The number of rigs searching for oil and gas in the US fell by four to 1,471 last week, oil services firm Baker Hughes said Friday. During the same week last year, there were 1,243 rigs at work. The number of rigs searching for oil in the US fell by eight to 235. The number of ...
Repsol converts PDV contract.(Top Briefs)(Repsol YPF S.A. (Madrid, Spain), Petroleos de Venezuela)(Brief article)
Jan 03, 2006 ... Spanish oil company Repsol YPF agreed to convert a Venezuelan oil field operating contract into a joint venture where the government will hold a controlling share, the Venezuelan government announced Friday. Prior to signing off on the new deal, Repsol bought out the 25% share ...
Chalabi assumes oil control.(Top Briefs)(Ahmad Chalabi )
Jan 03, 2006 ... Iraq's Deputy Prime Minister Ahmad Chalabi has assumed direct control of the powerful oil ministry as crude exports ground to a halt due to sabotage attacks and logistics problems, officials said on Friday. Chalabi, who has been improving his relations with Washington after ...
Canadian gas storage.(NEWS ALERT)(Brief article)
Jan 03, 2006 ... Enerdata reported that the amount of natural gas in Canadian storage facilities fell 23.7 Bcf to 392.2 Bcf for the week ended Dec. 23. Storage caverns are 73.6% full, down from 78.1% the previous week and down from 80.4% a year ago. <Pre> ...
Nordic starts CBM output.(Nordic Oil and Gas Ltd., coal bed methane)(Brief article)
Jan 03, 2006 ... Canadian independent Nordic Oil and Gas said Friday that it has tied in and started producing from its first coal bed methane CBM) well in the Joffre section of Alberta's Horseshoe Canyon. "When added to our four Belly River wells, this new CBM well brings to five the total ...
Stock market scorecard.(NEWS ALERT)(Statistical table)
Jan 03, 2006 ... <Pre> Stock Market Scorecard IntegratedClose 1-Day Majors12/30 Chg. % Chg. Statoil22.96 +0.27 +1.19% Amerada Hess 126.82 +1.13 +0.90 ConocoPhillips 58.18 +0.48 +0.83 ...
Shell China plant finished.(International)(China National Offshore Oil Corp. and Royal Dutch-Shell Group of Cos.)(Brief article)
Jan 03, 2006 ... Oil giant Royal Dutch Shell and China National Offshore Oil Corp. (CNOOC) said Friday that construction of their petrochemicals complex at Daya Bay, Guangdong, is complete. "Final preparations are being made for startup," CNOOC and Anglo-Dutch Shell said in separate statements ....
TransGlobe plugs Yemen well.(TransGlobe Energy Corp.)(Brief article)
Jan 03, 2006 ... Calgary-based independent TransGlobe Energy said Friday that it plugged and abandoned its Hatat #1 well on Block S-1 in Yemen. Trans-Globe held a 25% stake in the well. According to a TransGlobe statement, Hatat #1 failed to yield productive ...
, Ukraine at impasse.(International)(OAO Gazprom exports)(Brief article)
Jan 03, 2006 ... Talks on new natural gas delivery terms between Ukraine and Russia were at an impasse on Friday and a failure to agree could not only cut off Russian gas supplies to Ukraine in the New Year, but also threaten supplies to European customers that rely on Ukraine to transit Gazprom gas. ...
China ramps up refinery runs.(International)(planning of petroleum and petrochemical industries)(Brief article)
Jan 03, 2006 ... China's major refineries are expected to up crude throughput to near record levels in January in anticipation of higher demand for the lunar New Year at the end of the month. Sinopec's Zhenhai refinery is now scheduled to run at record levels of 365,000 b/d, 6% higher than ...
MMS seeks offshore comments.(Legislation/Regulation)
Jan 03, 2006 ... The Minerals Management Service MMS) announced Friday it is seeking comments on the development of the agency's regulatory regime over alternative energy use on the Outer Continental Shelf OCS). This is the first step toward creation of guidelines under the MMS' new Alternate ...
