<a href=www.sfgate.com>More Thursday, March 27, 2003
(03-27) 07:23 PST CARACAS, Venezuela (AP) --

Venezuela won't stop paying its foreign debt obligations despite a severe cash crunch stemming from a crippling two-month strike, the finance ministry said.

"Venezuela completely dismisses the possibility of moratorium, halt of payments or forced restructuring of public foreign debt," the ministry said in a statement released late Wednesday.

The statement came after President Hugo Chavez announced in a speech to business owners that Venezuela may have to restructure its foreign debt. Chavez did not provide details.

The Finance Ministry said Venezuela planned to propose a voluntary bond swap, among other measures, to deal with the cash crunch. Venezuela's foreign debt amounts to about $23 billion, or 37 percent of its $63 billion economy. The country faces $5 billion in debt payments this year.

Last week, the government swapped maturing local debt worth more than 160 billion bolivars ($100 million) for new bonds with terms of up to two-and-a-half years. Since last year, the government has extended maturities on 3.8 trillion bolivars ($2.4 billion) in local debt, the finance ministry said.

The South American country lost $6 billion during a strike to force Chavez's resignation or early elections. The walkout hobbled the world's fifth-largest oil exporting industry and source of half of public revenue for Venezuela. Tax collection, the source of most of the rest of government income, also fell as thousands of businesses and the stock market closed.

The strike fizzled last month with Chavez solidly in power.

Ali Rodriguez, president of the government oil monopoly, said Thursday oil production reached 3.1 million barrels a day. Exports are 2.8 million barrels a day, Rodriguez told state news agency Venpres. Executives fired from Petroleos de Venezuela SA for leading the strike say output is 2.4 million barrels a day.

Private economists predict gross domestic product could shrink more than 20 percent this year. GDP contracted 9 percent in 2002.

by: OilOnline Thursday, March 27, 2003

London, UK ... Oil majors from around the world are lining up to participate once again in the Eastern Hemisphere's premier oil and gas show, Offshore Europe 2003.

BP, Saudi Aramco, Shell UK Exploration & Production, TotalFinaElf Exploration UK and Petroleum de Venezuela, S.A. (PDVSA) are all confirmed as exhibitors at OE 2003 in Aberdeen, providing yet more evidence that the show remains at the top of the operators' list of 'must attend' events, with Europe standing at the centre of the global decision-making process. With the need for contractors and service companies to continually network with the major E&P operators in today's ultra-competitive environment, the ability to be able to do this under one roof at OE 2003 remains one of its key attractions.

This world-renowned oil and gas event will once again be held in Aberdeen's recently revamped Exhibition and Conference Centre. Running between September 2-5, more than 25,000 key upstream personnel from around the world are forecast to attend. More than 6,400 personnel from oil companies alone attended the 2001 show.

According to Nik Rudge, Sales & Marketing Director for show organisers The Offshore Europe Partnership, "We are delighted that once again Offshore Europe is enjoying such visible support from the operating community. It is testimony to the importance the international E&P community places on OE03 that not only have our 2001 majors returned with larger stand commitments but that a further global major in Saudi Aramco now recognises OE03 as one of the most important and vibrant forums to engage the industry."

Innovative Thinking Behind Industry's No.1 Event Offshore Europe 2003 is already underlining its reputation as the most innovative oil and gas event on the industry calendar, featuring not only an exhaustive exhibitor line-up but also a highly topical conference agenda from some of the most influential leaders in the petroleum industry.

However, in addition to this, the organisers have for the first time also created the Real Time Zone, a unique 'show within a show' that will focus purely on remote operations technology and expertise. This will give thousands of exhibition and conference goers an exclusive chance to immerse themselves in an online showcase for the next generation oil field (see www.offshore-europe.co.uk/real.htm for details).

OE 2003 - Addressing Key Issues Facing The Industry Remote operations are also a key driver behind the theme of this year's conference, 'Raising the Game: Leadership, Behaviour and Technology in Mature Basins.'

In addition, The Offshore Europe Partnership - a joint venture between Spearhead Exhibitions and the Society of Petroleum Engineers (SPE) - and Worldwideworker, an international oil and gas recruitment company, are also addressing one of the industry's greatest concerns - recruitment.

Debuting at OE 2003 will be the Oilcareerfair (see www.offshore-europe.co.uk/news_exhibition.htm). This recruitment initiative will provide an online forum (www.oilcareerfair.com) in conjunction with an on-site career fair.

The Nation (Nairobi) March 27, 2003 Posted to the web March 27, 2003 Nation Reporter Nairobi

Many countries have cut the free flow of news and arrested journalists. The war on terrorism is being used to curb press freedom around the world, an international media watchdog has said.

In addition, some 54 journalists were killed and press freedom violations recorded in 176 countries and territories, the International Press Institute's (IPI) World Press Freedom Review 2002 said.

In the first full year after the September 11 attacks, the war on terrorism continues to affect freedom of the press.

