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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden) -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (1278)	9/2/1999 11:21:00 AM
From: Tomas	Respond to of 2742

China CNPC Equity Oil In Sudan To Reach 2.4M MT In 2000 Dow Jones Energy Service, September 2 SINGAPORE (Dow Jones)--China National Petroleum Corp. is expected to acquire 2.4 million metric tons of equity oil in 2000 from blocks 1, 2 and 4 which it is operating at a field in Sudan's Muglad Basin, a company official said Thursday. The first crude export cargo from the blocks, totaling 600,000 barrels, was shipped at the end of August to a refinery at Pulau Bukom in Singapore owned by Shell Eastern Petroleum Pte. Ltd., a unit of the Royal Dutch/Shell Group (RD), he said. CNPC acquired a 40% stake in the three blocks in 1996. The other shareholders are Canada's Talisman (Greater Nile) BV (25%), Petronas Carigali (Nile) Sdn. Bhd. (30%) and Sudapet Ltd. (5%). CNPC has so far invested $700 million in the 49,000- square-kilometer field, which is now able to produce 10 million tons of crude a year. CNPC completed the construction of a refinery and pipeline in Sudan in June. The refinery can process 2.5 million tons of oil a year. The 1,506-kilometer pipeline links Heglid in southern Sudan to Port Sudan on the Red Sea. CNPC is now operating in nine countries. The equity oil from CNPC's overseas fields totaled 1.98 million tons in 1998.

To: Tomas who wrote (1278)	9/2/1999 11:28:00 AM
From: Tomas	Read Replies (1) \| Respond to of 2742

Sudan Crude Heading To Asia, Pressuring Minas Premiums Dow Jones Energy Service, September 1 SINGAPORE (Dow Jones)--Nile blend crude that Sudan began pumping into tankers in the Red Sea Monday is heading toward Asia, pressuring premiums for East Asian grades such as Minas and Daqing, Asian traders said Wednesday. A South Korean refiner and a European oil major with a refinery in Singapore will be taking the first two Nile Blend cargoes to load, the traders said, although this couldn't be confirmed with Netherlands-based trading firm Trafigura Beheer BV, the marketer of the crude. Some traders said a third cargo of Nile Blend will be taken up by Thailand's largest refiner, Thai Oil Co. Ltd., which also couldn't be confirmed. Thai Oil owns a 220,000- barrels-a-day refinery in Sri Racha. However, the extent of the pressure on regional premiums is unclear, one Seoul-based refining source said, since the Asian buyers aren't the primary target for the crude. The source said the main marketing targets are buyers in the Mediterranean or in South America. Another trader with a European oil major in Tokyo said the pressure on the regional premiums is also unclear because of the recent volatility in the October Brent-Dubai spread. Last week, the spread hit a low of about 60-70 cents, and some Asian buyers bought a few parcels of West African crude, traders said. With the Minas premiums then at 30-40 cents to the Minas Indonesian crude pricing index, traders began forecasting that this week's premiums would shrink to 20-30 cents. This week, when the October Brent-Dubai spread jumped to 90-95 cents before falling back to 70-80 cents, traders said the Asian buyer stepped out of the market to see where the spread would settle. "Fundamentally, the buyers in the east are trying to draw barrels from the west," said the oil major's trader in Tokyo, if the Brent-Dubai spread will let them. October Minas barrels were being offered Wednesday at 25 cents against bids of 15 cents. The Nile Blend cargoes are being loaded at Port Sudan on the Red Sea, piped in 1,500 kilometers from the Greater Nile oil fields of Heglig and Unity. Malaysia's state oil company, Petroliam Nasional Bhd., or Petronas, (P.PET), and China's state oil company, China National Petroleum Corp., own 30% and 40% stakes in the project respectively. Canada's Talisman Energy Inc. (TLM) has 25% and the National Petroleum Co. of Sudan , or Sudanpet, has 5%. Production from the two fields is now at about 120,000 b/d, but Talisman, the operator of the field, said this will quickly be raised to 150,000 b/d. Sudan's domestic demand is about 30,000 b/d.