Chronology: Petroleum Affairs

The Middle East Journal, Autumn 2001 | Go to article overview

Chronology: Petroleum Affairs


See also, Iran, Libya, Kuwait, Iraq 2001

May 4: The Consortium of International Oil Companies reported that it had found oil in a second well in Kashagan field. This new discovery revealed the largest oil find in 30 years. [5/5 NYT]

OPEC agreed to keep oil production steady even though Iraq had suspended its oil production. [515 NYT, FT, WSJ]

May 8: The Washington Post reported that the German firm, Wintershall AG, had been seeking permission to drill in Libyan oil fields, which had previously belonged to an American consortium. [5/8 WP]

May 17: A US-backed oil pipeline "Baku-ThilisiCeyhan" was approved by the investors. This 2000 km pipeline is estimated to cost $2.7 bn. [5/18 FT]

June 3: Exxon Mobil won two of the three gas exploration projects in Saudi Arabia, the largest of which was a $15 bn South Ghanawar gas development project. Royal Dutch Shell won the Shaybah gas development project worth $Sbn. The third package, which also went to Exxon Mobil, was a $5 bn gas development on the Red Sea coast. [6/4 FT]

June 4: In a response to a UN Security Council decision to extend Iraq's oil-for-food program by one month instead of the usual six, Iraq suspended its oil production. …

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