Futures Markets
Crude oil up on day, lower on week
Crude oil prices were higher on Friday but declined on the week after Hurricane Dean avoided US oil facilities in the Gulf of Mexico and did very little damage to Mexican facilities.
Pemex, the state-owned Mexican oil company, said that it was able to resume production in the Campeche Sound a day earlier than expected because [...]
TAQA to acquire Pioneer Canada
The Abu Dhabi National Energy Company PJSC, known as TAQA announced the purchase of Pioneer Canada, a subsidiary of the US firm Pioneer Natural Resources Company for USD 540 million.
When finalized, the Pioneer deal will provide TAQA with an additional 59 million barrels of (gross) WI P+P oil and gas reserves, more than 10,000 barrels [...]
StatoilHydro elects board
The corporate assembly of Statoil ASA has elected the board of directors for StatoilHydro. Hydro chief Eivind Reiten was elected as chair of the board with eight votes for and four against. Marit Arnstad was elected as deputy chair.
StatoilHydro becomes one company from Oct. 1st, 2007, and includes the oil and gas assets of [...]
Premier updates drilling activities
Premier Oil has provided further update on operations on the Masimpur-3 well in India.
The well was drilled to a depth of 4,002 metres where a sandstone formation was encountered with good hydrocarbon shows and high formation pressure. The mechanical difficulties were resolved, 7 inch casing set and the well was then deepened to 4,419 [...]
WTI prices ride roller-coaster on session
Crude oil prices were up on Thursday as traders bet that problems in the subprime mortgage sector won’t spread to the wider economy and hurt demand.
After a roller-coaster session that saw prices climb, fall, then climb again, West Texas Intermediate for October delivery was 34 cents higher to $69.60 per barrel near the close of [...]
DNO updates Tawke Field of Northern Iraq
Norway based oil company DNO has announced that Tawke # 8 has confirmed oil in the central/down flank position of the field. An extensive test and formation evaluation program is ongoing. Good reservoir properties have been confirmed, and so far the well has achieved a gross rate of more than 17,000 bopd aggregated from four [...]
FMC Technologies to supply RLWI services to BP
FMC Technologies, a leading global provider of technology solutions for the energy industry and other industrial markets, has signed a three-year contract with Island Offshore Management AS to supply a Riserless Light Well Intervention (RLWI) system for use by BP in the UK North Sea.
The contract, which has a value of approximately $25 [...]
Anadarko makes second oil discovery in West Africa
Anadarko Petroleum Corporation has announced its second oil discovery offshore the Republic of Ghana. The Hyedua-1 well is located on the Deepwater Tano license in approximately 5,020 feet of water, 3.3 miles southwest and down dip from the Mahogany-1 discovery well, which Anadarko announced in June 2007.
The Hyedua-1 well was drilled to a total [...]
Crude oil adds nearly 2 million barrels in US
Crude oil prices were mixed Wednesday after the US Energy Information Administration reported that crude oil inventories were up by 1.9 million barrels to 337.1 million barrels in the week ending August 17 against an expected decline.
Part of the advance came from crude oil imports which were up 9.5 percent to an average of 10.8 [...]
Statoil receives first gas in Snøhvit process plant
Norway based Statoil has received its first gas on Tuesday from the Snøhvit field in the Arctic to its process facility for LNG at Hammerfest, Norway
After five years of construction, the plant at Melkøya, or Milk Island, will soon be ready to produce Europe’s first exports of LNG.
Previously, gas lifted from the field has flowed [...]
Murphy Oil begins production from Kikeh field
Murphy Oil Corporation has started first oil production from the Kikeh Field, offshore deepwater Sabah, Malaysia, which is located 110 kilometers offshore in 4,400 feet of water and is the first deepwater oil production in Malaysia.
Kikeh is developed as a stand-alone facility with oil being produced from both subsea and dry tree wells on [...]
GE services for Dolphin’s new gas facilities in Qatar
GE Oil & Gas’ PII Pipeline Solutions group has been awarded a long-term, multi-million dollar contract to provide Dolphin Energy Ltd. of the UAE with integrity management services to ensure the uninterrupted operation of Dolphin’s critical sea and export pipelines in Qatar.
GE will provide an integrated package of best-in-class integrity engineering, inspection and data [...]
Nymex crude below $70 per barrel
Crude oil prices fell below $70 in New York on Tuesday as Hurricane Dean weakened to a Category 2 storm, making it less likely that there will be any serious or lasting damage to Mexican oil facilities although there will be some supply disruptions after a number of off-shore drilling rigs were evacuated ahead of [...]
Total receives approval for offshore block in Vietnam
France’s largest corporation and the world’s fourth largest publicly-traded integrated oil and gas company1, Total has received approval from the Vietnamese government to acquire a 35% interest in the production sharing contract for offshore exploration Block 15-1/05, alongside PetroVietnam Exploration and Production (PVEP – operator, 40%) and SK Corporation of South Korea (25%).
Block 15-1/05, [...]
India’s state-run oil companies officials call-off strike
Almost 45,000 officials of India’s public sector oil companies on Tuesday called off their agitation after the federal government agreed on a higher interim relief in lieu of delays in revising their wages.
Announcing this to media persons, Oil Sector Officers Association (OSOA) coordinator R P Srivastava, said, “We had talks with the Petroleum Minister [...]
WilBoss contract for operation offshore Vietnam
Norway based Awilco Offshore through Premium Drilling has entered into a contract with Premier Oil in Vietnam asking for six months of the jack-up drill rig WilBoss.
If the firm contract period is increased to 12 months prior to commencement, Premier will be given an option for a further 12 month period.
The contract is [...]
WTI drops 86 cents on session
September contracts for West Texas Intermediate crude dropped 86 cents to $71.12 on the New York Mercantile Exchange on Monday, while Brent crude for September delivery fell $1.22 to $69.22 per barrel on the Intercontinental Exchange in London.
The price of crude oil slid as it began to look as if Hurricane Dean would miss US [...]
Australia awards 11 offshore exploration blocks
The Australian Government has granted 11 new offshore exploration permits following bidding to 9 oil companies, which are expected to generate exploration programs worth more than AUD $800 million over the next 6 years.
Some 21 companies bid for the rights to explore Australian oil and gas opportunities. The areas are in Commonwealth waters off [...]
UAE’s TAQA plans to spend $10B in Canada
Abu Dhabi National Energy Co., also known as TAQA, plans to spend $3 billion in the next one year time to raise production capacity and reserves at the Canadian unit it acquired on August 14 from Pogo Producing Co. The proposed investment could eventually rise to $10 billion.
TAQA’s chief executive officer Peter Barker-Homek was quoted [...]
Hurricane forces oilfield evacuations in GoM
Tropical Storm Erin and Hurricane Dean have forced the oil and gas operators in the Gulf of Mexico to evacuate platforms and drill rigs.
According to a survey conducted by the U.S. Minerals Management Service (MMS), as many as 13 platforms and five drill rigs have been evacuated in the GoM, which accounts for nearly [...]