Omni buys rival Preheat.(Mergers & Acquisitions)(Omni Energy Services Corp.)(Brief article)
Jan 03, 2006 ... Carencro, Louisiana-based Omni Energy Services has announced plans to buy Preheat Inc. in a deal valued at $23 million. Omni President and Chief Executive James C. Eckert said the deal calls for Omni to pay $16 million in cash and issue 900,000 shares of common stock for the ...
Sunoco buys Mesa Pipe stake.(Mergers & Acquisitions)(Sunoco Logistics Partners L.P., Mesa Pipe Line System )(Brief article)
Jan 03, 2006 ... Pipeline operator Sunoco Logistics Partners said Friday that it purchased a 29.8% stake in the Mesa Pipe Line System from Chevron Pipe Line Co., giving Sunoco a 37.0% percent interest in 80-mile long Mesa. Mesa consists of a 316,000 ...
Wall street sees another big year for big oil.
Jan 04, 2006; ... With oil prices averaging around $60 per barrel last year, oil company executives and shareholders had plenty to smile about in 2005. Strong commodity prices and refining margins--both of which were lifted by 2005's active US hurricane season--pushed oil equities to record highs. Marathon ...
Iraqi oil exports drop Amid ministerial mess.
Jan 04, 2006; ... Iraq's crude oil exports from southern Basrah Oil Terminal fell in December to the lowest level in over two years, dealing a heavy blow to efforts by the country's new leaders and US officials to rehabilitate the Iraqi oil industry. Iraq exported 36.2 million barrels, or 1.23 ...
Bolivia's Morales aims to allay oil investor fears with tour.
Jan 04, 2006; ... Bolivia's president-elect, Evo Morales, has embarked on a world tour that will take him to Europe, South Africa, China and powerful neighbor Brazil. The 10-day tour is seen as a step by the left-wing Morales to bolster his credibility as Bolivia's first indigenous leader at a time when ...
Ivanhoe sells China stake.(Brief article)
Jan 04, 2006 ... US independent Ivanhoe Energy said Tuesday that it has farmed out 10% of its stake in China's Zitong Block to Japan's Mitsubishi for $4 million. Mitsubishi retains the right to acquire an additional ...
Nymex crude rallies past $63 on feverish speculative buying.(Brief article)
Jan 04, 2006; ... The New Year kicked off with a sharp rise in energy prices, as heavy speculative buying fueled a rally on the New York Mercantile Exchange (Nymex) on Tuesday. The past couple of years have seen a heavy flow of cash injected into the oil markets from hedge funds and other wellfinanced ...
Daily oil & gas price review: prices for Tuesday, January 3, 2006.(Table)
Jan 04, 2006 ... <Pre> Daily Oil & Gas Price Review Prices for Tuesday, January 3, 2006 Crude Oil [GRAPHIC OMITTED] US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) +1.81 57.6755.0154.21 LLS (St ....
Koch, marathon plan Minnesota pipeline to access more Canadian crude oil.
Jan 04, 2006; ... Minnesota Pipeline is proposing a $300 million, 300-mile crude oil pipeline expansion to increase deliveries of Canadian crude oil to two Minnesota refineries. The pipeline is a joint venture of Koch Industries' Flint Hills Resources and Marathon Oil, and will be operated by Koch Pipeline ....
Coffeyville to boost Kansas refinery capacity, improve crude slate.
Jan 04, 2006; ... Coffeyville Resources, LLC said on Tuesday that its board has approved a $92 million expansion of its 100,000 barrel per day refinery in Kansas. The plant has had a history of problems, was considered a liability, and could not find a buyer for several years. But now with new owners and a ...
Heating degree days: for the week of December 31, 2005.(Table)
Jan 04, 2006 ... <Pre> Heating Degree Days For the week of December 31, 2005 Week Dev From WeekFrom YearCum State/City (PADD) Total Norm AgoTotal ALA/Montgomery (3) 90-34 ...
Under pressure, Gazprom restores gas flows to Europe.
Jan 04, 2006; ... Russia's state-run monopoly Gazprom restored gas flows to European Union countries to normal levels early Tuesday, after economy ministries and gas customers in Central and Western Europe reported a 30%-40% drop in the pressure of Russian deliveries on Jan. 1-2 through the gas pipe network ...
Buyout rumors make shell Canada leading share gainer.
