PETROSTRATEGIES THE WORLD ENERGY WEEKLY

Index 2005 PETROSTRATEGIES Index 2005

Abu Dhabi 17/1/05 N° 903 P.10 2 gas finds for Repsol YPF in Neuquen Basin 28/3/05 N° 913 P.12 GCC power grid EPC contracts soon to be 31/1/05 N° 905 P.12 30% price hike for Bolivian gas awarded 21/2/05 N° 908 P.12 Further gas shortages expected in 2005 7/11/05 N° 941 P.12 Fluor wins $1-billion Habshan contract 28/3/05 N° 913 P.9 Another clash with Shell over rising motor Africa fuel prices 10/1/05 N° 902 P.9 Signing of the contract for the West Africa 28/3/05 N° 913 P.9 Still no tangible progress on the issue of Gas Pipeline Chilean gas supply 25/4/05 N° 917 P.9 Middle East and North Africa must realign 11/4/05 N° 915 P.8 Industrial players unite to buy gas at their structures better rates 1/8/05 N° 931 P.5 Lukman creates Afren, an independent Asia-Pacific with its sights set on the no.1 spot in Africa 24/1/05 N° 904 P.10 Fundamentals of the Saudi Petroleum Relationship with Asia, by Ali Al-Naimi 19/9/05 N° 934 P.11 Chevron starts construction of West African Gas Pipeline (475 MMcu.ft/d) 6/6/05 N° 923 P.9 India to host Central Asian oil ministers’ meeting to form Asian Oil Community 7/11/05 N° 941 P.12 Polisario evaluating submissions for 1st bidding round 19/9/05 N° 934 P.4 Australia sets sights on tripling its share of LNG exports in Asia-Pacific to 30% 26/12/05 N° 948 P.10 South West signs 25-year E&P contract 19/9/05 N° 934 P.12 Technip & Subsea 7 sign MOU for Alaska Asia-Pacific JV 3/1/05 N° 901 P.7 BP, Conoco and Exxon submit proposal 5/12/05 N° 945 P.7 First Asian Oil Ministers Round Table for huge Alaska-Lower 48 gasline agrees to develop oil & gas grids Algeria Australia 31/1/05 N° 905 P.12 Fuel price hikes trigger riots 24/1/05 N° 904 P.2 Australia leading world towards 14/2/05 N° 907 P.12 Union agreement for hydrocarbon reform commercial hot dry rock power generation 21/2/05 N° 908 P.12 70-90,000 b/d of additional production 14/3/05 N° 911 P.8 Amended version of Algerian hydrocarbon draft bill is being submitted to Parliament 28/2/05 N° 909 P.12 Australia’s NWS awards Eos FEED for Angel field 25/4/05 N° 917 P.8 Algeria’s 6th international exploration bidding round posts record results 21/3/05 N° 912 P.12 Shell pulls out of Laminaria-Corallina 11/7/05 N° 928 P.10 Algeria looks to double its crude oil 18/4/05 N° 916 P.6 ExxonMobil and Shell make Gorgon the refining capacity biggest gas project in Australia 30/5/05 N° 922 P.8 Final agreement between Australia and Algeria/gas East Timor could be concluded in June 14/3/05 N° 911 P.1 Galsi gasline has potential clients queuing 6/6/05 N° 923 P.12 Technip & JP Kenny to develop Greater up, while posing a threat to rival LNG Gorgon projects 13/6/05 N° 924 P.12 Construction to go ahead for fifth NWS 14/3/05 N° 911 P.8 Green light given for 6.5-bcm expansion LNG train of Transmed gasline to Italy 20/6/05 N° 925 P.12 MOU for Bass Strait Kipper gas project 4/4/05 N° 914 P.5 LPG exports to continue rising to hit 11 11/7/05 N° 928 P.6 Greater Gorgon LNG project moves into million tons in 2007 FEED phase 11/4/05 N° 915 P.1 Algeria turns to international bidding round 19/9/05 N° 934 P.4 Australia sets sights on tripling its share of to launch into GTL production LNG exports in Asia-Pacific to 30% 11/4/05 N° 915 P.10 Sonatrach awards CNPC $390 MM 17/10/05 N° 938 P.9 Canberra asks ExxonMobil to reopen the Skikda contract Port Stanvac refinery 13/6/05 N° 924 P.12 Contract signed for phase 1 of Medgaz 14/11/05 N° 942 P.4 Tokyo Gas kick-starts another Australian Anadarko LNG project – this time Chevron’s Gorgon 17/1/05 N° 903 P.5 Low risk and high growth make 28/11/05 N° 944 P.7 Over half of Gorgon LNG now placed unconventionals a mouth-watering after Chubu Electric signs up for prospect for Anadarko 19/12/05 N° 947 P.4 Gorgon LNG and Pluto sign up buyers, 11/7/05 N° 928 P.9 Anadarko signs transportation accord for with renewed hope for Sunrise Bear Head LNG import terminal 19/12/05 N° 947 P.9 $1 billion will be invested to produce 75 MMb of oil at Cooper Basin Angola 26/12/05 N° 948 P.8 North West Shelf Venture’s Angel 28/3/05 N° 913 P.8 The first agreements signed on Angola Development to begin immediately LNG open way for launch of FEED studies Austria 25/4/05 N° 917 P.7 Oil output to double to 2 million b/d by 2007, but its costs are rising 23/5/05 N° 921 P.11 RAG, Wingas and Gazexport to build 2/5/05 N° 918 P.10 The partners of the LNG project sign large gas storage facility in Austria FEED contracts for their future plant Azerbaijan 25/7/05 N° 930 P.7 Kizomba B to produce 250,000 b/d of oil 21/11/05 N° 943 P.1 The forthcoming start-up of the BTC gives at plateau President Aliyev more leverage with the 7/11/05 N° 941 P.11 Angola commits to greater transparency West following an agreement with the IMF 26/12/05 N° 948 P.9 ACG costs 17% more than planned in Aramco 2005, but yields 260,000 b/d 30/5/05 N° 922 P.5 Aramco adopts a 2006-2010 business Baltic States plan for its production capacity 6/6/05 N° 923 P.8 Construction of trans-Balkan oil pipeline 27/6/05 N° 926 P.12 Aramco boosts its share in Showa Shell could be completed end-2008/start-2009 Sekiyu to 15% 25/7/05 N° 930 P.7 Aramco to build refineries in the US, Bangladesh Saudi Arabia and Asia 28/3/05 N° 913 P.8 Unocal targets nearly 9-bcm/annum gas production in Bangladesh by end-2009 Argentina 3/1/05 N° 901 P.8 Exports of Bolivian gas to Argentina up by 63% to 2.4 bcm

1 PETROSTRATEGIES Index 2005

Belarus 18/4/05 N° 916 P.12 Athabasca oil sands could hit 600,000 b/d by 2015 10/1/05 N° 902 P.10 Gazprom to deliver 19.2 bcm of gas to 18/4/05 N° 916 P.12 Oil pipeline to take extra-heavy oil to China Belarus in 2005 16/5/05 N° 920 P.1 Chevron and Unocal step up a gear, Belgium putting 36,900 boe/d of E&P assets up for 3/1/05 N° 901 P.8 Gazprom obtains 2.5-bcm gas transit sale in Canada rights in Belgium to serve the UK 16/5/05 N° 920 P.10 Total boosts its share in Surmont, Alberta, 14/2/05 N° 907 P.7 Zeebrugge now has its own gas to 50% exchange, operated by Dutch company 23/5/05 N° 921 P.8 Alaska’s hidden treasures: over 36 billion APX barrels of extra-heavy oils! 14/3/05 N° 911 P.10 Belgium reinforces its role as the gas hub 23/5/05 N° 921 P.10 TransCanada looks to the evolution of for Northern Europe power generation in Alberta 20/6/05 N° 925 P.7 Belgium prepares to reinforce its 30/5/05 N° 922 P.10 Mackenzie gas project could be revived obligatory oil stocks storage system 4/7/05 N° 927 P.10 Harvest Energy acquires $211 MM of 27/6/05 N° 926 P.10 Who wants to ship more gas through the W.Canada oil Interconnector to the UK? 4/7/05 N° 927 P.10 EnCana to sell 174 billion cu.ft of gas BG storage 18/7/05 N° 929 P.12 Devon buys $200-million Iron River 11/4/05 N° 915 P.6 BG to complete sale of interests in property Kazakhstan for $1.8 billion 25/7/05 N° 930 P.7 Imperial Oil looks to produce up to Black Sea 300,000 b/d as of 2010 18/4/05 N° 916 P.8 Athens, Moscow and Sodia sign MOU on 5/9/05 N° 932 P.8 Quebec demands "commercial sanctions" future Black Sea-Aegean oil pipeline against Washington 5/9/05 N° 932 P.8 A university professor pushes for the Bolivia "nationalization" of Canadian oil 14/3/05 N° 911 P.10 President Mesa comes of the better in 5/9/05 N° 932 P.8 Alberta’s oil revenues are much envied in arm wrestle with the cocaleros Canada 11/4/05 N° 915 P.9 Bolivian parliament could raise wellhead 5/9/05 N° 932 P.12 Total could acquire 100% of Canada’s tax on hydrocarbons Deer Creek 16/5/05 N° 920 P.10 President and Chamber of Deputies at 5/9/05 N° 932 P.12 Canada makes good headway with two loggerheads over gas law LNG projects 23/5/05 N° 921 P.9 Hydrocarbons law comes into effect amid 12/9/05 N° 933 P.8 Total could produce more than 250,000 political turmoil b/d net share of bitumen in 2010 13/6/05 N° 924 P.10 Bolivia on the verge of civil war: protestors 26/9/05 N° 935 P.8 Enbridge finalizes agreement for 380-km take over oilfields Waupisoo pipe (600,000 b/d) 26/12/05 N° 948 P.1 The energy policy of Evo Morales, the 24/10/05 N° 939 P.7 Ontario gives new lease of life to the new Bolivian President, has still to take nuclear industry shape 24/10/05 N° 939 P.7 Canada hardens its tone against the US BP and threatens to turn to India and China 14/3/05 N° 911 P.11 BP awards Brown & Root, JGC and PFN 24/10/05 N° 939 P.10 Kitimat to be end-site location for a $1.8-billion contract for Tangguh EPCC Pacific-bound Gateway oil pipelines 21/3/05 N° 912 P.9 BP's output soared 10% to 4 million boe/d 7/11/05 N° 941 P.6 Talisman to buy UK firm Paladin in 2004, thanks to TNK-BP Resources for the equivalent of $11.3 to $12.5/boe of reserves 13/6/05 N° 924 P.5 Top BP executives explain "their ideas on energy security" 7/11/05 N° 941 P.8 20,000 of the 25,290 wells drilled in 2006 will be in Alberta (+6%) 13/6/05 N° 924 P.9 BP’s John Browne forecasts mid-term oil prices of over $40/b 14/11/05 N° 942 P.6 EnCana to boost oilsands production from 42,000 to 500,000 b/d in 10 years for a 27/6/05 N° 926 P.10 BP publishes world 2004 energy figures total investment of $12.5 billion over and expresses "concern" 25-30 years 18/7/05 N° 929 P.9 BP asks for subsidies, claiming that CO2 14/11/05 N° 942 P.6 Canadian Natural targets 800,000 b/d of sequestration is unprofitable oilsands in 10 to 15 years and a total 17/10/05 N° 938 P.12 BP sells Innovene (olefins) for $9 billion production of 580-632,000 boe/d in 2006 24/10/05 N° 939 P.12 BP to invest $2.2 billion in the Wamsutter 21/11/05 N° 943 P.10 917 gas wells in Alberta must remain gasfield closed to protect oil sands 5/12/05 N° 945 P.6 BP to double its spending on energy 28/11/05 N° 944 P.10 Fruitful experience on the Weyburn field, alternatives to $8 billion in next 10 years in Canada: double the previous recovery 19/12/05 N° 947 P.12 BP seeking $3.5 billion for Tangguh LNG rate, thanks to 5 million tons of CO2 scheme sequestered! 5/12/05 N° 945 P.8 Canadian Superior brings its Drumheller Brazil CBM gas project on stream 3/1/05 N° 901 P.10 Barracuda-Caratinga to produce 300,000 12/12/05 N° 946 P.9 Canada could produce over 5 million b/d b/d of oil towards 2015 Canada 19/12/05 N° 947 P.8 Enbridge launches the extension of the 21/2/05 N° 908 P.5 Canada’s oil exports expected to soar 400 000-b/d Lakehead pipe system 57% by 2020, while gas could stagnate Caraïbes 7/3/05 N° 910 P.2 With a WTI of $28/b, the Horizon oil 4/7/05 N° 927 P.6 Creation of Petrocaribe between sands project is set to generate a Venezuela and 13 Caribbean states $1.3-bn/yr cash flow over 40 yrs 12/9/05 N° 933 P.12 14 Caribbean countries sign Petrocaribe 21/3/05 N° 912 P.5 Rabaska’s feared rejection in Canada oil deals threatens other LNG import ventures 18/4/05 N° 916 P.3 With the help of high prices, Canada is to Caspian Sea sell more oil to the USA, as well as 3/1/05 N° 901 P.7 Green light for 750,000-b/d Burgas-Vlore supplying China trans-Balkan oil pipeline

