Worldwide

With doubt continuing to grow that the United States can satisfy its natural gas growth needs in-house, liquified natural gas (LNG) importation continues to gain spotlight attention as a means to augment domestic gas supply.

With doubt continuing to grow that the United States can satisfy its natural gas growth needs in-house, liquified natural gas (LNG) importation continues to gain spotlight attention as a means to augment domestic gas supply.

Worldwide spending on the liquefied natural gas (LNG) business is expected to balloon by $39 billion over the next four years, as LNG developers add new liquefaction trains, build new LNG ships and add new LNG import terminals in order to meet growing demand that is led by the United States, according to a new report by UK-based Douglas-Westwood Ltd.

Worldwide spending on the liquefied natural gas (LNG) business is expected to balloon by $39 billion over the next four years, as LNG developers add new liquefaction trains, build new LNG ships and add new LNG import terminals in order to meet growing demand that is led by the United States, according to a new report by UK-based Douglas-Westwood Ltd.

For the second time this year, Anadarko Petroleum Corp. has lowered its 2003 targets for crude oil and natural gas sales because of production problems in three of its key drilling areas, the Gulf of Mexico (GOM), Algeria and Qatar. Oil and gas sales volumes in 2003 now are expected to be 190 MMboe, including 46 MMboe for the second quarter, down from a previous forecast of 200 MMboe for the year and 48 MMboe for the quarter.

For the second time this year, Anadarko Petroleum Corp. has lowered its 2003 targets for crude oil and natural gas sales because of production problems in three of its key drilling areas, the Gulf of Mexico (GOM), Algeria and Qatar. Oil and gas sales volumes in 2003 now are expected to be 190 MMboe, including 46 MMboe for the second quarter, down from a previous forecast of 200 MMboe for the year and 48 MMboe for the quarter.

Marathon Oil Corp. reported that it replaced 262% of its worldwide crude oil and natural gas production during 2002, excluding net sales of reserves in place. Total reserves increased 237 million boe, or 23% at year-end 2002, to 1,283 million boe.

Pioneer Natural Resources expects to see its 2003 worldwide oil and gas production increase 45% this year over 2002 levels, to about 165 MMboe/d. The Dallas-based producer has committed to an aggressive drilling program, scheduling nearly twice as many wells in 2003 over last year.

ExxonMobil Corp. reported higher fourth quarter earnings but lower results for the full year because of lower natural gas realizations and poor downstream market conditions, according to Chairman Lee Raymond. Fourth quarter net income rose $1.4 billion to $4.1 billion, and Raymond said results for the fourth quarter were the highest since the second quarter of 2001. Full year net income fell $3.9 billion to $11.5 billion.