Jan 04, 2006; ... Rumors that Royal Dutch Shell would purchase the remaining 22% stake of Shell Canada that it does not already own boosted the stock in its Canadian affiliate by 10.2% last week--making it by far the biggest firm among the share price gainers in the energy sector. Reuters ...
Oil & gas share gainers and decliners.(Table)
Jan 04, 2006 ... <Pre> Oil & Gas Share Gainers and Decliners Week Ended Dec 30, 2005 Top 15 GainersCloseClose Company Ticker12/3012/23%Chg Northern Petroleum NOP LN 58.5043.50 34.5% Barnwell Industries BRN ...
Calpine terminates tender offer.(Corporate News)(Brief article)
Jan 04, 2006 ... Bankrupt power producer Calpine announced late Friday that it had terminated its tender offer made in early December, which was an effort to buy back first lien debt using proceeds from its July 2005 Rosetta asset sale. The San Jose, California-company said conditions to purchase up to $4 ...
Malaysia gas project starts.(International)(Brief article)
Jan 04, 2006 ... Royal Dutch Shell unit Shell Malaysia and Malaysia's state Petronas Carigali have made the first delivery of gas from their jointly operated Shallow Clastics satellite field, which is part of the massive E11 Hub integrated gas project offshore Sarawak, Malaysia. Five Shallow ...
Total tests Yemen well.(International)(Brief article)
Jan 04, 2006 ... Total and its partners have successfully tested the Jathma-1 well in Yemen, as the first of a three-well exploration program at Block 10 in the East Shabwa Development Area, Total said Tuesday. The well produced over 1,900 b/d of 35[degrees] API gravity crude during tests and ...
Peru LNG to begin construction.(Latin America)(Brief article)
Jan 04, 2006 ... Peru LNG plans to begin construction on its liquefied natural gas plant in mid-January and hopes to have the plant start gas exports by the end of 2009, according to Peru LNG's general manager, Carlos del Solar. Hunt Oil of the US with a 50% stake is the operator of the gas export ...
Stock market scorecard.(NEWS ALERT)(Statistical table)
Jan 04, 2006 ... <Pre> Stock Market Scorecard Integrated Close1-Day Majors1/3Chg.% Chg. Occidental 85.97 +6.09+7.62% Marathon 65.24 +4.27+7.00 Amerada Hess133.63 +6.81+5.37 Statoil 24.13 +1.17...
Repsol, Petrobras close swap.(Latin America)(Brief article)
Jan 04, 2006 ... Brazil's state-controlled oil company Petrobras will receive $82 million from Repsol YPF to complete an asset swap originally made in 2000, according to a statement issued by Petrobras on Monday. The asset swap allowed Petrobras to expand its downstream activities in Argentina ...
Colombia sees oil in Tayrona.(Empresa Colombiana de Petroleos S.A.)(Brief article)
Jan 04, 2006 ... There are indications of oil as well as gas in the Tayrona Block located off the country's northern Caribbean coast, state oil company Ecopetrol said on Tuesday. The company cited studies it is conducting along with Brazilian firm Petrobras and Exxon Mobil. "Preliminary studies ...
Basic makes bid for G&L tool.(Mergers & Acquisitions)(Brief article)
Jan 04, 2006 ... Midland, Texas-based Basic Energy Services announced Tuesday it has made an $80 million offer for the assets of G&L Tool, a oilfield services and rental tool firm in Abilene, Texas. Basic Energy President and Chief Executive Ken Huseman said G&L Tool is one of the largest ...
Jarrett is new fossil chief.(appointment of Jeffrey Jarrett)(Brief article)
Jan 04, 2006 ... Jeffrey Jarrett on Tuesday took over as Assistant Secretary for Fossil Energy at the Department of Energy, where he will serve as primary policy advisor to Energy Secretary Samuel Bodman on oil, natural gas and coal issues. "I want to personally welcome Jeffrey to the Department ...
Reichstul joins Repsol board.(appointment of Philippe Reichstul)(Brief article)
Jan 04, 2006 ... Repsol YPF said Tuesday that it has appointed former Petrobras chief Philippe Reichstul as an independent member of the company's board. Reichstul has also worked for the Brazilian government in other capacities, first as the budget chief ...
Big Foot found in deepwater Gulf of Mexico.
