Futures Markets
Crude oil prices mixed to end year
Crude oil prices were mixed on Monday.
While the Energy Information Administration dropped its forecast for demand growth next year, it also estimated that crude oil will average around $85 per barrel next year and that gasoline prices will average $3.11 per gallon and peak at above $3.40 per gallon.
Crude prices averaged $72 per barrel this […]
EMGS awarded $ 10 million contract by PEMEX
EMGS has been awarded a contract by the major national oil company PEMEX to determine the hydrocarbon content of deep water drilling locations located in Mexican side of the Gulf of Mexico. The contract is worth about USD 10 million.
Preacquisition services will complete in 2007 and the survey is expected to start in first quarter […]
Nexus provides updates on Crux-3
Nexus Energy Limited announces that at 06:00 am (ACST), the Crux-3 appraisal well in exploration permit AC/P23, in the Browse Basin, has reached a depth of 3,918 metres true vertical depth (“TVD”).
The Crux-3 well is interpreted to have intersected a 150 metre thick, gas charged reservoir section at the main ‘A’ sand level, which is […]
Lukoil and Gazprom forms a JV company
OAO LUKOIL and OAO GAZPROM NEFT have established a joint venture, OOO Oil and Gas Company “Regional Development”.
The relevant documents were signed by Vagit Alekperov, President of OAO LUKOIL, and Alexander Dyukov, President of OAO GAZPROM NEFT.
OAO LUKOIL owns a 49 percent stake in the authorized capital of the joint venture, OAO GAZPROM NEFT has […]
WTI ends session lower
West Texas Intermediate crude oil for February delivery dropped 57 cents to $96.05 per barrel at the end of the session after early gains on new home sales data and on continuing uncertainty about conditions in the Middle East after yesterday’s assassination of Benazir Bhutto in Pakistan.
Despite the day’s decline, WTI prices are up 3 […]
Noble Energy sells Argentina assets
Noble Energy, Inc. has entered into an agreement to sell its interest in the El Tordillo, La Tapera, and Puesto Quiroga concessions in southern Argentina to a subsidiary of Petrobras for a sales price of $117.5 million. The effective date of the sale is July 1, 2007. The sale, which is subject to regulatory and […]
PG&E to acquire stake in Ruby Pipeline
El Paso Corporation and PG&E Corporation have entered into a letter of intent for PG&E Corporation to acquire a 25.5 percent interest in El Paso’s Ruby Pipeline project — a proposed 680-mile, 42-inch natural gas transmission pipeline that would begin at the Opal Hub in Wyoming and terminate at the Malin, Oregon, interconnect, near California’s […]
Xcite Energy spuds well in the UK North Sea
Xcite Energy, a heavy oil company focused on the development of discovered resources in the UK North Sea, says that the 9/3b-5 appraisal well on the Bentley field has now spudded. The Company anticipates reaching its target depth in the second week of January, and expects testing to be completed before the end of January.
The […]
Oil prices higher on inventories, political unrest
Crude oil prices were higher on Thursday as geopolitical news was bad and new US inventories data wasn’t much better.
The assassination of Pakistani opposition leader and former prime minister Benazir Bhutto raised questions of increased instability in the region, while new reports emerged that Turkish forces again attacked Kurdish rebels in northern Iran earlier in […]
Petrobras announces record production
Petrobras has set another daily oil-production record in Brazil: 2,238,000 barrels, a mark only eight companies in the world have reached. The result was celebrated in a ceremony attended by president José Sergio Gabrielli de Azevedo, Exploration & Production director Guilherme Estrella, Service director Renato Duque, and International director, Nestor Cerveró, in addition to executive […]
Turnkey updates Clear Creek well
Turnkey E&P Inc. provided an update on the wells drilled in the Clear Creek Field.
Turnkey recently completed drilling operations on three wells in its Clear Creek Field. Two wells, the P. Cox #1 and the P. Cox #2, are direct offsets to the discovery well, the W. Cox #1 which was put on production from […]
Pioneer Natural closes three acquisitions
Pioneer Natural Resources Company says that during December the Company closed three previously declared acquisitions, expanding its substantial position in the Spraberry and Raton fields and gaining additional acreage in the Barnett Shale, a new focus area for Pioneer.
Pioneer invested $295 million to expand its Raton and Spraberry field holdings, gaining additional production and […]
WTI gains in late trade
February contracts for West Texas Intermediate crude oil traded at $93.65 per barrel, up 34 cents from Friday’s close shortly before the holiday-shortened session ended on the New York Mercantile Exchange Monday.
Earlier in the session, prices had dropped on weather predictions that expect temperatures in the US will remain above normal for the next two […]
Aurelian annonces discovery in Romania
Aurelian Oil & Gas plc, on behalf of Aurelian Oil & Gas Romania S.R.L., its 100% owned Romanian subsidiary, provides the results of the Dornesti Sud-1 well on its Suceava Block EIV-1 concession, Romania.
Dornesti Sud 1 drilled to a total depth of 910 metres and encountered gas in the interval 528 metres to 545 […]
Dana reports oil discovery at Kerloch
Dana repots the discovery of oil at the Kerloch structure in Block 211/22a NW in the UK Northern North Sea. This is the first well in Dana’s major 21 well exploration and appraisal drilling campaign, which is scheduled to include 20 further wells in 2008.
The Dana operated Kerloch well, 211/22a-10 was drilled to a total […]
Ascent to test the Anagni-1 well in Italy
Ascent Resources plc says that the workover operations on the Anagni-1 well in the Frosinone Exploration Permit in the Latina Valley, Italy, have been completed and that testing is expected to recommence today.
The full potential of the well will not be known until large quantities of drilling fluids (drilling ‘mud’) that were lost into the […]
Crude prices up on light trade
Crude oil prices were higher on Friday after a Commerce Department report that showed consumer spending was up 1.1 percent in November, raising hopes that oil and gasoline demand will go up despite recent problems in credit markets.
The gain came on light trade ahead of the Christmas holiday.
West Texas Intermediate crude for February delivery added […]
Tullow completes Mputa-4 extended well test
Tullow Oil plc announces that Mputa-4 well test operations have been completed and the data taken from the well will now be integrated with the Kaiso-Tonya appraisal programme well data and the recently acquired 3D seismic.
Mputa-4 was production tested from a 5m interval at 944m for an extended flow period of three days from 21 […]
Petronas to acquire Star Energy
The Boards of PICL and Star Energy announce that they have reached agreement on the terms of a Recommended Increased Offer for the entire issued and to be issued share capital of Star Energy not already held by PICL.
The Star Energy Directors, who have been so advised by Hoare Govett and Citi, consider the terms […]
International Frontier plans North Sea drilling
International Frontier Resources Corporation‘s wholly owned UK subsidiary Britcana Energy Ltd. (”Britcana”) is participating in the drilling of an exploration well to evaluate the Ridgewood prospect located in the Moray Firth area of the United Kingdom Continental Shelf (”UKCS”). Britcana is paying 15% of the well costs to retain a 25% interest in block 12/17b.
The […]