Across the globe, governments have used the war to justify their own short-term interests, said the report. While some additional security measures have been legitimate, many countries have enacted restrictive laws, reduced the free flow of information, arrested journalists, closed media outlets and suppressed dissenters, all in the name of terrorism.

With 10 journalists killed in Europe, press freedom is under pressure, particularly in eastern Europe where governments victimise the media.

Almost every country in Europe has introduced new anti-terrorism laws after September 11 and a number have inhibited the media's work, it said.

In Russia, where eight journalists were killed, a new draft law seeks to regulate the media during an attack by terrorists.

In Asia, with 13 journalists murdered, the governments of Indonesia and the Philippines have proposed new anti-terrorism measures while, in Malaysia, the war on terrorism undermined efforts to repeal the notorious Internal Security Act.

After securing the favour of the United States in the war on terrorism, countries such as Kazakhstan, Tajikistan, Turkmenistan and Uzbekistan suppress the media with impunity. Terrorists and security forces in Nepal also targeted the media this year, but there were improvements in Sri Lanka.

Fuelled by conflict in Palestine and Israel, seven journalists were killed in the Middle East and North Africa, where countries routinely stifle dissent and free speech. In Iran, the struggle between conservatives and reformers has led to the closure of publications and harsh prison terms for journalists.

The Americas is still the most dangerous region in the world with 22 journalists killed, 15 of them by left and right-wing terrorists in Colombia.

In the United States, growing surveillance and enforcement powers to combat terrorism have raised fears over the balance struck between security and liberty, while Venezuela and other Latin American countries contain groups united in their hatred of the media.

A deepening recession and taxation problems also concern the media in the Americas. In Canada, worries exist that powerful media owners are exercising ultimate editorial control.

Although no journalists were killed in the Australasian and Oceanic region, the influence of traditional kings and local politicians is ever present. The media are often prevented from reporting critically and even excluded from some territories.

<a ref=new.stockwatch.com>Story 2003-03-27 09:58 ET - News Release

LOS ANGELES, Mar 27, 2003 (PRIMEZONE) -- Sonoran Energy, Inc. (OTCBB:SNRN) Management is pleased to announce its new "Strategic Initiatives" and the launch of Sonoran's new web site. The new site reflects the company's new focus on oil and gas operations.

According to the CEO John Punzo, "management's primary objective is to identify, acquire and develop working interest percentages in smaller, underdeveloped oil and gas projects that do not meet the minimum requirements of major oil and gas corporations. Our goal for Sonoran is to be recognized as a leading junior oil and gas producer."

Sonoran has launched its new web site at www.sonoranenergy.com in conjunction with management's new focus on enhancing shareholder value through oil and gas operations and new strategic initiatives.

Sonoran Energy looks for opportunities with the following criteria: low cost, undervalued, and a high rate of return. These projects must include close access to commercial distribution and modern application of oil and gas engineering technology. Management is targeting projects that represent substantial growth with minimum exposure and a low-cost entry.

Sonoran Energy, Inc. announced recently that it has entered into an agreement to acquire a 15 percent Working Interest in a Southern Californian oilfield, producing over 1400 barrels per day through its operating partner. Sonoran is positioned to significantly benefit from rising demand for U.S. domestic oil production in light of the brewing International oil production crisis due to war, strikes, and terrorist threats.

The Nigerian subsidiaries of Royal Dutch/Shell Group (NYSE:RD) (NYSE:SC), ChevronTexaco Corp. (NYSE:CVX) and TotalFinaElf have halted production totaling 817,500 barrels a day, or about 40% of Nigeria's output of some 2 million b/d amid violence between rival ethnic groups, the Ijaws and Itsekiri, leading up to April 19 parliamentary and presidential elections. Militant Ijaws reportedly threatened to blow up multinational oil installations they said they had captured in retaliation for government military raids.

Venezuela's oil industry collapsed in December, when employees at state-owned Petroleos de Venezuela walked off the job, angry about changes in the company under the administration of President Hugo Chavez. By the height of the strike, 16,000 employees had walked out, and production shrank to 200,000 barrels a day, costing Venezuela $6 billion. The country had to import fuel to keep vehicles moving, and drivers waited days at gas stations. The strike, which failed to oust Chavez or call early elections, was strongest in the oil sector, though businesses around the country shut down.

Oil-well firefighters from Houston-based Boots & Coots International Well Control (AMEX:WEL) are traveling to southern Iraq to assess damage in the country's key Rumaila oil fields. The firefighting teams are looking at a timetable of 30 to 45 days to extinguish the fires and cap the wells. But one source said the timing will depend on "what's all there." The Pentagon has contacted a number of major oil industry service companies -- among them Halliburton Co. (NYSE:HAL), once run by Vice President Dick Cheney -- to repair any of Iraq's wells that are damaged and assess everything from wells to pipelines and pumping stations.

Sonoran Energy, Inc. (OTCBB:SNRN) announced recently that the Company has entered into an agreement to acquire a 15 percent Working Interest in a Southern Californian oilfield, producing over 1400 barrels per day through its operating partner.