2 PETROSTRATEGIES Index 2005

31/1/05 N° 905 P.10 Russia & Kazakhstan sign accord for gas 11/4/05 N° 915 P.6 Sinopec, PetroChina and CNOOC to use development in Imashevskoye field 2004 earnings to meet Chinese demand 21/2/05 N° 908 P.9 Production start-up on the Central Azeri 30/5/05 N° 922 P.7 China to invest $600 million in 23 oilfields development, ACG Phase 1 in Uzbekistan 16/5/05 N° 920 P.8 BTC linefill will require a total of 10 million 30/5/05 N° 922 P.8 Over 100 private companies are to launch barrels, taking six months to complete into international E&P Centrica 30/5/05 N° 922 P.10 China aims to add 2 dozen nuclear reactors by 2020 10/1/05 N° 902 P.3 Centrica to reduce its wholesale exposure 20/6/05 N° 925 P.3 China gives a new lease of life to its by further investing in production international oil ambitions with the 1/8/05 N° 931 P.8 Centrica to take 20% in Canvey Island creation of NewCo LNG terminal project 27/6/05 N° 926 P.1 Chinese energy challenge leaves USA Cepsa with some difficult choices to make 3/10/05 N° 936 P.10 Cepsa to up crude distillation capacity 4/7/05 N° 927 P.1 The CNOOC-Unocal affair obliges USA to from 21.5 MM to 25 MM tons/yr redefine their economic relations with China Chad 11/7/05 N° 928 P.1 Beijing is riled by Washington’s politicizing 12/9/05 N° 933 P.5 World Bank "very concerned" about use of the CNOOC-Unocal affair of oil revenues in Chad 11/7/05 N° 928 P.7 China to begin filling its strategic oil 31/10/05 N° 940 P.9 N’Djamena wants to re-channel the oil reserves end-2005 revenues from the Chad-Cameroon 18/7/05 N° 929 P.12 Kazakhstan pledges to build 962-km pipe project to China 19/12/05 N° 947 P.8 The World Bank considers sanctions 25/7/05 N° 930 P.11 Tension rising between Japan and China against Chad over disputed offshore drillings ChevronTexaco 5/9/05 N° 932 P.1 CNPC’s acquisition of PetroKazakhstan sparks multipartite negotiations 10/1/05 N° 902 P.8 ChevronTexaco boosts its 2005 capital & exploratory budget to $10 billion 12/9/05 N° 933 P.1 Russia and China develop their strategic cooperation, which incorporates oil 17/1/05 N° 903 P.10 Hurricane Ivan cost Chevron $175-MM in Q4 2004 12/9/05 N° 933 P.12 Shell & China’s Jilin form oil shale E&P joint venture 14/3/05 N° 911 P.12 Chevron to downgrade reserves after 2004 RRR of 18% 19/9/05 N° 934 P.10 Chinese group pledges $1.42 billion for EnCana’s Ecuador assets 21/3/05 N° 912 P.12 Excelerate sells its first LNG cargo to st ChevronTexaco 19/9/05 N° 934 P.12 2 Chinese firms to build Mongolia’s 1 oil refinery 11/4/05 N° 915 P.1 ChevronTexaco acquires Unocal for $18 billion, raising its production by 20%, to 3 26/9/05 N° 935 P.12 Territorial dispute: Tokyo and Beijing to million boe/d meet 18/4/05 N° 916 P.9 ChevronTexaco awards EPC for the 26/9/05 N° 935 P.12 PDVSA and CNPC create JV for Escavros GTL plant, in Nigeria extra-heavy crude 16/5/05 N° 920 P.1 Chevron and Unocal step up a gear, 26/9/05 N° 935 P.12 Gazprom to export up to 60 bcm/annum putting 36,900 boe/d of E&P assets up for to China sale in Canada 10/10/05 N° 937 P.12 Total & Sinochem sign JV for 300 service 16/5/05 N° 920 P.12 ChevronTexaco becomes Chevron, stations changing its image 31/10/05 N° 940 P.1 China’s growing economy is upsetting 19/9/05 N° 934 P.10 Gazprom and Chevron have lifted 3 delicate equilibriums, including that of Venezuelan E&P blocks with gas potential energy st 19/9/05 N° 934 P.11 Chevron starts construction of West 7/11/05 N° 941 P.10 CNPC to build the 1 phase of the African Gas Pipeline (475 MMcu.ft/d) Chinese strategic oil reserve 17/10/05 N° 938 P.7 Chevron to double its operated production 7/11/05 N° 941 P.12 China and Vietnam sign oil & gas in Angola to 900 000 b/d exploration deal 12/12/05 N° 946 P.12 Chevron boosts Sabine LNG capacity to 21/11/05 N° 943 P.3 China adopts hands-on approach in order 1 bn cu.ft/d to cope with growing oil dependence 28/11/05 N° 944 P.9 1st construction phase complete for Chile Kazakhstan-China oil pipeline 6/6/05 N° 923 P.3 Chile weighs up all the options for 12/12/05 N° 946 P.12 China looks to acquire Rosneft shares reducing its dependence on Argentinean gas 26/12/05 N° 948 P.7 The Qingshen field near Daqing is believed to hold 100 bcm of gas 27/6/05 N° 926 P.6 Manlio Alessi, CEO of SUEZ Energy Andino: "The Chilean energy sector will CNOOC remain sensitive to the ups and downs of 17/1/05 N° 903 P.8 Rumors tell of China’s CNOOC plan to Argentinean gas for the next three to five acquire Unocal for $13 billion years" 1/8/05 N° 931 P.8 ENAP launches bidding round for its 18/4/05 N° 916 P.11 China’s CNOOC enters into Canadian oils future LNG supply sands for $122 million 13/6/05 N° 924 P.12 CNOOC "continuing to examine options" China on Unocal 3/1/05 N° 901 P.10 Bohai Bay Basin may hold 20.5 bn tons of 4/7/05 N° 927 P.3 If it manages to purchase Unocal, crude CNOOC will be crowned as the world’s 24/1/05 N° 904 P.12 China’s 2004 crude oil imports up 34.8%: no.1 purely upstream firm 120 MM tons 11/7/05 N° 928 P.1 Beijing is riled by Washington’s politicizing 24/1/05 N° 904 P.12 Chevron & CITIC Resources to expand of the CNOOC-Unocal affair Caltex in China 21/11/05 N° 943 P.11 CNOOC wins 50% of a 204,343-sq.km 31/1/05 N° 905 P.10 Moscow not ruling out China-bound concession in the Caribbean branch for future Taishet-Nakhodka oil Colombia pipeline 14/2/05 N° 907 P.12 China’s Sinopec signs production-sharing 11/4/05 N° 915 P.8 Colombia extends oil self-sufficiency to seal in Cuba 2012, thus forestalling need for imports

3 PETROSTRATEGIES Index 2005

28/11/05 N° 944 P.12 5 new E&P contracts awarded 21/11/05 N° 943 P.12 ConocoPhillips to invest $4-5 billion in refining Companies 28/11/05 N° 944 P.10 ConocoPhillipps to boost its output by 17/1/05 N° 903 P.9 Maurel & Prom becomes a Ltd. company 11% in 2006, to 1.6 MMboe/d and reshuffles its asset portfolio 5/12/05 N° 945 P.9 ConocoPhillips to boost its refining 7/2/05 N° 906 P.8 El Paso pays a very high price for E&P capacity in Europe to 647,000 b/d acquisitions in Texas 19/12/05 N° 947 P.3 ConocoPhillips aims for the top, acquiring 7/2/05 N° 906 P.9 TNK-BP to coordinate companies using Burlington Resources for $35.6 billion Bourgas-Alexandroupolis future pipe 7/2/05 N° 906 P.12 Noble Energy puts 2004 reserves Cuba replacement at 297% 3/1/05 N° 901 P.8 “Large oilfield” discovered on offshore 7/2/05 N° 906 P.12 Sempra & Tractebel sign LNG capacity Block 7 in Cuba transaction 3/1/05 N° 901 P.10 Cuba to pay at least $27/b for Venezuelan 28/2/05 N° 909 P.9 Oxy expects to boost its reserves in 2005, crude as it did between 2001 and 2004 Denmark 7/3/05 N° 910 P.11 El Paso’s gas reserves stood at 62.3 bcm equivalent end-2004 28/2/05 N° 909 P.10 Dong wants to further integrate in gas and electricity downstream 28/3/05 N° 913 P.7 Suncor is to invest $300 million more to extend a mining area 18/7/05 N° 929 P.10 Relatively stable oil and gas production forecast for up to 2009 28/3/05 N° 913 P.7 Suncor could build a 3rd upgrader, doubling its production to 0.5 million b/d Devon 4/4/05 N° 914 P.10 El Paso to invest some $1 billion in its 11/4/05 N° 915 P.6 Devon sells assets for $1.2 billion, i.e. network and produce 8.3 bcme in 2005 $13.64/boe of reserves 18/4/05 N° 916 P.9 Petrohawk acquires Mission Resources 16/5/05 N° 920 P.4 Devon sells North-American assets for for $12.4/boe (or $49,211/boe/d) $14 per boe of proven reserves 25/4/05 N° 917 P.8 Novatek boosts its production by 28% Distrigaz 1st-Qtr 2005 to 6.6 bcm (72 MMcu.m/d) 9/5/05 N° 919 P.10 Maurel & Prom to produce 48-53,000 b/d 14/3/05 N° 911 P.9 Distrigaz’ 2004 growth boosted by sales end-2006 outside Belgium (+22%) 16/5/05 N° 920 P.5 Boosted by Texas in 2005, Oxy’s 14/3/05 N° 911 P.10 Distrigaz bolster its position in LNG, as mid-term growth will be stimulated by well as in Zeebrugge Libya, Yemen and Oman Downstream 16/5/05 N° 920 P.9 Oneok acquires NGL assets in the US 28/3/05 N° 913 P.2 Kuwait streamlines in Europe, while from from Koch for $1.35 billion partnering BP and Shell to invest in China 16/5/05 N° 920 P.10 Shell and BASF sell Basell to Access and India Industries for e4.4 billion 18/4/05 N° 916 P.1 The crisis is also hitting the international 23/5/05 N° 921 P.4 Noble acquires Patina for $3.5 billion downstream, where tensions are ($21/boe) and boosts its production by 51 expected to persist over 3-5 yrs % 23/5/05 N° 921 P.7 Dynegy looks to sell its midstream division Duke Energy in order to consolidate in power 16/5/05 N° 920 P.3 Duke is back on the offensive, acquiring generation Cinergy for $9 billion 6/6/05 N° 923 P.12 Santos signs 6.8-bcm Indonesian gas sales contract E.ON 20/6/05 N° 925 P.8 Maurel & Prom acquires 176 MMb for 16/5/05 N° 920 P.12 E.ON acquires Enfield, a gas-fired power $460 MM, i.e. $21.9 per b/d of output station 1/8/05 N° 931 P.12 Amerada Hess to sell 14 bcm of gas to 23/5/05 N° 921 P.5 E.ON to put e18 billion into acquisitions and infrastructures to become "world leader" PTT 25/7/05 N° 930 P.10 E.ON offers tariff model to encourage cost 24/10/05 N° 939 P.4 Oxy agrees to purchase Vintage reductions and secure investments Petroleum, thus beefing up its assets in the US and Latin America 1/8/05 N° 931 P.9 E.ON acquires large underground gas-storage facility in the UK 31/10/05 N° 940 P.12 CPC partners agree to Russian expansion demands 3/10/05 N° 936 P.9 E.ON acquires 14 bcm of North Sea reserves for E690 million 7/11/05 N° 941 P.8 Encana sells its NGL activities to 17/10/05 N° 938 P.9 E.ON Ruhrgas told to shorten its long-term Provident Energy for $586 millions gas sales contracts 21/11/05 N° 943 P.8 Transneft’s oil pipeline project to the 31/10/05 N° 940 P.8 E.ON Ruhrgas studies the possibility of Pacific makes a comeback importing LNG to Germany 21/11/05 N° 943 P.12 Sinopec could acquire 100% of Chinese 7/11/05 N° 941 P.10 E.ON to build an 800-MW CC power plant for refiner ZRCC e400 million 28/11/05 N° 944 P.12 Petrobras and Astra create downstream 14/11/05 N° 942 P.8 E.ON Ruhrgas compensates for fall on JV in the US German market with sales abroad 12/12/05 N° 946 P.6 MOL sets sights on growth in "New Europe", targeting $5.4 billion investments East Timor up to 2010 13/6/05 N° 924 P.12 Opening of E&P blocks in 2006 12/12/05 N° 946 P.10 Santos to produce 60.5 MMboe in 2006, Ecuador a 10% rise 19/12/05 N° 947 P.12 Financer Igor Kesaev invests $405 million 5/9/05 N° 932 P.10 Petroecuador lifts the force majeure on its in Sibir oil exports 26/12/05 N° 948 P.10 st 19/9/05 N° 934 P.10 Quito wants to renegotiate the taxation of Wingas wins 1 Czech client and foreign oil companies consolidates in UK 19/9/05 N° 934 P.10 Chinese group pledges $1.42 billion for ConocoPhillips EnCana’s Ecuador assets 21/2/05 N° 908 P.11 ConocoPhillips posts a reserve Edison replacement ratio of 206% 16/5/05 N° 920 P.2 EDF-Edison: a bumpy ride on the rickety 14/11/05 N° 942 P.10 ConocoPhillips could acquire a 50% road to corporate union stake in Keystone

