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04566 Refinery expansion brings more unleaded gasoline to Europe
02
Liquid fuels (economics, business, marketing, policy)
95104555 011 price instability, hedging, and an oil stablllzatlon fund: The case of Benezuela Ciaessens, S. and Varangis, P. Paper No. 1,290, World Bank Publications, 1818 H Street, NW, Washington, DC.20433, USA, 1994, 56 pp. The authors argue that the use of financial instruments to smooth out oil price, volatility can substitute for or, at least, complement oil stabilization funds. Venexuela’s best strategy would be to remove short-term oil price risk by using short-dated hedging instruments and some longer term hedging.
95104565 The real prospect of non-OPEC oil supply Al-Sahlawi. M. A. J. Energy & Development, 18, (2), 175-180. The paper argues that most industry observers have been pessimistic about the prospects for developing oil economically outside areas of the Organization of the Petroleum Exporting Countries (OPEC). The evidence for this view does not constitute an econometric forecast of non-OPEC supply. Based on general history and current trends in the world oil market as well as analysis of the dynamic interactions between economic and technical factors, it appears probable that non-OPEC oil production will be a major factor in the global oil supply/demand balance for the foreseeable future.
95104556 011 price prospects until the turn of the centu Centrefor Global Energy Studies, 17 Knightsbridge, London SWlX r LY f585.00, 1994, 23 pp. Presents three scenarios for oil prices (1990-2OOO):-(1) constant nominal oil price; (2) constant oil price in real terms; (3) compromise csse - oil price stays constant in nominal terms over the next two years to cover Iraq’s re-emergence as an oil exporter, and then begins to rise slowly at over 6% per annum b the year 2000. It focuses on OPEC’s capacity utilisation rate and OP Bc’s production profile based on capacity shares.
95104565 Refinery rxpanslon brlngs more unleaded gssollna to Europe Petroleum Review, May 1995.49, (580 , 210-212. Reports that Petroleos de Portugal s.a. & etrogal) is wringing more highvalue gasoline and jet fuel from each barrel of crude feedstock with a S650 million exnansion of its refinerv at Sines in Portu17al.The comnanv has changed it end-product mix without significantly~~cre&&g cr&cfe&? stock throughput.
011 prices to remain relatively stable 95104557 Queensland Government Mining J., Jul. 1995. 96, p. IS. Reports that oil prices will remain relatively stable in 1995-96 according to recent predictions by the AustraEan Bureau of Ariculture and Resource Economics (ABARE).
95104567 Reflnlng the fuels of the future Krambuhl, C. J. Petroleum Review, May 1995, 49, (580). 203-206. Reports that on the 1 January 1995. the American oil industry Introduced the biggest change ever in the manufacture, storage and distribution of gasoline. It brought reformulated gasolines to market for 30% of its consumers in 17 states and the District of Columbia. The new fuel will help reduce the oundlevel ozone that leads to smog. The new gasoline is an example oigrthe potential of reformulation technology to create cleaner burning gasolines.
