 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
Total, Chevron To Work Together In Iraq As US Rebuilds Strategic Reserve
UPI Energy Correspondent Washington DC (UPI) Aug 10, 2007 France's Total and U.S.-based Chevron have secured an agreement to work together on projects in Iraq -- a move that signals an interest that Western energy companies are preparing to enter the country. According to an article in Le Figaro, Total and Chevron have signed an agreement for the exploration and development of some of Iraq's biggest oil fields. Collaboration will commence with the Majnoon oil field, which has an estimated output of 50,000 barrels per day. Majnoon, which is Iraq's fourth-largest oil field, has estimated potential reserves of 12 billion barrels. In the late 1990s, Elf, now part of Total, had negotiated a contract with the Saddam Hussein regime to operate Majnoon. Now, media reports say that both Total and Chevron have met with Iraqi officials to discuss a services agreement to develop the field. The two sides hope that by securing a deal on Majnoon, which is less lucrative than a production-sharing agreement that lets companies discover and sell the oil, they will obtain a vital foothold for other deals. Iraq has an estimated 110 billion barrels of oil. With more than half still to be developed, this offers a lucrative opportunity to Western companies desperate for new reserves. So far, companies such as Total, BP, Shell and Exxon have limited themselves to helping the Iraqi Oil Ministry to train junior staff and pull together data recorded under Saddam.
China's oil giants asked to play fair with smaller rivals The National Development and Reform Commission also ordered PetroChina and China Petroleum and Chemical Corp. to leave retailers a minimum state-guided gross profit margin. According to Chinese media reports, the move came after industry executives said PetroChina and Sinopec had ceased supplying to independent distributors since late June to boost supply for their own gas stations amid surging summer demand for motor fuel. Oil giants denied the claim. The oil majors were also accused of raising wholesale prices to near state-stipulated retail prices, making it unprofitable for independent resellers to trade.
U.S. to rebuild strategic oil reserve In May, the Energy Department canceled plans to purchase 3 million barrels after it got no suitable offers from the industry. It raised about $584 million from the 2005 sales, which came after the hurricanes cut supplies to refineries along the Gulf of Mexico. "We do have funds that are available for the repurchase of an amount, I think it was some 12 million barrels, that we sold," Bodman told reporters Wednesday in a conference call, held to promote the department's energy-efficiency efforts. The Strategic Petroleum Reserve, which has a capacity of 727 million barrels of oil, stood at 690 million barrels. The Bush administration has the authority, but not the funding from Congress, to raise the reserve's capacity to 1 billion barrels.
Closing oil prices, Aug. 10, 3 p.m. London
Source: United Press International Community Email This Article Comment On This Article Related Links Powering The World in the 21st Century at Energy-Daily.com
British officials say no chance of hitting renewables target: report
London (AFP) Aug 13, 2007British officials have told government ministers that the country has no chance of meeting its commitments under European Union plans to raise the proportion of energy made from renewable sources by 2020, The Guardian reported on Monday. |
|
|
| The content herein, unless otherwise known to be public domain, are Copyright 1995-2007 - SpaceDaily.AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement |
