Angola energy and oil information

Dec 04, 2002 01:00 AM

Angola is sub-Saharan Africa's second largest oil producer and production may reach 1 mm bpd by 2003. Major offshore oil finds have made Angola a leading area for hydrocarbon exploration in sub-Saharan Africa.
Information contained in this report is the best available as of November 2002 and is subject to change.

Angola is beginning its recovery from a 27 year civil war that began shortly after the nation achieved independence from Portugal in 1975. Hundreds of thousands of people have been killed in the strife, Africa's longest running conflict in the post-colonial era.
Angola's civil war has ravaged the non-mineral sectors of the country's economy, destroyed much of its infrastructure, and displaced an estimated 2.5-4 mm people. One mm people have been displaced since the civil war resumed in 1998 between the government and forces of the National Union for the Total Independence of Angola (UNITA). A cease-fire was signed in April 2002 following the death of UNITA leader Jonas Savimbi; however, the peace process is not yet complete.
Foreign governments and non-governmental organizations have provided large amounts of aid, although some western governments cite Angola's oil wealth as a sign that the country should pay for its own recovery. Angola was elected as the African regional representative on the UN Security Council, an appointment that will last two years, from 2003 to 2004.

Angola's President Jose Eduardo dos Santos has announced he will not run in the next election. President dos Santos stated that the next elections could be held in 2002 or 2003, though 2003 now seems the more likely date. Angola's first multi-party elections were held in 1992, though the renewal of hostilities has led to the postponement of subsequently scheduled elections.
The Angolan economy is highly dependent on its oil sector, which accounts for about half of the country's Gross Domestic Product (GDP) and over 90 % of export revenues. Angola maintains positive GDP growth rates due to the strength of its oil sector, which has very few linkages, however, to other sectors of the economy. Angola's real GDP grew by 3.4 % in 2001 and has grown at an 11.4 % annual rate during the first half of 2002.

In spite of Angola's expanding economy, the majority of Angola's 10 mm people live in poverty, and its external debt is estimated to have been $ 9.6 bn at the end of 2001. That same year, inflation was 152.5 %, a substantial improvement over the 325 % inflation in 2000. Inflation was expected to decrease to 103.6 % in 2002, although the final figure is not yet available. In April 2000, Angola signed a nine-month economic monitoring program agreement with the International Monetary Fund (IMF) that requires Angola to undertake a sustained program of economic reforms before it is considered for a formal loan agreement.
Under the agreement with the IMF, Angola has promised to allow outside auditors to examine the way it spends oil money. In July 2001, the IMF stated that, although several economic targets werenot met, the Angolan government has made progress in several areas including price liberalization, exchange rate stability and reductions in inflation. The Angolan government expects a visit from the IMF technical mission later this year, to discuss technical aspects of providing assistance to organizations responsible for financing macro-economic and humanitarian projects.

Over the past year, allegations have arisen that suggest large portions of Angola's oil revenue have been embezzled or channelled to military purposes. According to the IMF, about $ 1.2 bn of Angola's oil revenue for the year 2001 is "unaccounted for." Though the government strongly denies these allegations, NGOs and others accuse the Angolan government of using the missing money to support its efforts to fight UNITA.
OIL Angola is sub-Saharan Africa's second largest oil producer behind Nigeria, with the majority of its crude oil production located offshore Cabinda. Crude reserves also are located onshore around the city of Soyo, offshore in the Kwanza Basin north of Luanda, and offshore of the northern coast. Angola's crude oil generally is of high quality, with an API gravity ranging from 32 degrees to 39.5 degrees and sulphur content from 0.12 % to 0.14 %.

The Angolan province of Cabinda faces a situation similar to the Niger Delta states in Nigeria. Cabinda produces more than half of Angola's oil and accounts for nearly all of its foreign exchange earnings. Political tensions are high in some areas of Cabinda as separatist groups demand a greater share of oil revenue for the province's population.
The separatist groups often kidnap foreign nationals in an attempt to draw attention to their independence claims. The province receives about 10 % of the taxes paid by ChevronTexaco and its partners operating offshore Cabinda. In September 2002, the Angolan government announced that it was prepared to open talks with Cabindan separatist groups and offer the province some measure of autonomy, but ruled out the prospect of completeindependence.

