Futures Markets
Crude prices decline after WTI sets new record
The rally in crude oil prices finally slowed on Wednesday as West Texas Intermediate crude for November delivery dropped 33 cents to $87.28 per barrel at the end of floor trade on the New York Mercantile Exchange and Brent crude dropped 51 cents to $83.04 per barrel on the Intercontinental Exchange in London.
However, the declines [...]
StatoilHydro commences production in GOM
Q - the first StatoilHydro-operated deepwater field in the US Gulf of Mexico - started producing on 11 October
Q is located in Mississippi Canyon block 961. The natural gas field is developed as a subsea tieback to the Anadarko-operated Independence Hub facility in the eastern US Gulf of Mexico. StatoilHydro has a 50% working interest [...]
Mustang awarded design for Mirage Topsides
Mustang Engineering (“Mustang”), a subsidiary of international energy services company John Wood Group PLC (“Wood Group”), has been awarded a contract by ATP Oil & Gas Corporation to provide detailed engineering and procurement support for the topsides production facilities on ATP’s first newbuild deepwater facility, the Telemark Hub floating drilling/production facility, also known as Mirage.
The [...]
Index announces Outlar well success
Index Oil and Gas, Inc. announced that initial test results for the Outlar 1 well (”Outlar”) in the West Wharton prospect located in Wharton County, Texas, achieved test flow rates of approximately 1.6 million cubic feet of gas per day (mmcfpd) and 77 barrels of condensate per day (bcpd) using a 7/64ths choke.
It is [...]
WTI adds over $1.30 after setting new record
Crude oil prices were higher yet again on Tuesday as West Texas Intermediate crude for November delivery added $1.31 to close at $87.44 per barrel on the New York Mercantile Exchange after going as high as $88.20 earlier to set a new all-time record.
Meanwhile in London, November contracts for Brent crude on the Intercontinental Exchange [...]
Newfield closes on sale of North Sea business
Newfield Exploration Company, an independent crude oil and natural gas exploration and production company, announced the closing on its previously announced sale of its interests in the U.K. North Sea to Centrica plc, the owner of British Gas, for $486.4 million.
The sale included an 85% interest in the Grove Field, an 80% interest in the [...]
GeoPetro spuds fourth well in Bengara-II
GeoPetro Resources Company announced that its 12% owned Indonesian subsidiary Continental-GeoPetro (Bengara-II) Ltd. (”CGB2″) has commenced drilling on the Punga #1 exploration well.
The Punga #1 is the fourth well to be drilled as part of the 2007 drilling program for the Bengara-II Block, onshore East Kalimantan, Indonesia. Drilling of the Punga #1 is planned to [...]
Tampen Link pipeline opened
The Tampen Link gas pipeline connecting the Anglo-Norwegian Statfjord field in the North Sea with the UK sector opened Friday evening, 12th of October.
Running for 23.1 kilometres, the line increases Norway’s ability to export gas from its continental shelf and will have a technical capacity of 25 million standard cubic metres per day.
Tampen Link ties [...]
UPDATE: WTI rise above $86 per barrel
UPDATE: West Texas Intermediate crude closed at $86.13 per barrel on Monday on the New York Mercantile Exchange, a gain of $2.44 and a new record.
It was the first time oil has risen above the $86 per barrel level.
WTI hits record $85.35 per barrel
West Texas Intermediate Crude oil for November delivery was at a new record high of $85.35 per barrel at 12:30 p.m. Eastern Daylight Time Monday, the fifth day in a row that the benchmark price has risen.
The gains prompted Citigroup analysts to say that it is now a reasonable supposition that oil will make at [...]
Shell Nelson chooses Consafe
Consafe Engineering Services Ltd of Aberdeen announces that against stiff competition, Shell have awarded the company on the Nelson platform, in the UK sector of the North Sea.
The accommodation will comprise of four identical H60 fire-rated modules with a blast rating of 200 m/bar, providing an additional 16 bed spaces.
The challenging delivery time of [...]
Husky acquires exploration licence in Greenland
Husky Oil Operations Limited (“Husky”) and Esso Exploration Greenland Limited (“Esso”) have been awarded a joint interest in an exploration licence from the West Disko 2006 Licencing Round, offshore Greenland by the Greenland Home Rule Government and the Danish Government.
Husky and Esso each have a 43.75 percent interest in West Disko Block 6 (2007/27), which [...]
Petrobras starts producing oil in Northeastern Brazil
Petrobras announces that the Piranema field, 25 km off the coast of Sergipe, started producing oil in deep Northeastern Brazil waters. With operations going online in this field, Petrobras is taking another step towards maintaining Brazil’s oil self-sufficiency. The Piranema oil, of excellent quality, at 44º API, is the lightest oil produced in deep waters [...]
WTI hits new record, ends 61 cents higher
West Texas Intermediate crude for November delivery hit a new high of $84.05 per barrel during the session Friday on the New York Mercantile Exchange before pulling back to $83.69 per barrel, a gain of 61 cents, while Brent crude ended the session 44 cents higher to $80.21 per barrel after going as high as [...]
Energy Partners begins production at Cap Rock
Energy Partners, Ltd. reports that its South Timbalier 41 #B-3st (ST 41 #B-3st) Cap Rock discovery well has been brought on line, and is producing at a rate of approximately 1,900 barrels of oil and 18 million cubic feet of gas per day or 4,900 barrels of oil equivalent per day with 5,540 psi flowing [...]
PA Resources acquires exploration portfolio
PA Resources has signed an agreement to acquire the entire share capital of Scotsdale Ltd –a company with interesting exploration licenses in the United Kingdom and Denmark.
PA Resources AB has signed an agreement with the shareholders to acquire the entire share capital of the British oil exploration company Scotsdale Ltd. The company is focusing [...]
Frontera Updates Taribani Field Unit in Georgia
Frontera Resources Corporation announced the continuation of development drilling operations at the Taribani Field Unit within Block 12, Georgia. The Taribani #45 (T-45) well commenced on Wednesday, October 10th and is expected to take approximately 50 days to reach a total depth of 2,400 meters.
The Taribani Field is a large, undeveloped oil field covering an [...]
WTI gains on drop in crude inventories
Crude oil prices were higher after the US Energy Information Administration reported that crude oil inventories in the US dropped by 1.7 million barrels in the week ending 5 October, to 320.1 million barrels in storage.
Gasoline stockpiles grew by 1.7 million barrels but distillates, including heating oil and diesel fuel, was inventories drop by 600,000 [...]
Providence confirms oil discovery, Offshore Ireland
Providence Resources Plc, together with its partners announces that it has now ended its well testing operations on the 50/11-3 Hook Head appraisal well, offshore Ireland. This well, which is located in c. 240 ft. water depth and is c. 60 km offshore southern Ireland, is situated in Standard Exploration Licence 2/07 in the North [...]
Plains gets support for Pogo acquisition
Plains Exploration & Production, an independent oil and gas company primarily engaged in the upstream activities of acquiring, developing, exploiting, exploring and producing oil and gas in its core areas of operation: onshore and offshore California, Colorado, and the Gulf Coast region of the United States announces that Fir Tree has agreed to support PXP’s [...]