4 PETROSTRATEGIES Index 2005

16/5/05 N° 920 P.12 Edison sells its electricity business in 21/2/05 N° 908 P.11 The Kyoto Protocol has officially come Egypt into force Egypt 14/3/05 N° 911 P.6 Alternative motor fuels expected to account for only 10 to 15% of world 30/5/05 N° 922 P.9 The $880-million financing of ELNG’s train market toward 2015 2 to be competed June 10 9/5/05 N° 919 P.10 Earth temperatures expected to rise 0.6°C 27/6/05 N° 926 P.9 GDF sells around 2.3 million tons of LNG by 2100 to BG over 18 months, as "arbitrage" 30/5/05 N° 922 P.10 Geological storage could help cut CO2 1/8/05 N° 931 P.12 Egypt signs agreement to pipe gas to emissions Palestine 19/9/05 N° 934 P.5 The cost of CO2 capture has to fall from its 12/9/05 N° 933 P.7 GDF seeks out upstream gas to exercise current e35-50/ton to e15-20 its liquefaction right at Idku, Egypt 17/10/05 N° 938 P.5 The rise in oil prices is definitely nd 12/9/05 N° 933 P.9 With its 2 train, ELNG now has a encouraging the development of bio fuels capacity of 7.5 million tons/annum 17/10/05 N° 938 P.8 Egypt to build a 130,000-b/d Equatorial Guinea export-oriented refinery for $1-billion 20/6/05 N° 925 P.12 Mitsui and Marubeni join Equatorial 24/10/05 N° 939 P.10 Stroitransgaz to build part of the Arab Guinea LNG gasline between Egypt and Syria Europe EIA 7/3/05 N° 910 P.9 Eurogas’ figures show 3.3% increase in 14/3/05 N° 911 P.12 EIA revives plan to monitor LNG volumes European gas consumption in 2004 in storage 14/3/05 N° 911 P.5 Electrabel pulls out all the stops in Italy, 21/11/05 N° 943 P.12 EIA’s "Strategic Outlook" now available in settles down in Spain and sets sights on Arabic Switzerland 25/7/05 N° 930 P.10 Capacity of Yamal-Europe gasline up from Electricité de France 22.8 bcnm/annum to 29 bcm/annum 16/5/05 N° 920 P.2 EDF-Edison: a bumpy ride on the rickety 7/11/05 N° 941 P.10 The European gas market now extends as road to corporate union far as the Balkans 25/7/05 N° 930 P.1 EDF applies a tailored commercial strategy for selling gas in Europe European Commission 4/4/05 N° 914 P.1 EC announces Green Paper to reduce Electricity energy consumption by 70 million toe by 11/4/05 N° 915 P. World Bank finances $1.2-billion dam in 2010 Laos 2/5/05 N° 918 P.11 EC clears acquisition of 63% of Czech Endesa firm Unipetrol by Poland’s PKN Orlen 12/9/05 N° 933 P.3 By launching takeover bid on Endesa, European Union Gas Natural wants to create world’s 3rd 10/1/05 N° 902 P.8 On the pro-forma ECX exchange, the price of largest gas & electricity company CO2 emissions stands at e8.5/ton Enel 10/1/05 N° 902 P.9 The EU is on track for reaching its Kyoto Protocol targets 17/10/05 N° 938 P.12 Enel to sell 3,850 MW of VPP in 2006 24/1/05 N° 904 P.5 EU Commission criticizes the current 24/10/05 N° 939 P.12 Enel to invest $2.3 billion in Slovakian structure of energy markets nuclear plant 28/2/05 N° 909 P.10 The EC welcomes the deletion of the gas Energy destination clause by OMV and Gazprom 4/4/05 N° 914 P.9 Corruption in energy: the situation is 28/3/05 N° 913 P.12 Latvia, Lithuania and Poland ask Russia improving, but could be much better for own gasline 20/6/05 N° 925 P.6 Coal benefited most from 3.6% leap in 20/6/05 N° 925 P.7 EC secures changes to gas supply world energy consumption in 2004 contracts between Ruhrgas and Gazprom th 27/6/05 N° 926 P.10 BP publishes world 2004 energy figures 20/6/05 N° 925 P.10 EU-OPEC Energy Dialogue, 9 June 2005 and expresses "concern" 18/7/05 N° 929 P.9 E.ON’s acquisition of MOL’s gas business 11/7/05 N° 928 P.1 The G8 takes stock of the need for action could give rise to "risks" to avoid a crisis for energy and the 18/7/05 N° 929 P.11 EU-25 electricity demand rose by only 1% environment in 2004

14/11/05 N° 942 P.1 Fall in coal and CO2 quota prices deals 10/10/05 N° 937 P.8 Russia and the EU boost their energy blow to gas, while nuclear gets boost in cooperation power sector 7/11/05 N° 941 P.3 Capgemini points to under-investment risk ENI in the EU’s electricity and gas network 28/11/05 N° 944 P.11 London calls on EU to reform energy 14/3/05 N° 911 P.3 ENI raises its 2008 target to 2 MMboe/d, markets but, like other majors, is struggling with lack of opportunities 12/12/05 N° 946 P.8 OPEC-EU: need to reduce uncertainties over level of future oil demand 18/7/05 N° 929 P.12 ENI offers new gas to Indonesia’s Aceh plants Exploration & Porduction 19/9/05 N° 934 P.12 ENI sells Italiana Petroli to API for $237 30/5/05 N° 922 P.2 North Africa is the preferred zone of oil million firms 3/10/05 N° 936 P.11 ENI and Sonatrach create JV for the new 17/10/05 N° 938 P.1 E&P investments to soar by 44% in four capacity of the Transmed gasline years, to $185 billion in 2006, says the 28/11/05 N° 944 P.8 Gazprom & ENI could extend Blue Stream IFP to Southern Europe and Europe Israel 24/10/05 N° 939 P.1 Wood Mackenzie wary about downward 12/12/05 N° 946 P.10 Regulators urge ENI to boost TAG’s trend in exploration investments capacity by 6.5 bcm/annum 28/11/05 N° 944 P.1 International firms are now faced with a Environment new breed of E&P competition 10/1/05 N° 902 P.6 Australia proposes post-Kyoto agreement ExxonMobil 24/1/05 N° 904 P.2 Australia leading world towards 28/2/05 N° 909 P.9 ExxonMobil replaced 112% of its output commercial hot dry rock power generation in 2004 (83% under SEC regulations)

5 PETROSTRATEGIES Index 2005

7/3/05 N° 910 P.12 ExxonMobil sells its 3.7% in Sinopec at 6/6/05 N° 923 P.12 Gaz de France buys 51% of Romania’s twice the price Distrigaz Sud 4/4/05 N° 914 P.12 ExxonMobil shareholders to vote on 18/7/05 N° 929 P.1 Partially privatized GDF prepares to cross climate change swords with growing competition on 19/9/05 N° 934 P.12 Pertamina & ExxonMobil finalize draft markets Cepu contract 12/9/05 N° 933 P.7 GDF seeks out upstream gas to exercise 12/12/05 N° 946 P.1 ExxonMobil rises to the defense of the its liquefaction right at Idku, Egypt international oil industry and shows the 3/10/05 N° 936 P.9 GDF and Gazprom want "to speed up" way ahead talks on cooperation projects 19/12/05 N° 947 P.10 ExxonMobil identifies 20 bcm of resources 14/11/05 N° 942 P.10 GDF trades upstream assets with Dana in Australia Petroleum France 5/12/05 N° 945 P.5 Gaz de France outlines its upstream objectives 14/3/05 N° 911 P.7 The growing dieselization in the automobile sector is putting an enormous Gazprom strain on refiners 3/1/05 N° 901 P.2 Atschimov to produce 8.3 bcm of gas and 9/5/05 N° 919 P.1 France proposes 5 European action plans 2.8 MM tons of condensates "to deal with the oil crisis" 14/2/05 N° 907 P.9 Gazprom drafts investment study for 9/5/05 N° 919 P.8 France’s 2004 energy consumption 0.7% Bovanenkovskoye field, Yamal, in 2006 up: gas & electricity rise 14/2/05 N° 907 P.12 Gazprom to cut Uzbek gas imports to 5 5/9/05 N° 932 P.10 President Chirac makes point that oil bcm of 2005 prices could "remain high for a long time" 14/3/05 N° 911 P.12 Yamal-Europe pipeline capacity to be 24/10/05 N° 939 P.12 France targets 10% share of biofuels by boosted by 35% 2015 28/3/05 N° 913 P.5 Gazprom opposes possible re-export of France/gas Iranian gas via Armenia 11/4/05 N° 915 P.7 Gazprom and LUKoil sign 10-year 11/4/05 N° 915 P.10 Euskadour gasline to link French & cooperation agreement (2005-2014) Spanish networks 18/4/05 N° 916 P.5 In exchange for BASF and E.ON’s 20/6/05 N° 925 P.8 A gas interconnection between France access into the Russian upstream, and Italy could come to light Gazprom boosts its positions in Europe 11/7/05 N° 928 P.8 Spain’s Gas Natural signs first gas sales 18/4/05 N° 916 P.12 Gazprom nudges close to 25% stake in contracts to industrial players Sakhalin-2 1/8/05 N° 931 P.6 EDF signs 2 purchase contracts for 92 23/5/05 N° 921 P.8 Gazprom replaced only 73% of its gas TWh of gas with ENI and GDF reserves in 2004 Gabon 23/5/05 N° 921 P.10 The ongoing saga of the scrapped merger 17/1/05 N° 903 P.9 Perenco signs gas exploitation contract in between Gazprom & Rosneft Gabon 13/6/05 N° 924 P.10 Gazprom looks to triple the price of gas sold to the Ukraine to $160/1,000 cu.m Gas 20/6/05 N° 925 P.12 Gazprom wins back control of Northgas 10/1/05 N° 902 P.1 Moody’s: a gas "bubble" could appear in 11/7/05 N° 928 P.3 Gazprom prepares the ground for its "certain European countries" but not transformation into an energy company globally with diversified activities 2/5/05 N° 918 P.4 The rise in world demand was slower for 11/7/05 N° 928 P.6 Gazprom and Shell sign MOU to swap gas than for oil in 2004 shares in Sakhalin-2 & Zapolarnoye fields 2/5/05 N° 918 P.12 Could CO2 injection put production costs 18/7/05 N° 929 P.7 Gazprom’s main figures for 2004 at $30-33/b? 25/7/05 N° 930 P.9 Gazprom signs 7.8-bcm gas agreement 31/10/05 N° 940 P.7 The rise in consumer gas prices may with Ukraine, ending latest dispute continue, according to Nusconsulting 19/9/05 N° 934 P.10 Gazprom and Chevron have lifted 3 th 31/10/05 N° 940 P.11 Closing comments of the 10 Paris Gas Venezuelan E&P blocks with gas potential Summit 26/9/05 N° 935 P.12 Gazprom to export up to 60 bcm/annum Gas Exporting Countries Forum to China 23/5/05 N° 921 P.2 The Gas Exporting Countries’ Forum 26/9/05 N° 935 P.12 Gazprom hopes to control Sibneft by makes fresh headway towards end-2005 restructuring 3/10/05 N° 936 P.4 Gazprom becomes Russia’s 5th largest oil producer by acquiring a majority stake in Gas Natural Sibneft 2/5/05 N° 918 P.10 Gas Natural to invest e1.850 million to continue 3/10/05 N° 936 P.9 GDF and Gazprom want "to speed up" with its strategic plan for 2005 talks on cooperation projects 6/6/05 N° 923 P.11 Gas Natural changes its structure to meet 3/10/05 N° 936 P.12 Gazprom & Kazmunaigaz to create gas "strategic challenges" joint venture 12/9/05 N° 933 P.3 By launching takeover bid on Endesa, 10/10/05 N° 937 P.7 Gazprom will hold "big" gas storage Gas Natural wants to create world’s 3rd capacity in Belgium largest gas & electricity company 17/10/05 N° 938 P.8 Minister Khristenko criticizes Gazprom’s Gasunie acquisition of Sibneft 10/1/05 N° 902 P.8 Gasunie boosted its gas sales by 12% in 17/10/05 N° 938 P.10 Gazprom wins Russia’s first gas supply 2004, to 86 bcm contract for Baltic gasline 2/5/05 N° 918 P.10 Gasunie plans to build an LNG import 7/11/05 N° 941 P.12 Central Asian gas could cost Gazprom terminal more in 2006 21/11/05 N° 943 P.10 Gasunie hopes to start service at the 21/11/05 N° 943 P.7 Gazprom sets targets for 2006-8, giving future GATE terminal in 2010 priority to transportation 21/11/05 N° 943 P.8 Gazprom to reduce its gas imports from Gaz de France Central Asia to 55 bcm/annum 30/5/05 N° 922 P.7 GDF to boost its import capacities at 21/11/05 N° 943 P.8 Gazprom wishes to break into the Obergailbach as of 2008 end-customers’ market in France

6 PETROSTRATEGIES Index 2005

28/11/05 N° 944 P.8 Gazprom & ENI could extend Blue Stream 16/5/05 N° 920 P.7 Free electricity scheme in certain states to Southern Europe and Europe Israel has exacerbated the power deficit 5/12/05 N° 945 P.8 Gazprom to launch the construction of 23/5/05 N° 921 P.11 India seeks to promote bio-diesel blends the North-European gasline on December to reduce its energy dependence 9 23/5/05 N° 921 P.12 India approves 5-billion ton strategic 5/12/05 N° 945 P.10 Gazprom interested in new oil assets, crude stockpile Sakhalin included 30/5/05 N° 922 P.3 India will overtake world’s 34 largest 19/12/05 N° 947 P.1 Gazprom starts construction of a politically countries by 2020 in terms of economic sensitive gasline to boost its presence in growth Europe 6/6/05 N° 923 P.10 Bechtel and GE are ready to help restart Germany the Dabhol power project 6/6/05 N° 923 P.10 US-India bilateral Energy Dialogue aims to 14/3/05 N° 911 P.9 E.ON-Ruhrgas aims to invest in Germany (E5 bn) and LNG upstream/downstream promote trade and investment 5/9/05 N° 932 P.3 What kind of energy policy will be 1/8/05 N° 931 P.1 The Dabhol project rises from its own adopted if the CDU wins the elections? ashes and swoops to purchase 2 MMt/annum of LNG 12/9/05 N° 933 P.11 Germany and Russia to launch construction of the North European Gas 1/8/05 N° 931 P.3 India’s two industrial giants, ONGC and Pipeline Mittal, oin forces to improve national energy security 31/10/05 N° 940 P.11 Berlin could extend the life of Germany’s nuclear power plants 1/8/05 N° 931 P.7 Petronet LNG to acquire 20 to 50% in foreign liquefaction plants 7/11/05 N° 941 P.12 Mittelplate output to reach 32,000 b/d of crude 1/8/05 N° 931 P.9 Cairn Energy announces 2.5 billion barrels of oil in the Rajasthan basin Greece 26/9/05 N° 935 P.2 India studies the impact of a possible 11/7/05 N° 928 P.10 Turkey and Greece to build revival in its nuclear power sector 11.5-bcm/annum gasline 26/9/05 N° 935 P.3 India goes ahead with its three import 14/11/05 N° 942 P.7 The 8-10 bcm Italy-Greece gasline projects interconnector is to come on stream in 24/10/05 N° 939 P.10 BP and Hindustan to build a 180,000-b/d 2010 refinery Gulf of Mexico 31/10/05 N° 940 P.11 Delhi asks ministers to keep their visits abroad to a strict minimum 7/2/05 N° 906 P.12 Ivan shut-ins: 135,756 b/d oil & 489 MM cu.ft/d of gas 5/12/05 N° 945 P.1 India wants to put several irons in the fire in order to speed up its growth in the 24/10/05 N° 939 P.12 Chevron and Kerr-McGee to develop international upstream Blind Faith 5/12/05 N° 945 P.10 India and Korea sign 6 cooperation 19/12/05 N° 947 P.12 Samson eyes 25% in 37 Noble E&P MOUs licenses 12/12/05 N° 946 P.12 ONGC-BG cooperation in the deep IEA offshore 28/3/05 N° 913 P.1 IEA’s Claude Mandil is convinced that the 19/12/05 N° 947 P.10 US and India in dialogue to advance Saudis want to see oil prices fall clean coal technologies 11/4/05 N° 915 P.6 Consumers’ demand could fall by 1 to 2 26/12/05 N° 948 P.1 ONGC wades through Delhi’s restrictions million b/d, says IEA and the competition-versus-cooperation 9/5/05 N° 919 P.1 Low-cost emergency measures expected dilemma with China to cut down energy consumption by 1 Indonesia million b/d 25/4/05 N° 917 P.9 Indonesia turns to coalbed methane to 9/5/05 N° 919 P.7 How to save transport fuel: some compensate for decline in oil and gas examples provided by the IEA 11/7/05 N° 928 P.6 ExxonMobil reaches "tentative 27/6/05 N° 926 P.12 The IEA and UN give their support to agreement" for Cepu block biofuels 25/7/05 N° 930 P.12 Indonesia’s oil production to fall to 1.1 4/7/05 N° 927 P.8 Mandil analyzes the reasons for the price Mb/j hike, then suggests some action plans 5/9/05 N° 932 P.12 Indonesian oil output could fall by 50% by 19/9/05 N° 934 P.8 IEA has significantly lowered its forecast 2015! for short-term oil demand 10/10/05 N° 937 P.1 Indonesia slashes oil subsidies and raises 7/11/05 N° 941 P.1 IEA calls on the world to change an fuel prices to align them with global rates energy trend "that is unsustainable" 31/10/05 N° 940 P.12 Demand for oil has fallen by 37% 21/11/05 N° 943 P.6 New downward revisions for the IEA’s world oil demand forecasts Iran India 17/1/05 N° 903 P.1 Energy-hungry India concludes major LNG and oil agreement with Iran 10/1/05 N° 902 P.10 India invites foreign firms to bid for 20 oil & gas blocks 17/1/05 N° 903 P.1 Iran boosts its planned LNG sales to 30 MMt/yr, compared with 40 MMt/yr for 17/1/05 N° 903 P.1 Energy-hungry India concludes major projected capacity LNG and oil agreement with Iran 31/1/05 N° 905 P.12 Energy price subsidies said to cost 17/1/05 N° 903 P.3 India rallies support for an “Asian oil $16bn/annum community” 7/2/05 N° 906 P.12 Iran sets sights on drilling in the Caspian 31/1/05 N° 905 P.4 India reaps the first results of its dynamic Sea new energy diplomacy 14/2/05 N° 907 P.1 Tensions with Iran pose the biggest 18/4/05 N° 916 P.1 India wants to build a strategic geopolitical threat to the oil industry partnership with Saudi Arabia for oil and gas, upstream & downstream 28/2/05 N° 909 P.12 Iran and Mexico sign oil and gas MOU 25/4/05 N° 917 P.1 LNG could cover most of the gas deficit 14/3/05 N° 911 P.12 Iran oil exchange to start operating in forecast for 2001-2012 September 2005 25/4/05 N° 917 P.7 nd 25/4/05 N° 917 P.10 Khatami inaugurates phases 4 & 5 of India now has a 2 LNG import terminal, South Pars with the inauguration of Hazira 25/4/05 N° 917 P.10 India’s IOC wants to develop a block in South Pars

