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February 16, 2007

DiggIt! Del.icio.us Furl Simpy Spurl Yahoo Reddit Newsvine Technorati Feedmelinks Scuttle Blinklist Fark Blogmarks Smarkings Ma.gnolia Segnalo Indiamarks Blinkbits De.lirio.us Netvouz Rawsugar Wists Shadows Connotea Linkagogo Invest in this site, Help the Little Guy, at Tall Street | # | P&E — MaT @ 6:19 pm

www.BajaeNergyBLOG.com

VENEZUELA: La asistencia de Hugo a Evo | # | P&E — MaT @ 6:10 pm

Gracias a la asesoría del venezolano, Morales le ganó a Lula en la pelea por el precio del gas
by Descifrado

Estaba todo listo en Brasilia para que Evo Morales hiciera una visita de Estado en la cual se firmarían varios acuerdos preestablecidos. Pero los brasileños rechazaban negociar lo que para Bolivia era un punto de honor, el aumento en los precios del gas que ese país le vende a Brasil. Aseguraban que era un tema de Petrobras y su par boliviana YPFB, que se trataría en términos técnicos.

El boliviano llegó a Brasilia y decidió, en cambio, no moverse más de allí hasta arrancarles a los brasileños un aumento por decisión política. Los diplomáticos brasileños comentaban, azorados, que Evo convirtió su visita de Estado en un encuentro de negociación política; así pasaron las horas y el anuncio conjunto que se esperaba para la tarde se demoró hasta casi 24 horas después.

Los brasileños sospechan que el presidente venezolano está por detrás de la inflexibilidad de su amigo andino, quien llamó a Chávez antes de viajar a Brasil. Verdad o no, Evo no volverá de manos vacías: logró un aumento de 285% en el gas que –a precios subsidiados– vendía en el norte del país, que representa 4% de las ventas a Brasil y significará casi 45 millones de dólares más para el Tesoro boliviano. Y un aumento de 3,5% a 4% en el gas que vende al cordón industrial de Sao Paulo (actualmente Brasil paga 4,30 dólares por cada millón de BTUs), la parte más suculenta del acuerdo cuyo aumento representaría al menos cien millones de dólares adicionales anuales al estado boliviano. "El compañero indio es un crack", lo definió en términos futbolísticos el prestigioso columnista político brasileño Josías de Souza, por los logros obtenidos en su paso por Brasilia.

"Quedan reservados los Derechos de Autor. En consecuencia,
queda prohibida la reproducción total o parcial
y la difusión del anterior texto sin la previa autorización de su autor"
 
 

CHINA to Create Large Oil Refining Project

A large oil refining project with capacity of 10 million tons has just been approved by the Chinese National Development and Reform Commission.

The project of $1.9 billion worth and located in Qinzhou of southwest China’s Guangxi Zhuang Autonomous Region, becomes the first 10-million ton project of oil refining in southwest China. The China National Petroleum Corporation (CNPC), the country’s largest oil and gas producer, will construct the plant.

The project, to be completed in 2008, will enhance competition between CNPC and its major domestic rival Sinopec Group in the market of southwest China. The project will mainly refine crude oil produced by CNPC outside China.


CNOOC Begun Producing Oil at Dubbed Bozhong

China National Offshore Oil Corp., or CNOOC, has begun producing oil at the smallest offshore oilfield China has discovered, company sources said on Tuesday.

"The move shows that China has edged to the forefront of the globe in cost-effective offshore oil exploration technology," said Zhou Shouwei, deputy general manager of CNOOC. Dubbed Bozhong 34-5, the small oilfield has a workable reserve of only 1.8 million cubic meters, according to Zhou.

Founded in 1982, the CNOOC has built 51 oilfields and gas fields and has been listed on the Hong Kong and New York stock exchanges. Last year, the CNOOC produced 40.33 million tons of oil equivalent compared with 90,000 tons in 1982. Its annual sales income reached 120.8 billion yuan (15.7 billion U.S. dollars), as against 394 million yuan (51.2 million U.S. dollars) 25 years ago.

CNOOC’s output is expected to reach 100 million tons of oil equivalent by 2010.

 
 
 

FRANCE: Total Reports Record Crude Oil Prices

Record crude oil prices have helped French oil giant Total get a record 12.58bn euros net profit in 2006. The earnings, up 5% on the previous year, were buoyed by crude reaching more than $78 a barrel in mid-July.

Its fourth quarter results compare with an 11% rise in profits at Royal Dutch Shell, a 12% slump at BP and a 4.3% dip at Exxon Mobil. Total reported overall sales in the year of 153.8bn euros, 12% higher than in 2005.
Total nears Iran decision
French energy major Total is a few months away from deciding on investments in the Pars LNG project in Iran, a senior official said.

‘Technically and commercially, the project is advancing very well and we are not far from deciding whether to invest,’ said Total’s head of exploration and Production Yves-Louis Darricarrere, adding a decision could occur in the next few months.

He said the company would take into account Iran’s political environment when making the decision.

Europe: Gazprom branches out into more energy trading | # | P&E — MaT @ 4:57 am

Russian gas firm, Gazprom, is looking at diverse business lines in Europe for trading, including a range of energy commodities including power, oil, coal, carbon and weather derivatives. The firm’s Gazprom Marketing and Trading (GMT) division revealed that the company wants to be a marketing and trading firm in energy, not exclusively in gas. GMT is the group’s downstream division for Europe and is based in London.

The liberalisation of energy markets is providing the firm with more opportunities to develop. Most of the firm’s sales are under long-term, oil indexed gas contracts with the region’s gas firms, but this could now change. Oil and gas trading is already underway, as is power and carbon. Coal and weather derivatives are likely to be traded later in 2007.

Pakistan: IPIC concludes deal to build refinery

A US$ 5bn (EUR 3.86bn) refinery will be set up in Hub, Balochistan in Pakistan by International Petroleum Investment Company (IPIC). The ground-breaking ceremony for the Khalifa Coastal Refinery project will be held in March 2007. The conclusion of the deal was made when a local delegation headed by Secretary Ministry of Petroleum Ahmed Waqar visited Abu Dhabi in United Arab Emirates, where IPIC is based.

Market Assessment – What’s moving the Oil Markets?

Global crude futures prices recovered on Thursday from Wed’s late plunge following a lower-than-expected distillates stock draw in US inventory data, published by the EIA.

  • Distillate stocks were down by 3 million barrels, less than the 4.6 million barrel drop analysts were expecting. As last week was determined by cold weather in the US, all eyes were on a strong draw in US distillate inventories on Wednesday, which failed to support market prices. Even the 600,000 barrel draw in crude stocks and a drop of 2 million barrels in gasoline did not manage to bring support to prices, as the technical picture remains bearish, according to traders.
  • "NYMEX WTI needs to test and break $55/barrel for a big move lower, otherwise we will see rangebound crude futures prices between $56 and $60 for some more time," one broker said.
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