Iraq Says to Produce 6.5 mil b/d by 2014; Disputes IMF Figures

Platts, Dubai, Mar 30, 2011
The Iraqi Oil Ministry Wednesday insisted that it was on track to achieve a crude oil production target of 6.5 million b/d by 2014, and disputed a recent IMF report suggesting a lower output rise because of infrastructure challenges.

Oil Ministry spokesman Assem Jihad said in a statement that Iraq expected its oil production, currently at around 2.7 million b/d, to rise to 3.3 million b/d in 2012, 4.5 million b/d in 2013 and 6.5 million b/d the following year.

Iraq is targeting close to 13 million b/d of production capacity by 2017 after awarding long term service contracts to foreign oil companies for development and further development of some of its biggest oil fields [output is projected to increase considerably, following the two bid rounds in June and December of 2009, that resulted in 11 Technical Service Contracts---TSCs---with most of the world's top oil companies, please see David Rachovich, Iraq's Oil Sector: Present, Past and Future -- D.R.].

The latest oil ministry figures obtained by Platts show that Iraq produced 2.63 million b/d in February, down slightly from a post-war record of 2.652 million b/d in January [also, please see my post "OPEC's Top Crude Oil Producers, 2010-Jan. 2011," here -- D.R.]

Jihad said the targets were in line with plans established in coordination with the foreign oil companies.

Oil Minister Abdul Karim Luaibi had not seen the figures contained in the IMF report but they appeared based on "inaccurate data and reports," he added.

The IMF said in a country report issued March 28 that while Iraqi oil production was projected to increase considerably over the medium- to long-term, to 12.2 million b/d over the next seven years in a best case scenario, there were infrastructural risks that could hamper the developments.

"While these production goals could be feasible in the longer term, the main risks in the coming years will be bottlenecks in the export infrastructure that will need to be addressed," the IMF said.

Noting that the government had plans to expand the country's oil, pipeline and export infrastructure, it said execution would take time, in which case production would rise to 5.35 million b/d by 2017 if a more conservative scenario was adopted.

"In addition, large investments in supporting activities are also underway and planned, including the construction of desalination plants to produce water for injection in the fields, and storage facilities. These investments will require time to implement, and suggest a more gradual increase in Iraq's oil production," the IMF said. "Based on more conservative assumptions for the time it will take to expand Iraq's export capacity, oil production could still increase to over 5 million b/d by 2017."

Jihad, referring to the report, said that the ministry had put port and storage expansion projects on a fast track.

These plans include building 24 new storage tanks with capacity of over 300,000 b/d as well as floating platforms with capacity of 900,000 b/d each to absorb the anticipated higher exports [sic]. The plans also include two single point moorings to link the storage tanks to southern export terminals [sic].

The project, which Jihad said would normally take 4-5 years to complete, will raise export capacity by 1.8 million b/d and be completed by the end of this year. The second phase will be finished by the end of next year, he said.

Current export capacity from the south is estimated at 1.6 million b/d [sic, Basra - 1.6 million b/d, Khor al-Amaya - 0.7 million b/d, but their efffecive capacity is less -- D.R.] and the lack of storage facilities has hampered a more rapid rise in oil production from southern oil fields, where output has risen by more than 300,000 b/d since the start of the year.

The additional crude has come as the leaders of three foreign consortia awarded contracts to develop the giant Rumaila, Zubair and West Qurna 1 oil fields have reported reaching the 10% initial output hike from the three fields. However, latest figures from the oil ministry show that output has fallen slightly, apparently because of restricted export and storage capacity. [...]

The IMF said that oil export revenues in 2010 exceeded budgetary projections as higher oil prices offset lower export volumes. It said exports last year averaged 1.85 million b/d, well below Baghdad's 2.1 million b/d target.

"The shortfall reflected periods of bad weather and attacks on pipelines, as well as the lack of an agreement with the Kurdish region to secure additional exports," it said.

"Export prices were substantially higher, however, averaging just over $74/barrel during the year, compared to a budgeted price of $62.50/barrel," it said, adding that total oil export revenues reached $50 billion in 2010 compared with a budget forecast of $48 billion and up from $39 billion in 2009.

But this was still well below the peak of $63 billion in 2008, when oil prices [WTI] rose to a record above $147/b [the price of Kirkuk crude oil reached an all-time high of $134/b in July 2008 -- D.R.] before shedding more than $100/b by the end of that year.

