Word: bbl
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CNOOC, for example, signed a deal two years ago to extract 1 million bbl. of oil a day in Indonesia, and a year ago, it signed a major contract to produce gas in Australia. In February, President Hu Jintao traveled to Gabon hoping to secure deals in Africa, and in June he led a delegation from China's natural-gas industry to Uzbekistan. Chinese oil executives have even begun courting Ecuador and Colombia. "Latin Americans feel frustrated that the U.S. has virtually ignored the region, so turning to China is prudent and will pay financial dividends down the line," says...
...INDICATORS Two Steps Forward ... Royal Dutch/Shell announced plans to merge its twin holding companies and their boards into one Netherlands-based firm, part of the restructuring prompted by its January reserves booking scandal. But the Anglo-Dutch oil major also said that a further 900 million bbl. of reserves were under review...
...endgame for Yukos, Russia's biggest oil producer. One year after authorities arrested founder Mikhail Khodorkovsky, the Kremlin is seeking to recoup at least $4 billion in taxes by forcibly selling the firm's main asset, Yuganskneftegaz, which controls vast Siberian oil fields. The subsidiary, which pumps 1 million bbl. of oil per day - about 60% of Yukos' output - has been valued by Dresdner Kleinwort Wasserstein at between $14.7 and $17.3 billion. Reports last week suggested the Kremlin might hand it to a Russian rival, Gazprom, for a fraction of that price. "It's robbery in broad daylight," complains Robert...
...create a buffer zone along the border. Palestinian militant group Hamas said it would continue its rocket attacks. Oil on Troubled Waters NIGERIA A truce between the government and Niger Delta rebels calmed fears of regional unrest that had helped send oil prices spiraling to more than $50 per bbl. The Niger Delta People's Volunteer Force said it would disarm after the government agreed to discuss its demands for greater regional autonomy and a share of oil wealth. The NDPVF rescinded an Oct. 1 deadline for foreign oil workers to leave. Grower Pains PERU Riot police stormed an Inca...
...prices? No problem - they won't stifle the current recovery in Europe, the U.S. or Japan. At least that was the soothing message delivered last week by the Paris-based Organization for Economic Cooperation and Development (O.E.C.D.). Oil prices continue to spike - last week they briefly hit $49 per bbl. in New York, and a study by the International Energy Agency estimates that a sustained $10 rise in oil prices knocks about 0.5% off the euro zone's economic growth. But Jean-Philippe Cotis, the O.E.C.D.'s chief economist, says that unlike the oil shocks of the'70s and early...