Futures Markets
WTI drops in late trade
Crude oil prices fell late on the session on Friday, with November contracts for West Texas Intermediate crude down $1.26 at the close of floor trade on the New York Mercantile Exchange to $81.62 per barrel after rising to as high as $83.76 per barrel, less than a dollar below the inflation-adjusted all-time high.
The early […]
Pertra discovered oil in Storskrymten
The Norwegian Petroleum Directorate has announced that Pertra ASA, Operator of Production License 337, has discovered oil in Paleocene sands in wildcat well 15/12-18S. The discovery is located 16 km north-west of the Varg Field.
One purpose of the well was to prove hydrocarbons in Paleocene sandstones in a prospect named “Storskrymten”. The well proved […]
Tethys spuds well in France
The Pierre Maubeuge 2 (PLM-2) exploration well onshore France has spudded. Drilling is estimated to last for about 20 days to reach a planned depth of 1,500 meters.
At 8 am this morning the well had reached a depth of 271 metres. The well is designed to explore for natural gas.
Follow the drilling operations through pictures […]
Ultra Petroleum to sell China interests
Ultra Petroleum Corp. announced the execution of a stock purchase agreement for the sale of Sino-American Energy Company which represents all of Ultra’s interests in Bohai Bay, China for $223 million.
The reserve volumes sold represent all of Ultra’s international assets and comprise 1% of Ultra’s year-end 2006 proved reserves. The sale is expected the […]
Drop in Cushing inventories sends oil prices higher
Crude oil prices were higher on Thursday after the Cushing storage facility, where West Texas Intermediate crude is delivered, was shown to have dropped 209,000 barrels in inventory last week even as total US stockpiles were higher on the week.
In addition, worries about Tropical Storm Lorenzo, which is expected to hit Mexico tomorrow, helped drive […]
Snøhvit partners to cease oil development
The Snohvit partnership has decided to cease all work relating to oil zone development at the Snohvit field in the Barents Sea. Evaluations undertaken show that such a development would not be economically viable.
An appraisal well was drilled in the Snohvit structure earlier in the summer. Its purposes included to confirm the presence of oil […]
Allied Energy increases Oklahoma acreage
Allied Energy Group, an independent energy development firm engaged in the exploration, development, and production of oil and natural gas in the continental United States, has signed an agreement to acquire existing production and 1,895 acres to be developed in southern Rogers County, Oklahoma.
Allied will acquire working interest ownerships in 9 producing wells, 2 […]
Tap Oil updates on Maitland wells
Tap Oil Limited (Tap) provides the following information on the Maitland-2 and-3H wells which spudded on 6th September 2007. The Maitland-2 appraisal well is located in permit WA-33-R at a surface location of latitude 20°32′34.59″S and longitude 115°09′47.19″E in the Barrow Sub-basin, approximately 40 kilometres north-west of Barrow Island and 5 kilometres south-east of the […]
EIA: Crude oil inventories jump
Crude oil prices in New York were higher at the close of trade after having traded lower for much of the day on Wednesday, while Brent crude was lower on the session.
The US Energy Information Administration reported that crude oil inventories were up by 1.84 million barrels in the week ending 21 September against an […]
PTTEP signs Concession Agreements in Egypt
PTT Exploration and Production Public Company Limited (PTTEP) and its joint venture partners have recently signed Concession Agreements for 2 exploration blocks with the Government of the Arab Republic of Egypt.
PTTEP President Mr. Maroot Mrigadat said that Egyptian Minister of Petroleum, H.E. Sameh Fahmy, signed the petroleum Concession Agreements with PTTEP and its joint venture […]
Cubic Energy finds gas in Louisiana
Cubic Energy, Inc. announces results of three new wells delineating large impact reserves in the Cotton Valley interval. Preliminary log analysis performed by The Scotia Group, Inc. for the three wells drilled in Cubic’s Johnson Branch acreage (T15N R15W) of Caddo Parish, Louisiana, has determined the following results:
The Tabor 4-1 well drilled […]
Continental spuds second Seberaba well
Continental Energy Corporation, a junior oil and gas exploration company, focused entirely on making a major oil or gas discovery in Indonesia, says that its 18% owned Indonesian subsidiary Continental-GeoPetro (Bengara-II) Ltd. has spudded the Seberaba-3 appraisal well.
The Seberaba-3 is the second of 3 planned appraisal wells to further evaluate the Seberaba structure in […]
Brent, WTI drop more than $1 per barrel
Crude oil prices were lower Tuesday ahead of Wednesday’s scheduled inventories report from the US Energy Information Administration, which are expected to show that crude oil stockpiles dropped last week but that gasoline and distillates inventories grew over the week.
West Texas Intermediate crude for November delivery was down $1.42 to $79.53 per barrel on the […]
Reliance announces KG Basin discovery
India’s largest private sector company, Reliance Industries Limited (RIL) announces an oil discovery in the deepwater block KG-DWN-98/1 (KG-D4) located in the Krishna Basin. This is the first time an oil discovery has been made in the Krishna deep-water basin. This deep-water block was awarded to RIL under first round of NELP bidding. RIL holds […]
Nido begins execution of Galoc Project
Nido Petroleum announces that the Galoc Field Operator Galoc Production has advised that the drill ship ‘Energy Searcher’ has come on hire to the Galoc Project. This signals the start of the Galoc oil field development, the first offshore development in the Philippines for almost seven years.
The drill ship will remain in Singapore for […]
Aker Kvaerner signs Gjoa umbilicals contract
Aker Kvaerner has signed a contract with Statoil for the manufacturing and supply of steel tube umbilical control cables for the Gjoa field in the North Sea. The contract is worth approximately NOK 260 million.
Aker Kvaerner will deliver about 16 kilometres of dynamic and static umbilicals to Statoil. The umbilicals will be manufactured and delivered […]
Crude prices lower on return to Gulf production
Crude oil prices fell Monday as production resumed in the Gulf of Mexico after a tropical depression that never became a storm caused the closure of almost 63 percent of the region’s production Friday.
West Texas Intermediate crude for November delivery was down 14 cents to $81.48 per barrel a little more than half an hour […]
Statoil starts produciion from Snøhvit
Statoil commenced production of liquefied natural gas (LNG) at the Hammerfest LNG plant, northern Norway. After five years of development, the most northerly gas liquefaction plant in the world has come on stream.
At the heart of the plant is the cooling system based on technology developed in collaboration between Statoil and Linde. The German industrial […]
Verenex Energy updates Libya operation
Verenex Energy Inc. provide the following update of its seismic and drilling operations in Libya.
The Company continues to make excellent progress with its exploration program in Area 47 and is on track to achieve its target to spud up to seven wells in 2007. Five wells have been drilled to date since September 2006 (one […]
Talisman announces first oil from Duart
Talisman Energy (UK) Limited, a wholly owned subsidiary of Talisman Energy Inc., has commenced production from the Duart field approximately two months ahead of schedule.
The Duart field was discovered in 1988 and is located 116 miles northeast of Aberdeen in Block 14/20b, approximately five miles west of the Tartan platform. The field was developed with […]