Futures Markets
WTI drops $1 after hitting new high
West Texas Intermediate crude oil for October delivery set a new high price of $80.36 per barrel during trade on Friday, but by the close of floor trade on the New York Mercantile Exchange it had dropped $1 from Thursday’s close to $79.09 per barrel.
November contracts for Brent crude were also lower, falling 87 cents [...]
Gas production starts at Ormen Lange
Gas production from the Ormen Lange field on the Norwegian continental shelf began Thursday. Completion of this breakthrough development will make Norway the world’s second-largest exporter of natural gas.
At full production, Ormen Lange is expected to meet 20 percent of the UK’s requirements. Exports to the UK and the European continent will be moderate at [...]
DNO provides Middle East drilling update
Norway based DNO ASA provides an update of the drilling results from Kurdistan/Northern-Iraq and the Republic of Yemen. Drilling and testing of Tawke # 5A and Tawke # 8 has now been completed in Kurdistan/Northern Iraq. The main objective for the two wells was to appraise the oil discovery confirmed by Tawke # 3 [...]
India’s Videocon, BPCL to buy Brazilian oil firm
A consortium of India’s oil refiner Bharat Petroleum Corp Limited (BPCL) and Videocon Industries have jointly entered into an to buy Brazil’s EnCana Brasil Petroleo Limitada for about $165 million.
Videocon, a diversified group whose businesses range from power to home appliances, and Bharat PetroResources Ltd (a subsidiary of BPCL) are equal partners in the consortium [...]
Outages at refineries send crude prices higher
Crude oil prices were mixed Thursday as prices rose in New York after refiners reported power outages at Texas refineries in the wake of Hurricane Humberto.
Port Arthur, Texas, refineries seemed to be the worst affected, with power outages halting production at three refineries with a total of 790,000 barrels of daily capacity, while an Exxon [...]
Apache signs agreement with EVEP
Apache Corporation has signed a multi-year agreement with EV Energy Partners, L.P. (EVEP) and institutional partnerships managed by EnerVest, Ltd., to explore for oil and gas in deeper formations across 400,000 acres in Central and East Texas.
Apache agreed to explore for new reserves below the base of the Austin Chalk formation and will be [...]
Talisman first oil from North Sea field
Talisman Energy (UK) Limited, a wholly owned subsidiary of Talisman Energy Inc., has commenced production from the Blane field.
The Blane field was discovered in 1989 and Talisman has a 43% interest. The Company drilled two horizontal development wells in 2006, which are expected to produce at a peak rate of 17,000 boe/d. An injection well [...]
Pan Andean finds gas in GoM
Pan Andean Resources announces that the exploration well drilled on High Island 52 is a commercial discovery. The well was drilled to the target depth of 8,700 feet and encountered over 160 ft net pay of hydrocarbon column in three separate sections.
Production casing has been set and flowlines are being prepared for production, which [...]
WTI hits $80 per barrel before slight retreat
The price for West Texas Intermediate crude oil contracts for October delivery on the New York Mercantile Exchange remained in record territory Wednesday, hitting $80 per barrel for the first time during the session and trading $1.62 higher at 2:30 pm to $79.85 per barrel.
The gains came after the US Energy Information Administration reported that [...]
Bayou Bend drills West Cameron Block 332
Bayou Bend Petroleum Ltd., a publicly traded oil and gas exploration and production company with a focus in the Gulf of Mexico shallow water shelf area has announced that the West Cameron Block 332 #1 well, operated by Cairn Energy, USA, has been drilled to a total depth of 14,250′ MD, logged and evaluated.
Wire-line [...]
Tekoil announces exploration license approval
Tekoil & Gas Corporation, a production stage oil and gas company with properties in Galveston Bay, TX, has received approval from the Newfoundland & Labrador Department of Natural Resources (DNR), for an Exploration License covering a 244 square kilometer area over the Port au Port peninsula in western Newfoundland. The Company intends to carry out [...]
Hydro inks deal for UK heavy oil exploration
Hydro has reached an agreement with Silverstone Energy Limited and Wilderness Energy UK Limited for close cooperation on the licenses P-1207, P-1282 and P-1496 in Quadrant 9 on the UK continental shelf.
According to the agreement, Hydro will fund further exploration program in exchange for up to 50 % equity in these licenses, as well [...]
OPEC raises production in surprise decision
In a surprise move, the Organization of Petroleum Exporting Countries decided Tuesday to raise crude oil production by 500,000 barrels per day beginning November 1.
OPEC’s secretary general said that high prices were part of the reason the decision was taken, but he said that effects of the US subprime mortgage crisis on the wider economy [...]
Lukoil and CNPC signs pact
The President of LUKOIL, Mr. Vagit Alekperov, and the President of the Chinese National Petroleum Corporation (CNPC) Mr. Jiang Jiemin, has signed an Strategic Partnership Agreement in Beijing.
In accordance with the signed document, the companies intend to expand the interaction under the existing projects, as well as to co-operate in the prospective [...]
NPD grants drilling permit to Statoil
The Norwegian Petroleum Directorate has granted Statoil ASA a drilling permit for wellbore 6608/8-2 in the Norwegian Sea.
The drilling program for wellbore 6608/8-2 concerns the drilling of a wildcat well in production licence 352. Statoil ASA is the operator with an ownership interest of 70 per cent, and DONG is a partner with an ownership [...]
Mongolian Oil Exploration Block MoU signed
Manas Petroleum has signed a MOU with a Mongolian company, Shunkhlai Energy, regarding petroleum exploration in block XXIII. Manas Petroleum has a right to purchase a 90% interest in the Mongolian company, which has won a bidding round for the block XXIII.
Block XXIII is situated in the Gobi desert in the southern part of [...]
WTI adds 30 cents in late-day trade
After being down earlier in the day, West Texas Intermediate crude for October delivery was 30 cents higher to $77 per barrel near the close of floor trade on the New York Mercantile Exchange on Monday.
October contracts for Brent crude were 70 cents lower to $74.37 per barrel on the Intercontinental Exchange in London.
The movements [...]
BG Group finds new oil field offshore Brazil
BG Group has announced the discovery of a new oil field in the Santos Basin, offshore Brazil. The discovery, known as Carioca, is within the BM-S-9 concession, where BG Group holds a 30 per cent interest along with operator Petrobras (45 per cent) and Repsol YPF Brasil S.A. (25 per cent).
The Carioca oil field is [...]
Ignis to acquire acreage in Bienville Parish
Ignis Petroleum Group, Inc, a Dallas-based oil and gas production company focused on acquisition, exploration and development of crude oil and natural gas reserves in the United States, has agreed to acquire all of the acreage and producing properties currently held by Anadarko Petroleum Corporation within the Liberty Hills prospect area, located in Bienville Parish, [...]
Seadrill confirms contract for West Capella
Norway-based drilling contractor Seadrill confirms that a consortium of international operators has signed the award for the long-term contract to utilize the ultra deepwater drillship West Capella on a world wide assignment.
The contract has a firm duration of five years, and estimated contract value is approximately US$970 million, including mobilization fee.
West Capella is [...]