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1、www.energyintel.comPETROLEUMINTELLIGENCEWEEKLY®Copyright©2010EIG.Unauthorizedaccessorelectronicforwarding,evenforinternaluse,isprohibited.Vol.XLIX,No.33,August16,2010•MacondoShinesHarsh•NoConsensusonWhen•BeyondJubilee,Ghana’sLightonUSRegulators,p2GasGlutWillEnd,p3ProspectsLookCloudy,
2、p5•ChinaDrivesAsia-Pacific•ArgentinaPaysfor•Marketview:CrudeImportGrowth,p3GasPriceControls,p4BailingOut,p8AramcoSoundsSaudiAramcohasbeensayingformonthsthatitwouldproceedwithits400,000barrelperdayYanburefineryprojectwithorwithoutareplacementfordepartedUSpartnerConocoPhillips,OutPossi
3、bleandinJulyitunilaterallyawardedbillionsofdollarsincontractstolockinattractiveconstruc-tionbidsbeforetheyexpired.Behindthescenes,however,thestateoilgianthasbeensteppingupYanbuPartnerseffortstofindanewinvestor,PIWlearns(PIWAug.2,p7).Aramcocertainlyhastheprojectman-agementskillstohand
4、leYanbu,andwouldbeabletobuytechnologyofftheshelfforthecomplexfacility,whichfeatureshydrocrackingandcokingunits.Whereitdoesneedhelpisinmarketing,preferablyinNorthAmericaandEurope—giventherefinery’slocationonthekingdom’swesterncoast—asareplacementforConoco’sUSandEuropeandistributionnet
5、works(PIWMay3,p1).Theenergy-hungrySaudidomesticmarketwouldbeanoutletforgasolineanddiesel,butwouldnotcon-sumealltherefinery’sproducts,sourcessay.Aramcoisalsointhemiddleofaheavyprogramofdownstreamactivity,andmightsimplywantsomehelpmanagingandfundingthe$8.7billionfacility.“Withtheloadth
6、eyhave,iftheygetapartnertheywouldtakeit,”oneSaudi-basedsourcesays.Aramcohasbeenformallysoundingoutinternationaloilcompanies(IOCs),includingthosealreadywithrefininginterestsinthekingdom,suchasExxonMobil,RoyalDutchShellandTotal,andthosethatcanofferAtlanticBasinmarketingclout.SomeIOCsha
7、vegenuinelyconsideredAramco’sproposals,andparticularlythebargainithasnegotiatedonconstruction(Pleaseturntop.4)MurphyTakesWithamarketcapitalizationofjust$11billion,MurphyOilhasmanagedtonavigateitswaysuccessfullythroughthesupermajoreraasamid-tierintegratedmajorwithafocusonthePathSuperm
8、ajorsdeepwat