Mexico’s Cantarell field decline deferred to 2006
The head of exploration and production at Mexican state oil monopoly Petroleos Mexicanos, or Pemex, said Thursday that the decline of the country’s biggest oil field has been delayed until 2006.
Industry
Putin Finding Power in The Pump
Oil Seen as Creating New Oligarch Class. As the Russian state launched its legal campaign against oil tycoon Mikhail Khodorkovsky last summer, many allies and enemies of the government saw the fingerprints of a mysterious Kremlin aide, Igor Sechin.
Oil and natural gas pump new life into Sakhalin Island
Although the former Soviet Union has pumped crude for years, only recently has Russia emerged as the world’s second-biggest oil exporter and — if the Bush administration has its way — a potentially important new supplier of both oil and gas to the United States. Russia’s crude oil production rivals that of Saudi Arabia, and analysts say its reserves could provide the output answer for the United States, China, South Korea and Japan, which have grown increasingly wary of their dependence on producers in the Middle East.
Fuel stocks adequate, PERTAMINA assures Indonesians
State-owned oil company Pertamina has assured Indonesians that the local fuel supply will remain safe despite the soaring price of oil on global markets.
Iraq surveys its oil fields as prices keep bubbling
The Iraq Oil Ministry is undertaking the most comprehensive evaluation ever of the giant oil fields that are the country’s biggest natural resource, an important first step toward understanding the potential output of the fields and estimating the amount of investment needed.
Where’s the Oil?
Prices and demand are up. Oil industry revenues are sky-high. So why aren’t oil companies exploring ways to increase supply?
Use less or save more
The oil majors are quietly panicking because they cannot find sufficient new projects or fields big enough to make a material difference to companies of their size.
Oil prices help BP boost profits
Oil giant BP has reported a 23% rise in quarterly profits, thanks to a “robust trading environment”.
Moscow changes oilfields landscape
Moscow’s decisions to strip the oil company Yukos of its biggest asset and to give initial blessing to ConocoPhillips of the US to broaden its investment in Russia have drastically altered the most important strategic playing field of the big international oil companies.
Colin Campbell speaks about BP’s Statistical Review
BP seeks to maintain this myth that current reserves are sufficient today to support current production for forty years. By perpetuating this misleading notion, I think one has to conclude that BP seeks to mislead—this is not just an accident.
Reduced Yukos oil export may affect world oil market
If YUKOS has to reduce oil export, it may affect the world markets’ oil supply, believes YUKOS CEO Steven Theede.
US energy firms facing law suits
Eight US states have joined forces to file law suits against five giant power firms challenging their gas emissions.