[en] This paper reports that with the increasing internationalization of the petroleum industry, lenders to the industry must understand and overcome several new credit risk factors. As a result, new financial products are now available to reserve-based borrowers. Traditional project financing now also may include futures hedging, swaps, and collar elements

[en] An overview is presented of the Mexican petroleum sector. The sector is largely controlled by the state company PEMEX and is not completely open to foreign participation and supply, however the trend towards privatization and open competition, combined with the drive for competitiveness of PEMEX operations in particular, is creating market opportunities for foreign suppliers of petroleum equipment and services. Detailed profiles are provided of 50 Mexican companies and their primary products and services, specific areas of expertise, client base, international experience, interest in Canada, other relevant information, and a contact person. A less detailed list is also provided of additional Mexican contacts, petroleum industry associations and chambers of commerce

[en] The Houston-based Torch Energy Advisers Inc. purchased 25% of Gulf Canada Resources Ltd. in November 1994. Torch Energy Advisers' president J.P. Bryan started to restructure the debt-ridden company by letting go of seven of Gulf's nine vice presidents. Later, he pulled Gulf out of Komi Arctic Oil, a problem-plagued joint venture in Russia. A recent analysis of major petroleum companies by Doig's Digest showed that Gulf was among the least efficient producers, with only 21 barrels of crude oil per employee per day in 1993. In order to improve the productivity, a cut of from 10 to 30 per cent of headquarters' staff was predicted. The ultimate goal was rumored to be a 15 per cent reduction in overhead, and up to 30 per cent reduction in operating costs

[en] Having been founded in August 1998, the Quebec City Section of the Petroleum Society of CIM held its first inaugural luncheon meeting on November 25, 1998. The guest speaker was Mr. Norm Miller, President of Halifax-based Corridor Resources Corporation. The company holds some two million hectares of exploration licenses, both on and offshore in Quebec and is the province's most active player in oil and gas exploration. Mr. Miller spoke about the promising petroleum potential of Quebec. The luncheon meeting was attended by 54 participants

[en] An alphabetical listing of companies comprising the petroleum, natural gas and service industries in Canada was provided. Principal personnel for each company was also listed following the company's name. The directory is cross referenced to the Petroleum Society's membership directory which also forms part of this issue of the Journal

[en] This paper reports on a relatively strong oil market emerging from the Persian Gulf war according to an Opec spokesperson. Opec is expected to remain a viable force, perhaps more cohesive than before, no matter what happens to Kuwait and Iraq

[en] This paper reports that there appears to be Anemendous potential for future development in Yemen's petroleum sector. This projection is based on the significant events and changes which mark the evolution of Yemen's petroleum industry. These events and changes are detailed in this paper

[en] Explains financial concepts affecting the petroleum industry. Discusses mergers, restructuring, the financial roles of managers and shareholders, and forces that influence stock values. Shows how to read an oil company annual report

[en] A discussion is presented of executive compensation in Canada's petroleum industry. Mandatory disclosure of executive compensation and benefits is regulated by the Ontario Securities Commission. Examination of the compensation packages of 80 oilpatch CEOs shows a clear difference in philosophy between large and small companies. Larger companies pay larger salaries, offer pension plans, and reward long-term loyalty. Within smaller companies, compensation tends to be linked with stock performance. Trends in compensation are to lower base salaries with more variables such as bonuses, cash incentives and gain-sharing programs. Increasing shareholder scrutiny is prompting more stringent guidelines on stock option plans. Some companies place performance conditions on stock vesting. Another option is to grant premium priced options to executives, to increase the gains required for the executive to post a profit. Other comapanies are granting stock options to their field personnel, or are granting stock to all employees. Directors are playing an increasing role in executive compensation. 4 tabs

[en] This paper reports on the Russian petroleum industry's plight which has been described in a detailed, extremely pessimistic new forecast of oil production during the rest of the 1990s. Viktor Orlov, chairman of the Russian Federation's Committee for Geology and Use of Underground Resources, flatly says the nation's crude and condensate production will never again reach the record level of close to 11.4 million bd reported for 1987 and 1988. In Orlov's opinion, Russia can no longer depend on western Siberia's once prolific giant fields to support even the republic's presently depressed production level of less than 8 million b/d of oil. The Moscow weekly Ekonomika i Zhizhn (economics and Life) reported late last month that crude deliveries by Russian production associations in the fourth quarter will total only about 82 million metric tons, which translates to 6.5 million b/d