The resumption of Kurdish oil exports in early February pushed up Iraqi oil exports to 2.2 million b/d, the highest since March 2003 [and the highest figure in 22 years, please see David Rachovich, Iraq's Oil Sector: Present, Past and Future, Table 1 -- D.R.]. Iraq has targeted exports of 2.25 million b/d in 2011, including 100,000 b/d [sic] from the Kurdish province.

It based its 2011 budget on an oil price assumption of $76.50/b, below current global oil prices. [Read more]

(Please see the International Monetary Fund/IMF's report, published on Mar 28, 2011, especially Box 1, here. Iraq was the sixth largest supplier of crude oil to the United States in 2010, after Canada, Mexico, Saudi Arabia, Nigeria and Venezuela---please see my post "U.S. Crude Oil Imports from Top 15 Countries," here. For Rumaila, West Qurna-1 and Zubair, please read my Dec 2010 - Jan 2011 blog posts under the category/label "Iraq." -- D.R.)

U.S. Crude Oil Production, 1970-2010 -- EIA

by Aaron and David Rachovich

United States Crude Oil Production, 1970-2010

Year	Crude Oil Production*  (million barrels per day)		Year	Crude Oil Production*  (million barrels per day)
1970	9.637		1991	7.417
1971	9.463		1992	7.171
1972	9.441		1993	6.847
1973	9.208		1994	6.662
1974	8.774		1995	6.560
1975	8.375		1996	6.465
1976	8.132		1997	6.452
1977	8.245		1998	6.252
1978	8.707		1999	5.881
1979	8.552		2000	5.822
1980	8.597		2001	5.801
1981	8.572		2002	5.746
1982	8.649		2003	5.681
1983	8.688		2004	5.419
1984	8.879		2005	5.178
1985	8.971		2006	5.102
1986	8.680		2007	5.064
1987	8.349		2008	4.950
1988	8.140		2009	5.361
1989	7.613		2010	5.512 (5.482 updated)
1990	7.355		2011 UPD	5.644

*Includes lease condensate. And since the mid-2000s, oil production from shale formations.

Source: U.S. Energy Information Administration (EIA)

Please also see Figure 1. U.S. Crude Oil Production, 1970-2010

(In 1970, U.S. crude oil production was at an all-time high of 9.637 million barrels per day---please see table and Figure 1. above. Also, please see my post "United States: Domestic Oil Production Reversed Decades-Long Decline in 2009 and 2010," here. And in a speech at Georgetown University in Washington, March 30th, President Obama said, "Last year [i.e., 2010], American oil production reached its highest level since 2003, and for the first time in more than a decade [last time 1997 - 49% -- D.R.], oil we imported [net imports of both crude oil and refined products -- D.R.] accounted for less than half the liquid fuel we consumed [i.e., 49% -- D.R.]."---please see table above and my post "US to Find 'More Oil at Home,' While Cutting Consumption: President Obama," remarks below, here. Currently, the United States still relies heavily on imported oil. In 2010, it imported 9.163 million b/d of crude oil and nearly 2.6 million b/d of refined products. Half of all U.S. net imports (imports minus exports) of liquid fuels, i.e., net imports of crude oil and petroleum products, etc., in 2010 came from the Americas---please see my post "Half of U.S. Liquid Fuels Net Imports in 2010 Came from the Americas," here. Moreover, please see our post "United States: Top 8 Crude Oil Producing States, 2006-Feb.2011," and U.S. oil reserves in our post "World's Top 22 Proven Oil Reserves Holders," here. Update: please see my post "EIA Expects Higher U.S. Crude Production," UPI, Mar 7, 2012. Update 2: North Dakota passed Alaska in March 2012 to become the second-leading state in crude oil production, trailing only Texas. Recent advancements in horizontal drilling and hydraulic fracturing in North Dakota's Bakken shale play as well as other shale plays, such as South Texas Eagle Ford shale, have led to an increase in U.S. oil output. For a detailed account of North Dakota's oil production and its recent oil boom, please see my post "North Dakota Tops Alaska in Oil Production, Trailing Only Texas," including remarks. Furthermore, please see EIA data on weekly U.S. field production of crude oil, Jan 7, 1983 - Nov 30, 2012. -- D.R.)   

US to Find 'More Oil at Home,' While Cutting Consumption: President Obama

Platts, Washington, Mar 30, 2011
US President Barack Obama on Wednesday called for the country to reduce oil imports by one-third within the next decade, warning that the US cannot "afford to bet our long-term prosperity and security on a resource that will eventually run out."