7 PETROSTRATEGIES Index 2005

16/5/05 N° 920 P.9 Soroush and Norouz, in the Iranian Italy/gas offshore, to produce 190,000 b/d end-May 24/1/05 N° 904 P.8 ENI fined and Edison LNG obliged to 30/5/05 N° 922 P.1 Potential candidates line up to take over open up 20% for third-party access as Petronas withdraws from Pars LNG 31/1/05 N° 905 P.12 BG to sell 3.2 bcm/annum of LNG to Enel 30/5/05 N° 922 P.9 Norsk Hydro to negotiate 75% in the 28/2/05 N° 909 P.2 Rekindled enthusiasm over Italian LNG development of the Anaran field regasification terminal projects 6/6/05 N° 923 P.12 NIOC to boost Resalat and Reshadat 14/3/05 N° 911 P.1 Galsi gasline has potential clients queuing crude output up, while posing a threat to rival LNG 20/6/05 N° 925 P.8 Iran will deliver only 5 million tons/annum projects of LNG to India using a fixed tariff 4/4/05 N° 914 P.7 Gas expected to take over from oil in 20/6/05 N° 925 P.12 Iraq and Iran agree to build a 40-km oil 2013 as main energy source pipeline 20/6/05 N° 925 P.8 A gas interconnection between France 4/7/05 N° 927 P.1 New President Ahmadi-Nejad will need oil and Italy could come to light revenues to help him keep his promises 14/11/05 N° 942 P.7 The 8-10 bcm Italy-Greece 25/7/05 N° 930 P.7 Iran to refine Iraqi crude oil and export interconnector is to come on stream in products to its neighbor 2010 1/8/05 N° 931 P.6 Oil production to rise to 4.2 million b/d, Itera with revenues to top $40,5 billion 11/7/05 N° 928 P.10 Itera makes changes to founders’ 5/9/05 N° 932 P.12 Iran orders 17 new crude tankers for over structure $2.4 bn 26/9/05 N° 935 P.1 Iran wags its oil finger and stops Japan Europeans in their tracks over nuclear 7/2/05 N° 906 P.12 Singapore asks Tokyo Gas to look at LNG wrangle feasibility 10/10/05 N° 937 P.12 Iranian gas supplies to Sharjah to start 1st 7/3/05 N° 910 P.7 Japan has dashed the hopes of LNG Qtr 2006 sellers: its imports fell by 4% in 2004 to 56.7 MMt 28/11/05 N° 944 P.1 The winds of fortune could soon be blowing the wrong way for Iran in its 9/5/05 N° 919 P.10 Tokyo could cancel offer to fund Russian nuclear dispute oil pipeline 28/11/05 N° 944 P.5 Iran holds much promise for oil and gas, 6/6/05 N° 923 P.12 Petrobras signs 4 MOUs for financing but developments are in need of a boost projects 25/7/05 N° 930 P.11 Tension rising between Japan and China Iraq over disputed offshore drillings st 3/1/05 N° 901 P.7 Iraq signs its 1 oil development contract 26/9/05 N° 935 P.12 Territorial dispute: Tokyo and Beijing to since the war meet 17/1/05 N° 903 P.7 Iraqi government wants to give priority to 14/11/05 N° 942 P.3 INPEX and Teikoku to create INPEX refining in 2005 Holdings Inc. with which to tackle 17/1/05 N° 903 P.7 Iraqi Oil Minister appoints three deputies: increasing global energy competition a Shiite, a Sunni and a Kurd 21/11/05 N° 943 P.10 Japan’s Inpex wants to acquire new 17/1/05 N° 903 P.7 Iraqi government launches a bidding assets abroad round for the development of the Kormor 28/11/05 N° 944 P.3 Putin promises Tokyo an extension of the field Eastern oil pipeline to the Pacific "as 28/2/05 N° 909 P.1 Iraq could prove to be a stabilizing factor quickly as possible" for oil prices Kazakhstan 2/5/05 N° 918 P.9 Iraq to produce 10 MMb/d in 10-15 yrs, exporting 3 MMb/d via the Mediterranean 31/1/05 N° 905 P.9 Rise in production thwarted by limited export capacity 16/5/05 N° 920 P.12 Bahr al-Ulum (re)appointed as Oil Minister 28/3/05 N° 913 P.8 Kazmunaigaz & Gazprom to boost 30/5/05 N° 922 P.10 Iraq to offer 7 additional blocks for capacity of the Orenburg plant from 7 to exploration 15 bcm 20/6/05 N° 925 P.12 Iraq and Iran agree to build a 40-km oil 23/5/05 N° 921 P.10 Kazakhstan plans to build a new port for pipeline oil exports on the Caspian Sea 11/7/05 N° 928 P.4 With its huge oil potential, Iraq could 30/5/05 N° 922 P.5 Astana looks to BTC to export its crude oil produce 5 to 8 million b/d of oil in the long while the CPC falls behind schedule term 18/7/05 N° 929 P.12 Kazakhstan pledges to build 962-km pipe 25/7/05 N° 930 P.7 Iran to refine Iraqi crude oil and export to China products to its neighbor 1/8/05 N° 931 P.9 Russia & Kazakhstan to put $22-23 billion 12/9/05 N° 933 P.8 Total has embarked on "intellectual into Kurmangazy to generate $50 billion dialogue" with Baghdad 5/9/05 N° 932 P.1 CNPC’s acquisition of PetroKazakhstan 12/12/05 N° 946 P.8 Japan to help Iraq rehabilitate oil export sparks multipartite negotiations and processing facilities 3/10/05 N° 936 P.12 Gazprom & Kazmunaigaz to create gas 12/12/05 N° 946 P.8 Iraq announces exports of 1.9 million b/d joint venture for 2006 31/10/05 N° 940 P.5 Kashagan is gradually unearthing the Israel technical and geopolitical challenges of 4/7/05 N° 927 P.7 EMG to purchase up to 7 bcm/yr of gas its development from Egypt over 20 years 14/11/05 N° 942 P.8 Moscow and Astana strike understanding over the Imashevskoye field Italy 28/11/05 N° 944 P.9 Transneft will not ship Kazakh crude oil to 3/1/05 N° 901 P.10 Enel to purchase Ipse for under e800 million Butings, in Lutinge 4/4/05 N° 914 P.12 Italy to sell 10% of Enel in September 28/11/05 N° 944 P.9 1st construction phase complete for 2005 Kazakhstan-China oil pipeline 11/4/05 N° 915 P.3 Endesa and Electrabel speed up their 19/12/05 N° 947 P.9 Tengiz crude oil will be exported via an penetration of the Italian electricity market export route to the south 13/6/05 N° 924 P.12 Endesa enters Livorno LNG import project 4/7/05 N° 927 P.9 Italy hopes to receive gas from Iran and the Caspian as of 2010

8 PETROSTRATEGIES Index 2005

Kuwait 7/11/05 N° 941 P.7 The challenges facing the LNG industry, by Michael D. Tusiani 3/1/05 N° 901 P.9 Kuwait to equip itself with an additional 14/11/05 N° 942 P.1 Risk tends to "migrate" towards 450,000-b/d refinery in 2009 producers, which deal with this through 31/1/05 N° 905 P.11 Kuwait boosts its crude production arbitrage capacity to 2.8 million b/d 5/12/05 N° 945 P.3 ONGC expresses interest in India’s Hazira 21/2/05 N° 908 P.9 Kuwait turns to heavy crude oil in quest terminal, which Shell could be putting up for extra production for sale 2/5/05 N° 918 P.12 $683-million contract for Burgan oilfield 5/12/05 N° 945 P.8 Gaz de France and Gazprom conclude a 20/6/05 N° 925 P.1 MPs expected to give go-ahead to return natural gas-LNG swap agreement of foreign firms in oil upstream Lukoil 5/9/05 N° 932 P.9 Foreign firms believed to develop Kuwaiti oil for $1.5/b 24/1/05 N° 904 P.12 LUKoil releases 2004 operating results: 12/9/05 N° 933 P.12 Hyundai to build Kuwait oil tanks for $1.25 crude up 5.9% billion 21/2/05 N° 908 P.12 LUKoil hopes to acquire 421 stations in 10/10/05 N° 937 P.8 Hyundai wins $1.2-billion contract to Finland boost crude oil export capacity 4/4/05 N° 914 P.7 LUKoil continues with an integrated downstream strategy in Europe Latin America 4/4/05 N° 914 P.7 LUKoil to develop Khvalinskoye with 23/5/05 N° 921 P.12 Venezuela, Brazil and Argentina sign for KazMunaiGaz Petrosur 4/4/05 N° 914 P.8 LUKoil plans to build a refinery in 21/11/05 N° 943 P.10 Latin-American countries find different Venezuela uses for their oil windfalls 4/4/05 N° 914 P.12 LUKoil’s Nakhodkinskoye field to yield 10 Lebanon bcm in 2007 11/4/05 N° 915 P.7 Gazprom and LUKoil sign 10-year 28/2/05 N° 909 P.12 Syria and Lebanon sign energy cooperation agreement (2005-2014) cooperation agreements 18/4/05 N° 916 P.10 LUKoil posts oil reserve replacement of Libya 99% for 2004 7/2/05 N° 906 P.5 Libya receives very high offers for its first 18/4/05 N° 916 P.11 LUKoil sells gas to Gazprom at $22.50 per post-US sanctions bidding round 1,000 cu.m (excl. VAT) 4/4/05 N° 914 P.12 2nd Libyan post-sanctions bidding round 30/5/05 N° 922 P.6 LUKoil praises its 2004 results, with 1.7 for 44 blocks million b/d of crude produced (+7%) 9/5/05 N° 919 P.5 Shell to help Libya develop its presence 30/5/05 N° 922 P.6 LUKoil pulls out of move to purchase on the international LNG circuit refineries abroad due to high prices 10/10/05 N° 937 P.3 Europe and Asia break into Libyan market 10/10/05 N° 937 P.6 Lukoil invests $2 billion to purchase no.2 in 2nd E&P bidding round Kazakh firm 10/10/05 N° 937 P.4 Tripoli aims is to double oil production and 10/10/05 N° 937 P.6 LUKoil invests $700 million for the boost its reserves by 50% remaining 50% in Turgai Petroleum 14/11/05 N° 942 P.9 Libya holds bidding rounds to sell 60% of 10/10/05 N° 937 P.7 Lukoil invests $1 billion for the Lithuanian state-owned refiner & distributor Tamoil Mazeikiu Nafta refinery 12/12/05 N° 946 P.10 ExxonMobil, BP and Statoil sign 4 PSA 21/11/05 N° 943 P.9 LUKoil to boost its crude oil production in contracts 2006 by 5%, to 1.8 million b/d 28/11/05 N° 944 P.8 LUKoil takes 100% control of Sever TEK, Lithuania for $2.74/b of 2P reserves 24/1/05 N° 904 P.10 Lithuania sets its sights on control of Yukos’ Mazeikiu Nafta refinery Malaysia 1/8/05 N° 931 P.12 Malaysia signs 2-MMt/yr LNG contract LNG with Korea Gas 14/2/05 N° 907 P.3 Excess LNG sea transport capacity gives ship owners cause for concern Marathon 14/2/05 N° 907 P.5 The innovative concept of LNG 7/3/05 N° 910 P.10 190% reserve replacement ratio and regasification vessels has become a $5.71/boe F&D costs in 2002-2004 reality 9/5/05 N° 919 P.3 Marathon falls under charms of refining 25/4/05 N° 917 P.3 Marked slowdown in international LNG sector, acquiring MAP from Ashland for trade in 2004, but 14% leap in spot sales $3.7-3.9 billion 9/5/05 N° 919 P.9 Repsol YPF and Gas Natural create the Mexico rd 3 biggest LNG company in the world 28/2/05 N° 909 P.1 Without oil sector liberalization, Mexico 6/6/05 N° 923 P.7 Global spot LNG trading leapt by 21% to will import crude oil in 10 years, warns 20 bcm in 2004 Pemex chief Luis Ramirez 6/6/05 N° 923 P.9 The share of spot LNG sales differs 28/2/05 N° 909 P.12 Iran and Mexico sign oil and gas MOU greatly from one exporting country to the 7/3/05 N° 910 P.9 Latin-American consortium wins gas next service contract in Mexico 27/6/05 N° 926 P.1 The future looks very rosy for LNG transits 2/5/05 N° 918 P.12 Mexico reconsiders gas option for its via the Suez Canal power th 11/7/05 N° 928 P.9 Exmar and Excelerate will receive their 4 10/10/05 N° 937 P.4 Faced with stalemate development LNGRV at the beginning of 2008 scenario in Mexico, Pemex sets its sights 5/9/05 N° 932 P.7 Sonatrach and Statoil seek to develop on foreign hydrocarbons mutual cooperation focused on LNG Mideast 3/10/05 N° 936 P.5 Shipyard’s order books are full to the brim, exacerbating the surplus of methane 25/4/05 N° 917 P.9 Middle East and North Africa must realign carriers their structures 17/10/05 N° 938 P.3 Some gas importers have adopted a new 20/6/05 N° 925 P.9 Dubai and Nymex to create the first slogan: "LNG is a safer bet!" energy futures market in the Middle East 31/10/05 N° 940 P.1 The price hike is giving cause for concern among LNG players

