Mar 2004

Murphy Oil opened up new prospects for deep-water exploration in Malaysia in 2002, with its large Kikeh oil discovery. Although a border dispute with Brunei continues to delay exploration work in some deep-water areas, prospects remain encouraging in Malaysia and elsewhere in the region. Writes Tom Piperson

Since nationalisation, in 1938, only Mexican companies, for which generally read state-owned Petróleos Mexicanos ? Pemex ? have been entitled to exploit the country?s oil and gas wealth. The forbidden world of Mexican hydrocarbons production has just been briefly thrown open to foreign oil firms, writes Nigel Ash

With first oil output scheduled for late 2005, Mauritania is set to become one of Africa?s new energy exporters. Yet the country?s rise to international prominence is largely based on potential, writes Martin Clark

An increasingly bitter disagreement between Australia and East Timor over exploration rights dominates the headlines, but a couple of major gas projects are starting to hit their stride. James Gavin writes

Maturing fields in traditional continental shelves are spurring calls for new acreage in the far north to be opened up to exploration. But there are significant political obstacles to overcome. James Gavin reports

Energy market liberalisation in the countries that will join the EU in May is proceeding at different rates. Some new members will struggle to meet the July 2007 deadline for full liberalisation, especially in gas, which is generally behind electricity-sector reform. Nonetheless, progress is being made, writes NJ Watson

Oil company profits were generally high in 2003, with ExxonMobil reporting particularly strong results. But for Shell, a 27% increase in net profit over 2002 has only temporarily appeased investors following January?s reserves reclassification, Tom Nicholls reports

The furore surrounding Shell's reserves downgrade is not about whether or not the oil and gas exist in the reservoirs—they do —but whether or not the reserves should have been booked when they were. Exactly when, and what, reserves should be booked is a contentious subject, especially for companies operating under multiple jurisdictions and multiple definitions of what constitutes bookable reserves, writes Derek Bamber

A new Canadian government has set its sights on a national strategy that promotes resource development, notably frontier natural gas and oil sands, to ensure the country is the key player in the US' quest for greater energy security. WJ Simpson reports

Europe's largest energy market has so far made only faltering steps towards liberalisation, despite an early start in the electricity sector. But the German government is under pressure to bring the energy sector into line, starting with the introduction of regulatory bodies this summer. James Gavin reports

Despite a maturing domestic crude production base, RWE Dea is proving one of Germany's most active exploration and production (E&P) operators, with a growing presence in the gas business and a core overseas area in North Africa. James Gavin reports

As global demand for LNG continues to expand, producers are looking at ever-larger carriers in order to reduce shipping costs to increasingly distant markets. Martin Clark reports

After a year of highs and lows, the global shipping industry is finally facing up to some hard truths. Environmental pressures are set to grow and with them financial pressures, as banks move away from smaller, less-well-known operators, writes Martin Clark

North Africa?s already-substantial gas exports will rise by 88% within three years, providing an additional flow equivalent to more than half of the output of the UK ? western Europe?s largest producer. New pipeline and LNG capacity in Algeria, Egypt and Libya should strengthen political ties with Europe and will yield large revenue streams for governments. There is scope for further expansion, Martin Quinlan writes

Tripoli wants to accelerate the award of exploration territory. A new ? fourth ? version of the country?s Exploration and Production Sharing Agreement (Epsa-4) is to be introduced in the first half of this year; blocks are to be offered for bids individually, instead of in large packages; bid procedures will be made more transparent; a new model contract will be drawn up; and National Oil Corporation (NOC) is to be reorganised, Martin Quinlan writes

With political interests impinging more and more on Russia's oil and gas industry, unease has descended on the sector. Tax rises are in the offing and the future of high-profile projects—including TNK-BP's Kovykta—seem far from assured. Some fear state interference will only increase. But for TNK-BP it is business as usual. Tom Nicholls talks to Robert Dudley, the firm's chief executive, and German Khan, executive director