"Lel Bruce Peto" Oil sector 90's chronology restating..1995

"Lel Bruce Peto" Oil sector 90's chronology restating..
Oil & Gas Chronology :  The 1990’s


1995


Jan. 14 

Mexico pledges profits from state-owned Pemex's $7-billion-per-year oil 
revenues in an effort to secure U.S. congressional approval of $40-billion 
worth of loan guarantees. Subsequently, President Clinton approved a $20-
billion U.S. aid package for Mexico. (DMN)

Jan. 30 

Norway's Statoil announces that a newly-formed consortium of 11 oil 
companies will develop a plan to supply Norwegian natural gas to the 
European continent. Three Norwegian companies recently signed a contract 
with Gaz de France to bring 1.4 trillion cubic feet of Norwegian gas to 
France between 2001 and 2027. (DJ) 

Feb. 28 

The Pentagon announces that it monitored Iranian installation of surface-
to-air Hawk missiles in the Strait of Hormuz. The Iranians also have taken 
possession of and fortified the nearby Abu Musa and the Tunb Islands, 
which are claimed by both Iran and the United Arab Emirates (UAE). (DJ) 

June 14 

After the semi-annual meeting of the Organization of Petroleum Exporting 
Countries (OPEC) in Vienna, President Ida Bagus Sudjana discloses the 
Organization's intention to roll over its present crude oil production 
ceiling of 24.52 million barrels per day. The announcement is followed by 
a trip to Norway by Saudi Arabian Oil Minister Hisham M. Nazer. Upon 
arriving, the Saudi Minister asks Norwegian Minister of Industry and 
Energy Jens Stoltenberg to restrain his country's oil production in the 
hopes of stabilizing world oil prices. (FT, DJ) 

June 30 

Exxon signs a $15.2-billion deal to develop oil and gas fields near 
Russia's Sakhalin Island. The Sakhalin I project will develop the offshore 
Shayvo, Odoptu, and Arkutun-Dagi fields that together are estimated to 
contain 2.5 billion barrels of crude oil and 15 trillion cubic feet of 
natural gas. Exxon has a 30 percent stake in the project. (NYT, DJ) 

July 6 

Venezuela's Congress approves the country's first investment law allowing 
for foreign participation in oil exploration and production. The newly-
passed "model agreement" authorizes the state-owned oil company Petroleos 
de Venezuela S.A. (PDVSA) to offer 10 exploration blocks to foreign 
investors. If oil is discovered, the government will maintain a majority 
stake in any joint venture formed to develop the new fields. (FT, DJ) 

July 27 

Saudi Aramco awards the giant Shaybah oil field development project to 
U.S.-based Parsons Corporation. The $2.5-billion project will develop the 
7-billion-barrel field, including the construction of crude oil production 
facilities, gas-oil separation plants, and a 372-mile pipeline. The 
Shaybah field is located on the Saudi-UAE border and is expected to 
produce 500,000 barrels per day after it comes on line in 1999. (PON) 

July 28 

Norwegian Finance Minister Sigbjorn Johnsen says that Norway should not 
lower its crude oil production in an attempt to boost world oil prices. 
Norwegian Oil Minister Jens Stoltenberg believes production cuts may be 
necessary if prices begin to fall. Minister Johnsen's remarks follow last 
month's visit by Saudi Arabian Oil Minister Hisham M. Nazer, who asked 
Minister Stoltenberg to cut Norway's crude oil production. (PON) 

Aug. 2 

Saudi Arabia's King Fahd issues a decree replacing all members of the 
Council of Ministers who do not have blood ties so the royal Family. While 
most of the Council's top positions are unaffected by the reshuffling, Oil 
Minister Hisham Nazer is replaced with Ali bin Ibrahim al-Naimi. (WSJ) 

Aug. 14 

Iran's official news agency, IRNA, reports that Iran has been unable to 
sell 200,000 barrels per day of crude oil since the imposition of a 
unilateral oil embargo by the U.S. Iran increasingly has sold its crude 
oil on spot markets as opposed to long-term contracts. Larger purchases by 
France, Spain, Italy, China, India, Pakistan, and Thailand have failed to 
offset decreased demand by German and Japanese refiners. Before the U.S. 
embargo was announced in April 1995, U.S. companies were buying between 
400,000 and 450,000 barrels per day, down from roughly 600,000 barrels per 
day in 1994. (PON) 

Aug. 28 

Kuwaiti Oil Minister Abdul Mohsen al-Medej announces that his country will 
increase its oil production capacity to as much as 3.5 million barrels per 
day by 2005. (DJ) 

Sept. 13 

The Kuwaiti Oil Ministry states its intention to seek a 200,000-barrel-per-
day increase to its current 2-million-barrel-per-day crude oil production 
quota at the November 1995 OPEC meeting in Vienna. The announcement comes 
amidst growing non-OPEC oil production and weak oil prices. (DJ) 

Nov. 22 

OPEC states that it will roll over its current oil production quota of 
25.42 million barrels per day. The roll-over was widely anticipated 
because of slack world oil demand, rising non-OPEC production, and weak 
prices. (DJ, PON) 

Nov. 29 

President Clinton approves legislation lifting a 22-year-old ban on 
exports of oil from the Alaskan North Slope (ANS). The ban was imposed 
after the oil embargo by Arab oil producers in 1973. The lifting of the 
ban opens up about one-quarter of U.S. crude oil production for export. 
The ANS legislation also waives royalty payments on deep water oil and gas 
leases in the Gulf of Mexico. (WP) 

Dec. 12 

Speaking in New York during a U.S. visit by Angolan President Eduardo dos 
Santos, Joaquim David, president of the state-owned oil company , 
Sonangol, states that Angola will increase its crude oil production by 10 
percent per year over the next five years, reaching 720,000 barrels per 
day by the end of 1996 and 1 million barrels per day by 2001. The 
statement comes amidst sporadic violence involving government forces and 
the rebel group UNITA, less than a year after a peace accord was signed 
ending the country's 20-year-old civil war. At the end of 1995, Angola had 
raised its crude oil production to 690,000 barrels per day. (PON, DJ)

Received on Saturday, 15 February 2003 18:12:27 UTC