9 PETROSTRATEGIES Index 2005

Mitsui 7/3/05 N° 910 P.8 Recovery rate of 70% sought on Statfjord thanks to new drainage system 26/9/05 N° 935 P.12 10 MM b/yr of condensates from 21/3/05 N° 912 P.8 London launches licensing round for Qatargas 3 1,329 North Sea blocks Myanmar Norway 28/3/05 N° 913 P.12 Settlement reached in the Yadana 21/2/05 N° 908 P.10 rd Pipeline lawsuit 3 field to be developed by Statoil using mobile installations Natural gas 21/2/05 N° 908 P.12 $7.6/boe to develop 2 small fields 16/5/05 N° 920 P.11 Natural gas in 2004 (Cedigaz) 21/3/05 N° 912 P.8 Norway registers a net reserves recovery rate of 50% in 2004 Netherlands 21/3/05 N° 912 P.8 Norway hits expensive technical 4/7/05 N° 927 P.6 Will Essent and ConocoPhillips import difficulties on Kristin LNG to the Netherlands? 25/4/05 N° 917 P.10 Oslo pushes for joint development in 11/7/05 N° 928 P.8 Gasunie has been unbundled into two Russian waters separate legal entities 2/5/05 N° 918 P.9 Investment projects in the Norwegian Nigeria upstream have soared by 50% (e6 billion) 30/5/05 N° 922 P.9 Norway banking on crude oil price of 3/1/05 N° 901 P.8 Nigeria launches bidding round for an $48/b in 2005 and $44/b in 2006 independent audit of its oil sector 6/6/05 N° 923 P.11 Statoil and BP opt to send gas via Asgard 17/1/05 N° 903 P.9 Unitization agreement concluded on Transport line to Karstö plant Agbami, in the Nigerian offshore 13/6/05 N° 924 P.11 E.ON-Ruhrgas acquires 16.5 million boe of 24/1/05 N° 904 P.7 A flourish of new LNG projects reserves for e75 million (ExxonMobil, ChevronTexaco, BG, etc.) 4/7/05 N° 927 P.6 Snøhvit: plans already being considered 21/3/05 N° 912 P.3 Nigeria extends LNG ambitions, targeting to double capacity of future LNG plant 70 MMt/annum by 2012 4/7/05 N° 927 P.7 Possible construction start-up of two 18/4/05 N° 916 P.9 Birth of a giant 20 MMt/annum LNG gas-fired plants in Norway project with Shell, Chevron and BG 11/7/05 N° 928 P.7 Two cross-border Anglo-Norwegian fields 9/5/05 N° 919 P.10 Akpo to produce plateau of 225,000 to be developed at $15,000 per b/d boe/d 11/7/05 N° 928 P.8 $232 million to recover a further 35 million 30/5/05 N° 922 P.7 Nigeria-Sao Tomé: the award of barrels on Tordis exploration contracts is delayed 11/7/05 N° 928 P.10 Plan for development & operation of Delta 6/6/05 N° 923 P.1 Obasanjo vows to go all out against 1/8/05 N° 931 P.6 Norway to produce only 2.5 million b/d of corruption, while promoting the market crude oil, but 120 bcm of gas in 2011 6/6/05 N° 923 P.10 Shell to embark on "reconciliation 5/9/05 N° 932 P.10 Two discoveries and new incentives for process" with Ogoni people the upstream 25/7/05 N° 930 P.11 Sahara & Chasewood sign 70,000-b/d 26/9/05 N° 935 P.5 The energy policy of the new left-wing refinery Alliance Agreement coalition in power remains unclear 5/9/05 N° 932 P.8 South Koreans win two of the most 17/10/05 N° 938 P.12 Visund to export 5 bcm/annum of gas promising oil blocks 24/10/05 N° 939 P.8 Norway boosts its investments in oil 19/9/05 N° 934 P.1 Nigeria to make bonus of $2.65 billion research to $60 million from award of 44 E&P blocks 24/10/05 N° 939 P.9 Odd Roger Enoksen appointed as 19/9/05 N° 934 P.7 Provisional list of winners in Nigeria’s Norway’s Minister of Petroleum and 2005 upstream bidding round Energy 26/9/05 N° 935 P.11 Planned investments in Nigeria to hit $3.5 24/10/05 N° 939 P.9 Norway forecasts a 3% fall in its oil billion production, at 3 million b/d in 2005 3/10/05 N° 936 P.12 Nigeria to hike crude capacity by 500,000 31/10/05 N° 940 P.12 Norway refuses Nordland VI exploration b/d for 4 years 17/10/05 N° 938 P.10 Bonga to finally start production 14/11/05 N° 942 P.10 Kristin to produce 220,000 boe/d as of end-October (100,000 b/d) 2006 24/10/05 N° 939 P.9 New talks are held on sharing revenues 5/12/05 N° 945 P.10 Ekofisk Growth starts production between government and states 12/12/05 N° 946 P.9 Statoil and Norsk Hydro at odds over 24/10/05 N° 939 P.9 Nigeria decides to reorganize its oil sector development of the Troll field 31/10/05 N° 940 P.10 Nigeria targets 80% use of installed 26/12/05 N° 948 P.10 Norway approves Statoil’s IOR plans for capacity for its domestic refineries Tordis field 21/11/05 N° 943 P.12 NNPC takes control of retailer African Petroleum Nuclear 28/11/05 N° 944 P.4 The ONGC-Mittal duo is planning to invest 7/3/05 N° 910 P.9 Five countries have launched multilateral up to $6 billion if it produces 650,000 R&D on Generation IV nuclear energy boe/d 28/3/05 N° 913 P.1 With the future looking rosy for 28/11/05 N° 944 P.12 Shell could buy the Port-Harcourt refinery development in Asia, nuclear power gains 5/12/05 N° 945 P.7 Shell’s Bonga to hit production of support across the globe 250,000 boe/d “as soon as possible” 28/3/05 N° 913 P.10 Of the 25 nuclear reactors currently being built around the world, 17 are in Asia Norsk Hydro 28/3/05 N° 913 P.11 Nuclear power production expected to 26/9/05 N° 935 P.6 Norsk Hydro pays high price for double by 2030 Spinnaker’s reserves: 129 million barrels 28/11/05 N° 944 P.7 Hydro uses $35/b reference price to Oil acquire 50% of the Chinook field in Brazil 3/1/05 N° 901 P.3 Oil revenue transparency makes progress on the international circuit North Sea 3/1/05 N° 901 P.6 World crude oil reserves up by 1% to 21/2/05 N° 908 P.8 Oslo and London sign comprehensive 1,280 billion barrels for a production of 71 North-Sea cooperation agreement million b/d 7/3/05 N° 910 P.3 North Sea oil production is well and truly 24/1/05 N° 904 P.1 Oil prices: 2005 shows no signs of on the decline differing from 2004

10 PETROSTRATEGIES Index 2005

21/2/05 N° 908 P.1 The "de-booking" of extra-heavy oil 12/9/05 N° 933 P.12 Dolphin to deliver 200 MMcu.ft/d gas to reserves once again calls into question Oman US SEC standards 14/11/05 N° 942 P.8 2nd phase of Harweel to boost the field’s 7/3/05 N° 910 P.1 French oil institute highlights importance production to 126,000 b/d of qualitative factors in 2004 crude oil 19/12/05 N° 947 P.7 Qalhat boosts the sultanate’s LNG export price hike capacity to 10.3 MM tons/annum 4/4/05 N° 914 P.1 Acquisitions remain rare and companies are filling up their "war chests" OMV 4/4/05 N° 914 P.3 In 2004, producing nations pocketed only 24/1/05 N° 904 P.12 Austria’s OMV drills its 1st Iranian well: 36% of final oil price in the EU, and 34% 1,040 b/d in Japan OPEC 18/4/05 N° 916 P.8 The IMF voices concerns about sustained high crude price levels until 2030 31/1/05 N° 905 P.12 A price of $36 would be "suitable", says 25/4/05 N° 917 P.7 Hedge funds believed not to be behind UAE price volatility 7/2/05 N° 906 P.1 OPEC takes its time over fixing a new reference price for crude oil 2/5/05 N° 918 P.1 The 6th Paris Summit brought market players’ concerns to the forefront 14/2/05 N° 907 P.3 OPEC is beginning to look at oil prices from a different angle 2/5/05 N° 918 P.8 Closing comments by Nordine Aït-Laoussine, Sixth International Oil 21/2/05 N° 908 P.8 China and India give OPEC cause to fear Summit price pressure on world fuels 2/5/05 N° 918 P.12 Hayward (BP) believes $30/b price is 21/2/05 N° 908 P.8 EU minister asks OPEC for dialogue, "sustainable" suggesting a crude oil price of $30-35/b 9/5/05 N° 919 P.6 Saudi Arabia and Oil prices, by Ali Naimi 7/3/05 N° 910 P.12 OPEC says WTI could climb to $80/b if... 16/5/05 N° 920 P.1 Cycle high or "new paradigm"? Oil payers 21/3/05 N° 912 P.1 OPEC set to "store" capacity with beg to differ in their analyses of the consumers to attempt to curb price rises current situation 21/3/05 N° 912 P.10 OPEC Press Release, 16 March 2005 23/5/05 N° 921 P.1 Widespread caution on the markets: oil 11/4/05 N° 915 P.5 Naimi praises OPEC’s efficiency, as it has prices fall while geopolitical risks rise distanced itself from “political influence” 23/5/05 N° 921 P.8 Naimi blames complex US refining 6/6/05 N° 923 P.1 OPEC prepares to adopt heavier crude oil regulation for high oil prices price reference basket, with higher sulfur 30/5/05 N° 922 P.1 The price hike will attract new players to content the international circuit 12/9/05 N° 933 P.1 Katrina has overturned market 20/6/05 N° 925 P.1 Both in and out of OPEC, people are fundamentals and set a new oil equation starting to see high oil prices as normal for OPEC 27/6/05 N° 926 P.4 We will have enough oil! The IFP draws 19/9/05 N° 934 P.8 OPEC had nearly 2 million b/d of spare up inventory of impressive unconventional capacity in August, says IEA resources 26/9/05 N° 935 P.9 OPEC adopts comprehensive long-term 25/7/05 N° 930 P.1 The outlook remains uncertain for the oil strategy outlining the role to be played by market in 2006 itself, other producers and consumers, in bringing stability to the market 1/8/05 N° 931 P.1 New price environment will give rise to changes in fiscal and contractual 24/10/05 N° 939 P.1 OPEC believes products are guiding the frameworks market despite the surplus in crude oil supply 5/9/05 N° 932 P.1 The blow dealt by Hurricane Katrina has swept oil prices up to the $70/b bar 7/11/05 N° 941 P.1 OPEC urges consumers to invest in new refining capacities 12/9/05 N° 933 P.1 Katrina has overturned market fundamentals and set a new oil equation 21/11/05 N° 943 P.1 Soon OPEC will once again need to for OPEC intervene on the oil market, where balance is shifting 12/9/05 N° 933 P.6 World Bank illustrates the growing importance of host-country development 21/11/05 N° 943 P.6 “The current price is acceptable to all”, to the oil industry says Adnan Shihab-Eldin 26/9/05 N° 935 P.1 Rita will not disrupt medium-term oil market 21/11/05 N° 943 P.6 OPEC production is stable in crude oil but outlook its idle capacity is on the up 3/10/05 N° 936 P.1 The majors could welcome lower crude oil 21/11/05 N° 943 P.7 OPEC countries have boosted their prices with some relief distillation and conversion capacities 3/10/05 N° 936 P.11 IMF says current global oil investments 12/12/05 N° 946 P.8 OPEC-EU: need to reduce uncertainties are too low to bring prices down over level of future oil demand 10/10/05 N° 937 P.1 Demand definitely slowing down and 19/12/05 N° 947 P.1 OPEC gives prices their first upward affecting prices nudge for nearly two years 17/10/05 N° 938 P.1 Oil market: slowdown in demand could OPEC/Press Releases see OPEC’s idle capacity rise again to 7/2/05 N° 906 P.10 OPEC Press Release, 30 January 2005 comfortable levels 20/6/05 N° 925 P.10 th 24/10/05 N° 939 P.11 Heavy crudes accounted for 13.7% of EU-OPEC Energy Dialogue, 9 June 2005 global production in 2004, compared with 20/6/05 N° 925 P.11 OPEC Press Release, 15 June 2005 10.5% in 1994 26/9/05 N° 935 P.10 OPEC Press Release, September 31/10/05 N° 940 P.10 Corruption figures down in a number of oil 19-20,2005 exporting countries 19/12/05 N° 947 P.11 OPEP Press Release, December 12, 2005 14/11/05 N° 942 P.6 Tanker owners are satisfied with the OPEC/Production and Revenues forecasts for 2025 oil demand 12/12/05 N° 946 P.7 The oil industry is up in arms over the 10/1/05 N° 902 P.7 OPEC’s hydrocarbon revenues hit $324 extra 10% tax announced by the UK billion in 2004 (up 32%) 24/1/05 N° 904 P.7 OPEC oil production rose by 8% to 33.2 Oman million b/d in 2004 9/5/05 N° 919 P.8 The development of the Mukhaizna field is 14/2/05 N° 907 P.8 OPEC countries conformed with most of awarded to Oxy their production cuts in January 25/7/05 N° 930 P.8 Oxy to boost Mukhaizna field output from 28/3/05 N° 913 P.5 OPEC’s production was only slightly up in 10,000 b/d to 150,000 b/d February, at 29 million b/d