In a speech at Georgetown University in Washington, the president presented a "Blueprint for a Secure Energy Future" that would reduce US oil imports by increasing the use of domestic natural gas, promoting advanced biofuels, boosting vehicle fuel efficiency and increasing US oil output.

The president said that while gasoline price increases have historically been temporary, the long-term trend suggests "there will be more ups than downs. That's because countries like India and China are growing at a rapid clip. And as 2 billion more people start consuming more goods, driving more cars and using more energy, it's certain that demand will go up a lot faster than supply."

But Obama warned that "there are no quick fixes, and we will keep being a victim to shifts in the oil market until we get serious about a long-term policy for secure, affordable energy."

"Meeting this new goal of cutting our oil dependence depends largely on two things -- finding and producing more oil at home and reducing our dependence on oil with cleaner alternative fuels and greater efficiency," he said.

The US currently relies heavily on imported oil. In 2010, it imported 9.163 million b/d of crude and nearly 2.6 million b/d of refined products, according to data from the Energy Information Administration, the statistical arm of the Department of Energy. US crude production last year averaged 5.512 million b/d [please see my post "U.S. Crude Oil Production/Table," here -- D.R.].

Neighboring Canada and Mexico were top crude suppliers with 1.972 million b/d and 1.14 million b/d, respectively [please see my post "U.S. Crude Oil Imports from Top 15 Countries, Dec 2010 and Full Year 2010 -- EIA," here -- D.R.].

International crude prices climbed above $100/barrel early this year as unrest spread across North Africa and the Middle East, with North Sea Brent trading close to $120/b in the latter part of February as the unrest spread to Libya and reduced oil production there [please see my post/remarks here].

To spur an increase in US production, Obama said the White House is developing "incentives" for oil companies to speed up development in areas already open to drilling. Although Obama did not provide details, a White House fact sheet issued Wednesday said the US Department of Interior is already shortening some lease terms and requiring drilling to begin before granting lease extensions. DOI is also studying a graduated royalty rate structure to reward faster development.

Obama set a goal of building four commercial-scale biofuels refineries in the next two years and pledged that the US government would buy only low-emissions vehicles by 2015.

"The fleet of cars and trucks we use in the federal government is one of the largest in the country," Obama said. "That's why we've already doubled the number of alternative vehicles in the federal fleet, and that's why, today, I am directing agencies to purchase 100% alternative fuel, hybrid or electric vehicles by 2015."

"We've known about the dangers of our oil dependence for decades," the president said. "Presidents and politicians of every stripe have promised energy independence, but that promise has so far gone unmet.

 "I've pledged to reduce America's dependence on oil too, and I'm proud of the historic progress we've made over the last two years towards that goal. But we've also run into the same political gridlock and inertia that's held us back for decades.

"That has to change. We cannot keep going from shock, when gas prices go up, to trance on the issue of energy security, rushing to propose action when gas prices rise, then hitting the snooze button when they fall again."

Reaction to Obama's speech was mixed, with oil producers saying the president's criticism was misguided and some green groups taking issue with his proposed solutions.

The president of the Independent Petroleum Producers [/Association] of America [i.e., IPAA -- D.R.], Barry Russell, said slow permitting by the federal government is partially to blame for the slow development that Obama cited.

"Leases can't be developed if companies don't have the permits necessary to proceed with exploration and production activities, which take several years and billions of dollars to develop," Russell said. "There is also no guarantee that oil and natural gas will be found on all of the land that is leased."

Democrats and environmental groups had a largely positive reaction, to the speech, although Friends of the Earth criticized Obama for relying too heavily on nuclear and natural gas power.

Frances Beinecke, president of environmental group the Natural Resources Defense Council, said Obama's goal of cutting oil imports is achievable.

"We can get there by driving higher-gas-mileage vehicles, expanding mass transit systems, using more wind and solar, and building more efficiency into the products we use and the buildings we live and work in," Beinecke said. [Full story]

(In a speech at Georgetown University in Washington, March 30th, President Obama also said, "Last year, American oil production reached its highest level since 2003, and for the first time in more than a decade [last time 1997 - 49% -- D.R.], oil we imported [net imports] accounted for less than half the liquid fuel we consumed [i.e., 49% -- D.R.]."---please see my post, including remarks, here. Please watch President Obama's speech, here. In his State of the Union address in January, President Obama set a goal of generating 80% of US electricity from clean energy sources by 2035. -- D.R.)

