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Editorial: Accounting for reserves
Slowly but surely, methods of publicly disclosing oil and gas reserves are improving.
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SPECIAL REPORT: Reserves reporting debate stirs movement for reform
Large reserves writedowns by major oil and gas companies have rekindled debate about how companies estimate reserves, what regulators require of them, and how investors use the information.
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SPECIAL REPORT: Ryder Scott’s Harrell notes technical issues in reserves disclosures
Oil companies find aspects of US Securities and Exchange Commission reserves reporting regulations troublesome and have difficulty persuading SEC engineers to fully embrace technology, said D. Ronald Harrell, chairman of Ryder Scott Co. LP.
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Royal Dutch/Shell publishes new reserves policy
Royal Dutch/Shell Group has published its new internal policy on booking oil and gas reserves, adopted after a series of reserves writedowns.
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Energy said to be focus of new European Commission
Energy will be the main focus of the new European Commission, according to a recent memo from Energy Commissioner Andris Piebalgs.
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Watching Government: Reports note crude prices
The US government issued four separate reports mentioning high crude oil prices in the week ended June 10.
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BP assesses 2004’s surge in energy demand
Demand grew for all forms of energy in 2004, outpacing the 10-year trend in every region of the world, according to the BP Statistical Review of World Energy 2005.
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State surveys show support for offshore developments
Citizens of six coastal states would support prudent energy development off their shorelines, according to surveys commissioned by the American Gas Association.
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Bigger permitting role urged for natural gas pipelines
Natural gas pipeline developers need to take a bigger role in permitting and regulatory reviews if they are to build the systems needed to meet growing US demand, a report commissioned by the INGAA Foundation concluded.
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Development set for Kipper gas field off Australia
The controversial Kipper field in the Bass Strait-the largest undeveloped gas field in southeastern Australia-has finally been moved onto a development path with first production planned for 2009.
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Watching the World: Iraqi plans and problems
Iraq plans to triple its oil production to 6 million b/d by 2015, and officials there say they hope for divine help in attracting the $20 billion in foreign investment they need to achieve that ambitious goal.
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Brazil braces for cuts in natural gas from Bolivia
As a precaution against further political unrest in Bolivia, where Congress on June 9 named Supreme Court President Eduardo Rodriguez to succeed Carlos Menas as president, Brazil’s mines and energy ministry is drafting plans to reduce gas demand.
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Newfield to signs contract to produce oil off Malaysia
A Newfield Exploration Co. subsidiary has signed a production-sharing contract (PSC) with Petronas Carigali Sdn. Bhd. of Malaysia for the PM 323 area off Malaysia.
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North West Shelf Venture approves fifth LNG train
North West Shelf LNG Venture participants approved a $1.58 billion expansion that will add a fifth liquefaction train and associated infrastructure to the LNG complex at Karratha, 1,100 km north of Perth, Western Australia.
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Perenco grows in Turkey, Egypt; departs US
Perenco, a private Paris-based independent, acquired exploration and development projects in Turkey and Egypt and sold its interests in the US.
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COMPANY NEWS: Toreador Resources to acquire Pogo Hungary
Toreador Resources Corp., Dallas, agreed to buy Pogo Hungary Ltd. for $9 million in a transaction that will mark Toreador’s entry into Hungary. Pogo Hungary is a subsidiary of Pogo Producing Co., Dallas.
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PERSONNEL MOVES AND PROMOTIONS: ConocoPhillips makes organizational appointments
Willie Chiang, currently president, strategy, integration and specialty businesses, refining, marketing, supply, and transportation, was named president, Americas supply and trading, commercial.
