Futures Markets
Surprise decline in US crude, gasoline, distillates inventories
Crude oil prices rose Wednesday as the US Energy Information Administration said that inventories of crude oil, gasoline and distillates all dropped last week.
Stockpiles of crude oil dropped by 5.3 million barrels to 316.6 million barrels in the week ending 19 October, according to the EIA, while gasoline inventories fell 2 million barrels to 193.8 [...]
Entek Energy commences GoM production
Entek Energy Limited announces that production has commenced on High Island 24-L Block in the Gulf of Mexico. As a result of Entek’s strategic approach to building value through low risk, high reward prospects, the Company is a participant with its US partners in new production in shallow waters in Texas State Waters in the [...]
XTO Energy increases 2007 production target
United States based XTO Energy Inc. has updated operational and financial guidance based on current expectations for production, expenses, and other parameters resulting from ongoing operations and development budget activities. These statements are forward looking, as described in the final paragraph of this release, and actual results may differ materially.
These estimates do not include [...]
Pioneer growth in South Texas Edwards Trend
Pioneer Natural Resources Company announced continued success with its drilling program in the Edwards Trend in South Texas.
Two new fields have been discovered in the trend, bringing total discoveries in the Edwards expansion area to eight. The two new wells encountered 150 feet to more than 200 feet of vertical gas pay. An appraisal well [...]
Crude prices drop on higher OPEC output
Crude oil prices dropped on Tuesday on the news that OPEC has increased output even ahead of its previously announced 500,000 barrel per day hike, which was scheduled to begin on 1 November.
In addition, there was some relief in the dispute between Turkey and Kurdish-controlled northern Iraq, a region that is home to a significant [...]
McMoRan successful test at Flatrock discovery
McMoRan Exploration Co. announces a successful production test at the Flatrock discovery (location “A”), located on OCS 310 at South Marsh Island Block 212 in approximately 10 feet of water. The production test, which was performed in the Operc section, indicated a gross flow rate of approximately 71 million cubic feet of natural gas per [...]
TG World Alaska 2007/08 winter drilling program
TG World Energy Corp. announces details of the 2007/08 exploration plan for the North Central Slope of Alaska developed by the Company and the other Alaska Joint Venture participants, Brooks Range Petroleum (“BRPC”), Ramshorn Investments, Inc., and Bow Valley Alaska Corp. (collectively the “JV Participants”).
Nabors Rig 27-E has been secured for a 120 day winter [...]
Imperial Energy reports two operational milestones
Imperial Energy announces the attainment of two significant operational milestones with regard to pipeline transportation of its oil to market and the material increase in Group production to 8,500 bopd.
Oil from Imperial’s Maiskoye Field, Block 70, Tomsk, Western Siberia, Russian Federation, is now flowing through the company’s US$15 million Maiskoye Field Processing Facility, along Imperial’s [...]
Crude oil drops on economic, geopolitical news
Crude oil prices fell on Monday, joining other commodities in declines as investors questioned the state of the US economy.
Also helping prices decline was news that Turkish troops and Kurdish rebels engaged in conflict along the Turkey-Iraq border could announce a cease-fire soon.
At the close of floor trade on the New York Mercantile Exchange, West [...]
Lundin reports oil discovery in Norway
Swedish oil explorer, Lundin Petroleum AB announces that the drilling of the exploration well 16/1-8 on the Luno prospect in PL 338 on the Norwegian Continental Shelf in the North Sea has been concluded. The well is located 28 km east of the 15/3-1 Gudrun discovery in the central North Sea.
The well has discovered [...]
StatoilHydro to discontinue Troll development
StatoilHydro, as operator of the Troll field, has recommended to its partners to discontinue the Troll Future Development project.
The proposal is a consequence of information from Norway’s Ministry of Petroleum and Energy to StatoilHydro and the partners in the Troll licence that the field’s gas production permits will not be increased beyond the current level. [...]
Naftoil and Gulf Regal inks Mauritanian deal
Naftoil Saudi Arabia S.A. a privately-owned Saudi petroleum company, has teamed up with Gulf Regal Corporation (a company with interests in both America and UK) to sign an outline memorandum of understanding that secures drilling, exploration, and development rights in two high-prospect blocks in the Islamic Republic of Mauritania. The first block is located on [...]
WTI drops 87 cents after breaching $90 level
Crude oil prices were lower on Friday as West Texas Intermediate crude for November delivery dropped 87 cents at the close of floor trade on the New York Mercantile Exchange to $88.60 per barrel, down from a new high of $90.07 per barrel which it reached two different times in the course of electronic trade [...]
Canetic to acquire Titan Exploration
Canetic Resources Trust has entered into a pre-acquisition agreement with Titan Exploration Ltd. pursuant to which Canetic will make an offer to acquire all of the issued and outstanding shares of Titan in exchange for 0.1917 of a Canetic trust unit (”Canetic Unit”) for each Titan Class A Share and 0.6609 of a Canetic Unit [...]
Delta Oil and Gas announces new discoveries
Delta Oil and Gas, Inc, announces that the operator of its Oklahoma properties has advised Delta that they will be setting production casing for three wells drilled as part of it “2006-03” drilling program with Ranken Energy.
This well reached a total depth of 6,475 feet on September 14, 2007. Based on all information gathered, [...]
Eni receives drilling permit in the Norwegian Sea
The Norwegian Petroleum Directorate has granted ENI Norge AS a drilling permit for wellbore 6507/2-4 in the Norwegian Sea.
The drilling program for wellbore 6507/2-4 applies to the drilling of an exploration well in production licence 122. ENI is the operator with an ownership interest of 20 per cent. Other licensees are Dong with an [...]
WTI sets another new record
Crude oil prices resumed their rise on Thursday amid continuing worries about the situation on the Turkey-Iraq border after Wednesday’s vote by Turkey’s parliament authorizing the country’s prime minister to approve attacks on members of the Kurdish Workers’ Party in Iraq’s Kurd-controlled northern region.
November contracts for West Texas Intermediate crude on the New York Mercantile [...]
PGS to acquire depth imaging company AGS
Petroleum Geo-Services ASA has entered into a definitive agreement to acquire Applied Geophysical Services, Inc. (AGS) for a price of USD 51 million, subject to certain adjustments for changes in working capital. PGS estimates an enterprise value for AGS of approximately USD 46 million. AGS is based in Houston, Texas and specializes in providing [...]
TAG Oil provides update
Independent Canadian oil and gas production and exploration company TAG Oil Ltd. has signed a letter of intent with New Zealand based Genesis Energy to sell its 15.1% interest in PEP 38738-D and PMP 38156-D containing the Cardiff deep gas prospect for a combination of cash and a 1% royalty on any future production from [...]
Petsec Energy provides drilling update
Due to deteriorating hole conditions the second well in Petsec Energy’s Hollywood Sand AVO Project, the CL&F#30-1 well (Triple Play), has not reached the proposed total depth of 13,606 feet measured depth and has been temporarily abandoned after reaching a measured depth of 13,163 feet.
The rig has been released.
The well did not reach the [...]