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wall street journal 12-17-07
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New Money, Old Assets
Asian energy companies are looking for diversification in an unlikely place: U.S. oil fields that are often nearly tapped out
By BRIAN BASKIN
November 12, 2007; Page R6
Asian energy companies are quietly expanding their presence in the U.S., picking up mostly older oil and gas fields to anchor a new global strategy that includes riskier pursuits in Africa and the Middle East.
THE JOURNAL REPORT
How U.S. coal companies adapt to safety and environmental pressures may determine their future. Plus, U.S. policies will reduce dependence on foreign oil -- unless they increase it.
• See the complete Energy report.In a series of predominantly under-the-radar deals over the past 18 months, Japanese and Korean oil companies have spent more than $3.4 billion to gain a toehold in the U.S. Formerly bit players outside Asia, they look at the U.S. as a steady source of both energy and cash as they seek to broaden the sources of oil and gas for their resource-starved countries.
"In the past our core activity was in Southeast Asia and Australia. We're looking for diversification," says Haruo Kumo, head of the U.S. energy operations of Japanese industrial conglomerate Mitsui & Co.
The new foreign entrants are stepping in just as many of the biggest producers in the U.S. are pulling out of older fields. The big producers for the most part don't want to invest the ever-increasing amounts needed to prolong the life of reservoirs that in some cases are nearly tapped dry. The Asian newcomers are small players in the exploration and production worlds, but they are some of the world's largest companies, with financial resources to match. And they are willing to spend what it takes for what they consider a vital strategic link.
HOW'S YOUR ENERGY IQ?
Test your knowledge of energy production and consumption around the world.Dealmakers and industry experts are split, however, on how much of a future there is for Asian investment in U.S. production. Oil and gas fields are more expensive to buy in the U.S. than almost anywhere else and provide lower profit margins. And the largest potential group of Asian buyers, the Chinese oil companies, remain wary after political pressure in the U.S. sank a 2005 deal.
Getting Started
Mr. Kumo won't say much about Mitsui's future in the U.S., a year after his company bought a 50% stake in natural-gas fields off the Texas and Louisiana coasts. "We're not shrinking" is all he offers.
Neither are at least nine other Asian energy companies, mostly Japanese and Korean. They range from the state-owned Korea National Oil Corp. to diversified Japanese conglomerates like Mitsui and Mitsubishi Corp. Deals range from relatively small purchases in the shallows of the Gulf of Mexico and in Texas to a $1.2 billion stake in a major deepwater oil project. Most of the new entrants say they're just getting started -- Itochu Corp., a Tokyo-based conglomerate, has spent only 20% of the $860 million it plans to spend on U.S. gas fields through 2009.
ADVANCED SEARCH
Asian energy companies have searched for oil and gas in the U.S. since the mid-1980s, but deals were few and far between until last year.
• 1986: Japan National Oil Co. and Nippon Oil (Japan) drill wells in North Dakota and the Gulf of Mexico
• February 2006: Marubeni (Japan) acquires deep-water oil and gas fields for $1.3 billion
• April 2006: Mitsui (Japan) buys a 50% stake in gas fields in the Gulf for $500 million
• September 2006: Korean National Oil Corp. and Samsung (Korea) buy a minority interest in offshore Texas gas fields
• April 2007: Itochu Corp. (Japan) buys shallow-water gas fields for $155 million, announces plan to spend $850 million increasing U.S. production over three years
• May 2007: Mitsubishi (Japan) and Nippon Oil Corp. team up to buy 23.2% of Anadarko Petroleum's giant K2 oil field, for $1.2 billion
• July 2007: Mitsui and state-financed Jogmec buy a 10% stake in a BP deep-gas project
• September 2007: Sojitz Corp. marks the Japanese return to onshore drilling, with an $82 million purchase of Texas gas fields
• October 2007: Four Japanese and Korean companies successfully bid $46.2 million on federal leases in the Gulf of Mexico
• October 2007: Sojitz pays $40 million for stakes in three Gulf of Mexico oil fields
Source: WSJ reportingThe acquisitions have mostly been in shallow-water gas fields off the Gulf Coast, territory that most major energy companies have been leaving over the past five years. The wells there are running down, with production dropping 44% between 2002 and 2006, albeit to a still substantial 4.9 billion cubic feet of gas a day, according to the U.S. Minerals Management Service. But those fields should still be yielding four billion cubic feet of gas a day in 2015, almost entirely from wells that have yet to be drilled, says Bill Gwozd, vice president of gas services at Ziff Energy Group, a Calgary, Alberta-based consulting firm. "The companies that are buying are not buying yesterday's production," he says. "They're buying potential for tomorrow
Fla. Storm Overturns Cars, Damages Jail
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Dec 16, 10:12 AM (ET)
LAND O' LAKES, Fla. (AP) - An apparent tornado demolished a jail building and overturned vehicles early Sunday in central Florida, authorities said. No injuries were reported.
