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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Captain James T. Kirk who wrote (45713)	6/1/1999 10:20:00 AM
From: Tomas	Respond to of 95453

China Moves to Tap Overseas Oil Markets (1) (May 31) XINHUA - China is actively exploring international oil markets, alongside its consistent efforts to tap huge oil and gas resources domestically by inviting foreign partners. In the coming years, China is expected to develop transitional oil production focusing on the Middle East, Russia, and Central Asia, according to Qin Anmin, president of the China Petroleum Engineering Construction Enterprise Group (CPECEG). Qin said that China plans to turn out 10 million tons of crude oil through its overseas production by the turn of the century. And by the year 2010, China will try to develop an annual overseas oil production capacity of 50 million tons, in addition to an annual gas supply of 50 billion cubic meters from abroad. Presently, China is making headway in oil exploration and development overseas. The China National Petroleum Corp. (CNPC) and its subsidiary China Petroleum Engineering Construction Enterprise Group (CPECEG) have successfully obtained the share- holding, operational and leasing rights of oilfields in Peru, Canada, Thailand, Kuwait and some other countries, and has turned out a certain amount of crude oil. Meanwhile, China is enjoying great prospects in its oil and gas production in Sudan and Russia. A cooperative gas project in Central Asia area will hopefully provide China with 25 billion cubic meters of gas a year.

To: Captain James T. Kirk who wrote (45713)	6/1/1999 10:27:00 AM
From: ChanceIs	Read Replies (1) \| Respond to of 95453

<poor refinery margins as BP Amoco announced that it has cut crude oil processing levels across its European oil refining systems due to poor margins, would pressure the market. "Obviously if BP Amoco cut (runs) at its refineries, it is going to be a problem for crude," he said.> Once again I ask, does anyone have a grip on the supply and demand of refineries? If there are too many refineries than of course margins will drop. But this says nothing about the supply and demand for crude. If the world needs 75M BPD of crude, does it care whether it gets processed through a single refinery or 5,000 given constant refinery margins. I am sure that there was a refinery building binge in SE Asia in '96 or '97. Are refiners feeling the impact of that as opposed to any fundamental change in the supply and demand of crude??