World Watch [BP-Rosneft Alliance?]

by Jim Washer, London, EI
BP’s proposed alliance with Russia’s state Rosneft is running into trouble. Alfa Access Renova (AAR), BP’s [Russian] partners in the TNK-BP joint venture, have succeeded in halting the deal, at least in its current form, by convincing an arbitration tribunal in Sweden that the pact did violate the TNK-BP shareholder agreement [please see remarks below -- D.R.]. BP has said the deal is worth fighting for and is not giving up, but the longer the uncertainty goes on, the greater the risk that Rosneft and its Russian government owners will lose patience, cut their losses and look for another partner – Shell is already being mentioned as a possible replacement for BP in Rosneft’s proposed Arctic exploration venture. BP might still be able to proceed with its cross-shareholding with Rosneft, but to what purpose? What BP had really wanted from the Rosneft alliance was to show investors that, despite the Macondo disaster, it was still a desirable upstream partner and could still secure attractive upstream opportunities. Those twin objectives are now in serious jeopardy.

(The AAR partners had accused BP of violating their shareholder agreement which, they claimed obliges both parties to pursue new projects in Russia through the 50-50 TNK-BP venture. For information on BP-Rosneft alliance, unveiled in January, please see my post, here. For the Macondo disaster, please see my post here. -- D.R.)

Is There Any Alternative to Nuclear Power?

The Yomiuri Shimbun, Mar 27, 2011

The nuclear disaster at the Fukushima No. 1 power plant has shaken the foundation of Japan's energy policy.

No alternative source of energy to nuclear power generation appears to be on the horizon, and the power cuts that Tokyo Electric Power Co. is resorting to in the capital and other cities are likely to continue for sometime to come.

The power shortage is not only disrupting the daily lives of the people, it will probably seriously affect the entire economy as many businesses are struggling to cope with the situation.

The government must come up with plans to find the power needed to grease the wheels of the country.

It is now forced to choose between two courses of action: Restore public confidence in nuclear power generation or find alternative energy sources.

Japan depends on other countries for most of its fuel, such as oil and liquefied natural gas. Crude oil and LNG are used for thermal power generation.

However, Japan will be in a bind if countries exporting fuel to this country are destabilized politically.

To ensure energy security, this country has to increase, even gradually, its sources of energy without relying too much on other countries.

Before the earthquake and tsunami disaster, the government came up with a plan to double the ratio of energy sources by nuclear power stations and renewable energy, including solar power, from about 35 percent in fiscal 2007 to 70 percent in fiscal 2030.

The government placed its hopes on nuclear power as a "semi-domestic energy source" because of its efficiency and because the amount of fuel required is small.

However, the crisis at the Fukushima No. 1 plant, which stretches over the borders of Okumamachi and Futabamachi in Fukushima Prefecture, has forced the government to think twice about allowing construction of new nuclear power stations.

Already there are moves to suspend construction of nuclear power plants, such as Chugoku Electric Power Co.'s Kaminoseki plant in Kaminosekicho in Yamaguchi Prefecture and TEPCO's reactors at the Higashidori power plant in Higashidorimura in Aomori Prefecture.

The Higashidori plant is shared by [Sendai-based] Tohoku Electric Power Co. and TEPCO. Tohoku Electric has already started operating its No. 1 reactor and another is in the works, while TEPCO started construction of its No. 1 reactor in January and plans to build a second one.

Operations at TEPCO's Kashiwazaki-Kariwa nuclear power station in Kashiwazaki and Kariwamura in Niigata Prefecture stopped in 2007 following the Niigata Prefecture Chuetsu Offshore Earthquake.

The company has had great difficulty trying to win the understanding of local residents and governments toward fully restarting it. The plant is partially operating now.

As a stopgap measure, TEPCO plans to increase the operation rates of thermal power plants, but fuel costs for these power plants have increased sharply.

The political situations in Middle Eastern countries, which supply 90 percent of Japan's oil imports, are unstable and fuel imports therefore are unreliable.

Renewable energy sources, on which great expectations rest, still provide a relatively small amount of energy.

In addition, many technological problems must be solved before supplies can be increased in this field.

When Japan was adversely affected by two energy crises in the 1970s, the government and the private sector cooperated to make this country an "energy-saving society."

There is no other way to cope with the current situation than to conserve energy as much as possible.

However, a ranking Economy, Trade and Industry Ministry official issued a warning about summer shortages.