The storm was reported about 5:15 a.m. in Pasco County, the National Weather Service said.
One of two minimum-security annex buildings at the Pasco County Jail in Land O' Lakes was destroyed, sheriff's spokesman Doug Tobin said. The approximately 125 female inmates it housed had been evacuated moments earlier to the main jail.
"A few seconds after shutting the door is when that structure basically collapsed," Tobin said.
The destroyed building was a temporary structure used to ease overcrowding and designed to withstand winds up to 110 miles per hour, according to a county Web site.
A second annex, housing about 100 male inmates, did not sustain any serious damage, Tobin said. The roof was damaged on the main prison building, which holds about 950 inmates.
Pasco County is north of Tampa Bay on Florida's Gulf Coast
Fla. Storm Overturns Cars, Damages Jail
Email this Story
Dec 16, 10:12 AM (ET)
LAND O' LAKES, Fla. (AP) - An apparent tornado demolished a jail building and overturned vehicles early Sunday in central Florida, authorities said. No injuries were reported.
The storm was reported about 5:15 a.m. in Pasco County, the National Weather Service said.
One of two minimum-security annex buildings at the Pasco County Jail in Land O' Lakes was destroyed, sheriff's spokesman Doug Tobin said. The approximately 125 female inmates it housed had been evacuated moments earlier to the main jail.
"A few seconds after shutting the door is when that structure basically collapsed," Tobin said.
The destroyed building was a temporary structure used to ease overcrowding and designed to withstand winds up to 110 miles per hour, according to a county Web site.
A second annex, housing about 100 male inmates, did not sustain any serious damage, Tobin said. The roof was damaged on the main prison building, which holds about 950 inmates.
Pasco County is north of Tampa Bay on Florida's Gulf Coast
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Sun Dec 9, 11:56 PM ET
MIAMI - A weather system off Puerto Rico has the potential to become a tropical storm, forecasters said Sunday, a little more than a week after the Atlantic hurricane season ended.
ADVERTISEMENT
At 10:30 p.m. EST the system was about 425 miles east of Puerto Rico. It was moving west at about 15 to 20 mph and was expected to continue that general motion over the next day or two, according to the National Hurricane Center.
It could become a tropical or subtropical storm during the next 24 hours, forecasters said. Tropical storms have winds of at least 39 mph.
The Atlantic hurricane season, which ended Nov. 30, had 14 named storms this year. Six of those were hurricanes
Sun Dec 9, 11:56 PM ET new release
MIAMI - A weather system off Puerto Rico has the potential to become a tropical storm, forecasters said Sunday, a little more than a week after the Atlantic hurricane season ended.
ADVERTISEMENT
At 10:30 p.m. EST the system was about 425 miles east of Puerto Rico. It was moving west at about 15 to 20 mph and was expected to continue that general motion over the next day or two, according to the National Hurricane Center.
It could become a tropical or subtropical storm during the next 24 hours, forecasters said. Tropical storms have winds of at least 39 mph.
The Atlantic hurricane season, which ended Nov. 30, had 14 named storms this year. Six of those were hurricanes
WONT41 KNHC 101143
DSAAT
SPECIAL TROPICAL DISTURBANCE STATEMENT
NWS TPC/NATIONAL HURRICANE CENTER MIAMI FL
645 AM EST MON DEC 10 2007
THE BROAD AREA OF LOW PRESSURE CENTERED ABOUT 250 MILES EAST OF
PUERTO RICO HAS CHANGED LITTLE IN ORGANIZATION EARLY THIS MORNING.
WHILE A CLOSED SURFACE CIRCULATION APPEARS TO BE FORMING...
SATELLITE IMAGERY INDICATES THE SHOWER ACTIVITY IS REMOVED WELL TO
THE NORTH OF THE LOW. ENVIRONMENTAL CONDITIONS ARE ONLY MARGINALLY
FAVORABLE FOR DEVELOPMENT...BUT A TROPICAL OR SUBTROPICAL CYCLONE
COULD STILL FORM DURING THE NEXT 24 HOURS. REGARDLESS OF FURTHER
DEVELOPMENT...THIS SYSTEM COULD PRODUCE HEAVY SQUALLS AND GUSTY
WINDS ACROSS THE VIRGIN ISLANDS...PUERTO RICO...AND HISPANIOLA
TODAY AND TONIGHT AS IT MOVES WESTWARD AT ABOUT 20 MPH. INTERESTS
IN THESE AREAS SHOULD CONTINUE TO MONITOR THE PROGRESS OF THIS
SYSTEM.
