Academic journal article The Middle East Journal

Chronology: Petroleum Affairs

Academic journal article The Middle East Journal

Chronology: Petroleum Affairs

Article excerpt

1999

Jan. 21: In Baku, Azerbaijan, the Caspian International Petroleum Company (CIPCO), comprised of Pennzoil of the United States, Agip of Italy, and Russia's Lukoil, decided to fold after failing to find commercial levels of petroleum in the $1.7 billion Karabakh field. [1/22 FT]

Feb. 1: The Azerbaijan International Operating Company, a consortium of 11 oil companies, announced it was cutting personnel and deferring further development of offshore fields. [2/2 WSJ]

Mar. 1: Iran signed a $1 billion deal with Elf Aquitaine of France and Italy's Eni to renovate the Doroud offshore field near Kharg Island in the Persian Gulf. [3/2 FT, FBIS]

Mar. 12: Oil ministers from Algeria, Iran, Mexico, Saudi Arabia, and Venezuela met in The Hague and announced a two million barrel per day cut in production to drive up crude oil prices. [3/13 NYT, FT]

Mar. 19: Bloomberg reported that the US-based Enron Corporation and Qatar had canceled plans to build a $4 billion liquefied natural gas plant. …

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