11 PETROSTRATEGIES Index 2005

18/4/05 N° 916 P.8 OPEC’s crude oil production passed the Poland 29-million b/d mark in March 23/5/05 N° 921 P.9 OPEC crude oil production hit 29.9 million 18/7/05 N° 929 P.10 Poland appeals against construction of b/d in April 2005 Russian subsea gasline via Baltic Sea 27/6/05 N° 926 P.8 270,000 b/d leap in OPEC crude oil 17/10/05 N° 938 P.7 Poland aims to diversify sources and production in May, to 29.57 MMb/d PGNiG holds bidding rounds for LNG 25/7/05 N° 930 P.8 Iraq caused OPEC crude oil production to Qatar fall to 29.4 MMb/d in June (-0.2 MMb/d) 24/1/05 N° 904 P.12 Technip & NPCC to share Qatargas II 19/9/05 N° 934 P.8 Slight increase in OPEC’s crude oil expansion project production, hitting 29.6 MMb/d in August 14/3/05 N° 911 P.1 What exactly is spurring Qatar on? 17/10/05 N° 938 P.11 OPEC’s main results for 2004 Economic strength and political drive Pakistan 21/3/05 N° 912 P.12 Doha hopes to double crude output on the Shaheen field 25/7/05 N° 930 P.12 Pakistan could face oil import bill of $4 billion 25/4/05 N° 917 P.10 Technip to build steam cracker at Ras Laffan PDVSA 2/5/05 N° 918 P.10 Qatar delays its GTL projects for three 21/2/05 N° 908 P.10 PDVSA reaffirms his intention to sell Citgo, years to give it time to weigh up options its downstream network in the US 9/5/05 N° 919 P.10 Qatar to supply 700 MMcu.ft/d of gas to 1/8/05 N° 931 P.12 PDVSA to keep export currencies Dubai 10/10/05 N° 937 P.6 Petrobras and PDVSA launch joint 27/6/05 N° 926 P.12 EPC contracts signed for Laffan refinery projects for almost $5 billion 26/9/05 N° 935 P.7 Technip and Chiyoda awarded EPC for RasGas 3 LNG trains 6 and 7 Perenco 26/9/05 N° 935 P.7 Shell awards JGC-KBR management of its 27/6/05 N° 926 P.8 Perenco makes four asset sales and 140-000 b/d Pearl GTL project purchases in only a few weeks 28/11/05 N° 944 P.8 ExxonMobil and QP to invest $14 billion in Pertamina trains 6 and 7 of Ras Laffan LNG 19/9/05 N° 934 P.12 Pertamina & ExxonMobil finalize draft 26/12/05 N° 948 P.6 Qatar Petroleum launches Qatargas 3 &4: Cepu contract 15.6 MMtons/yr of LNG over 25 yrs 17/10/05 N° 938 P.8 Pertamina to invest $3 billion in a 26/12/05 N° 948 P.10 Ex-Im Bank approves $403.5-MM 300,000-b/d refinery Qatargas-3 loan 17/10/05 N° 938 P.10 Pertamina to invest $500 million in Cepu, Renewable Energies together with ExxonMobil 2/5/05 N° 918 P.11 13 southern hemisphere countries have Peru "1,000s of MW” renewable potential 14/3/05 N° 911 P.11 Hunt Oil signs 6.4-bcm gas supply Repsol YPF contract for Peru LNG project 24/1/05 N° 904 P.9 Repsol YPF to streamline its structure and 6/6/05 N° 923 P.8 Repsol YPF to enter into LNG project, as decentralize decision-making well as Camisea field 6/6/05 N° 923 P.2 Repsol YPF announces a E21-billion "strategic Petrobras plan" for 2005-2009 1/8/05 N° 931 P.8 Repsol YPF buys 3 oil fields & one gas 3/1/05 N° 901 P.9 $2.4 bn lawsuit against Petroquisa: field from BP for $229 MM Petrobras appeals to Supreme Court 24/1/05 N° 904 P.9 Petrobras ups proven reserves for 2004, Romania according to SEC ans SPE criteria 19/12/05 N° 947 P.8 WIEE to supply 9 bcm of gas to Distrigaz 28/2/05 N° 909 P.11 Petrobras seeks to cancel Contingency Sud over 2006-12 Payments for thermoelectric contracts Rosneft 7/3/05 N° 910 P.10 Petrobras’ 2004 crude oil production in Brazil down 3.5%, while NGLs and gas 7/3/05 N° 910 P.8 Rosneft takeover by Gazprom, without rose Yugansk, still poses problems 3/10/05 N° 936 P.3 Petrobras raises its investments for 19/9/05 N° 934 P.1 Rosneft sets sights on production rise of 2006-10 by 63%, to $56.4 billion 7-8% per annum, to hit 128 million tons 10/10/05 N° 937 P.6 Petrobras and PDVSA launch joint by 2015 projects for almost $5 billion Russia 17/10/05 N° 938 P.12 Petrobras launches bidding round for 42 3/1/05 N° 901 P.9 Russia to focus on the exploitation of its oil tankers continental shelf 12/12/05 N° 946 P.12 Loan for Southeast-Northeast gasline and 3/1/05 N° 901 P.10 Russian power player UES to be for an LPG oil pipeline and gasline privatized in 2006 PetroCanada 10/1/05 N° 902 P.1 Amid the confusion, Yuganskneftegas is 26/12/05 N° 948 P.8 Petro-Canada’s 2006 capital program nationalized, with China emerging as a focuses on "shift to growth" possible stakeholder 10/1/05 N° 902 P.7 Andrei Illarionov stripped of his post as Petronas Russia’s representative for the G7 4/7/05 N° 927 P.6 Petronas put 45% of its investments into 10/1/05 N° 902 P.10 Russian oil output reportedly hit 460 MM the international circuit in 2004 tons in 2004 5/9/05 N° 932 P.9 Petronas to build a 100,000-b/d refinery in 24/1/05 N° 904 P.7 Transneft non-CIS exports up 17%, while Sudan Russian oil output up 8.6% 19/9/05 N° 934 P.10 Petronas boosts its presence in the UK 7/2/05 N° 906 P.9 S&P raises Russia’s credit rating to with 4% of Centrica investment grade BBB- Philippines 7/2/05 N° 906 P.9 Russian oil production falls for fourth consecutive month 14/3/05 N° 911 P.12 Philippines refuses to buy back Aramco’s 14/2/05 N° 907 P.10 Russia to launch bidding rounds for 38 40% in Petron eastern Siberian oil and gas fields 11/4/05 N° 915 P.9 Philippines power reform & regulatory 21/2/05 N° 908 P.10 Russia closes the door to foreign firms doubts cloud financial profiles participating in major bidding rounds

12 PETROSTRATEGIES Index 2005

21/2/05 N° 908 P.12 Gazprom and Rosneft reiterate their 25/4/05 N° 917 P.7 Turkmen gas to be sold to Russia at intention to merge previously agreed rates, but in cash 28/2/05 N° 909 P.4 Moscow prompts speculation on Russia’s 16/5/05 N° 920 P.10 Yamal vaunts its largely unexploited future oil policy 82,000 bcm of “natural reserves” 7/3/05 N° 910 P.12 Moscow to deliver $800 million of uranium 27/6/05 N° 926 P.10 Norsk Hydro and Statoil, eyeing to Iran Shtokman gasfield, sign with Gazprom 28/3/05 N° 913 P.6 Russian draft "Law on Subsoil Use" to be 25/7/05 N° 930 P.10 Capacity of Yamal-Europe gasline up from submitted to Duma by end-April 2005 22.8 bcnm/annum to 29 bcm/annum 4/4/05 N° 914 P.8 President Putin tries to recreate a 25/7/05 N° 930 P.12 Moscow interested in privatization of gas reassuring business climate in Turkey 11/4/05 N° 915 P.10 Surgutneftegaz to put $1 bn in 12/9/05 N° 933 P.11 Germany and Russia to launch Talakan-Ust-Kut pipe construction of the North European Gas 25/4/05 N° 917 P.4 The Russian electricity sector will need Pipeline $380 billion of investments by 2030, 19/9/05 N° 934 P.1 Shtokman’s short-list is unveiled warns the IEA 7/11/05 N° 941 P.9 Gazprom’s Shtokman partners to be 25/4/05 N° 917 P.6 The Russian Electricity Reform Phase by revealed in April 2006 Phase 7/11/05 N° 941 P.9 US firms in no way guaranteed of 2/5/05 N° 918 P.6 Tony Hayward, MD and CEO of E&P, BP : participation in Shtokman The story of TNK-BP is reflected in the 14/11/05 N° 942 P.8 Moscow and Astana strike understanding history of Russia over the Imashevskoye field 30/5/05 N° 922 P.5 Russian authorities will not reveal their 14/11/05 N° 942 P.10 Blue Stream hits slated capacity of 16 decision on Total-Novatek before bcm/annum end-June 28/11/05 N° 944 P.8 Natural gas production will rise by only 13 30/5/05 N° 922 P.9 Tatneft to produce 476,000 boe/d of bcm by 2008 crude oil in 2008, 0.6% more than in 12/12/05 N° 946 P.1 Moscow and Kiev at odds over the hike in 2004 Russian gas prices and transit fees for 6/6/05 N° 923 P.8 Khodorkovsky makes appeal against 2006 9-year prison sentence 13/6/05 N° 924 P.3 The stagnation of Russian production to Russia/Transport around 9.3 million b/d is causing 28/3/05 N° 913 P.6 Minister advises Russia to delay building wide-ranging concern $15.5-billion oil pipeline to Pacific coast 13/6/05 N° 924 P.7 Yuri Shafranik: "Whoever wants to enter Sakhalin the Russian market will still be able to" 11/7/05 N° 928 P.7 ConocoPhillips and LUKoil form JV to 21/2/05 N° 908 P.10 Shell faces audit and back taxes following produce 200,000 b/d in Russia by 2008 delays to Sakhalin II LNG project 1/8/05 N° 931 P.9 Russia & Kazakhstan to put $22-23 billion 28/3/05 N° 913 P.12 2005 production start-up confirmed for into Kurmangazy to generate $50 billion Sakhalin-1 12/9/05 N° 933 P.1 Russia and China develop their strategic 1/8/05 N° 931 P.4 Sakhalin-2 shows just how much cooperation, which incorporates oil hydrocarbons cost in "frontier" zones 3/10/05 N° 936 P.12 Putin refuses to tap into stabilization fund 10/10/05 N° 937 P.8 Sakhalin-I to sell 1 bcm of gas to Khabarovsk Krai buyers as of Oct. 2005 10/10/05 N° 937 P.8 Russia gives India the green light for a stake in Sibneft 10/10/05 N° 937 P.12 ExxonMobil brings Sakhalin-I on-stream 10/10/05 N° 937 P.8 Russia and the EU boost their energy São Tomé & Príncipe cooperation 30/5/05 N° 922 P.7 Nigeria-Sao Tomé: the award of 10/10/05 N° 937 P.12 Surgutneftegaz to invest $2.42 bn in 2006 exploration contracts is delayed 24/10/05 N° 939 P.8 Moscow defines "strategic" fields that are barred to foreign-controlled firms Saudi Arabia 31/10/05 N° 940 P.3 Russia ponders the questions marks over 24/1/05 N° 904 P.10 Fundamentals of the Saudi Petroleum its new oil & gas scene: a French point of Relationship with Asia, by Ali Al-Naimi view 14/2/05 N° 907 P.1 Saudi Arabia brings its capacity 31/10/05 N° 940 P.12 Russia throws light on its first 3 “strategic expansion projects to life, light crudes fields” included 31/10/05 N° 940 P.12 Putin urges East Siberian pipeline progress 21/2/05 N° 908 P.8 Saudi Arabia boosts security measures for its oil installations 7/11/05 N° 941 P.8 Russia to boost its hydrocarbon exports by over 30% by 2015 28/2/05 N° 909 P.7 Saudi Arabian Oil Minister Naimi predicts an oil price of $40-$50 for 2005 21/11/05 N° 943 P.8 Russia to implement investor-friendly oil & gas reserves classification for 2009 18/4/05 N° 916 P.1 India wants to build a strategic partnership with Saudi Arabia for oil and 28/11/05 N° 944 P.3 Putin promises Tokyo an extension of the gas, upstream & downstream Eastern oil pipeline to the Pacific "as quickly as possible" 25/4/05 N° 917 P.10 Discovery of a light crude oilfield 5/12/05 N° 945 P.7 The Shell-Sibir Salym fields are to 9/5/05 N° 919 P.6 Saudi Arabia and Oil prices, by Ali Naimi produce 120,550 b/d toward 2010 16/5/05 N° 920 P.8 Riyadh makes an extra light crude oil 5/12/05 N° 945 P.10 Duma passes Gazprom’s ring-fence discovery removal bill 16/5/05 N° 920 P.8 Riyadh is planning to plough big investments into gas Russia/gas 16/5/05 N° 920 P.8 Riyadh seeks partner (Indian?) for a 3/1/05 N° 901 P.10 Russia to export 243-252 bcm of gas by 400,000 b/d refinery 2007 13/6/05 N° 924 P.11 Foreign joint ventures to supply gas after 24/1/05 N° 904 P.8 2004 Russian gas: Gazprom +0.8%, oil 2010 firms +11%, independents +24,6% 3/10/05 N° 936 P.1 Riyadh will soon be able to boost its 14/2/05 N° 907 P.8 Russia boosted its gas exports by 12%, to reserves by 200 billion barrels, says Naimi 157.2 bcm in 2004 3/10/05 N° 936 P.8 Shaping the energy future: the role of 14/2/05 N° 907 P.9 Russian government says Yamal will only Saudi Arabia, by Ali Al-Naimi yield commercial gas after 2015 17/10/05 N° 938 P.8 Riyadh says there are no customers for further crude oil volumes

