Futures Markets
Multiple factors send crude prices higher
Oil prices rose Friday on fears of a new storm in the Gulf of Mexico, on reports of higher consumer spending and factory orders in July and in anticipation of a meeting of the Organization of Petroleum Exporting Countries next month.
The storm worries are being caused by reports of a tropical wave in the central […]
Lundin spuds well PL 335 in Norway
Swedish independent oil and gas exploration and production company, Lundin Petroleum AB announces that drilling of the exploration well on the Orange prospect located in Block 7/7, production licence PL 335, in the North Sea sector of the Norwegian Continental Shelf (NCS), has commenced.
The operator is BG Norge AS. Lundin Petroleum is a partner with […]
Antrim adds fourth well to Causeway
Antrim Energy Inc., an oil and gas exploration and production company, with operations in Argentina and in the United Kingdom North Sea, has added a fourth well to its 2007 Causeway drilling program (Antrim 65.5% and Operator) in the UK North Sea.
The new well will target the Brent sandstones at a depth of 14,150 […]
Roc Oil updates Massambala oil discovery
Roc Oil (Cabinda) Company, a wholly owned subsidiary of ROC, announces that the Massambala-1CH2 sidetrack hole has reached a prognosed total depth of 491 metres and wireline and coring programmes have been completed. The sidetrack hole was drilled to evaluate a shallow oil zone intersected by Massambala-1, ROC’s first exploration well in Angola.
On 27 August […]
Natural gas: inventories, prices both higher
Natural gas inventories were up last week, adding 42 billion cubic feet to a total of 2.97 trillon cubic feet to sit at 12 percent above the 5-year average for this time of year.
Even with the gain, however, the price of natural gas on the New York Mercantile Exchange added 5 cents on the session […]
CNOOC restarted production at LH 11-1
CNOOC Ltd. has successfully restarted production at its independent oilfield “LiuHua” (LH) 11-1 in the Eastern South China Sea. At present, this oilfield operates steadily and produces 23,000 barrels of crude oil per day approximately.
LH 11-1 oilfield started temporary production on June 27, 2007. During the process, all its 25 wells, which had […]
PetroFalcon natural gas deliveries from La Vela
Venezuela based PetroCumarebo, S.A., which is PetroFalcon’s 40%-owned joint venture, has started natural gas production from the La Vela Field in the East Falcon Block.
PetroCumarebo is delivering 10 million cubic feet of natural gas per day (”mmcf/d”) from the La Vela Field into PDVSA’s Interconnection Centro Occidente (”ICO”) pipeline, which transports the natural gas […]
AltaGas defers development of Noel pipeline
Canada’s largest and fastest growing integrated energy infrastructure and services organization, AltaGas is deferring the development of the Noel natural gas pipeline construction project and Pouce Coupe sour gas facility expansion project.
The projects announced on April 10, 2007, involving Devon Canada Corporation, were subject to certain economic conditions precedent, and are being deferred for […]
Crude inventories down by 3.5 million barrels
Crude oil prices were higher on Wednesday after the US Energy Information Administration reported that inventories dropped 3.5 million barrels last week to 333.6 million barrels in the face of forecasts that stockpiles would only decline by around 800,000 barrels.
Most of the declines were attributed to lost production due to Hurricane Dean.
Gasoline inventories were also […]
Statoil find new gas in Norwegian Sea
Norway based Statoil has discovered gas in the Midnattsol prospect in the Norwegian Sea. The find was made in exploration well 6405/10-1 in production licence 281 where the Statoil is operator.
Midnattsol is located some 40 kilometres north of the Ormen Lange field and 30 kilometres south of the Ellida find.
The well was drilled in a […]
Junex spuds Paspebiac at 1,500 meters depth
Québec based junior oil and gas exploration company, Junex has recently spudded the well Paspebiac #1, located at 12 kilometers from Paspebiac in Gaspesie, Eastern Canada. A 12 1/4 inches surface hole was drilled to a depth of 220 meters and a 95/8 inches casing was cemented with the rig Barber #1 owned by Junex. […]
Boskalis secures € 120 million project in Australia
Netherlands based Royal Boskalis Westminster NV has received a letter of intent for a € 120 million contract from the Australian energy company Woodside for the development of the “Pluto LNG”-gas project in in North West Australia.
The project includes the construction of an access channel and a turning basin. The total quantity of sand and […]
Crude drops 27 cents in New York
Crude oil prices were lower on Tuesday.
October contracts for West Texas Intermediate on the New York Mercantile Exchange dropped 27 cents near the close of floor trade to $71.70 per barrel, while Brent crude for October delivery was 45 cents lower to $70.50 per barrel in the Intercontinental Exchange in London.
Nymex September gasoline fell 2 […]
SCAN wins 3D seismic contract from PDVSA
Norway based SCAN Geophysical ASA (SCAN) has been awarded an additional contract from Petroleos de Venezuela SA (PDVSA) for marine 3D seismic work offshore Venezuela. This is the third award by PDVSA to SCAN for towed marine seismic services during 2007.
Preceded by earlier announced awards calling for 4400 Km 2D in the Caribbean region, 400 […]
GP Energy to drill two oil prospects in Argentina
Gold Point Energy has contracted a drill rig to drill two exploratory wells on the Capricorn License in Salta Province of Northern Argentina during October 2007. The Capricorn License is strategically located along an oil producing trend of five fields that have estimated ultimate reserves of 22.0 million barrels of oil (”MMBO”).
Key Energy Services S.A. […]
Geo Petro spuds well in Bengara II block
San Francisco, California based independent oil and natural gas company, GeoPetro Resources has reported that its 12% owned Indonesian subsidiary Continental-GeoPetro (Bengara-II) Ltd. (”CGB2″) has commenced drilling on the Seberaba-#4 appraisal well.
The Seberaba-#4 is the first of 3 planned appraisal wells to further evaluate the Seberaba structure in the Bengara-II Block, onshore East Kalimantan, […]
Crude prices up on inventories speculation
Crude oil prices were up in New York on Monday after early declines on worries about the economy as new data showed that existing homes sales dropped in July for the fifth month in a row.
Helping push prices up was analyst opinion that gasoline inventories in the US will likely be lower again when last […]
Antrim reports new discovery in Argentina
Calgary-based Antrim Energy Inc. announced that initial test results from its Medianera drilling program in Argentina indicate a new field discovery.
Of the two wells drilled, M3001 and M3002, each to a depth of approximately 1,400m, both intersected an oil column in the Cretaceous Quintuco Formation. The M3001 well was perforated in the upper Quintuco […]
Baraka inks MOU for Colombian Oilfield
Baraka Petroleum Limited has signed an exclusive non-binding MOU with TC Oil & Services, a privately owned Colombian Oil Company, domiciled in Bogota, Colombia. This MOU is subject to legal due diligence and finance and covers the principal terms of the Sales and Purchase Agreement.
The Sales and Purchase Agreement will provide Baraka with a […]
Statoil signs agreement for subsea equipment
Norway based Statoil has sent a letter of intent regarding the signing of new frame agreements for subsea equipment and services to Aker Kvaerner Subsea and FMC Technologies. The deals are worth between NOK 15 and 25 billion in total.
The contracts signed with the two supplier companies cover the deliveries of additional equipment for existing […]