Jan 05, 2006; ... Chevron has chalked up another deepwater discovery in the Gulf of Mexico in partnership with Anadarko, Plains Exploration & Production and Royal Dutch Shell. The California-based major said on Wednesday that it found 300 feet or more of net oil pay at its Big Foot prospect located in 5,000 ...
Russia, Ukraine settle gas pricing dispute.
Jan 05, 2006; ... Russia and Ukraine on Wednesday reached agreement in Moscow to resolve the natural gas pricing dispute that led to supply disruptions in Europe over the New Year (OD Jan. 4, p5). Ukraine will pay $95 per thousand cubic meters ($2.65 per million Btu) for its future gas imports, ...
CME interest threatens Nymex deal with General Atlantic.
Jan 05, 2006; ... The New York Mercantile Exchange (Nymex) is having problems charting its future in a changing business environment. After previous failed attempts, the energy bourse clinched a deal with private equity firm General Atlantic last September, under which Nymex would sell a 10% stake for $135 ...
Nymex crude ends higher despite bearish Opec talk.(Brief article)
Jan 05, 2006; ... New York Mercantile Exchange (Nymex) crude futures took a short breather on Wednesday after the 3.4% rise the day before. The front-month contract dipped to a session low of $62.26 per barrel on bearish comments from Opec that the producer group would most likely not cut output at current ...
Daily oil & gas price review: prices for Wednesday, January 4, 2006.(Table)
Jan 05, 2006 ... <Pre> Daily Oil & Gas Price Review Prices for Wednesday, January 4, 2006 Crude Oil [GRAPHIC OMITTED] US Domestic Crudes ($/barrel)Spot 5-Day Month- Cash/SpotChangePriceAvg.Ago WTS (Midland)+0.74...
Repsol optimistic about Bolivia despite Morales threats.
Jan 05, 2006; ... Bolivia's President-elect Evo Morales addressed Spanish investors on Wednesday, including the head of Repsol YPF, in an effort to bolster his reputation as a head of government they can do business with. Morales first met with Spanish Industry Minister Jose Montilla, who after ...
US refining margins up slightly.(Brief article)
Jan 05, 2006 ... US refining margins averaged $8.68/bbl during the last week of 2005, according to analysts at A.G. Edwards. Margins were up $1.19 from the prior week but down almost $20 from the level they reached at the beginning of the fourth quarter. Last week, margins were ...
SeaDrill bids for Smedvig in M&A upswing for oil services.
Jan 05, 2006; ... SeaDrill, one of Norway's most deal-orientated rig operators, announced Wednesday that it was launching a takeover bid for fellow Nordic driller Smedvig, a company valued at $2.3 billion. Analysts reacted with little surprise, saying the oil services market looks ripe for ...
EPA sets stop-gap rule on Ethanol, renewable fuel use.
Jan 05, 2006; ... Refiners, importers and blenders will use 4 billion gallons of ethanol and other renewable fuels in gasoline in 2006 under new standards finalized by the Environmental Protection Agency (EPA). The standards are considered stop-gap until the agency develops a more thorough program for the ...
Surge in Alaskan output fails to materialize.
Jan 05, 2006; ... The normal seasonal rise in Alaskan North Slope (ANS) production failed to materialize in December as decline rates overcame the benefits of colder weather needed for re-injection operations. Alaskan crude production fell to 878,680 barrels per day in December, down by 25,000 b/d compared ...
Nigerian named Opec chief.(Mohammed Barkindo)(Brief article)
Jan 05, 2006 ... Mohammed Barkindo, a senior Nigerian delegate to Opec, has been named the organization's acting secretary general, sources said Wednesday. "I received an official memo of his appointment today," a source at Opec's Vienna headquarters told Dow Jones. Nigeria's Oil Minister Edmund ...
Dubai Emir Makhtoum dies.(Top Briefs)(Obituary)(Brief article)
Jan 05, 2006 ... Sheikh Maktoum bin Rashid al-Maktoum, ruler of Dubai and prime minister and vice president of the United Arab Emirates, died early Wednesday in Australia, the official Emirates News Agency said. Sheikh Maktoum, who has ruled Dubai since the death of his father Sheikh Rashid bin ...
