Russia’s move this month to claim the Arctic as its own has become an unofficial international land grab among at least five countries that want the right to explore and perhaps develop icy lands that may hold up to 25% of the world’s remaining natural gas and oil reserves.
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Cold War in Cold Waters — Claims to Arctic’s Rich Resources Escalate
Russia’s move this month to claim the Arctic as its own has become an unofficial international land grab among at least five countries that want the right to explore and perhaps develop icy lands that may hold up to 25% of the world’s remaining natural gas and oil reserves.
NGI The Weekly Gas Market Report
Ziff: Lower 48 Replaced 172% of 2005 Production
Record natural gas drilling is growing gas reserve additions in both the United States and Canada, leading to full reserve replacement in both countries, according to Ziff Energy Group.
Ziff: Lower 48 Replacing 172% of 2005 Production
Record natural gas drilling is growing gas reserve additions in both the United States and Canada, leading to full reserve replacement in both countries, according to Ziff Energy Group.
Devon Sells Argentine Assets to Petrobras for $90M
Brazil’s Petrobras is buying 22 million bbl of oil reserves and 267 Bcf of gas reserves in Argentina from Devon Energy for $90 million. About 75% of the reserves are classified as proved undeveloped. The properties produced 6,100 b/d of oil and 17 MMcf/d of gas net to Devon’s interest during the first six months of 2002. The transaction, which is subject to Argentine regulatory approvals, is expected to close by the end of the year.
UtiliCorp CEO Advocates Deregulation Push
State-by-state regulation is holding back the development of amore competitive U.S. energy economy while other countries alreadyare benefiting from deregulation — something that regulators needto realize, the CEO of UtiliCorp United told energy executivesyesterday.
Independents Pessimistic About Crude Price Run-up
The recent rise in U.S. crude oil prices due to the announcedproduction cuts by the Organization of Petroleum ExportingCountries (OPEC) shouldn’t stop Congress from pursuing legislativereforms for domestic oil and natural gas producers, the head of anindependent producer association said yesterday.
Fitch Affirms Enron, Notes Foreign Exposure
Recent uncertainties and declines in the economies of emergingmarket countries have taken their toll in recent weeks on the stockprices of companies with significant foreign investment exposure.In the natural gas industry that includes Enron Corp. which chosethis time period to pledge over $3 billion to additional foreigninvestments.
Price Rout Has Suppliers Hollering ‘Mayday!’
May 1 is known as May Day, celebrated as a springtime festivalin some countries, according to Webster’s. But Friday must haveseemed like “Mayday” (international distress call) to many tradersas they watched cash prices crumble to levels that were virtuallyunimaginable last month. A few Gulf Coast points were sinking below$2 in widely ranging quotes.