Futures Markets
Crude oil prices drop below $89 per barrel
Crude oil prices were lower on Friday to end a week in which West Texas Intermediate crude dropped by around $10 this week.
WTI January contracts were down $2.30 to $88.71 per barrel at the close of trade on the New York Mercantile Exchange.
Several factors led to the day’s and week’s declines, including the expectation that […]
OVL bags two exploration blocks in Brazil
ONGC’s wholly-owned subsidiary ONGC Videsh Ltd. (OVL) has bagged two blocks in Brazil, viz. deepwater Block 470 in the highly prospective Espirito Santo basin and shallow water Block 1413 in another highly prospective Santos basin, amid stiff competition from International companies.
Earlier, Agncia Nacional do Petrleo (”ANP”), the regulatory agency of Brasil, had announced […]
Total announces Sisi-Nubi on stream
Total announces that phase 1 of the Sisi-Nubi gas fields offshore East Kalimantan in Indonesia has come on stream. Lying roughly 25 kilometres from the Mahakam Delta in 60 to 90 metres water depths, the two fields are located in the Total-operated Mahakam and Tengah blocks.
This first phase development of Sisi-Nubi includes the installation […]
Park Place Energy updates on Brighty Prospect
Park Place Energy Corp. announces that Offshore Hydrocarbon Mapping PLC, the EM specialist contractor, has notified the Corporation that they have completed the 1D sensitivity testing and have compiled the finalized technical analysis on the previously announced Electromagnetic survey data collected on the North Sea Brighty Prospect.
The conclusion is consistent with the shallower resistor and […]
WTI up slightly after pipeline explosion
After surging to $95.17 per barrel in electronic trading overnight, January contracts for West Texas Intermediate crude added 39 cents to $91.01 per barrel on the New York Mercantile Exchange on Thursday.
The price spike came after four pipelines that carry 15 percent of US oil imports were closed after an explosion and fire on the […]
NEC acquires three blocks in Brazil 9th bid round
Norse Energy Corp ASA, in partnership with Brasoil do Brasil, has successfully bid on three offshore blocks in the Santos Basin offshore Brazil.
Norse Energy has been awarded these licenses by ANP (National Agency of Petroleum) as an Operator. Our 50% partner is the Canadian Company Brasoil which recently acquired 15% in the Coral and Cavalo […]
Index provides updates on Ducroz well
Index Oil and Gas, Inc. announces that initial test results for the Ducroz 1 well (”Ducroz”) in the Cowtrap prospect located in Brazoria County, Texas, achieved test flow rates of approximately 4 million cubic feet of gas per day flowing from dual completions in two Miocene sands using a 10/64ths inch choke.
These test flow […]
Apache awarded two Chilean blocks
Apache Corporation has been awarded rights to explore the Lenga and Rusfin blocks on the island of Tierra del Fuego in the Chilean government’s Magallanes Basin bid round.
Located along Chile’s border with Argentina, the two blocks add 1 million acres adjacent to Apache’s 714,000 acres and extensive exploration and production operations on the Argentinean […]
Crude prices drop on US inventories data
Crude oil prices dropped significantly on Wednesday after release of the weekly US inventories report from the Energy Information Administration showed that crude stockpiles were down a bit less than had been expected last week.
Inventories of crude oil dropped 400,000 barrels in the week ending 23 November on an expected decline of half a million […]
PTTEP acquires stake in Australian block
PTT Exploration and Production Public Company Limited or PTTEP has entered into a Joint Participation Agreement with Finder Exploration Pty Ltd. to acquire a 20 percent ownership interest in Block AC/P36 in Australia. With the addition of this new project, PTTEP now has 38 exploration and production projects in 13 countries.
Under the agreement with Finder […]
GP Energy updates Argentina drilling
Gold Point Energy announces that the Peña Azul x-1 well on the Estacion Pizarro Oeste Prospect has been plugged and abandoned based upon the recommendation of the Project Operator. Drilling operations are expected to commence on the Lomas de Guayacán x-1 well on the Martinez del Tineo Oeste Prospect by early December.
The Lomas de […]
Baraka commences seismic work on La Punta block
Australian Oil & Gas Exploration and Production Company Baraka Petroleum Limited in conjunction with its Joint Venture partners commences the 3D seismic survey over the La Punta block operated by Petrotesting in Colombia. Compañia Geofisica Latinoamericana (CGL) has been contracted to undertake the 3D seismic survey.
CGL is an established Colombian company that specializes in […]
Crude prices drop more than $3 in New York
Crude oil prices dropped significantly Tuesday ahead of a meeting of OPEC oil ministers next week where it is hoped the oil cartel will take a decision to increase output in an attempt to pull prices further away from the $100 per barrel level than they have been for the past several weeks.
West Texas Intermediate […]
Murphy Oil buys news acreage in Australia
Murphy Oil’s subsidiary, Murphy Australia Oil PTY LTD, has finalized an agreement to acquire a 40% interest and become operator of the AC/P36 exploration permit in the Browse Basin offshore Northwestern Australia from Finder Exploration PTY LTD, a private company.
The AC/P36 permit covers approximately one million acres and lies in water depths of 1,200 […]
Stratic Energy updates on Crawford Well
Stratic Energy Corporation announces that the 9/28a-18 Crawford appraisal well in the UK North Sea has successfully confirmed the extension of Crawford Triassic reservoir to the north of the field. The well also discovered oil in a separate Tertiary target and additionally encountered good oil shows within the Cretaceous.
Well 9/28a-18 was designed primarily to appraise […]
Woodside formally launches Pluto LNG project
Construction work on one of Australia’s biggest resource projects has officially begun, with a formal ceremony today on the site of the $11.2 billion Pluto LNG Project.
Western Australian Premier Alan Carpenter unveiled a plaque recognising the launch of the project, after taking part in a tour of the construction site.
Although Pluto was approved by the […]
Crude prices drop ahead of OPEC meeting
Crude oil prices were lower Monday on wide speculation that the Organization of Petroleum Exporting Countries will decide to increase production when they meet next week amid reports that Saudi Arabia has already upped output.
January contracts for West Texas Intermediate crude dropped 48 cents to $97.90 on the New York Mercantile Exchange.
Brent crude for January […]
NZOG announces increased oil reserves for Tui
Oil Reserves for the Tui Area Oil Project have been increased to 41.7 million barrels, 30% above the previous estimate and nearly 50% above pre-development predictions.
The new figure for proved and probable (2P) reserves compares with estimated reserves of 27.9 million barrels on which the Tui Area Oil Project in off-shore Taranaki was first sanctioned, […]
Venture Production completes GKA pipeline
Venture Production plc, the Aberdeen headquartered UK independent oil and gas production company, announces that the new export pipeline linking the Kittiwake platform to the Forties Pipeline System (“FPS”) has been successfully completed and is now fully operational.
The new 10 inch, 33km pipeline has the capacity to flow up to 40,000 barrels of oil per […]
Apache announces Egypt well abandonment
Regal Petroleum declares that an unsuccessful well test has been conducted in the ERB-B-1X well operated by Apache East Ras Budran Corp. LDC (“Apache”) in the East Ras Budran (”ERB”) Concession in which Regal holds a 25% working interest.
The well was spudded on 7 October 2007 and drilled to a total depth of […]