Angola's national oil company, Sonangol, was established in 1976. A hydrocarbon law passed in 1978 made Sonangol sole concessionaire for exploration and production. Associations with foreign companies are in the form of joint ventures and production sharing agreements (PSAs). The top foreign oil companies operating in Angola are ChevronTexaco, TotalFinaElf, and ExxonMobil.
Production Angola's crude oil production has increased by nearly 600 % since 1980. Crude oil production averaged 742,000 bpd in 2001. In the first eight months of 2002, crude oil production averaged 897,000 bpd, and production is expected to top 1 mm bpd in 2003.

Block Zero (Area A, Area B, and Area C), located offshore the enclave of Cabinda, accounts for the majority of Angola's crude oil production, although large new reserves have been discovered offshore mainland Angola. The ChevronTexaco subsidiary, Cabinda Gulf Oil Company (CABGOC), is the operator of the Block Zero fields, with a 39.2 % share in the joint venture.
Other partners include Sonangol (41 %), TotalFinaElf (10 %) and ENI-Agip (Agip 9.8 %). Angola's largest producing oil fields are Takula (Area A), Numbi (Area A), and Kokongo (Area B). ChevronTexaco was fined $ 2 mm for environmental damage in August 2002, stemming from a pipeline leak in June 2002. The company estimated that it was still losing around 12,000 bpd in crude oil, since it refused to use the pipeline until measures could be taken to prevent further leaks.

In August 2001, CABGOC and its partners announced the commencement of production from the Nemba Norte platform. The platform, whose installation was completed in March 2001, initially produced 20,000 bpd. Nemba Norte has yet to reach peak production of about 50,000 bpd, but will have produced an average of about 42,000 bpd for the year 2002.
Nemba Norte crude is transported by pipeline to the Malongo Terminal for export. It is anticipated that production levels on Block Zero will be maintained or possibly raised to 600,000 bpd, by the implementation of further field development and enhanced oil recovery. CABGOC plans to invest nearly $ 4 bn in field development activities over the next few years.

Construction of the Xikomba deepwater development in Block 15 was begun by ExxonMobil's subsidiary Esso in August 2002. Discovered in 1999, the Xikomba field is located 230 miles northwest of Luanda, and is estimated to have recoverable reserves of around 100 mm barrels of oil; at its peak it is expected to produce 80,000 bpd. Production will consist of 9 subsea wells that will be connected to a Floating, Production, Storage, and Offloading (FPSO) vessel, and the first oil is expected to be extracted near the end of 2003.
Procurement, fabrication, and installation of flexible flowlines and risers that are to be connected to the FPSO, as well as the installation of various subsea equipment will be handled by Technip-Coflexip. Sonangol is concessionaire of the block, while Esso holds a 40 % interest, BP Exploration Angola has a 26.67 % share, Agip Angola Exploration B.V. holds a 20 % interest, and Den Norske Stats Oljeselskap has the remaining 13.33 %.

CABGOC is the operator of Angola's first producing deep-water block. In January 2000, CABGOC announced that production had begun on the Kuito field in Block 14. First oil from the Kuito field was achieved only 15 months after the award of the contract, making it the fastest cycle time of any project of its kind in sub-Saharan Africa.
The Kuito field had initial production of 80,000 bpd, and a peak production level of 100,000 bpd is targeted. Other discoveries on the block, Belize, Benguela, Tomboco, and most recently Tombua, are being developed jointly, and the first four are expected to come onstream in 2005. Initial output should flow at about 140,000 bpd and increase to 200,000 bpd when all fields are onstream.
The French engineering firm Technip was awarded the contract for the construction of a 42-wellhead drilling/production platform for the Benguela and Belize discoveries. The Tomboco discovery, which is further offshore, will probably be tied into this production facility. CABGOC has a 31 % interest on Block 14, and is joined by Sonangol (20 %), Agip (20 %), TotalFinaElf (20 %), and Petrogal (9 %).

Exports
Angola's crude oil exports to the United States were 313,000 bpd during the first eight months of 2002. Angola was the ninth largest supplier (second largest non-OPEC supplier outside the Western Hemisphere) of imported crude to the United States in 2001.
Angolan crude is also exported to markets in Europe, Latin America and Asia.

Angolan exports to Asian countries have grown rapidly in recent years. Recent trade figures suggest that China's oil imports from Angola have grown by more than 400 % in 2001.
China's demand for Angolan crude is primarily a result of its adoption of stricter environmental standards that will place a premium on lower-sulphur West African crudes. Angolan oil exports to other Asian destinations have also increased.
Exports to South Korea went from $ 97 mm in 1998 to $ 588 mm in 1999.

