Petroleum
The ExxonMobil-led Sakhalin I consortium is embroiled in a dispute with the Sakhalin authorities over the project's 2001 financing plan, a long-running issue that has hindered the project's progress. The disagreement centers on the best route for transporting oil from the Russian far east project, with
Petroleum
Exxon Mobil, the No. 1 US oil company, has taken a major step forward in its bid to participate in Saudi Arabia's ambitious energy investment scheme by signing a letter of intent. This follows the recent moves by European oil giants Royal Dutch/Shell and BP, who have
Petroleum
Petrobras, Brazil's state-owned energy giant, has secured a massive $2.67bn in project financing to achieve its goal of boosting oil output by nearly a third by 2005. However, the company's efforts to attract foreign capital are not without problems, with a shaky Argentinian economy and
Petroleum
Petrobras, the state-owned oil company of Brazil, is facing significant challenges as its shares reach a 52-week low. The decline is primarily driven by falling oil prices, which have reduced earnings expectations. The volatile market sentiment has accelerated the share price fall, with Petrobras shares reaching a 52-week low this
Petroleum
Iraqi crude oil contracts traders are cautiously optimistic that Iraq may be able to resume exports soon. Iraq halted exports on December 1 due to a pricing dispute with the UN. However, a ship waiting at Mina al-Bakr reportedly moved from outer to inner moorings, which some executives see as
Petroleum
The oil market has exhibited a relatively muted response to Iraq's decision to cancel crude liftings and demand that buyers pay a premium of 50 cents per barrel outside official channels. Despite this, the threat of a fully-fledged sales halt looms, given Iraq's significant export volumes
Petroleum
Motorola Inc.'s Multiservice Networks Division has announced the implementation of a multiservice network for Helmerich & Payne International Drilling Co., a leading energy-oriented company engaged in contract drilling and oil and gas exploration and production worldwide. The network, designed specifically for H&P, uses satellite communications to
Petroleum
China has invited foreign oil firms to collaborate on energy policies for its western region, which holds a significant portion of the country's gas reserves. This unprecedented move is aimed at developing the region's energy sector, which poses new challenges for Chinese leaders in the coming
Petroleum
Iraq's former UN ambassador and member of the Iraqi delegation to the Opec meeting, Abdul Amir al-Anbari, expressed concerns about Opec's potential response to high oil prices. If prices remain above $28/bl for over 20 consecutive days, he suggested that Opec should not increase production.
Petroleum
Ali Rodriguez, Venezuela's current energy minister and President of Opec, will become the new Secretary-General of the Organization of the Petroleum Exporting Countries (Opec). This appointment ends the internal political dispute within Opec over who would fill the position. As a result, the Venezuelan energy minister position will
Petroleum
Royal Dutch Shell, a leading Anglo-Dutch energy company, has announced plans to acquire a significant stake in the forthcoming initial public offering (IPO) of China National Offshore Oil Corp (CNOOC). The IPO, scheduled to take place on the New York and Hong Kong exchanges in February 2001, marks a significant
Petroleum
CNOOC Limited, an oil and gas company primarily engaged in exploration, development, and production of crude oil and natural gas offshore China, has re-filed its registration statement with the U.S. Securities and Exchange Commission to proceed with its proposed global initial public offering (IPO) of shares. The company, incorporated
