Fwd: Oil & Gas Journal Online This Week

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OIL & GAS JOURNAL ONLINE THIS WEEK
January 24, 2002
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Every Thursday, OGJ Online This Week delivers a
summary of the latest upstream, downstream and
government/regulatory news on OGJ Online. Please
visit http://www.ogjonline.com for more
information on each news story.

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INTERIOR SECRETARY SAYS ROYALTY IN
KIND TO REMAIN IMPORTANT OPTION FOR
US
Jan-24-2002
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US Sec. of the Interior Gale Norton
Wednesday said the department remains
committed to using royalty in
kind as a way to manage federal lease
revenues even after a program
to fill the Strategic Petroleum Reserve
with offshore royalty oil is
complete. "We'll continue after
that [SPR] is done, and I anticipate
we'll be heading for more onshore
leases," she said.
http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_ID=133400

US OFFSHORE OPERATORS, COAST GUARD,
FISHERMEN TO DISCUSS SECURITY ISSUES
Jan-23-2002
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The Offshore Operators Committee is
working with the US Coast Guard,
commercial fishermen, and other industry
groups to improve anti-terrorist
security for oil and gas operations
in the Gulf of Mexico and
other US waters.
http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_ID=133353

UNOCAL SUES VALERO FOR ALLEGED INFRINGEMENT
OF GASOLINE PATENTS
Jan-23-2002
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A subsidiary of Unocal Corp. sued Valero
Energy Corp., San Antonio, for
alleged infringement of its reformulated
gasoline patents. Unocal
is asking 5.75 cents for each gallon
of gasoline produced by the alleged
infringement, with the total
to be tripled as punishment.
http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_ID=133272

MARKET WATCH: PRODUCTION CUTS TALK
AND REDUCED REFINERY RUNS AFFECT PRICES
Jan-23-2002
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Energy futures prices rebounded in
international markets Tuesday with
talk that the Organization of Petroleum
Exporting Countries is not
only curtailing oil production as
promised but might consider another
reduction in March.
http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_ID=133267

BG GROUP PLC TO BUY ENRON INDIAN ASSETS
AT REDUCED PRICE
Jan-23-2002
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BG Group PLC unveiled a revised agreement
Wednesday to buy all of Enron
Oil & Gas India Ltd. from Enron
Corp., Houston, for a reduced price
of $350 million.
http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_ID=133205

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CALIFORNIA ENTITY EXPECTS GREEN INITIATIVES
TO REDUCE GAS USE
Jan-22-2002
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The state-funded California Power Authority
said that by 2006, energy
efficiency programs and renewable
energy projects will reduce natural
gas consumption by $10-$15 billion.
http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_ID=133191

MARKET WATCH: BEARISH LONDON OIL FUTURES
MARKET AWAITS NEW INDICATORS
Jan-22-2002
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An "extremely bearish" London oil futures
market consolidated around
a price level of $18.50/bbl Monday
and is awaiting new information on
either oil inventories or crude
production to determine where it will
move next, analysts said.
http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_ID=133065

US SOLICITS BIDS TO FILL STRATEGIC
RESERVE WITH GULF OF MEXICO ROYALTY
OIL
Jan-22-2002
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The US Minerals Management Service
last week began soliciting written
bids from prequalified companies
to fill the Strategic Petroleum Reserve
with federal royalty oil from
Gulf of Mexico fields. Rather than
purchase oil on the world market,
MMS plans to collect 22 million
bbl between this April and March
2003 by dramatically expanding its
royalty-in-kind program.
http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_ID=133061

EGYPT TO SUPPLY $8 BILLION OF LNG TO
FRANCE OVER 20 YEARS
Jan-21-2002
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Egypt has signed an $8 billion, 20-year
agreement to supply Gaz de France
SA with 3.6 million tonnes/year
of gas. The contract paves the
way for a BG Group PLC-led $900 million
project to develop Egyptian
liquefied natural gas supplies.
http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_ID=132956

SAUDIS MEET WITH US OIL COMPANIES OVER
PROPOSED GAS DEALS
Jan-21-2002
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Saudi officials, in a meeting with
top ExxonMobil Corp. officials over
the weekend, gave no indication
whether they will postpone foreign
gas investment. Saudi Foreign Minister
Saud al-Faisal called the talks
"fruitful" in an official statement
from the Saudi Press Agency.
http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_ID=132955

MARKET WATCH: ENERGY FUTURES PRICES
FLATTEN IN INTERNATIONAL MARKETS
Jan-21-2002
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Energy futures prices remained fairly
flat Friday as the monthly oil
market report by the International
Energy Agency challenged the prevalent
bearish market.
http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_ID=132936

MARKET WATCH: FUTURES PRICES DROP ON
LOWER DEMAND, INCREASED INVENTORIES
Jan-18-2002
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US oil futures prices dropped below
$18/bbl Thursday for the first time
in 2 years as traders continued
to worry about lower demand and increased
inventories. The market will
remain weak until it sees some
noticeable effect of promised production
cuts of nearly 2 million b/d,
said analysts.
http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_ID=132810

CHINA'S CNOOC TO BUY REPSOL'S INDONESIAN
ASSETS FOR $585 MILLION
Jan-18-2002
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CNOOC Ltd. said Friday it would buy
the Repsol-YPF Group's interests
in five Indonesian oil and gas properties
for $585 million, making it
the nation's largest offshore oil
producer. CNOOC said in addition
to the Indonesian purchase, 2002
capital expenditures would be about
$1 billion.
http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_ID=132763

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Other newsletters available from PennEnergy:

POWER & GAS WEEKLY - A summary of the week's
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Copyright 2002
Oil & Gas Journal
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