Jul 2003

If the eventual outcome was never in dispute, the Iraq conflict nevertheless confounded many expectations – not least that the war would last just three weeks, but that Iraqi oil exports would take more than three months to re-emerge. The post-war Middle East retains the capacity to surprise, writes James Gavin

Although refining operations are returning to normal, sanctions have been lifted, the oil-for-food programme has been scrapped and crude output is resuming, plans to develop Iraq’s hydrocarbons resources are still dependent on the installation of a legitimate government and that could be some way off yet. David Townsend assesses the situation in the country

US demand for natural gas is rising fast, driven by the power generation sector. But with storage levels at their lowest since records began and a declining reserves to production ratio in Canada, the US’ main supplier, short- and long-term solutions are needed. WJ Simpson reports

Russia aims to maintain its hold on European oil and gas export markets while forging further into the Asia-Pacific region. Plans for gas pipeline and LNG exports to China, Japan and South Korea are taking shape, but there is still uncertainty about the role the state will play, Isabel Gorst reports

Legislation marginalising PSAs leaves the state worse off, not better, writes Andrei Konoplianik, deputy general secretary of the Energy Charter Secretariat and one of the chief architects of the PSA system. In the first of two articles, Konoplianik explains why PSAs are needed and why there may be life left in them

The international gas community met in Japan last month still confident that the fuel will satisfy a growing part of the world’s energy needs in this century. On the upside, talk of increased demand, particularly from new markets, appears to justify this optimism. However, supply security, regulatory issues and ways of financing new projects are giving cause for concern. David Townsend reports

Royal Dutch/Shell and its partners in the Sakhalin Energy consortium gave their backing to the $10bn second phase of the integrated oil and gas project in Russia’s far east in May. Shell’s investment is run by its gas and power division, which has a new chief executive. Malcolm Brinded spoke to David Townsend

The government has passed a new gas act designed to open the sector to competition – one of its obligations for EU membership. The changes look set to transform Mol’s prospects. Neil Barnett talks to Zoltan Aldott, group chief strategic officer

The recovery forecast for the second half of last year did not arrive, with the result that the big chemicals operators turned in generally depressing figures for 2002. The trough in the chemicals business cycle – while not as deep as previous down-cycles – is proving to be particularly stubborn, but there are hints of an improvement this year. Survey by Martin Quinlan

Thailand's energy sector continues to evolve as efforts are made to meet growing domestic gas demand. With the official estimates for economic growth at 5.2% for 2002, energy demand, which typically exceeds economic growth rates, is projected to rise by 5-7% a year, writes Paul Hueper

South Korea consolidated its position as the world’s second-largest importer of LNG, after Japan, last year and the sixth-largest importer of natural gas, both pipeline and LNG. That is no mean feat for a country whose total natural gas imports are in the form of LNG. Derek Bamber reports

The European Union (EU) is starting to push the energy chapter of the Euro-Mediterranean Partnership (EMP) – also known as the Barcelona process – with conviction. James Gavin reports

Gas Natural, the Spanish gas distributor, dropped its ambitious Euro25bn ($29.4bn) hostile bid for the power utility, Iberdrola, in May, after the country’s National Energy Commission vetoed the bid. But with some of the more aggressive European players still cash-rich enough to contemplate further acquisitions in the run-up to full European Union (EU) energy liberalisation in 2007, analysts predict more big gas-power tie-ups – whatever the regulatory obstacles national authorities may place in their path, James Gavin reports

While the European politicians continue to debate the mechanics of complying with emissions-reduction targets under the Kyoto Protocol, a market in European emissions has already started to trade. Liz Bossley looks at its development

The government is eager to see an initial sales agreement signed as soon as possible for a gas export project to Australia. This project will bring vital revenues to an ailing economy and its successful completion will go a long way to determining the future of the country’s oil and gas sector. David Townsend reports