Exploration
The success in offshore discoveries in Angola has sparked interest in Angola's exploration blocks. ChevronTexaco and TotalFinaElf may set up a consortium to conduct oil exploration activities along the border between Angola and the Republic of Congo-Brazzaville. When the announcement was made in October 2002, the Angolan oil minister, Jose Botelho de Vasconcelos said it was still too early to speculate about the size of existing reserves, and that the process was still being studied. However, the consortium is expected to be in place by the end of 2002. The two nations have agreed to explore the area jointly to avoid conflict over which nation has legal rights to the reserves.
ExxonMobil's subsidiary, Esso Exploration Angola and Sociedade Nacionale de Combustiveis de Angola made a deepwater oil discovery on Angola's Block 15 in September 2002. This is the 13th oil discovery on that block, which is located 240 miles northwest of Luanda. The well, named Reco Reco-I, tested at a rate of 2,640 bpd and was drilled in 4,718 feet of water to a total depth of 12,460 feet.

BP and Sonangol made their first oil discovery in the ultra-deep waters of Block 31 in September 2002. The well tested at a maximum rate of 5,357 bpd, although the full extent of the Plutao discovery is still being evaluated. This is the second well BP has drilled in Block 31, the first one being a dry hole. BP has a 26.7 % stake in the block, Esso holds a 25 % stake, 20 % is retained by Sonangol, 13.3 % is held by Statoil, 10 % by Marathon, and 5 % by TotalFinaElf.
Also in September 2002, Canadian Natural Resources reached a 4 year production sharing deal with Sonangol EP, which will allow the Calgary-based firm to explore for oil in the deep waters of Block 16 off the coast of Angola. The 1.2 mm acre block is located 72 miles offshore, and water depths in the area range from 300 meters to 1,500 meters. Canadian Natural will be theoperator and will retain a 50 % working interest in the block. Odebrecht Oil and Gas Angola will have a 30 % working interest, while Sonangol EP will retain the remaining 20 %.

It should be noted that not all exploration efforts have been successful. Following the drilling of a number of dry holes in the ultra-deep waters of the Kwanza basin and elsewhere, some firms may review their oil exploration strategies in Angola.
Having spent more than $ 1 bn in signature bonuses and wildcat wells covering four exploration blocks, the dry holes are a major disappointment for firms operating there, including ChevronTexaco (Gabela-1), TotalFinaElf (Mariposa-1), BHP (Iona-1 and Kangandala-1), Agip (Leao-1), and ExxonMobil (Eova-1). Though ExxonMobil's Semba-1 well did find oil, it was not commercially viable, and was subsequently abandoned.

Several significant discoveries have been made on deepwater offshore Block 17, located northwest of Luanda. The Girassol field was discovered in 1996 in 4,500 feet (1,365 meters) of water. Girassol is estimated to contain 725 mm barrels of recoverable reserves. TotalFinaElf, operator with 40 % interest in the Block 17 PSA, and its partners ExxonMobil (20 %), BP (16.67 %), Statoil (13.33 %), and Norsk Hydro (10 %) decided to fast-track the development of the Girassol field.
Production began in 2001, and by 2002 was producing 120,000 bpd, more than half of its expected peak production of 200,000 bpd. Additional discoveries have been made on Block 17, including Dalia (1997), Rosa (1998), Lirio (1998), Tulipa (1999), Orquidea (1999), Cravo (1999), Camelia (1999) and Jasmin 1 (2000). The Dalia field, with an estimated 1 bn barrels of recoverable reserves, will be developed using a FPSO. First oil from Dalia is expected by the end of 2004.