95lO4550 Oil, economlo development and dlverslflcatlon In Brunei Darussalem. Studies In the economies of East and South-East Asla Cleary.M. and Wang, S. Y. St. Martin’s Press, New York, m, USA, $69.95, 1994, 154 pp. 95104559 OPEC and the market: A study of oil price rlgldlty, determlnatlon, and dlfferentlals Abdul-Raxak Faris Al-Faris, International Research Centre for Energy & Economic Develo ment (ICEED), Campus Box 263, Univ. of Colorado, Boulder, CO.803& -0418, 1994, 156~~. The author analyses the phenomena that dominated the crude oil makret over the 1973-1985 period in order to identify the process of price formation within the framework of the kinked demandcurve. 95loq560 ‘Our goal Is to grow our buslnes In the UK’ Pet. Review, Apr. 1995, 49, (579), 151-153. mted as Chairman and Managing Director of Allyn Risley, recently a Phillips Petroleum Co. K Ltd, talks to Petroleum Review about his key objectives and the challenges for his company in the next few years. 95104561 Outlook brlghtens for Tunlslan energy Buckman, D. Petroleum Review, May 1995, 49, (580). 200-202. The author discusses how Tunisia’s energy fortunes suffered a jolt in 1993, when the traditional net exporter of oil became an importer. Additional production will reverse that situation and the outlook Is brightening with much promising acreage on offer, keen company interest in acquiring LFdks, new finds and Imminent output from an Mportant offshore gas
95104562 The petroleum Industry’s transltlon to the Informatlon age Cruver,P. OPEC Bulletin, May 1995, (5). 13-14. The author discusses how the petroleum industry could and should learn a lot from the way in which information technology has revolutionixed other industries. 95104563 Prospects for OPEC capacity Adelman. M. A. Energy Policy, Mar. 1995, 23 3), 235-241. OPEC capacity is not exogenous, but responds to*6emand. Price increases have not been caused by capacity shortages. OPEC nations fmd it hard to set aside even very small portions of their revenues for oil investment, despite its extreme profitabdity. Foreign Investors face high risks. Production sharing makes their after-tax return even more unstable. 95104554 Ramco comes ashore In Azerbaijan Cresswell, J. Petroleum Review, Jul. 1995, 49, (582), 324-325. Discusses how Azerbaijan is taking off in a big way. With the huge Axeri, Chirag and Guneshli project now bagged by the largely western consortium -Azerbaijan International Operating Company - oil companies are keenly huntin out other major opportunities. Among the hunters is Mr Steve Remp, t hairman of the Aberdeen-based oil company Ramco. Jeremy Cresswell tracked him down in Baku to learn that he was hatching another big deal - this time onshore.
330
Fuel and Energy Abstracts September 1995
95/54565 Reflectlons on 100 ears Shell World Int., Jun. 1995. (3). 22- &I. Reports that Shell celebrates the start of its second century in China this year. A new book dramatically illustrates in words and photo aphs China’s past and present. The book is entitled ‘Literary Portraits of C8.ma’ and will appear in bookshops throughout Asia-Pacific, Europe and the United States in the near future. Resources access concerns ollmen 95lQ4559 Scholes, W. Petroleum Review, May 1995,49. (580X 225-226. The potential for political actions to override stiaightforward decisions concerning resource access is the biggest challenge for the Australian petroleum industry in 1995-96, according to Mr. Bernard Wheelahan, Vice Chairman of the Australian Petroleum Exoloration Association and ExecuNatural Gacrutd Coal, Shell Australia Ltd.. in the 35th Annual APEA Conference held in Adelaide. 95104570 Russia oil and as ulde: Companies, personnel and practices In Russla and I$:IS 1 epubllcs Penn Well Books, PO Box 21288, Tulsa, 0K.74121, US4, Oil dt Gas J., 4 issues $800.00. ‘dances and a directory of companies and Provides a practical business joint ventures engaged in expPoration, production and refining. 95lO4571 Sharlng out the downstream barrel: Imbalance may impact investment Okogu, B. E. OPEC Bulletin, May 1995, (5), 4-12. The author compares the producing countries’ net oil income per barrel with the tax revenues from oil products aid to the governments of the major consumer countries, concluding t!Iat the huge imbalance which exists might inflict long-term harm on the industry. 95104572 Taxatlon of petroleum products. Theory and emplrlcal evidence Energy Economics, Apr. 1995, 17, (2), $zI~~~S. and Mahler, W. . The domestic taxation of petroleum roducts is an important source of revenue in most countries. However, t%ere is a wide vartation of tax rates on petroleum products across countries, which camtot be explained by economic theory alone. The paper surveys different considerations advanced for taxing petroleum and presents petroleum tax rate dats in 120 countries. Technology partnering 95104573 Beecham, M. Offshore Engineer, Jul. 1995,26-27. With partnering arrangements now becomin commonplace in offshore contracting circles, who will be the product c%ampions of the future? The author has been investigating the current angsts and perceived opportunities of small Erms. Two decades off Australia 95104574 Wilkinson,R. Ofihore Engineer, Jun. 1995. 83-84. 86. Offshore En ‘neerjournalis~have~travelled frbm the Arctic to the Antipodes to recor C?the more telling international offshore events over the past 20 years. The magazine’s first editor, Rick Wilkinson, recalls an early sojourn to his native Australia and looks at what’s happened there since.
