Futures Markets
Demand concerns send crude oil prices lower
Crude oil prices dropped before the close of floor trade in New York as traders worried about a report that seemed to predict a slowdown in the US economy that could mean decreased demand for oil and products made from it.
In addition, a prediction from the National Oceanic and Atmospheric Administration that the first part […]
Tethys starts gas production in Kazakhstan
Commercial gas production from Tethys Petroleum’s Kyzyloi gas field in Kazakhstan commenced.
Tethys’ three compressor units were fired up this morning and gas began flowing from the Kyzyloi Field into the major Bukhara-Urals trunkline, marking an important milestone for Tethys and commencing production from what Tethys believes to be the first non-state, dedicated dry gas development […]
Gastar announces East Texas drilling results
Gastar Exploration Ltd. provided an update on recent drilling operations in East Texas. Gastar has drilled the Wildman Trust #3 well to a total depth of 18,900 feet and, based on drilling and log analysis, has encountered approximately 152 net feet of apparent Bossier formation pay within six separate sands.
The well is scheduled to […]
Primary begins drilling on Teton prospect
Primary Petroleum has completed its review of the 3D Seismic data processing and interpretation on its Teton Prospect and has initially selected 12 drilling locations to commence its drilling program.
The Company has contracted FX Drilling Company, Inc. from Oilmont, Montana for an eight well drilling program which is scheduled to commence the week of January […]
EIA: US crude oil stockpiles drop by 7.6 million barrels
The US Energy Information Administration reported that crude oil inventories dropped significantly last week, mostly due to declines in imports after fog in Texas closed shipping channels there.
The EIA said that crude stockpiles dropped by 7.6 million barrels overall in the week ending 14 December, much more than the decline of 1.5 million barrels that […]
Pacific Stratus updates on La Creciente D-1 well
Pacific Stratus Energy’s La Creciente D-1 (LCD-1) well located at Prospect “D” in the Lower Magdalena Basin of Colombia, 6,000 meters to the northeast of LCA-1, has been drilled to a Measured Depth of 10,850 feet and has encountered the top of reservoir in the Cienaga de Oro Formation at 10,837 feet Measured Depth.
The company […]
Rocksource 2007 exploration licence results
Rocksource ASA intends to continue into the second phase of the Licence PL416 work programme based upon the positive analysis of electromagnetic (EM) data acquired earlier in the year.
The results from these analyses show that an EM anomaly is present at the primary target on the Breiflabb prospect suggesting the likely presence of hydrocarbons. […]
BP begins Atlantis platform
BP has completed commissioning of the Atlantis semi-submersible platform in the deepwater Gulf of Mexico and commenced the export of oil and gas from the deepest moored floating oil and gas production facility in the world.
Production commenced with the commissioning of wells and facilities in October 2007. With gas facilities and export pipelines now […]
Crude prices drop on geopolitics, inventories anticipation
Crude oil prices were lower Tuesday after tensions eased along the Turkey/Iraq border and ahead of Wednesday’s US inventories data.
Turkish troops were reported to have withdrawn from in incursion into northern Iraq after striking at Kurdish rebels.
West Texas Intermediate crude for January delivery dropped 33 cents to $90.30 per barrel on the New York Mercantile […]
Otto completes acquisition of Galoc oil field
Australian based oil & gas company Otto Energy completes the acquisition of a 31.38% shareholding in Galoc Production Company W.L.L. (”GPC”) which holds a 58.29% working interest in the Galoc Oil Field.
Otto has acquired two single asset companies; Team Oil Limited (”Team”) and Cape Energy Philippines SA (”Cape”), who each owned a 15.69% interest in […]
Stuart, Giraul tie up for Angolan exploration
South Australian oil producer Stuart Petroleum Limited and Angolan based Giraul Petroleum have agreed to jointly explore for oil onshore in the Republic of Angola, in West Africa.
In a joint announcement with Giraul today, Stuart Petroleum’s Managing Director Mr Tino Guglielmo said that the Joint Venture would evaluate opportunities for oil discovery and development in […]
Matra Petroleum updates Russian operations
Matra Petroleum plc provides an update on its operations in Russia on the Arkhangelovskoe License in Orenburg.
The Arkhangelovskoe -12 discovery well has now been completed for oil production and the drilling rig is being moved off the location. At the same time a temporary production system is being installed at the well-site together with oil […]
Crude oil prices in decline on session
Crude oil prices were lower on Monday despite rising geopolitical tensions in two oil-producing regions after Algeria’s oil minister said that there is a possibility that the Organization of Petroleum Exporting Countries could increase production of the market warrants it.
Further, data released by an organization that tracks the movements of oil tankers said that OPEC […]
Urals Energy announces completion of acquisition
Urals Energy has completed the acquisition from Finfund Limited (”Finfund”) of a 32.3% interest in OOO Taas-Yuriakh Neftegazodobycha (”Taas”), the principal terms for which were earlier referred on 28 November 2007.
In accordance with the Acquisition Announcement, the price paid for the 32.3% interest comprised US$440 million in cash and the issue of 22,738,034 shares of […]
Europa bags exploration permit in France
Europa Oil & Gas (Holdings) plc has been informed by the French Government that the exclusive award of the Tarbes - Val d’Adour Permit to Europa will be completed in January 2008. The licence lies in the eastern part of the Aquitaine Basin, the main hydrocarbon producing basin in France.
The permit is situated within the […]
Horizon updates on Funk prospect
Horizon Industries Ltd. provides an update on production status and contemplated work over at the Funk Prospect in Goliad County, Texas.
The Funk #1 well, which was put to sales in November 2006, was shut-in in late July, 2007 due to sudden production of water. Shut in tubing pressure is currently 630 psi. The well is […]
WTI drops on higher US consumer inflation
Oil prices were lower in New York on Friday on worries that demand could fall after a new report that US consumer prices were up 0.8 percent in November.
While the International Energy Agency issued an upward revision on oil demand for next year, a number of analysts believe that the IEA is not taking signs […]
Antrim Energy updates Argentina drilling
Antrim Energy Inc. declares the latest drilling results in its two-year drilling program in Tierra del Fuego (Antrim 25.78%) in southern Argentina. Since the commencement of the drilling program in September 2007, four wells have been drilled.
The most recently completed well, Los Patos 1011 (LP-1011), has tested at rates up to […]
Harvest Natural acquires interest in Gabon block
Harvest Natural Resources, Inc. has executed a sale and purchase agreement to acquire a 50 percent operated interest in the Dussafu Marin Exploration Production Sharing Contract (PSC) located offshore Gabon from Sasol Petroleum West Africa Limited.
The acquisition is subject to the approval of the Government of the Republic of Gabon and the co-venturers in […]
Tethys Oil closes Oman acqusition
Tethys Oil AB (Tethys) has acquired 50 per cent interest in Blocks 3 and 4 onshore Oman from Norwegian Energy Company (Noreco) affiliate Altinex.
Blocks 3 and 4 onshore Oman cover a combined area of over 30,000 square km. Block 3 contains the South Farha oil discovery, originally made in 1986, with an estimated 4-6 million […]