FURTHER SPECIAL TROPICAL DISTURBANCE STATEMENTS WILL BE ISSUED AS
NECESSARY. FOR INFORMATION SPECIFIC TO YOUR AREA...CONSULT
STATEMENTS ISSUED BY YOUR LOCAL WEATHER OFFICE.
$$
FORECASTER MAINELLI/KNABB
WONT41 KNHC 101143
DSAAT
SPECIAL TROPICAL DISTURBANCE STATEMENT
NWS TPC/NATIONAL HURRICANE CENTER MIAMI FL
645 AM EST MON DEC 10 2007
THE BROAD AREA OF LOW PRESSURE CENTERED ABOUT 250 MILES EAST OF
PUERTO RICO HAS CHANGED LITTLE IN ORGANIZATION EARLY THIS MORNING.
WHILE A CLOSED SURFACE CIRCULATION APPEARS TO BE FORMING...
SATELLITE IMAGERY INDICATES THE SHOWER ACTIVITY IS REMOVED WELL TO
THE NORTH OF THE LOW. ENVIRONMENTAL CONDITIONS ARE ONLY MARGINALLY
FAVORABLE FOR DEVELOPMENT...BUT A TROPICAL OR SUBTROPICAL CYCLONE
COULD STILL FORM DURING THE NEXT 24 HOURS. REGARDLESS OF FURTHER
DEVELOPMENT...THIS SYSTEM COULD PRODUCE HEAVY SQUALLS AND GUSTY
WINDS ACROSS THE VIRGIN ISLANDS...PUERTO RICO...AND HISPANIOLA
TODAY AND TONIGHT AS IT MOVES WESTWARD AT ABOUT 20 MPH. INTERESTS
IN THESE AREAS SHOULD CONTINUE TO MONITOR THE PROGRESS OF THIS
SYSTEM.
FURTHER SPECIAL TROPICAL DISTURBANCE STATEMENTS WILL BE ISSUED AS
NECESSARY. FOR INFORMATION SPECIFIC TO YOUR AREA...CONSULT
STATEMENTS ISSUED BY YOUR LOCAL WEATHER OFFICE.
$$
FORECASTER MAINELLI/KNABB
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new release
Castro Says He Warned Chavez About US
Nov 30 01:25 PM US/Eastern
By WILL WEISSERT
Associated Press Writer 16 Comments
Venezuelans To Vote On Increasing Chavez's Power
Video Highlights Human Rights Violations in Venezuela
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HAVANA (AP) - Fidel Castro said Friday he has warned Venezuelan President Hugo Chavez to watch out for U.S.-backed assassination attempts, telling his close friend and socialist ally to avoid open-top vehicles that could be targeted by snipers.
The 81-year-old Castro said Venezuela is facing "a world tyranny" as voters decide Sunday on constitutional changes that would give Chavez unchecked power to further transform the South American country into a socialist state.
"The empire has created conditions conducive to violence and internecine conflicts" in Venezuela, Castro wrote in an essay published in Cuba's two leading official newspapers, referring to the U.S.
Castro has not been seen in public since emergency intestinal surgery forced him to cede power to his younger brother Raul in July 2006. Since then, no foreign head of state has visited the ailing revolutionary more than Chavez, who was last in Cuba less than two weeks ago.
"On Chavez's recent visit last Nov. 21, I seriously discussed with him the risks of assassination as he is constantly out in the open in convertible vehicles," wrote Castro, who himself survived dozens of CIA-backed attempts on his life since leading the Cuban revolution in Castro noted his own experience as a combatant trained in the use of automatic weapons with telescopic sights.
The Cuban leader said the U.S. should consider that if Chavez were killed or a civil war broke out in Venezuela, the world economy would "blow up" because of the importance of that country's huge oil reserves.
His comments came a day after more than 100,000 people flooded Venezuela's streets to oppose 69 proposed constitutional changes to the nation's 1999 constitution that would, among other things, create forms of communal property, eliminate presidential term limits, and increase presidential authority.
Critics claim the reforms would give Chavez dictatorial power. The Venezuelan president, who has for weeks denounced vague, U.S.-backed plans to destabilize his government, counters that the revisions are necessary to give the public a greater voice in government.
Castro said threats against Chavez will not end with Sunday's vote.
"A victory of the 'yes' vote on Dec. 2 would not be enough. The weeks and months following that date may very well prove to be extremely tough for many countries, Cuba for one," he wrote.
Venezuela has been instrumental in Cuba's recovery after the collapse of the Soviet bloc brought the island to the brink of economic collapse in the early 1990s.
Chavez's government sends nearly 100,000 daily barrels of oil per day to Cuba in exchange for social service assistance. Castro said Friday that trade between both countries has now reached $7 billion annually
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About ReutersVenezuela threatens to cut oil exports to U.S
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Chavez told supports at a rally that the state oil company will halt sales to the United States on Monday if Washington interferes with the vote on the proposed constitutional reform.
The Venezuelan leader and Cuba ally also said he had ordered the military to protect oil fields and refineries in case of political violence.
The reform would also give him direct control over foreign currency reserves while reducing the workday to six hours and expanding social security benefits for informal workers like street vendors.
(Reporting by Brian Ellsworth; Editing by Christian Wiessner