2002
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Lukoil to sell USD350m bonds
Russian oil company Lukoil is to sell USD350m in five-year bonds to raise enough cash to bid for rival Slavneft when it is sold next month, reported Bloomberg. This cash pile will add to USD1.25bn raised from the sale of a Caspian oil field recently. Lukoil wants to keep its position as the No1 Russian oil company.
Qatar inks Talisman exploration deal
The Qatar government has signed an agreement with Talisman Energy, Canada's sixth largest oil company, to explore for oil in the Gulf, reported Bloomberg. The five-year agreement is for oil exploration on Block 10, about 160 miles north east of Doha.
Slavneft privatization this week
The Russian government is due to set a date for the privatization of oil company Slavneft this week, reported Reuters. This will probably be the largest ever privatization in Russian history. Slavneft is the seventh largest Russian oil company and has a huge reserve base in western Siberia.
Gulf oil reserves set to jump
Gulf Arab states and their neighbours may control 50 per cent rather than the 35 per cent of proven reserves presently acknowleged, according to a new UAE study. At current consumption rates these reserves will last 245 years. The report from the UAE ministry of petroleum noted that exploration activity in the Gulf region has been limited in recent years and that huge reserves lay undiscovered.
Russian output to beat Saudi Arabia
Russian oil output this year will surge to 8m bpd in November, higher than Saudi Arabia, reported Reuters from Moscow. And Russian oil production will exceed 10m bpd by 2006-2007, according to analysts. Most of this production will be exported due to stagnant domestic demand, which is bad news for Opec.
BP to sell BP Oman to Oman Oil
Oman Oil is to buy out BP's 49 per cent stake in BP Oman, according to a company statement. The transaction should be completed within a few weeks. BP Oman has 74 petrol stations and nine garages in the sultanate. No financial details were provided.
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