"Even if we engage in energy conservation, there'll be a shortage of electricity in the middle of summer. We need a plan to fundamentally solve the situation," the official said.

Economy, Trade and Industry Minister Banri Kaieda said Friday that his ministry would compile as early as the end of the month guidelines to restart operations at nuclear power stations after inspections are completed.

But will the government throw itself wholeheartedly behind the nuclear option? [Full story]

(Japan is the world's third biggest nuclear-electricity producer, after the United States and France--please see bar chart below, sorry for the blurriness. For information on Japan's nuclear crisis and its impact, please see my posts under the category/label "Japan." Clearer signals on incremental LNG demand are emerging from the two heaviest-hit Japanese power utilities: Together, Tokyo Electric Power Co. (Tepco) and Tohoku Electric will need roughly 485,000 tons per month of extra LNG to offset nuclear and thermal capacity lost as a result of the Mar. 11 earthquake and tsunami. Other Japaneses utilities may also need more LNG, as safety concerns have led them to delay restarting nuclear reactors closed for maintenance---please see: "Tepco, Tohoku Outline Summer LNG Needs," World Gas Intelligence, Mar 30, 2011, here. -- D.R.)
             [Click on bar chart to enlarge]

                                           Source: World Nuclear Association via The Economist, here

Global Demand Pumps Up Australia's LNG Production

by Sarah-Jane Tasker, The Australian, Mar 9, 2011
AUSTRALIA'S liquefied natural gas production jumped 6.1 per cent [sic] last year, on the back of increasing global demand, which saw the value of exports hit a record $9.5 billion.

LNG production reached 19.8 million tonnes a year, compared with the previous year's 18.6 million tonnes, and the export value rose 24 per cent from $7.6bn, a report by energy economics group EnergyQuest revealed.

"The LNG momentum looks set to continue in 2011," EnergyQuest chief executive Graeme Bethune said.

"So far this year we have already seen another Gladstone LNG project, GLNG, in central Queensland, reaching sanction and the ConocoPhillips/Origin Energy APLNG project, also situated at Gladstone, reaching major milestones.

"Altogether, there are seven Australasian LNG projects aiming for final investment decisions in 2011, with combined capacity of around 40 million tonnes per annum." [...]

The report revealed that Australian natural gas production reached a record 1999 petajoules [some 1.8 tcf] last year [2010], up 5.1 per cent from the previous year's 1902PJ [1.7 tcf -- D.R.].

Australian domestic gas production increased 2.7 per cent to a record 1060PJ [nearly 1 tcf]. Despite the increases in production, the government's carbon tax proposal is set to have an impact on gas-fired electricity generation projects, with the uncertainty stalling the final go-ahead on plans. [...]

The results from last year also saw a turnaround in the nation's oil production, which reach 116 million barrels for the year [This was primarily owing to production from the Pyrenees, Van Gogh and Vincent oil fields, all situated off the northwest Western Australian coast -- D.R]. [Read more]

(Please see the latest EnergyQuest report here. Australia is the world's biggest coal exporter, and black coal is Australia's largest export, worth more than $A50 billion in 2008-09/year ending Jun 30. Also, Australia was the world’s fourth largest exporter of liquefied natural gas---LNG---in 2009, after Qatar, Malaysia, and Indonesia. Australia's LNG exports are expected to more than double by 2015-16, with the start-up of several major LNG projects, the Australian Bureau of Agricultural and Resource Economics and Sciences/ABARES, said in a report on Mar 1. Higher demand from consuming countries, especially China and India, in addition to Japan, South Korea, and Southeast Asian countries will also boost Australia's LNG export growth. Australia plans to export more than 60 million mt of LNG by 2020, to become the world's second-biggest LNG supplier behind Qatar. On Mar 29, 2011, Australian coal seam and shale gas explorer Icon Energy signed a binding agreement to supply China's Shantou Sinogas Energy Co., Ltd with 40 million mt of LNG over 20 years from mid-2016. Australia, with its 110 trillion cubic feet---tcf---of proved gas reserves, is the twelfth largest holder of natural gas reserves in the world, as of Jan 1, 2011---please see my post "World's Top 22 Natural Gas Proven Reserve Holders, Jan 1, 2011 -- OGJ," here. Moreover, according to The Oil and Gas Journal, Australia had 110 tcf of proven natural gas reserves as of Jan 1, 2010, triple OGJ's 2009 reserves estimate of 30 tcf. The upgrade is largely a result of increased exploration and development of its unconventional as well as conventional gas sources. It has been reported that unconventional gas deposits, i.e., coal seam and shale gas deposits, have become an increasingly larger component of gas reserves due to technological advances---please see EIA's analysis here. Japan is the primary destination of Australia's LNG. Japan accounted for 65% of Australian LNG exports in 2009. Fitch Ratings says the accident at the Fukushima nuclear power plant could lead to a boost in Japanese demand for Australian thermal coal. An international credit-reporting agency also says increased Japanese demand for LNG could support additional LNG trains at the Browse and Pluto Basins, both offshore from northwest Western Australia. Australia was Japan's second-largest LNG supplier in 2010, after Malaysia---please see bar chart and pie chart below. Australian LNG shipments accounted for 19% of Japan's total LNG imports in 2010. For Japan's LNG imports in 2010, please see my posts here and here -- D.R.)
             [Click on bar chart to enlarge]

