Service firms await activity boost promised by operators
US producers expect to increase their North American production of natural gas this year, but even at today's higher commodity prices, oil field service companies see no signs of increased drilling activity yet, industry representatives said late last month at a Houston conference sponsored by Deloitte & Touche LLP, the US arm of Deloitte Touche Tohmatsu.
RJA: 2003 E&P spending to rise more than 20% from last year
Despite recent surveys revealing that exploration and production companies' worldwide E&P spending for 2003 will be flat to slightly elevated compared with last year, a recent research note released by Raymond James & Associates Inc. RJA stated that outlays would in fact likely be more than 20% higher than originally anticipated.
Watching Government: Post-conflict
Escalating Middle East tensions are not tempering industry interest in the region, especially in Saudi Arabia and Iraq where the potential for profit is high.
Panelists recommend US post-conflict policy in Iraq
If US-led forces remove Iraqi President Saddam Hussein, then the administration of US President George W. Bush must make it clear to the world that the US has no desire to become the de facto ruler of Iraq or its oil reserves, an independent panel concluded late last month.
White House concerned over Venezuela's oil strike
US policymakers are worried that the widespread strike by Venezuelan oil workers could impact US energy markets if the situation isn't resolved soon.
Brazil swaps gasoline with fuel-starved Venezuela
In a swap for future crude oil deliveries from Venezuela, Petroleos Brasileiro SA (Petrobras) has provide 520,000 l. of gasoline to Petroleos de Venezuela SA (PDVSA) to relieve the fuel shortage caused by a general strike that has virtually shut down Venezuela's national oil company.
COMPANY NEWS: Sibneft, TNK joint affiliate wins stake in Slavneft
Invest-Oil—an affiliate company acting in the interest of Russian oil firms Siberian Oil Co. (Sibneft) and Tyumen Oil Co. (TNK)—has bid for and won a 74.95% equity stake in OAO Slavneft for $1.86 billion.