As usual, the Oil & Gas Newsletter has some comments that may be of interest. (I'm beginning to feel like a flack promoting these guys for free <G>):
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Oil & Gas Journal Online's Downstream This Week
Friday, Apr. 27, 2001
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of news about the refining, gas processing, and
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MAIN STORY
Senate panel told market forces causing West Coast
gasoline woes
THE MARKET AT A GLANCE
Wednesday's closing futures prices:
--- NYMEX light sweet crude, June delivery, $27.29/bbl
--- NYMEX gasoline (New York), May delivery,
$1.0803/gal
--- NYMEX No.2 heating oil, May delivery, $0.7530/gal
--- NYMEX (Henry Hub) natural gas, May delivery,
$4.981/MMbtu
--- IPE Brent crude, June delivery, $26.82/bbl
--- IPE gas oil, May delivery, $226.75/tonne
Senate panel told market forces causing West Coast
gasoline woes
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Oil companies are not gouging motorists on the West
Coast, industry officials told Congress Wednesday.
Instead, too many recipes for reformulated gasoline and
a constrained gasoline delivery system are to blame for
higher gasoline prices, an official with BP PLC told
the Senate Subcommittee on Consumer Affairs, Foreign
Commerce, and Tourism.
The subcommittee held the hearing to determine why West
Coast gasoline prices are on average so much higher
than the rest of the country, and to get an update on
the Federal Trade Commission's 30-month investigation
of that market. FTC officials said their report would
be released next month.
FTC sought information from BP because of its dominant
position in the West Coast market, although other
companies with a large West Coast presence such as
Chevron Corp. and Unocal Corp. also have provided data
to the agency, industry sources say (OGJ Online, Apr.
26, 2001).
A business unit of the BOC Group, Murray Hill, NJ,
plans to assume full ownership of two South American
hydrogen projects from Foster Wheeler Power Systems
Inc., a subsidiary of Foster Wheeler Corp., Clinton,
NJ.
The projects in Chile and Venezuela provide 60 Mcfd of
hydrogen total to two oil refineries. BOC and Foster
Wheeler's original investments in the projects were $70
million (OGJ Online, Apr. 25, 2001).
Dick Grant, BOC's Process Gas Solutions CEO, said the
acquisition "enables us to strengthen our relationship
with two important customers in Latin America," and
also enlarges the firm's holdings in the high-growth
hydrogen industry.
Nigeria's four refineries combined are processing
330,000 b/d of crude, the state-run Nigerian National
Petroleum Corp. (NNPC) told the Organization of
Petroleum Exporting Countries' news agency.
Jackson Gaius-Obaseki, NNPC group managing director,
said this is the highest refining production level in
more than a decade.
Nigeria's four refineries have a combined nameplate
capacity to process 438,750 b/d of crude.
Gaius-Obaskei said improvements in the Warri, Kaduna,
and Port Harcourt refineries have increased kerosine
and diesel production enough so those products soon
will be exported (OGJ Online, Apr. 25, 2001).
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Tosco Corp., Old Greenwich, Conn., Tuesday said the
coker processing unit at its 131,000-b/d Los Angeles
Area Refinery was shut as a result of a fire that also
has reduced throughputs from some other processing
units.
The Monday evening accident prompted a spike in
gasoline futures prices.
No injuries resulted from the fire. The cause was under
investigation, along with an evaluation to determine
the extent of damage and repair schedule (OGJ Online,
Apr. 24, 2001).
AltaGas Services Inc., Calgary, plans a $20 MMcfd, $8
million (Can.) expansion of its natural gas processing
capacity at its Esther and Bantry sour gas plants, both
in Alberta.
AltaGas has proposed to increase processing capacity in
its Central Border operating area to 114 MMcfd by
expanding its Esther plant by 11 MMcfd.
In addition, AltaGas is applying to regulatory
authorities to increase processing capacity in its
Bantry area to 27 MMcfd with a 9 MMcfd expansion of its
Bantry sour gas plant and the construction of a 32-km
gathering pipeline (OGJ Online, Apr. 19, 2001).
Woodside Energy Ltd. has awarded a $139.7 million
engineering, procurement, and construction contract to
a joint venture led by Kellogg Brown & Root Inc. for
expansion of LNG operations in western Australia.
Woodside Energy awarded the contract on behalf of the
North West Shelf Venture participants. Kellogg Brown &
Root is a subsidiary of Halliburton Co.
The expansion, expected to cost more than $500 million,
will be built on the Burrup Peninsula (OGJ Online, Apr.
19, 2001).
###
Compiled by Jennifer Smith mailto:jsmith@PennNET.com
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PennEnergy, Inc./Oil & Gas Journal.
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