Source: Flower LNG via Reuters -- Reuters graphic/Stephen Culp, here. Notes: Obviously, Malaysia also includes East Malaysia/Malaysian Borneo (not indicated above). Also, the Musandam peninsula is an exclave of Oman (not indicated). Furthermore, publication date is incorrect. -- D.R. 

Source: U.S. EIA, Japan Country Analysis Brief, March 2011, here

World Watch [Brazil as a Role Model]

by Jim Washer, London, EI
Petrobras Chief Executive José Sergio Gabrielli de Azevedo has been named by Energy Intelligence as its 2011 Petroleum Executive of the Year. The award reflects Gabrielli’s stewardship of the state-controlled Brazilian firm through a period of unprecedented growth, encompassing the discovery of huge [deep water] subsalt oil and gas reserves [in the South Atlantic]. Gabrielli’s triumph comes at an intriguing time. Political unrest in North Africa and the Middle East has left the world contemplating an oil price shock reminiscent of those of the 1970s. The price spikes of that decade prompted a radical energy policy response from some consuming countries, most notably Brazil. The government sought to protect the country from future price shocks by promoting the extensive use of sugar cane-derived ethanol in transport fuels and by making Petrobras a pioneer in deepwater exploration. If the disruption to Libyan oil and gas exports spreads to other producers in the region, the impact on energy prices may encourage other oil and gas importing nations to follow the Brazilian example.

(Under Gabrielli’s leadership, Petrobras made discoveries expected to more than double its oil reserves and production in the years to come. The company has established itself as a leader in deepwater exploration and production technology with among the highest safety and efficiency standards in the business. He also raised huge amounts of capital to fund these upstream developments and allow the state company to remain very much the dominant force in the development of Brazil’s oil industry. The Petroleum Executive of the Year selection process begins with Energy Intelligence eliciting nominations from the heads of the 100 largest oil companies determined by The Energy Intelligence Top 100: Ranking The World’s Oil Companies, an EI publication. These nominations are then voted on by a committee of previous award winners and former senior oil executives. Past winners of the Petroleum Executive of the Year Award include Andrew Gould of Schlumberger (2010), Christophe de Margerie of Total (2009), Paolo Scaroni of Eni (2008), Abdulla al-Attiyah of Qatar (2007), Dr. Shokri Ghanem of Libya (2006), Abdallah Jum'ah of Saudi Aramco (2005), David O'Reilly of Chevron (2004), Lee Raymond of ExxonMobil (2003), James J. Mulva of ConocoPhillips (2002), Sir Mark Moody-Stuart of Royal Dutch Shell (2001), Thierry Desmarest of Total (2000), Lucio A. Noto of ExxonMobil (1999), Luis Giusti of PDVSA (1998) and Lord John Browne of BP (1997)---please see EON: Enhanced Online News, here. Brazil has become a net oil exporter in the last decade. Petrobras has been ranked fourth in the Platts Top 250 Global Energy Companies Rankings 2010, behind ExxonMobil, BP and Gazprom Oao---please see my post, here. Petrobras with a market capitalization of $229 billion, ranked at No. 3 in the PFC Energy 50 Ranking of World's Top Energy Companies, Jan 2011 reflecting 2010 Rank, after ExxonMobil and PetroChina---please see my post here. Also, Petrobras retained its spot as the No. 15, in the 2011 Petroleum Intelligence Weekly's/PIW's ranking for 2009---please see my blog stand-alone page "Companies" > Petrobras. -- D.R.)