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Kazakhstan president Nursultan Nazarbayev and French president Nicolas Sarkozy have signed oil and gas agreements. A deal has been reached on French participation in the main export oil pipeline from the Caspian Sea to Europe. Meanwhile, Total and GDF Suez have signed a deal to acquire 50 percent of KazMunaiGas' stake in Kharvalynskoye gas field.

Venezuelan President Hugo Chavez nationalized about 40 domestic and international oil services companies operating in the country. At least 13 oil rigs, 39 terminals, 300 boats, and two major gas operations have been seized by Venezuelan troops.

BMI forecasts tough times for petroleum product manufacturers with continuing weakness in petroleum product demand. Prices are projected to remain low in 2009 and recover in the succeeding years.

The report of the European commission (EC) on the energy scenario faced major criticism by the Rome-based company, Associazione Generale Operatori Carboni (Assocarboni), which represents companies in the Italian coal industry. The company, led by Andrea Clavarino, had similar views as that of the World Energy, Technology and Climate Policy Outlook (WETO) and hence supported them over the EC.

The Colombian government has awarded a contract to Petroleum Development Consultants (PDC) to develop the model contract and regulations for the country's unconventional resources. PDC will prepare an assessment of Colombia's resources. It will also prepare capital investment and operating cost estimates for typical developments.

Pirates kidnapped three French seamen working for oil services firm Bourbon SA off the Nigerian coast. The attack came six days after members of the Al Qaeda in the Islamic Maghreb kidnapped five French nationals working at a uranium mine in Niger.

Ugandan president Yoweri Museveni said no oil and gas agreements will be made without his approval. The move stemmed from problems between the Ugandan government and Heritage Oil. Comments from officials are also included.

Sudan's minister of oil Lual Deng has labeled a proposed oil pipeline to Kenya as 'uneconomical.' He said the proposal would be too expensive and existing pipelines would continue to be used. Comments from officials are also included.

Iraq has offered discounted oil and acreage to firms who are willing to invest on four oil refinery projects. The project is estimated to cost around $20 billion. The government will also allow investors to set prices for refined products.

The UK's Royal Institute for International Affairs reported that the fears of Western nations over increasing Asian interest in securing African oil resources are exaggerated. Western oil companies still control a greater part in oil reserves and production in Africa and Angola.

Militants belonging to the Movement for the Emancipation of the Niger Delta have threatened to attack the proposed Trans-Saharan gas pipeline project. The group is responsible for numerous attacks on the Nigeria's oil and gas installations, resulting in a drop in the country's oil production to 1.8 million barrels/day.

Brazilian president Luiz Ignacio Lula da Silva and Venezuelan president Hugo Chavez said the joint venture between Petroleo Brazileiro SA and Petroleos de Venezuela SA will soon push through. Chavez has expressed disappointment with the breakdown of negotiations between the firms. The firms have decided on an extension of an earlier deal.

The Brazilian government revealed its energy policy, which involves a greater emphasis on renewable energy while continuing oil and gas development. Petroleo Brasileiro SA plans to increase production to 3.1 million barrels/day by 2020, while the Brazilian government aims to increase ethanol production to 23.3 billion liters/year and 3.3 billion liters/year of biodiesel by 2010.

Activist organizations have urged the United States Environmental Agency to expand regulation of wastewater discharges from the oil and gas drilling industry. Increased use of chemicals during extraction are raising new water quality concerns. The EPA is planning to create a new effluent limitations guidelines for wastewater from coalbed methane extraction.

Chinese Premier Hu Jintao and Venezuelan President Hugo Chavez agreed to move forward the start of increased Venezuelan oil exports to China from 2013 to 2010. Venezuela plans to send 1 million barrels/day to China and entered into discussions regarding a joint venture for oil transport and the construction of a refinery in China.

Business Monitor International has forecasted only a 0.6 percent increase in global oil consumption in 2009. North American demand is seen to decrease by at least 520,000 b/d. Oil production in 2009 has been forecasted to increase by just 0.4 percent.

