Oil giants empowered, majors weakened (Exxon etal oil grab not so easy)

[Robbien]

State-owned oil giants in producing nations are cementing control over much of the world's reserves, intensifying fears too little investment will be made in new energy supplies. Barriers to foreign investment in the world's biggest oil producers are expected to be among issues broached at a two-day ministerial conference of the International Energy Agency starting in Paris on Monday.

- - -

At a meeting of OPEC and oil majors in Vienna last year, the big six majors -- ExxonMobil, Shell, BP, Total, ChevronTexaco and ConocoPhillips -- got a cool reception when they met OPEC and called for easier access to Middle Eastern reserves. They were soundly rebuffed by Saudi Arabian Oil Minister Ali al-Naimi who spelled out that state-owned Saudi Aramco has a wealth of expertise and was entirely capable of developing Saudi's oil resources without the need for the foreign capital.

Elsewhere in the Middle East, Kuwait does not permit foreign participation in its oil sector, Iraq's post-war reopening has yet to get under way and Iran's tough investment terms have limited the scope of its ventures with international firms.

. . .

Venezuela and Nigeria, for example, are limiting the access of foreign commercial companies or making terms of admission less favorable. In the largest non-OPEC producer Russia the concept of the ``people's oil'' re-emerged last year in the form of plans for higher taxes -- Moscow's tax take was 33 percent in 2001; this year, it is expected to be higher.

Some analysts say the oil producing countries are as likely to work with each other as with international companies. That would allow investments on a scale no single oil producing country could undertake and head off potential unease over foreign ownership of strategic resources.

http://news.moneycentral.msn.com/breaking/breakingnewsarticle.asp?feed=OBR&Date=20050502&ID=4414008

[mbperrin]

1. I feel so sorry for these tiny oil giants, defenseless against

the onslaught of government everywhere -- won't SOMEONE help save them and their all time RECORD PROFITS!!!???

Ya just can't bear to think of it, can ya?

[DrDebug]

5. The profits of those poor companies...

(Written in full so it shows all the zeros)

ExxonMobil annual profits jump to $25,000,000,000.00
Shell annual profits $17,500,000,000.00
BP annual profits $15,730,000,000.00
Total can't find because of name
ChevronTexaco annual profits $2,560,000,000.00
ConocoPhillips annual profits $4,000,000,000.00

So that's at least $66,000,000,000.00 !!!

$66,000,000,000.00 = Comcast (they are crazy!), one year in Iraq (excl. rebuilding), the GDP of Slovakia (a whole country!) etc.

[rainbow4321]

8. Take a peek at some of the Saudi $$

Wanna see how they are spending our gas money? This is what they spent JUST on their Dallas trip:

http://www.dallasnews.com/sharedcontent/dws/news/texassouthwest/stories/050105dnintsaudi.62bf3164.html


For last Monday's ranch summit in Crawford with President Bush, the crown prince took over 120 of the 143 rooms at a posh Dallas hotel, The Mansion on Turtle Creek, and much of its sibling establishment, the Hotel Crescent Court. Even before his two Boeing 747s arrived at Dallas Love Field, unprecedented modifications were made to suit unprecedented royal requirements.

One Mansion suite (which typically runs about $1,000 a night) housed the prince's wardrobe. Another Mansion guestroom was turned into a barbershop used exclusively for the shaving of the Saudi leader (one staff member's principal duty is to groom and dress the prince each day).

The delegation's bill for four nights at The Mansion might run to $500,000 or more depending on the rates negotiated by the Saudi government and the cost of additional services such as food and beverages.

"The room service started at 9 in the morning and ran constantly until 1 a.m.," Mr. Fearing said. "It was just a huge amount of food. I've never seen people eat like this in my life. In my 20 years at The Mansion, I've never seen anything like it."

[Weembo]

2. $5.00 per gallon -- my bet is 2007

[Dover]

3. Save the dinosaurs from extinction!

Otherwise we might be forced to move into the 21st Century...gasp!

[wallwriter]

4. Those f***sticks at Exxon are sitting....

on 25 billion with a b in cash. Their big problem is what to do with it, and what to do with the tax cuts and subsidies that Tom DeLay's Congress just voted for them...

[annabanana]

6. the "smartest kids in the room"

aren't as smart as all that after all, are they.....

[MasonJar]

7. Whoppee! George, it's your fault that the world hates you, you

perpetual, provincial, pathetic loser.