Liquid fuels (economics, business, marketing, policy)
95104555 011 price instability, hedging, and an oil stablllzatlon fund: The case of Benezuela Ciaessens, S. and Varangis, P. Paper No. 1,290, World Bank Publications, 1818 H Street, NW, Washington, DC.20433, USA, 1994, 56 pp. The authors argue that the use of financial instruments to smooth out oil price, volatility can substitute for or, at least, complement oil stabilization funds. Venexuela’s best strategy would be to remove short-term oil price risk by using short-dated hedging instruments and some longer term hedging.
95104565 The real prospect of non-OPEC oil supply Al-Sahlawi. M. A. J. Energy & Development, 18, (2), 175-180. The paper argues that most industry observers have been pessimistic about the prospects for developing oil economically outside areas of the Organization of the Petroleum Exporting Countries (OPEC). The evidence for this view does not constitute an econometric forecast of non-OPEC supply. Based on general history and current trends in the world oil market as well as analysis of the dynamic interactions between economic and technical factors, it appears probable that non-OPEC oil production will be a major factor in the global oil supply/demand balance for the foreseeable future.
95104556 011 price prospects until the turn of the centu Centrefor Global Energy Studies, 17 Knightsbridge, London SWlX r LY f585.00, 1994, 23 pp. Presents three scenarios for oil prices (1990-2OOO):-(1) constant nominal oil price; (2) constant oil price in real terms; (3) compromise csse - oil price stays constant in nominal terms over the next two years to cover Iraq’s re-emergence as an oil exporter, and then begins to rise slowly at over 6% per annum b the year 2000. It focuses on OPEC’s capacity utilisation rate and OP Bc’s production profile based on capacity shares.
95104565 Refinery rxpanslon brlngs more unleaded gssollna to Europe Petroleum Review, May 1995.49, (580 , 210-212. Reports that Petroleos de Portugal s.a. & etrogal) is wringing more highvalue gasoline and jet fuel from each barrel of crude feedstock with a S650 million exnansion of its refinerv at Sines in Portu17al.The comnanv has changed it end-product mix without significantly~~cre&&g cr&cfe&? stock throughput.
011 prices to remain relatively stable 95104557 Queensland Government Mining J., Jul. 1995. 96, p. IS. Reports that oil prices will remain relatively stable in 1995-96 according to recent predictions by the AustraEan Bureau of Ariculture and Resource Economics (ABARE).
95104567 Reflnlng the fuels of the future Krambuhl, C. J. Petroleum Review, May 1995, 49, (580). 203-206. Reports that on the 1 January 1995. the American oil industry Introduced the biggest change ever in the manufacture, storage and distribution of gasoline. It brought reformulated gasolines to market for 30% of its consumers in 17 states and the District of Columbia. The new fuel will help reduce the oundlevel ozone that leads to smog. The new gasoline is an example oigrthe potential of reformulation technology to create cleaner burning gasolines.