Sonoran Energy will receive a 5 percent Working Interest outright in exchange for securing a portion of the financing on the project. The Company will also have the sole option to acquire an additional 10 percent Working Interest after analyzing field performance of the project. The cumulative production from the target field is over 150 million barrels of oil. The Company believes there is an additional probable reserve of eight million barrels of oil by fully developing this shallow depth, mature field. Life expectancy of the field under the current decline rate is 25 years.

A 15 percent Working Interest would give Sonoran Energy approximately 180 net barrels of oil per day from the field. The Company anticipates closing the agreement by mid-April 2003 following completion of due diligence on the property. Disclaimer: Paradigm Communications, Inc. has received cash compensation for featuring SNRN in the amount of $1500.

CONTACT: Paradigm Communications, Inc. Spencer Edwards (916) 548-0532

      Sonoran Energy
      John Punzo 
      (866) 599-7676
      info@sonoranenergy.com

Full story Volume 7 Number 11 26 March 2003

Members are meeting in a last special (negotiating) session of the WTO Committee on Agriculture (CoA) from 25 - 31 March, but little in the way of progress is being reported. The Doha work programme requires Members to establish modalities for the ongoing agriculture negotiations by 31 March 2003. These modalities are to set out the scope of the negotiations, the methodology to be followed during the actual process, and the end-results expected. Confirming the predictions recently expressed by various actors and observers of the negotiation process (BRIDGES Weekly, 5 March), the 25 March informal plenary session revealed that trading partners are still too far apart in their positions to agree on a framework accord by the end-March deadline. Members are instead trying to identify issues on which further 'technical discussions' can be held, keeping the process alive. They are also seeking to agree on a process outcome to manage the time up until the fifth WTO Ministerial meeting in Cancun in September, where they hope modalities can be hammered out at the Ministerial level.

During the next few days, Members will have time to consult bilaterally and plurilateraly, and at an informal session on Friday, 28 March, trading partners will report back on the results achieved in their efforts to bridge the remaining gaps. Members have further time to continue their consultations over the weekend, before a formal wrap-up meeting on Monday, 31 March.

Some "new ideas" presented...

In discussions on 25 March, several Members tabled "new ideas" that had emerged during informal talks between trading partners since the conclusion of the last special session on 24 - 28 February. The US, for example, proposed a new "banded approach" in the reduction of Amber Box (trade-distorting) support. This model would be similar to the formula used by Stuart Harbinson, Chair of the special session, in the context of market access expansion where -- for developed countries -- tariffs higher than 90 percent should be slashed by 60 percent on average, whereas those between 90 and 15 percent as well as 15 percent downwards would be cut by only 50 and 40 percent, respectively. The US further called for establishing clear eligibility criteria for developing countries with regard to special and differential treatment (S&D) under the new agriculture trade rules.

On market access, Canada suggested establishing an ambitious reduction formula, which would, however, retain some flexibility in specific areas. Canada has so far not supported demands by the US and the Cairns Group of agricultural exporters to cut tariffs uniformly to 25 percent, mainly due to its sensitive dairy and poultry sectors. Regarding domestic support, Canada proposed a "tiered approach" along the lines of the new model suggested by the US.

A group of 12 developing countries -- including Cuba, the Dominican Republic, Honduras, India, Indonesia, Korea, Nigeria, Turkey, Peru, Philippines, Sri Lanka and Venezuela -- introduced its approach to the concept of 'strategic' or 'special' products (incorporated by Harbinson in the draft market access modalities, see BRIDGES Weekly, 12 February). The group is, inter alia, of the view that only a "number-based self-declaration" of products to be excluded from general tariff reduction commitments could effectively address developing country concerns related to food security, rural development and livelihood security. Moreover, according to the alliance, the provision of flexibilities for 'strategic' products should be extended to all pillars, including domestic support and export competition.

Mauritius, a net food-importer and small island developing country, called for clearer provisions for the treatment of small and vulnerable countries, as addressed in paragraph 57 of the revised first modalities draft.

Reportedly, Cairns Group member Argentina introduced a new proposal on trade preferences that calls for technical assistance help smaller economies diversify away from the export crops under preferential trade terms.

...but still no breakthrough in sight

In their reactions to the new ideas presented, some Members signalled interest, whereas several others said that they were unable to sign on the new approaches tabled. Cautious liberalisers such as the EU and Switzerland rejected the US intervention on harmonising trade distortive domestic support straight ahead, whereas some Cairns countries found that such a banded model would not go far enough.

Commenting on Harbinson's revised modalities draft (BRIDGES Weekly, 20 March 2003), Japan and Bulgaria said that they could still not accept the draft on the table as a basis for negotiation. In general, several key actors in the discussions, such as Brazil, Uruguay and Switzerland, overtly stated that they do not expect agreed modalities to emerge from the current CoA negotiating session.

ICTSD reporting; "Agriculture: WTO Members gather with scant hope of meeting agriculture modalities deadline," WTO REPORTER, 26 March 2003; "World farm trade talks deadlocked, deadline looms," REUTERS, 25 March 2003.