13 PETROSTRATEGIES Index 2005

26/12/05 N° 948 P.7 Riyadh plans exports of 8.7million b/d in 3/10/05 N° 936 P.11 ENI and Sonatrach create JV for the new 2006 for average crude oil price of $30/b capacity of the Transmed gasline Saudi Aramco 7/11/05 N° 941 P.9 Sonatrach reserves 250-500 MM cu.ft/d in the future Sempra terminal, in the US 4/4/05 N° 914 P.12 Saudi Aramco asks Technip to build 26/12/05 N° 948 P.6 Sonatrach ooperates with Iberdrola for gas-processing unit the sale of gas and joint projects 6/6/05 N° 923 P.8 Saudi Aramco promises new capacity 26/12/05 N° 948 P.6 Sonatrach concludes sale of 1.6 rises in its 2006-2010 business plan bcm/annum of gas to Cepsa via Medgaz 3/10/05 N° 936 P.9 Saudi Aramco to double its drilling rig fleet from 55 in 2004 to 110 in 2006 South Korea 26/12/05 N° 948 P.10 Saudi Aramco’s drilling fleet to double 10/1/05 N° 902 P.10 Seoul to double Korean-generated oil 2004-6 imports by 2008 Shell 17/1/05 N° 903 P.10 Posco agrees to pay $125 per ton for Australian coal! 7/3/05 N° 910 P.1 Back in Qatar, Shell is looking to produce 21/2/05 N° 908 P.7 Korea signs contracts for purchase of 31 bcm of gas and invest in LNG, GTL 4.3-6 million tons/yr of LNG from Malaysia, and petrochemicals Russia and Yemen 9/5/05 N° 919 P.5 Shell to help Libya develop its presence 6/6/05 N° 923 P.5 KEPCO sets sights on becoming a global on the international LNG circuit energy concern by 2015 16/5/05 N° 920 P.10 Shell looks to boost Muskeg River to 28/11/05 N° 944 P.7 Seoul wants to develop its energy 300,000 b/d fo bitumen cooperation with Venezuela and Peru 16/5/05 N° 920 P.12 Shell and Naftogaz Ukrainy cooperate in 5/12/05 N° 945 P.10 India and Korea sign 6 cooperation E&P MOUs 23/5/05 N° 921 P.10 "Final proposals" for the unification of 12/12/05 N° 946 P.8 Kogas to pay $10 to $11/MMBtu for 18 Royal Dutch and Shell spot LNG winter cargoes 30/5/05 N° 922 P.8 Shell makes "significant discovery" of gas in the Norwegian North Sea Spain 6/6/05 N° 923 P.10 Shell’s 2nd reserve cut in 2004 3/1/05 N° 901 P.1 Madrid calls on its gas firms to guarantee overshadowed all others in terms of cost security of supply 13/6/05 N° 924 P.1 Shell outlines radical new "disruptions" in 11/4/05 N° 915 P.10 Euskadour gasline to link French & its 2025 global scenarios Spanish networks 20/6/05 N° 925 P.5 Shell could inject a new lease of life into 18/4/05 N° 916 P.11 Enel Viesgo, eyeing growth in Spain, aims Abu Dhabi’s growth in international E&P to boost its market quota to 5% 4/7/05 N° 927 P.9 Shell approves the unification of its 9/5/05 N° 919 P.10 The CNE OKs Oman’s entry into LNG structure and plans for acquisitions terminal 11/7/05 N° 928 P.6 Gazprom and Shell sign MOU to swap 25/7/05 N° 930 P.10 Spanish Government Accounting Office shares in Sakhalin-2 & Zapolarnoye fields criticizes energy privatizations 18/7/05 N° 929 P.10 Shell and Total swap interests in the 24/10/05 N° 939 P.3 IEA fires heavy criticism at weaknesses in Rome and Reichstett refineries Spanish gas market 12/9/05 N° 933 P.12 Shell buys Gazprom’s first LNG shipment 31/10/05 N° 940 P.8 Government subsidy could see EU review to US Gas Natural’s purchase of Endesa 12/9/05 N° 933 P.12 Shell & China’s Jilin form oil shale E&P 19/12/05 N° 947 P.8 Enagas could be held responsible for gas joint venture supply cuts in winter of 2004 19/9/05 N° 934 P.12 Rubis purchases 54 Shell stations for 26/12/05 N° 948 P.5 The energy market will be very much e116 MM dominated by Gas Natural and Iberdrola 10/10/05 N° 937 P.9 Shell alarmed at growing threats to its Statoil security in 14 regions around the world 10/1/05 N° 902 P.4 Statoil forecasts an 8%/yr production rise 17/10/05 N° 938 P.9 Shell boosts its gross production in up to 2007, to 1.4 MM boe/d, spurred by Nigeria to 1 million b/d international expansion 28/11/05 N° 944 P.9 Shell to produce 3.5 to 3.8 MMboe/d of 28/2/05 N° 909 P.12 Statoil end-2004 proven reserves up by hydrocarbons in 2005-06 25 million boe 28/11/05 N° 944 P.12 $1.8 billion to scrap gas flaring in Nigeria 21/3/05 N° 912 P.12 Statoil targeting an average recovery rate 19/12/05 N° 947 P.7 Shell boosts its 2006 investments by 27% of 55% to $19 billion 11/4/05 N° 915 P.2 The rise in Statoil’s production abroad (up 19/12/05 N° 947 P.7 Shell plans 20% gas production rise on 29%) compensates for the stagnation of Sakhalin-II its domestic production 26/12/05 N° 948 P.6 Shell boosts its presence on the 2/5/05 N° 918 P.12 Statoil expects total costs of $14/boe on North-American gas market Volve Sibneft 9/5/05 N° 919 P.2 Statoil goes for global deepwater expansion, acquiring EnCana’s Gulf of 28/3/05 N° 913 P.6 The risk of Sibneft being pursued by tax Mexico portfolio for $2 billion authorities has subsided, says Moody’s 13/6/05 N° 924 P.9 Statoil is to double its "gas entitlement" to 25/4/05 N° 917 P.10 Sibneft pays $300 million to settle 50 bcm/annum by 2015 $1-billion back tax 13/6/05 N° 924 P.9 Statoil to refer to a price of $25 to $30/b 13/6/05 N° 924 P.10 Sibneft replaced 113% of its produced for its future investments reserves in 2004 11/7/05 N° 928 P.10 Statoil to cut Snøhvit’s CO2 levels by Sonatrach 700,000 MMt 21/2/05 N° 908 P.1 Sonatrach to boost its investments by 5/9/05 N° 932 P.7 Sonatrach and Statoil seek to develop 150% in 2005, hoisting them to $3,5 mutual cooperation focused on LNG billion 26/9/05 N° 935 P.7 Statoil’s Snøhvit cost development now 23/5/05 N° 921 P.3 Sonatrach makes a foothold on the Asian estimated at $9.3 billion, 12% up oil market, where it also wants to sell 10/10/05 N° 937 P.8 Statoil boosts Troll’s production capacity LPGs from 85 to 100 million cu.m/d 5/9/05 N° 932 P.7 Sonatrach and Statoil seek to develop 31/10/05 N° 940 P.8 Statoil proposes to boost the oil recovery mutual cooperation focused on LNG rate of the Tordis oilfield to 55%

14 PETROSTRATEGIES Index 2005

31/10/05 N° 940 P.8 Statoil targets oil recovery rate of 70% on 12/9/05 N° 933 P.8 Total buys 500 Exxon stations to become Statfjord the no.1 downstream operator in Africa 21/11/05 N° 943 P.12 Statoil brings Norwegian Urd field on 12/9/05 N° 933 P.8 Total has embarked on "intellectual stream dialogue" with Baghdad Sudan 12/9/05 N° 933 P.8 Total could produce more than 250,000 b/d net share of bitumen in 2010 17/1/05 N° 903 P.4 Peace accord with the South opens way 19/9/05 N° 934 P.3 Total prepares a new hydrocarbon to resumption of oil exploration production "base" for the 2030 time 14/2/05 N° 907 P.10 India’s ONGC is awarded a $1.2-billion horizon mandate to build oil refinery in Sudan 3/10/05 N° 936 P.6 Total has made extra-heavy oils a "major 4/4/05 N° 914 P.7 White Nile Petroleum to develop Thar Jath axis" of its development for $400 million 7/11/05 N° 941 P.8 Total seeks more efficient, cleaner way of 30/5/05 N° 922 P.10 Dar Blend to up crude output to 500,000 producing GTLs b/d 5/12/05 N° 945 P.8 Total signs out-of-court settlement with 13/6/05 N° 924 P.10 Sudan promises Indian E&P firms "special Birmanese plaintiffs treatment" 19/12/05 N° 947 P.12 Desmarest: crude prices will fall to Sweden $40-50/b in 2006 4/7/05 N° 927 P.7 Scandinavian gas plants are on the Transmission increase: 400-MW project in Sweden 3/1/05 N° 901 P.1 20-80% surge in crude oil sea transport 21/11/05 N° 943 P.11 Sweden opts to prematurely close down costs in 2004 E.ON’s Barsebäck power plant 28/11/05 N° 944 P.11 A fifth LNGRV carrier has just been Syria ordered from Daewoo 28/2/05 N° 909 P.12 Syria and Lebanon sign energy 5/12/05 N° 945 P.9 JV between Sonatrach and AET to cooperation agreements acquire three oil tankers by 2008-2009 28/2/05 N° 909 P.12 Will Iranian crude oil be exported via Transneft Syrian ports? 3/10/05 N° 936 P.12 Transneft submits Siberia-Pacific pipe 28/3/05 N° 913 P.9 Russia’s Tatneft signs $20-million oil E&P feasibility study agreement for 2,000-km East Syrian block 10/10/05 N° 937 P.12 Russia blocks Transneft’s Nakhodka 18/7/05 N° 929 P.1 Syria strives to convince industry that its pipeline scheme drive to relaunch its upstream is for real despite the dramatic fall in its production Trinidad & Tobago and exports 18/7/05 N° 929 P.11 Petrotrin is reviewing Venezuela’s 18/7/05 N° 929 P.6 Syria’s Deputy Minister of Petroleum and Petrocaribe proposal Mineral Resources, Dr. Hassan Zeinab: 26/9/05 N° 935 P.8 Petrotrin plans $100-million GTL plant "We plan to produce 300,000 b/d 26/12/05 N° 948 P.6 BG and partners bring Atlantic LNG Train between 2010 and 2020" 4 on stream (5.2 MM tons/year) 25/7/05 N° 930 P.5 Syria’s oil potential remains higher than that of gas, but it is under-exploited Turkey 25/7/05 N° 930 P.6 The most promising destiny for Syria 14/2/05 N° 907 P.12 Turkey calls for talks on Iran’s gas exports seems to be that of a transit country to Europe 1/8/05 N° 931 P.11 Finetuning to data on Syria 11/7/05 N° 928 P.10 Turkey and Greece to build 10/10/05 N° 937 P.8 Syria says its oil subsidies cost it $4 billion 11.5-bcm/annum gasline per annum 25/7/05 N° 930 P.12 Moscow interested in privatization of gas 24/10/05 N° 939 P.10 IMF says Syria will be a net importer of oil in Turkey "in a few years" 21/11/05 N° 943 P.9 Eni to build oil pipeline between Black 24/10/05 N° 939 P.10 Stroitransgaz to build part of the Arab Sea and Mediterranean gasline between Egypt and Syria 12/12/05 N° 946 P.5 Four bidders in Botas’ gas release, 26/12/05 N° 948 P.7 ONGC and CNPC acquire including Gazprom and Shell Petro-Canada’s upstream assets in Syria 12/12/05 N° 946 P.11 Turkey’s Gas Market Timor Turkmenistan 21/2/05 N° 908 P.4 Local E&P campaign set to begin by 17/1/05 N° 903 P.10 Turkmenistan exported 42 bcm of gas in mid-2005 2004 30/5/05 N° 922 P.8 Final agreement between Australia and 31/1/05 N° 905 P.11 Turkmenistan to start construction of the East Timor could be concluded in June Trans-Afghan gasline to Pakistan in 2006 TNK-BP 27/6/05 N° 926 P.12 Ashgabat urges Kiev to pay $600-million gas debt 18/4/05 N° 916 P.10 TNK-BP receives "an audit notice" for a 4/7/05 N° 927 P.10 Ukraine reaches gas deal with "back tax" claim of $930 million Turkmenistan 2/5/05 N° 918 P.6 Tony Hayward, MD and CEO of E&P, BP : 10/10/05 N° 937 P.9 Dauletabad will not be enough to supply The story of TNK-BP is reflected in the the Trans-Afghan gasline history of Russia 2/5/05 N° 918 P.9 Vladimir Putin wants TNK-BP to further Ukraine develop its business 10/1/05 N° 902 P.7 Ukraine agrees to pay Ashgabat 30% Total more for its gas imports 7/3/05 N° 910 P.12 Flow of oil in Odessa-Brody pipeline to be 21/3/05 N° 912 P.1 Total embarks upon an unprecedented reversed expansion of its LNG activities 4/7/05 N° 927 P.10 Ukraine reaches gas deal with 4/4/05 N° 914 P.10 Total expands its downstream activities in Turkmenistan China, thanks to an accord with Sinochem 25/7/05 N° 930 P.9 Ukraine continues to explore alternative supply sources, notably Iran 18/7/05 N° 929 P.10 Shell and Total swap interests in the Rome and Reichstett refineries 25/7/05 N° 930 P.9 Gazprom signs 7.8-bcm gas agreement with Ukraine, ending latest dispute 5/9/05 N° 932 P.10 Moody’s upgrades Total’s rating, and refers to a base case of $28-$32/b 26/9/05 N° 935 P.8 SG signs MOU for e2.5-billion credit line with Naftogaz Ukrainy

