Futures Markets
WTI drops nearly $1
Crude oil prices were mixed on Friday, a day after West Texas Intermediate October contracts peaked at a new record high of $83.90 per barrel during the day before the contract expired at the close of trade.
The new November WTI contract was down 93 cents to $80.85 about forty-five minutes before the close of floor […]
Petrobras confirms Santos Basin discovery
Petrobras announces that the formation tests carried out for the second Tupi area well, 3-BRSA-496-RJS (3-RJS-646), have been wrapped-up and proved the Southwardly extension of the light oil discovery (28o API) by well 1-BRSA-369A-RJS (1-RJS-628A), in deep Santos Basin waters.
These tests confirmed the light oil discovery made via the pioneering well, as announced to the […]
Triangle commences Wyoming Exploration
Triangle Petroleum Corporation, an exploration company focused on emerging Canadian shale gas projects, the Fayetteville shale gas project in Arkansas and select conventional oil projects in the Rocky Mountains, has commenced its oil exploration program has in southwestern Wyoming.
In conjunction with its joint venture partners, the Company has commenced drilling a 2,000 foot test well […]
Toreador starts Dogu Ayazli production
Toreador Resources Corporation, independent international energy company provided an update on operations and disclosed the preliminary development plan for the second phase of the South Akcakoca Sub-basin (SASB) natural gas project in the Black Sea offshore Turkey. Toreador has a 36.75% interest in the SASB project. TPAO (the Turkish national oil company) has a 51% […]
WTI over $83 per barrel as October contract expires
Crude oil prices were higher Thursday, with October contracts for West Texas Intermediate crude up $1.97 to $83.90 per barrel just before the close of trade on the New York Mercantile Exchange.
The October contract expires at the close of Thursday’s session.
Brent crude for November delivery was 42 cents lower to $78.05 per barrel in late […]
Tethys to mobilize Rig for Exploration in France
The construction of the drill site at the Attila licence in France has now been completed. The mobilization of the drilling rig MR-7000 commenced on Tuesday, September 18. The spud of the Pierre Maubeuge 2 (PLM-2) exploration well is expected on or about Tuesday, September 25.
The drilling rig, MR-7000 from French contractor COFOR, is […]
Otto Energy completes Turkish Seismic Survey
West Perth based oil and gas explorer Otto Energy, which has assembled a balanced portfolio of oil and gas exploration and production projects in the Philippines, Turkey and Argentina, has announced the 3D Seismic Survey in the Turkish Edirne Licence in the Thrace Basin was completed on budget and ahead of schedule as of 17 […]
Pantheon starts production at Dunn Deep #2
Pantheon Resources, the AIM-listed oil and gas exploration company active in the Gulf of Mexico, announces the start-up of natural gas production from the Dunn Deep #2 well on Padre Island . Production commenced on September 17, 2007. This occurred less than two weeks from confirmation of a natural gas find. The Company has a […]
EIA: Crude inventories down by 3.8 million barrels
Crude oil prices were higher Wednesday after the US Energy Information Administration reported that stockpiles were down by 3.8 million barrels to 318.8 million barrels in the week ending 14 September.
Near the close of floor trade on the New York Mercantile Exchange, West Texas Intermediate crude for October deliver had added 42 cents over Tuesday’s […]
Transeuro Energy starts drilling in Armenia
Transeuro Energy Corp., an explorer having properties in Canada, Armenia, Papua New Guinea and Ukraine, has announced the commencement of drilling operations in Armenia.
Drilling has started on the Karmir prospect in the Armavir region of Block 2, Armenia. Karmir-1 is the first exploration well to be drilled in the country for ten years.
The […]
Grenland bags contract to modify Oseberg
On behalf of the Oseberg licence partners, Hydro has awarded the Grenland Group a NOK 600 million plus contract for modification work on the Oseberg Field Centre. The modifications will enable the production of more oil from wells with low reservoir pressure.
After 18 years of oil production, and six years of gas exports from the […]
Index provides updates on Cason well
US based Index Oil and Gas, Inc. announced that initial test results for the George Cason Gas Unit 1 well in the Fern Lake area of Nacogdoches County, Texas achieved a maximum flow rate of 1,168 thousand cubic feet of gas per day.
It is anticipated that Cason will be put on production and begin […]
Interest rate cut sends WTI to new record
The price of West Texas Intermediate crude oil for October delivery which sat at $81.45 per barrel on the New York Mercantile Exchange on Tuesday, about half an hour before the US Federal Reserve said it was cutting interest rates by half a percentage point to 4.75 percent, soared to over $82 per barrel right […]
Venture reports first gas from Chiswick field
The Aberdeen based independent oil and gas production company, Venture Production plc has successfully completed and tested the first production well in the new Chiswick gas field in the UK southern North Sea.
Following a successful multiple fracture well stimulation, the Chiswick Alpha well tested at rates approaching 50 million cubic feet per day (’MMcfpd’) on […]
ARC strengthen Canning Basin portfolio
ARC Energy Limited has further consolidated its position in the Canning Basin with the acquisition of a significant portfolio of interests in the southern part of the Basin. The new acquisition covers some 65,000 square kilometres, nearly doubling the size of ARC’s existing total Canning Basin portfolio and providing access to new play types in […]
Zion to start onshore seismic in Israel
Zion Oil & Gas, a Delaware corporation, which explores for oil and gas in Israel, onshore between Tel-Aviv and Haifa has signed an agreement with the Geophysical Institute of Israel to conduct one of the largest and most comprehensive geophysical surveys on-shore in Israel of the past two decades. The survey, including seismics, gravimetrics and […]
WTI hits another new high
The price of West Texas Intermediate crude for October delivery sat at a new high of $80.55 per barrel, a gain of $1.45 in afternoon trade on the New York Mercantile Exchange.
The gain came in anticipation of lower interest rates and as refineries closed by power outages that accompanied Hurricane Humberto worked to restore operations […]
Statoil finds new oil in Sleipner area
Norway based explorer, Statoil has made a new oil discovery in the Ragnarrock prospect near the Sleipner area in the North Sea.
The find was made in exploration well 16/2-3 in production licence 265, which lies 35 kilometres east of the Statoil-operated Gudrun discovery.
Statoil, together with its partners in the licence have therefore decided to drill […]
Hydro announces Gas/condensate find in Njord area
As operator of exploration and production licenses 107 and 132, Hydro is close to concluding the drilling of exploration well 6407/7-7S in the Njord area in the North Sea. There are proven gas/condensate reserves in the well.
The well is located about five kilometers northwest of the Njord A platform on the so-called Njord Northwest Flank.
The […]
Wavefield Inseis bags seismic contract from BP
Wavefield Inseis ASA, a Norwegian marine geophysical company that provides proprietary data acquisition services, has been contracted by BP to carry out a seismic survey to the west of the Shetland Islands. The project, due to commence in May 2008, is expected to take 35-45 days and will involve a 4D marine survey within block […]