Range appoints shale boss.(appointment of Mark Whitley)(Brief article)
Jan 05, 2006 ... Range Resources has appointed industry veteran Mark Whitley to manage its Permian Basin and East Texas operations and to oversee all of its shale gas activities. Whitley joins Range as a senior vice president after holding previous positions with Shell Oil Co., Mitchell Energy and ...
Mirant back from bankruptcy.(Corporate News)(Brief article)
Jan 05, 2006 ... Electricity producer Mirant said on Tuesday that it had emerged from bankruptcy protection after two-and-a-half years and secured $2.35 billion in financing. The Atlanta-based company, which converted more than $6 billion of debt and liabilities into equity under its ...
Stock market scorecard.(NEWS ALERT)(Statistical table)
Jan 05, 2006 ... <Pre> Stock Market Scorecard IntegratedClose 1-Day Majors38721 Chg.% Chg. Statoil 24.65 +0.52+2.15% Amerada Hess135.41 +1.78+1.33 Marathon 66.10 0.86+1.32 Shell-A ...
Western refining files for IPO.(Initial public offerings)(Brief article)
Jan 05, 2006 ... Providing further evidence of investors' taste for refining stocks, El Paso-based crude oil refiner Western Refining Inc. may offer up to 18.75 million shares for between $15 and $17/share in an initial public offering, according to a regulatory filing on Tuesday. Underwriters, ...
Bank upgrades Exxon rating.(Corporate News)(Brief article)
Jan 05, 2006 ... Banc of America Securities on Wednesday raised its rating on Exxon Mobil stock to "buy" from "neutral" and identified shares of the world's largest publicly traded oil company as a "top pick" for 2006. Analyst Daniel Barcelo, however, left his $65 price target on the stock ...
Firms ink Colorado drilling pact.(Exploration & Production)(Brief article)
Jan 05, 2006 ... Denver-based Teton Energy announced Wednesday it has signed a drilling agreement with Houston-based Noble Energy to develop properties in the Eastern Denver-Julesburg Basin in Colorado. Teton President and Chief Executive Karl F. Arleth said the project calls for development of ...
New gas pipeline for the UAE.(International)(Brief article)
Jan 05, 2006 ... UAE-based Dana Gas, the first regional gas company to be listed publicly, has joined forces with Emirates General Petroleum Corp. (Emarat) to build, own and operate a gas pipeline linking the emirate of Sharjah to the Hamriyah Free Zone, according to announcements by the two companies. ...
Saudis adjust export prices.(Saudi Arabian Oil Co.)(Brief article)
Jan 05, 2006 ... Saudi Arabia's state-owned oil company Saudi Aramco has adjusted its term prices for February crude exports by widening the discounts for Arab Light to Europe and the US by 75 cents and 5 cents, respectively, while also changing the differentials for the same crude grade to Asia from a ...
Chile reviews LNG bids.(Empresa Nacional del Petroleo S.A.)(Brief article)
Jan 05, 2006 ... Chile's state energy company Enap plans to close the bidding process to build and supply a liquefied natural gas terminal LNG), according to a company spokesman. An Enap spokesman said bids on the project were due Jan. 23 and a decision would be rendered on Jan. 31. In November, ...
Saudi crude price differentials.(Table)(Brief article)
Jan 05, 2006 ... <Pre> Saudi Crude Price Differentials February barrels on an f.o.b. basis ($/bbl) US Europe Asia BasisWTI Brent Oman/Dubai Extra Light Feb.-4.50 -2.95 +2.95 Jan.-4.50 -2.55 +2.15 ...
Harken inks Colombia deal.(Latin America)(Brief article)
Jan 05, 2006 ... Harken Energy said Wednesday that its international affiliate, Global Energy Development, has signed a 30-year, exclusive exploration and production deal with the Colombian government for roughly 90,000 acres in the Catatumbo Basin in northeastern Colombia. ...
Colombian output stabilizing.(Latin America)(Brief article)
Jan 05, 2006 ... For the first 11 months of 2005 Colombia produced an average of 527,300 b/d of oil, down 1% from the same period last year, according to state-owned Ecopetrol. Although down versus 2004, the latest data shows that over the course of 2005 production was on the rise. For the first ...