The Mavacola-1 discovery on Block 15 was announced in May 2001. Mavacola-1, which flowed at a test rate of 3,200 bpd, is the eleventh discovery made on the block since the Kissanje discovery was made in February 1998. Other recent discoveries on Block 15 include Vicango-1 (2001), Mbulumbumba-1 (2001), Batuque (2000), Saxi-1 (2000) and Mondo (2000). Block 15 contains an estimated recoverable hydrocarbon potential of over 3.5 bn boe.
Plans for multiple developments on the block are being developed. The Kizomba-A project will develop the Hungo (1998) and Chocalho (1999) discoveries. An FPSO vessel will be utilized for the Kizomba-A project, with production scheduled to start before the end of 2004. Production is targeted to eventually reach 250,000 bpd. The Kizomba-B project, also projected to reach 250,000 bpd, will develop the Kissanje, Marimba (1998), Dikanza (1998) and Xicomba (1999) discoveries. First oil from Kizomba-B is not expected before the end of 2005.
ExxonMobil (40 %), the operator, BP (26.67 %), Agip (20 %), and Statoil (13.33 %) are the participants on the Block 15 PSA. The Kizomba-C project will also encompass multiple fields, though it is still in the planning stages. So far, the $ 3.5 bn project is expected to develop the Batuque, Saxi, and Mondo fields, and may begin producing oil by 2006 or 2007.

Refining and downstream
The Fina Petroleos de Angola refinery in Luanda has a crude oil processing capacity of 39,000 bpd. The refinery is a joint venture between Sonangol (36 %), TotalFinaElf (61 %) and private investors (3 %). TotalFinaElf, operator of the Luanda refinery, plans to raise capacity to 60,000 bpd by 2004. Two processing units will be enlarged and a third scrapped to boost efficiency.
The refinery needs to adapt by 2005 to meet product specifications and deadlines set by SADC. These include phasing out lead and increasing the octane content in gasoline. The refinery produces almost all of Angola's domestic requirements of gasoline, kerosene and jet fuel, as well as a small amount of products for export.

Angola is developing plans for a new 200,000-bpd refinery, to be located in the central coastal city of Lobito. The majority of products refined at the new facility (80 %) would be exported regionally. At a conference in October 2002, Sonangol's managing board chairman stated that preliminary work is proceeding smoothly. Following a one year delay, it is anticipated that construction will commence before the end of 2003, with the refinery coming onstream by 2007.
Equity in the refinery has not been finalized, but Sonangol will likely retain a 50 % share, with 20 % going to a foreign technical partner, 20 % to a foreign financial partner, and the remaining 10 % to entities in the South Africa Development Community. Sonangol is investing between $ 3 and $ 5 bn in the refinery and is using Dresdner Kleinwort Wasserstein as its financial adviser.

Diesel and gasoline produced in the refinery will meet technical and environmental specifications required in targeted markets such as the United States, Western Europe and South Africa.
Three firms, Sonangol (through its subsidiary Sonangol Distribution), TotalFinaElf, and Sonangalp, a joint venture between Sonangol (51 %) and Petrogal (49 %), provide product distribution and marketing in Angola. Angola's small market size and lack of infrastructure have hindered Sonangol's plans to attract additional foreign companies to the country's downstream market.

Natural gas
Angola has estimated natural gas reserves of 1.6 tcf. New discoveries could push Angola's proven gas reserves to 9.5 tcf, and possibly as high as 25 tcf. The majority (approximately 85 %) of natural gas produced in Angola is flared, the remainder is reinjected to aid in oil recovery and processed in the production of LPG.
World Bank studies estimate that Angola accounts for 30 % of the natural gas flared in Africa. The government is developing strategies to reduce natural gas flaring and increase commercial usage of natural gas. CABGOC has initiated two zero-flare fields, Nemba and Lomba, and plans to make Kuito the third.

ChevronTexaco and Sonangol have agreed to develop an LNG project that would convert natural gas from offshore oil fields to LNG for export. The facility will process natural gas from offshore Blocks 1, 2, 3, 4, 15, 16, 17, and 18. The facility, which will be located in Luanda adjacent to the existing refinery, will initially consist of one LNG train with a capacity to process 4 mm tpy of LNG.
The site is sufficiently sized for the plant to expand to additional LNG trains. Changes to the project plans and geographical difficulties have pushed the start-date for construction back to 2004, with the $ 2-bn LNG project expected to be in service by 2007. Sonangol and ChevronTexaco each initially held a 50 % interest in the project, but it was announced in July 2001, that BP, ExxonMobil and TotalFinaElf were joining the consortium.

Equity was realigned in 2002 to reflect the partners' responsibilities, with ChevronTexaco retaining 32 %, Sonangol 20 %, and BP, ExxonMobil, Norsk Hydro, and TotalFinaElf taking 12 % apiece. The firms are the respective operators on Blocks 15, 17 and 18. ChevronTexaco will remain the LNG project's operator.
The LNG project could spur the development of other gas-related projects including: gas-fired generation facilities in the Luanda area, industrial usage of gas as a fuel (plans call for the Luanda cement plant to convert to natural gas), and expanding the domestic market for LPG.