Iraq's deteriorating oil production and pipeline systems are seen to impact crude exports, Executive Analysis reported. Potential security problems are also seen to hinder the country's economic growth. The Iraqi Navy has assumed responsibility for the protection of oil terminals.

Somali hijackers benefit from an international network of informants providing them with information about the movement of ships off Somali waters. Negotiations for the release of the Saudi-owned supertanker Sirius Star are being held through Dubai and London.

Somali pirates attacked the tanker Sirius Star off the Kenyan coast and the tanker Chemstar Venus in the Gulf of Aden on 15 November 2008. Naval officials admitted that the pirates are changing their activities in response to antipiracy patrols off the African coast and urged ships to employ self-protection measures.

Saudi Aramco and ConocoPhillips agreed to halt the bidding process for the construction of a 400,000 barrels/day export refinery in Yanbu, Saudi Arabia. The two companies, who cited uncertainties in the financial and contracting markets, plan to re-bid in the second quarter of 2009.

It was reported that BP PLC has been forced to suspend shipments of 50,000 to 70,000 b/d of oil from Azerbaijan to Georgia due to the destruction of a key railroad bridge. It was estimated that the key rail bridge will be rebuilt within a week or sooner. Information about the company's export alternatives is also presented.

It was reported that BP PLC is dealing with the effects of the conflict in the Caucasus region after the Russian Government bombarded locations in Georgia on August 8, 2008. Georgia earlier launched a major military offensive to retake South Ossetia. The conflict threatened BP PLC's efforts to use alternate routes and modes of transport.

The decision of Indonesia to withdraw from the Organization of Petroleum Exporting Countries was done by the country itself, according to the organization. Net oil imports of the country, which turned into a net oil importer in 2003, are projected to rise to $15 billion by the end of 2008. Half of the 21 oil and gas blocks offered by the Indonesian government failed to attract investors.

The oil industry has become the primary target of piracy attacks in Nigeria. On board vessels at anchor and those carrying ship-to-sore operations are often victimized by pirates. Nigerian officials have admitted being ill-equipped to combat pirates.

Indonesia has terminated its membership with the Organization of Petroleum Exporting Countries (OPEC). The country has registered a protest against high global oil prices. A significant decrease in the country's oil production is also a reason for its termination of its OPEC membership.

The threat from Islamic terrorists and the kidnapping of six oil workers raised concerns about security in Nigeria and rise in the prices of crude oil. The impact of the Islamic terrorists attack in Nigeria on the oil exports worldwide is discussed.

The details of Baku-Tbilisi-Ceyhan oil export pipeline are presented. The pipeline, which was inaugurated on May 25th, will serve as a conduit for oil from the ACG fields of Azerbaijan.

The security measures taken by members of the Gulf Co-operation Council (GCC) for the security throughout the Persian Gulf region to prevent disruption of Iraqi oil export is presented. Warning zones and exclusion zones are established around the ports as a precautionary measure.

Geographic concerns that relate to the Iraq conflict between some major Persian Gulf exporters and their biggest customers could complicate oil and gas deals. In this relation Japan has reduced its oil imports from the UAE due to a decline in domestic seasonal demand and a resumption of Iraqi crude supplies.

KBC Market Services has blamed investors for the high prices of oil. KBC said the greed and mismanagement that resulted in the United States financial crisis have spilled over to the crude market. Saudi oil minister Ali al-Naimi's views on the high oil prices have been echoed by oil executives.

Chevron Corp. argued that the Lago Agrio litigation filed against the company should be terminated by Ecuadorian authorities due to fraud. It cited a report stating that at least 20 of 48 signatures were faked in a document ratifying the 2003 complaint regarding environmental damages.

Chevron suspended operations at the Dibi-Abiteye oil pipeline as it investigated damage caused by militant attacks on its oil flow stations. ExxonMobil and Shell resumed operations at sites previously attacked by militants.

Brazil's lower house of congress has approved a bill granting federal government more control over deepwater oil reserves. The law replaces the concession-based system with a production-sharing scheme. The scheme gives Petroleo Brasileiro SA a minimum 30 percent operating stake in all new subsalt fields.