15 PETROSTRATEGIES Index 2005

5/12/05 N° 945 P.6 Shell to search for gas deep below 21/3/05 N° 912 P.7 US DOE revises estimated WTI price producing fields upwards to $48.7/b (+$2/b) 12/12/05 N° 946 P.1 Moscow and Kiev at odds over the hike in 21/3/05 N° 912 P.12 Consultants to help counter the "NIMBY" Russian gas prices and transit fees for phenomenon 2006 28/3/05 N° 913 P.4 GAO tells the US Government that "action United Arab Emirates is needed" to adapt its energy policy to current challenges 4/4/05 N° 914 P.12 UAE’s ADNOC to invest $1 bn/yr in gas 28/3/05 N° 913 P.12 US FERC authorizes independent grid infrastructure coordinator 2/5/05 N° 918 P.9 Capacity expected to hit 3.2 MMb/d 4/4/05 N° 914 P.6 The US, with estimated reserves of 2,000 end-2006 and 3.6 MMb/d by 2010 billion barrels, sets its sights on 2 million 23/5/05 N° 921 P.12 Dolphin Energy starts deliveries of Omani b/d of oil shale in 2020 gas to UAE 4/4/05 N° 914 P.8 Dependence on imported crude oil 1/8/05 N° 931 P.12 Bechtel to build giant gas plant for Gasco worries security specialists 3/10/05 N° 936 P.12 UAE ups oil production capacity by 8% to 11/4/05 N° 915 P.5 Alan Greenspan calls for vigilance over oil 2.7 MMb/d consumption United Kingdom 11/4/05 N° 915 P.5 SUV sales fell by 20% inJanuary and February 2005 11/7/05 N° 928 P.1 Beijing is riled by Washington’s politicizing of the CNOOC-Unocal affair 18/4/05 N° 916 P.12 Gasoline prices expected to hit $2.28/gallon 11/7/05 N° 928 P.7 Two cross-border Anglo-Norwegian fields to be developed at $15,000 per b/d 18/4/05 N° 916 P.12 US House Energy panel approves halt to SPR fill 25/7/05 N° 930 P.8 UK industry calls for major drive to promote UK offshore 25/4/05 N° 917 P.1 Current production is being purchased in the USA at the very high price of $68,400 19/9/05 N° 934 P.10 Petronas boosts its presence in the UK boe/d with 4% of Centrica rd 2/5/05 N° 918 P.1 George W. Bush now gives priority to 19/9/05 N° 934 P.11 23 UK Oil and Gas Licensing Round: energy-saving to reduce dependence 152 North Sea production licenses on offer 2/5/05 N° 918 P.3 By acquiring Premcor, independent Vaelro is to become the no.1 N. American 5/12/05 N° 945 P.1 Tony Blair opens debate centered on refiner, with 3.3 MMb/d climate change and nuclear energy 16/5/05 N° 920 P.12 Lake Charles refinery climbs to 440,000 United Kingdom/gas b/d 28/2/05 N° 909 P.8 The UK once again became a net gas 23/5/05 N° 921 P.1 Road transport begins to feel the pinch importer in 2004 from the rise in fuel prices 11/4/05 N° 915 P.7 Isle of Grain: Sonatrach, GDF and 23/5/05 N° 921 P.11 George W. Bush offers to help India and Centrica share 2nd phase capacity China improve their energy efficiency 11/4/05 N° 915 P.7 UK launches construction of 420-million 23/5/05 N° 921 P.12 US gasoline prices highest in California & cu.m working gas storage facility west coast 11/4/05 N° 915 P.8 UK signs a framework agreement with 30/5/05 N° 922 P.5 In Moscow, Bodman calls for increased Norway for 20% of its needs Russian oil exports to US 30/5/05 N° 922 P.6 Oxy acquires oil & gas production from 27/6/05 N° 926 P.12 London to test CO2 capture & storage in North Sea ExxonMobil for $972 million 1/8/05 N° 931 P.7 Imminent start-up for commercial LNG 30/5/05 N° 922 P.9 MidAmerican Energy Holdings buys imports by BP and Sonatrach PacifiCorp for $9.4 billion 5/9/05 N° 932 P.11 Will the UK undergo gas oversupply 6/6/05 N° 923 P.10 US-India bilateral Energy Dialogue aims to between 2006 and 2010? promote trade and investment 5/12/05 N° 945 P.3 The Grain Island LNG terminal is in the 27/6/05 N° 926 P.1 Chinese energy challenge leaves USA thick of the spot market storm with some difficult choices to make 12/12/05 N° 946 P.3 UK regulator, fearing that “anxiety” 27/6/05 N° 926 P.3 US could introduce tax incentives to engenders speculation, adds a premium refiners in a bid to curb continuing price on prices hike 4/7/05 N° 927 P.1 The CNOOC-Unocal affair obliges USA to United States redefine their economic relations with

10/1/05 N° 902 P.10 DOE extols EOR CO2 injection/capture China technology 4/7/05 N° 927 P.2 The political arguments against CNOOC’s 17/1/05 N° 903 P.10 Flying J to buy Shell’s 70,000 b/d bid to acquire Unocal Bakersfield refinery 11/7/05 N° 928 P.8 Neptune (50,000 b/d) to be developed at 31/1/05 N° 905 P.1 The policy that George W. Bush is water depth of 1300-2000 m promising to carry through could be bullish 18/7/05 N° 929 P.12 US SEC reaches settlement with Duke for oil prices Energy 31/1/05 N° 905 P.9 Net imports accounted for 58% of oil 25/7/05 N° 930 P.12 Six state governors urge Bush for "bold" demand in 2004 energy drive 14/2/05 N° 907 P.8 Microhole technology to tap billions of 1/8/05 N° 931 P.6 US alarmed by Chinese and Indian barrels of "bypassed" oil international energy policies 14/2/05 N° 907 P.10 US CFTC charges 15 energy traders with 1/8/05 N° 931 P.12 Oneok, drowing in debt, is to sell off its false reporting assets 14/2/05 N° 907 P.10 Cimarex to acquire Magnum Hunter in 5/9/05 N° 932 P.12 Encore buys US oil & gas interests for $2.1 billion deal $123 million 28/2/05 N° 909 P.5 The SEC’s reserve reporting standards are 19/9/05 N° 934 P.9 5 countries have supplied two thirds of in "urgent need of modernization" the 12.1 million b/d imported by the US 7/3/05 N° 910 P.8 The US is out to map its resources in ice 19/9/05 N° 934 P.9 US oil demand had already started to fall that burns before Hurricane Katrina struck 21/3/05 N° 912 P.7 President Bush calls on the US Congress 3/10/05 N° 936 P.10 GAO concerned that US gasoline prices to adopt his energy bill have risen faster than crude oil prices

16 PETROSTRATEGIES Index 2005

3/10/05 N° 936 P.10 FTC says it has limited powers in 31/1/05 N° 905 P.8 "A new investment cycle must be price-gouging probe activated", urges AVHI President Grisanti 24/10/05 N° 939 P.6 Greenspan analyzes the outlook for oil 7/2/05 N° 906 P.1 The oil industry questions the future of the 24/10/05 N° 939 P.8 Petroleum products demand fell by 5.3% "new PDVSA" in September to 19.4 MM b/d 7/2/05 N° 906 P.3 Caracas adds to the initiatives of its "oil 7/11/05 N° 941 P.10 US seeks ways of treating salted water diplomacy" and considers selling Citgo in released by the exploitation of coalbed the US methane 7/2/05 N° 906 P.7 Venezuela extra-heavy oils attract 7/11/05 N° 941 P.11 Washington to create an emergency US operators investors but are straining to reserve for fuel further development 14/11/05 N° 942 P.9 Republican senators look for ways of 7/2/05 N° 906 P.8 Caracas to renegotiate contracts signed taxing the windfall profits of US majors with foreign operators 14/11/05 N° 942 P.10 “Tahiti” field to produce 155,000 boe/d for 7/2/05 N° 906 P.12 ENI, Mitsubishi & Polar eye Venezuelan $3.5 billion petrochemicals 21/11/05 N° 943 P.6 US posts sharp fall in oil demand in 21/2/05 N° 908 P.3 Hugo Chavez does utmost to show good October will to foreign investors 19/12/05 N° 947 P.5 The US learns oil lessons from the 28/2/05 N° 909 P.7 The oil industry is divided on the tax summer’s hurricanes changes pushed forward by Caracas 19/12/05 N° 947 P.10 US and India in dialogue to advance 28/2/05 N° 909 P.7 The oil industry remains cautious about clean coal technologies Chavez’s proposals 19/12/05 N° 947 P.10 US to build a $1-billion zero-emissions 14/3/05 N° 911 P.8 Chavez announces the conclusion of power and hydrogen coal plant new energy agreements with southern 26/12/05 N° 948 P.3 George W. Bush promotes final provisions countries of his draft energy bill 14/3/05 N° 911 P.8 Chavez announces the launching of 26/12/05 N° 948 P.9 The 10 key provisions of the US Policy Sincor 2, Total’s participation in Mariscal Act 2005 on energy Sucre 14/3/05 N° 911 P.8 Chavez speaks out against an OPEC United States/gas production rise 10/1/05 N° 902 P.10 Sempra awards EPC contracts for two 4/4/05 N° 914 P.10 Repsol YPF could boost its production by LNG terminals 60% to 160,000 boe/d 24/1/05 N° 904 P.12 Gazprom and Pemex set sights on LNG 25/4/05 N° 917 P.8 Venezuela to launch a bidding round for supply to US 18 zones in the Orinoco Belt 31/1/05 N° 905 P.11 Mitsubishi to supply 360,000 tons of 23/5/05 N° 921 P.9 Caracas is turning the screw on foreign Omani LNG to Lake Charles as of 2006 companies 7/3/05 N° 910 P.5 LNG imports to account for 10% of North 23/5/05 N° 921 P.12 Venezuela orders oil firms to form JVs with America’s gas supply by 2012 PDVSA 11/4/05 N° 915 P.10 Oklahoma seeks development of deep 13/6/05 N° 924 P.1 The situation is going from bad to worse gas reserves for the Venezuelan oil industry 20/6/05 N° 925 P.9 DOE grants $100 MM to develop potential 13/6/05 N° 924 P.2 The tone in Caracas hardens against 300-billion ton CO2 storage foreign firms 17/10/05 N° 938 P.10 US natural gas reserves rose by 2% in 20/6/05 N° 925 P.12 PDVSA to hold at least 60% of E&P JVs? 2004, to 192.5 TCF 27/6/05 N° 926 P.9 Chevron gas discovery on Deltana could st United States/power lead to 1 Venezuelan LNG project 4/7/05 N° 927 P.6 Creation of Petrocaribe between 13/6/05 N° 924 P.12 Power transmission system is the weakest Venezuela and 13 Caribbean states link 4/7/05 N° 927 P.10 Venezuela creates new national 17/10/05 N° 938 P.12 First clean-coal power plant to be built in petrochemical firm 2010 4/7/05 N° 927 P.10 OPEC could set $40-50/b price band Unocal 18/7/05 N° 929 P.12 27 Orinoco E&P licenses for sale in 2006 17/1/05 N° 903 P.8 Unocal to boost its 2005 production by 5/9/05 N° 932 P.5 Venezuela to claim world no.1 spot for oil 55-70,000 boe/d, to 470,000 boe/d reserves, thanks to Orinoco 16/5/05 N° 920 P.1 Chevron and Unocal step up a gear, 5/9/05 N° 932 P.6 Venezuela plans to boost its refining putting 36,900 boe/d of E&P assets up for capacity to 1.8 million b/d, with gas output sale in Canada up to 119 bcm in 2012 4/7/05 N° 927 P.3 If it manages to purchase Unocal, 19/9/05 N° 934 P.10 Gazprom and Chevron have lifted 3 CNOOC will be crowned as the world’s Venezuelan E&P blocks with gas potential no.1 purely upstream firm 26/9/05 N° 935 P.12 PDVSA and CNPC create JV for 11/7/05 N° 928 P.1 Beijing is riled by Washington’s politicizing extra-heavy crude of the CNOOC-Unocal affair 24/10/05 N° 939 P.12 2004 oil reserves up 4.5% to 80.6 bn bls 25/7/05 N° 930 P.4 Unocal sells its Canadian subsidiary 31/10/05 N° 940 P.9 22 of the 32 operating agreements in Northrock for a price of $60,000 per Venezuela, have been switched to JVs boe/d 28/11/05 N° 944 P.10 Three licenses awarded on Rafael Vattenfall Urdaneta 14/2/05 N° 907 P.12 Vattenfall buys 35.3% of Denmark’s Elsam 5/12/05 N° 945 P.9 Hugo Chávez announces launch of a for $1.48 bn nuclear program Venezuela Vietnam 3/1/05 N° 901 P.8 Venezuela invites China to invest in its oil 7/11/05 N° 941 P.12 China and Vietnam sign oil & gas and gas upstream exploration deal 31/1/05 N° 905 P.1 The oil industry is hoping that activity in Wintershall Venezuela bounce back in 2005 3/1/05 N° 901 P.2 Atschimov to produce 8.3 bcm of gas and 31/1/05 N° 905 P.3 The nature of relations between PDVSA 2.8 MM tons of condensates and private firms remains unclear 28/3/05 N° 913 P.5 Wintershall will begin drillings on Russia’s 31/1/05 N° 905 P.5 The Mariscal Sucre gas project Urengoy gasfield this year exemplifies the risks run in Venezuela

17 PETROSTRATEGIES Index 2005

Woodside 28/2/05 N° 909 P.8 Woodside Board approves the company’s Hydrocarbons Reserves Policy 28/2/05 N° 909 P.9 Woodside publishes its reserves statement for 2004 and a healthy 144% RRR 4/7/05 N° 927 P.10 Woodside keeps its options open for US LNG exports 12/9/05 N° 933 P.9 Woodside hedges its Gryphon gas production at over $10/MMBtu for 2006 28/11/05 N° 944 P.12 Woodside production to grow by 35% in 2006 5/12/05 N° 945 P.10 Woodside to invest $300 million in Stybarrow Yemen 24/1/05 N° 904 P.1 Yemen hopes to land LNG purchase orders from the US, as well as from Korea 14/2/05 N° 907 P.7 Tractebel, South Korea and Total likely to purchase Yemen’s future LNG 21/2/05 N° 908 P.9 Yemen LNG signs 3 Heads of Agreement for sale of 5.8 to 6.5 MMtons/yr of LNG 7/3/05 N° 910 P.12 Yemen’s oil reserves expected to run out by 2012 30/5/05 N° 922 P.6 Kogas has exercised its option to purchase an additional 0.7 MMt of LNG 25/7/05 N° 930 P.12 Yemen signs PSA and finalizes its LNG project 12/9/05 N° 933 P.12 Yemgas to build Yemen’s 1st LNG plant for $2 billion 5/12/05 N° 945 P.6 Arbitration notice against Yemen’s expropriation of Block 18 from YEPC Yukos 28/2/05 N° 909 P.7 Houston court throws out Yukos bankruptcy case 4/4/05 N° 914 P.8 The sequel to the Yukos affair makes Putin’s task none the simpler

18