Electricity
Angola's electricity generating capacity as of January 1, 2000 stood at 586 MW. Although capacity is split evenly between thermal (oil & gas-fired) and hydroelectric units, hydroelectric facilities generate more than two-thirds of Angola's electricity. It is estimated that only 15 % of Angola's population has access to electric power.
Angola has announced plans for the major rehabilitation of its power sector infrastructure. Significant portions of the country's generation and transmission facilities have been damaged during the civil war. Angola intends to recover the productive capacity of the Empresa Nacional de Electricidade (ENE), the state-owned electric utility, by rehabilitating its hydropower stations.
Of the six stations, only three (Cambambe, Biopo, and Matala) are functioning. The other dams (Mabubas, Lumaun, and Gove) have been severely damaged. The government plans to create a national grid by linking the three regional electricity grids and establishing linkages with neighbouring countries.
This project, coupled with the power plant rehabilitation, could provide the basis for Angola becoming a regional exporter of electricity. Rehabilitation work on the Matala Dam (51 MW) was completed in September 2001, and work on the Cambambe facility (130 MW) is scheduled to be completed in 2002.

Angola's energy minister, Luis Filipe da Silva, announced in September 2002 that the government plans to build a new dam in Dala municipality that will supply the Moxico province with electricity. Construction is expected to begin in 2003, and until the dam is operational, Moxico's capital town, Luena, will receive a 1.5 MW generator to increase its power supply.
The Brazilian construction company Odebrecht, which is currently rehabilitating the Matala facility, completed construction of a new hydroelectric facility at Capanda on the Kwanza River. In August 2002, the Office of Middle Kwanza Exploitation began filling up the new dam's reservoir in preparation for electricity production scheduled to begin in early 2003. Work on the 520-MW plant began in the mid-1980's, but was suspended due to the civil war. When fully operational, the Capanda project will nearly double Angola's electricity generating capacity.

Russia's largest diamond-producing firm, Alrosa, has plans to build a 16 MW dam on the Tchicapa River in the Lunda Sul Province to provide energy for its prospecting operations. The new dam could be finished in as little as 30 months and will be constructed in partnership with ENE, Angola's state-run electricity company.
At a cost of $ 45 mm, the dam is expected to provide energy for the second phase of Alrosa's diamond prospecting project at Catoca. The dam will also supply energy to Lunda Sul. Angola's Lunda Sul and Lunda Norte provinces are said to be important diamond-producing regions that have enormous hydropower potential.

Country overview
President: Jose Eduardo dos Santos
Independence: November 11, 1975 (from Portugal)
Population (July 2002E): 10.6 mm
Location/size: Southern Africa, bordering the Atlantic Ocean (on the west), the Democratic Republic of the Congo (on the north and east); Zambia (on the east); and Namibia (on the south)/1,246,700 sq km (481,350 square miles), slightly less than twice the size of Texas
Major cities: Luanda (capital), Huambo, Lobito, Soyo
Languages: Portuguese (official), over 60 local languages including Umbundu, Kimbundu, Kikongo, Tchokwe and Ovambo
Ethnic groups: Ovimbundu 37 %, Kimbundu 25 %, Bakongo 13 %, other 22 %
Religion: Traditional beliefs 47 %, Roman Catholic 38 %, Protestant 15 %
Defence (1999E): Army (106,000), Navy (2,000), Air Force (6,000), Paramilitary Forces (15,000)

Economic overview
Minister of Finance: Julio Bessa
Currency: New Kwanza (NKz)
Exchange rate (11/25/02): $ 1 = 50.73 NKz
Gross Domestic Product (GDP) (2002E): $ 8.5 bn
Real GDP growth rate (2001E): 3.4 % (2002E): 11.2 %
Inflation rate (2001E): 152.6 % (2002E): 103.6 %
Current account balance (2001E): -$ 2.0 bn
Major trading partners: United States, South Korea, Belgium, Portugal, China, France, Taiwan, South Africa
Major export products: Crude oil, diamonds, refined petroleum products
Major import products: Consumer goods, military and capital goods, machinery, vehicles and spare parts
Total external debt (2001E): $ 10.5 bn