BP PLC is planning to reduce production at its Azerbaijan facility. The facility will reduce oil production to 850,000 barrels per day. The company has spent 41.149 billion in capital investments on the facility during the first nine months of 2010.

The NATO and the Russian Geographical Society held separate conferences discussing the energy resources of the Arctic region. Militarization of the region is a major source of tension between NATO and Russia.

Petroleos de Venezuela SA and Eni SPA agreed to invest $17 billion in two separate joint ventures in Venezuela's Orinoco belt. The two companies plan to achieve a long-term production rate of 240,000 barrels/day.

The Ostee-Pipeline-anbindungs-Lietung natural gas pipeline is set to been laid across the German-Czech border. The pipeline will give European customers direct access to Russian natural gas reserves in Siberia. The pipeline is expected to be completed by late summer 2011.

European Union energy commissioner Guenther Oettinger has launched an investment plan to achieve energy security. Oettinger said a single energy sector would strengthen Europe's voice on the international scene. Oil and gas are seen to play key roles in the energy scheme.

Colombia-based Ecopetrol will join Pacific Rubiales, Petrominerales and other oil firms in building an oil pipeline. The pipeline will be the largest of its kind in Colombia. Ecopetrol will hold a 55 percent stake in the company that will build the pipeline. The company's partners have paid a total of $139.5 million for their combined stakes.

Brazil's offshore Libra subsalt oil discovery is seen to hold as much as 15 billion barrels of oil, the National Petroleum Agency has reported. Recoverable oil volumes could surpass the country's current proven reserves. But analysts have expressed skepticism about the estimate.

BHP Billiton decided to pull out of exploration programs conducted with Falklands Oil & Gas Ltd. in areas north of the Falkland Islands. Rockhopper Exploration reported results from its flow test on the Sea Lion 1 well in the North Falklands basin. Argentina plans to drill for oil in areas between the Falklands and Tierra del Fuego.

The US Department of State announced that it will monitor energy agreements between Iran and Venezuela to ensure compliance with international sanctions. Venezuela and Iran agreed to form a joint oil shipping company, to jointly construct petrochemical plants, and to allow a Venezuelan presence in the South Pars gas field.

Bob Dudley, chief executive officer of BP PLC, admitted that the oil spill in the Gulf of Mexico threatened the existence of the company. He expressed his optimism that the company will restore its reputation and regain lost trust.

The Iraqi government has awarded three projects in an effort to boost its natural gas production. A partnership between Kogas and Kazmunaigaz Exploration Production has received the Akkas contract. Kuwait Energy, on the other hand, was given the Siba field.

New gas reserves have been discovered in the Mediterranean off Israel. Noble Energy Inc. has reported that a 3D seismic survey found a reservoir that could contain 453 billion cubic meters of gas. The amount of gas discovered is seen as sufficient to meet Israel's domestic consumption for 60 years.

Sumitomo Corp. acquired interests worth $14 0.4 million in the Marcellus shale gas play in Pennsy lvania through a joint venture with Rex Energy Corp. It also acquired a 15% nonoperated interest in 42,000 g ross acres in Butler County, Pennsy lvania from Rex Energy for $61.6 million.

Southern Sudan secessionists have raised the issue of the distribution of oil resources in the country. Unidentified gunmen have attacked soldiers and civilians in an oil-producing region. The country is planning to maintain current production levels despite potential oil finds.

The Afghanistan government has reported the discovery of an oil deposit estimated to contain 1.8 billion barrels of oil in the country's northern region. The deposit extends in a triangle between Balkh, Hairatan and Shuburghan. The government will issue an oil tender process to attract foreign investors.

Mitsubishi Corp. and Penn West Energy Trust (PWE) will form a joint venture to develop PWE's shale gas assets in the Cordova Embayment area in British Columbia. PWE will sell 50 percent of its working interest in the area to Mitsubishi. Mitsubishi, on the other hand, will pay PWE $250 million for its existing assets.

BP PLC has postponed the launch of its deepwater oil exploration off Libya. The move is aimed at ensuring that the company's plans are in order. Comments from executives are also included.