95lO4550 Oil, economlo development and dlverslflcatlon In Brunei Darussalem. Studies In the economies of East and South-East Asla Cleary.M. and Wang, S. Y. St. Martin’s Press, New York, m, USA, $69.95, 1994, 154 pp. 95104559 OPEC and the market: A study of oil price rlgldlty, determlnatlon, and dlfferentlals Abdul-Raxak Faris Al-Faris, International Research Centre for Energy & Economic Develo ment (ICEED), Campus Box 263, Univ. of Colorado, Boulder, CO.803& -0418, 1994, 156~~. The author analyses the phenomena that dominated the crude oil makret over the 1973-1985 period in order to identify the process of price formation within the framework of the kinked demandcurve. 95loq560 ‘Our goal Is to grow our buslnes In the UK’ Pet. Review, Apr. 1995, 49, (579), 151-153. mted as Chairman and Managing Director of Allyn Risley, recently a Phillips Petroleum Co. K Ltd, talks to Petroleum Review about his key objectives and the challenges for his company in the next few years. 95104561 Outlook brlghtens for Tunlslan energy Buckman, D. Petroleum Review, May 1995, 49, (580). 200-202. The author discusses how Tunisia’s energy fortunes suffered a jolt in 1993, when the traditional net exporter of oil became an importer. Additional production will reverse that situation and the outlook Is brightening with much promising acreage on offer, keen company interest in acquiring LFdks, new finds and Imminent output from an Mportant offshore gas
95104562 The petroleum Industry’s transltlon to the Informatlon age Cruver,P. OPEC Bulletin, May 1995, (5). 13-14. The author discusses how the petroleum industry could and should learn a lot from the way in which information technology has revolutionixed other industries. 95104563 Prospects for OPEC capacity Adelman. M. A. Energy Policy, Mar. 1995, 23 3), 235-241. OPEC capacity is not exogenous, but responds to*6emand. Price increases have not been caused by capacity shortages. OPEC nations fmd it hard to set aside even very small portions of their revenues for oil investment, despite its extreme profitabdity. Foreign Investors face high risks. Production sharing makes their after-tax return even more unstable. 95104554 Ramco comes ashore In Azerbaijan Cresswell, J. Petroleum Review, Jul. 1995, 49, (582), 324-325. Discusses how Azerbaijan is taking off in a big way. With the huge Axeri, Chirag and Guneshli project now bagged by the largely western consortium -Azerbaijan International Operating Company - oil companies are keenly huntin out other major opportunities. Among the hunters is Mr Steve Remp, t hairman of the Aberdeen-based oil company Ramco. Jeremy Cresswell tracked him down in Baku to learn that he was hatching another big deal - this time onshore.
330
Fuel and Energy Abstracts September 1995
95/54565 Reflectlons on 100 ears Shell World Int., Jun. 1995. (3). 22- &I. Reports that Shell celebrates the start of its second century in China this year. A new book dramatically illustrates in words and photo aphs China’s past and present. The book is entitled ‘Literary Portraits of C8.ma’ and will appear in bookshops throughout Asia-Pacific, Europe and the United States in the near future. Resources access concerns ollmen 95lQ4559 Scholes, W. Petroleum Review, May 1995,49. (580X 225-226. The potential for political actions to override stiaightforward decisions concerning resource access is the biggest challenge for the Australian petroleum industry in 1995-96, according to Mr. Bernard Wheelahan, Vice Chairman of the Australian Petroleum Exoloration Association and ExecuNatural Gacrutd Coal, Shell Australia Ltd.. in the 35th Annual APEA Conference held in Adelaide. 95104570 Russia oil and as ulde: Companies, personnel and practices In Russla and I$:IS 1 epubllcs Penn Well Books, PO Box 21288, Tulsa, 0K.74121, US4, Oil dt Gas J., 4 issues $800.00. ‘dances and a directory of companies and Provides a practical business joint ventures engaged in expPoration, production and refining. 95lO4571 Sharlng out the downstream barrel: Imbalance may impact investment Okogu, B. E. OPEC Bulletin, May 1995, (5), 4-12. The author compares the producing countries’ net oil income per barrel with the tax revenues from oil products aid to the governments of the major consumer countries, concluding t!Iat the huge imbalance which exists might inflict long-term harm on the industry. 95104572 Taxatlon of petroleum products. Theory and emplrlcal evidence Energy Economics, Apr. 1995, 17, (2), $zI~~~S. and Mahler, W. . The domestic taxation of petroleum roducts is an important source of revenue in most countries. However, t%ere is a wide vartation of tax rates on petroleum products across countries, which camtot be explained by economic theory alone. The paper surveys different considerations advanced for taxing petroleum and presents petroleum tax rate dats in 120 countries. Technology partnering 95104573 Beecham, M. Offshore Engineer, Jul. 1995,26-27. With partnering arrangements now becomin commonplace in offshore contracting circles, who will be the product c%ampions of the future? The author has been investigating the current angsts and perceived opportunities of small Erms. Two decades off Australia 95104574 Wilkinson,R. Ofihore Engineer, Jun. 1995. 83-84. 86. Offshore En ‘neerjournalis~have~travelled frbm the Arctic to the Antipodes to recor C?the more telling international offshore events over the past 20 years. The magazine’s first editor, Rick Wilkinson, recalls an early sojourn to his native Australia and looks at what’s happened there since.