Energy overview
Minister of Petroleum: Jose Maria Botelho de Vasconcelos
Minister of Energy and Water: Luis Filipe da Silva
Proven oil reserves (1/1/02E): 5.4 bn barrels
Oil production (2001E): 742,000 bpd, all of which is crude oil (January-August 2002E): 897,000 bpd, all of which is crude oil
Oil consumption (2001E): 31,000 bpd (2002E): 31,000 bpd
Net oil exports (2001E): 711,000 bpd (2002E): 866,000 bpd
Refining capacity (1/1/02E): 39,000 bpd
Natural gas reserves (1/1/02E): 1.6 tcf
Natural gas production (2000E): 20.5 bn cf
Natural gas consumption (2000E): 19.8 bn cf
Electric generation capacity (1/1/00E): 586 MW
Electricity generation (2000E): 1.2 bn kWh (59.7 % hydroelectric, 40.3 % thermal)

Environmental overview
Minister of Fisheries and Environment: Maria de Fatima Monteiro Jardim
Total energy consumption (2000E): 0.09 quadrillion Btu* (0.03 % of world total energy consumption)
Energy-related carbon emissions (2000E): 3.6 mm tons of carbon (0.1 % of world carbon emissions)
Per capita energy consumption (2000E): 6.9 mm Btu (vs. US value of 351.0 mm Btu)
Per capita carbon emissions (2000E): 0.3 tons of carbon (vs. US value of 5.6 tons of carbon)
Energy intensity (1999E): 9,900 Btu/$ 1990 (vs. US value of 12,638 Btu/$ 1990)**
Carbon intensity (1999E): 0.35 tons of carbon/thousand $ 1990 (vs. US value of 0.19 tons of carbon/$ 1990)**
Fuel share of energy consumption (2000E): Oil (67.2 %), natural gas (23.0 %), coal (0.0 %)
Fuel share of carbon emissions (2000E): Natural gas (64.4 %), oil (32.8 %), coal (0.0 %)

Status in Climate Change Negotiations: Non-Annex I country under the United Nations Framework Convention on Climate Change (ratified May 17, 2000). Not a signatory to the Kyoto Protocol.
Major environmental issues: Overuse of pastures and subsequent soil erosion attributable to population pressures; desertification; deforestation of tropical rain forest (in response to both international demand for tropical timber and to domestic use as fuel), loss of biodiversity; soil erosion contributing to water pollution and siltation of rivers and dams; inadequate supplies of potable water.
Major international environmental agreements: A party to Conventions on Biodiversity, Desertification and Law of the Sea.

* The totalenergy consumption statistic includes petroleum, dry natural gas, coal, net hydro, nuclear, geothermal, solar and wind electric power. The renewable energy consumption statistic is based on International Energy Agency (IEA) data and includes hydropower, solar, wind, tide, geothermal, solid biomass and animal products, biomass gas and liquids, industrial and municipal wastes.
**GDP based on EIA International Energy Annual 2000

Oil and gas industries
Organization: State-owned Sociedade Nacional de Combustiveis de Angola (Sonangol) oversees offshore and onshore oil operations in Angola.
Major oil fields: Takula (Block Zero), Numbi (Block Zero), Kokongo (Block Zero), Pacassa (Block 3), Cobo/Pambi (Block 3)
Major refineries (1/1/02 Capacity): Fina Petroleos De Angola-Luanda (39,000 bpd); a new 200,000 bpd refinery at Lobito is scheduled to begin construction in 2003
Major oil terminals: Luanda, Malango (Cabinda), Palanca, Quinfuquena
Foreign oil company involvement: Ajoco, BHP, BP, Canadian Natural Resources, ChevronTexaco, Daewoo, Engen, ENI-Agip, ExxonMobil, Falcon Oil, Fortum, Gulf Energy Resources, INA-Naftaplin, Lacula Oil, Marathon Oil, Mitsubishi, Naftgas, Naphta-Israel, Norsk Hydro/Saga, Occidental, Ocean Energy, Pedco, Petrobras, Petrofina, Petrogal, Petro-Inett, Petronas, Phillips, Prodev, Shell, Statoil, Teikoku, TotalFinaElf.

Source: EIA
Alexander's Commentary

A Future?

After a long editorial silence, it is time again for a comment on world affairs.

Whilst reading through the m

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