Futures Markets
Crude prices rise as US pressures Europe on Iran
Crude oil prices were higher on Thursday after the administration of US President George W. Bush upped their pressure on European allies to urge Iran to halt its uranium enrichment activities and to tell the truth about its nuclear ambitions despite a new US intelligence report which said that Iran stopped pursuing a nuclear weapon [...]
Hercules bags two contracts in India
Hercules Offshore, Inc. says that Oil and Natural Gas Corporation Limited (ONGC) has awarded three-year contracts for the Hercules 258 and Hercules 260 jackup rigs for drilling operations offshore India. The contract for the Hercules 258 is expected to commence in mid-second quarter 2008 following the completion of an existing contract commitment offshore India.
The [...]
Volga Gas first production from Uzenskaya well
Volga Gas Plc, the independent gas exploration and production company, which currently holds four subsoil licences in the Volga region of European Russia, declares that oil production has commenced from Uzenskaya £1 and first revenues have been received. The Company has structured an agreement to sell all its oil production at its surface facilities located [...]
Granby farms out of UKCS blocks 9/22, 23c
Granby has signed a binding Heads of Agreement with Valiant Petroleum Limited (’Valiant’) to farm out a 25% interest in Licence P.1208 UKCS blocks 9/22 and 9/23c in the North Sea.
Under the agreed terms, Valiant will fund 100% of the drilling costs of an exploration well up to £7 million. Granby will retain a 25% [...]
US crude inventories drop by 8 million barrels
Crude oil prices were lower on Wednesday after the US Energy Information Administration reported that while crude oil inventories were lower last week, stockpiles of gasoline and inventories grew while refinery utilization remained the same at 89.4 percent of capacity.
While crude oil inventories dropped by 8 million barrels overall in the week ending 30 November, [...]
Gaz de France, Sonatrach extend LNG contracts
Gaz de France has reached an agreement with Sonatrach to extend its supply contracts for liquefied natural gas (LNG) to 2019. Under current market conditions, these contracts represent a total annual amount of approximately 2.5 billion euros.
France thus confirms its relationship with Algeria where Gaz de France is the leading buyer of LNG. Gaz [...]
Anadarko makes discovery in Gulf of Mexico
Anadarko Petroleum Corporation announces an oil discovery at its West Tonga prospect on Green Canyon block 726 in the deepwater Gulf of Mexico. The discovery well, located in approximately 4,700 feet of water, was drilled to a total depth of 25,680 feet and encountered over 350 feet of net oil pay in three high-quality subsalt [...]
Cubic Energy provides operations update
Cubic Energy, Inc. announces that the current drilling of two additional Cotton Valley and Hosston wells in its Johnson Branch acreage in Caddo Parish, Louisiana. The Bonomo 35 No. 1 located in Section 35 T16N-R15W spud on November 23, 2007, and the Rye 34 No. 1 located in Section 34 T16N-R15W which spud on [...]
Iran report from US intel helps crude oil lower
Crude oil prices were lower on Tuesday ahead of a meeting of the Organization of Petroleum Exporting Companies and on a new report that says Iran stopped its program to develop nuclear weapons as far back as 2003.
In many eyes, the new report from a US intelligence agency lessens the chance that the United States [...]
Marathon, partners makes new deepwater discovery
Marathon Oil Corporation announced today that its subsidiary, Marathon International Petroleum Angola Block 32 Limited, has participated in a new deepwater discovery on Block 32 offshore Angola. Alho is the 11th discovery on Block 32 and the 26th overall discovery in Marathon’s deepwater exploration program on Blocks 31 and 32 which began in 2001.
The Alho-1 [...]
Tap Oil commences Bass Basin 3D survey
Tap Oil Limited, as operator of T/47P, advises that acquisition of the Labatt 3D Marine Seismic Survey commenced on the 1st December 2007. A total of approximately 517 sqkm of full fold data will be acquired by the PGS vessel M/V Pacific Explorer. The survey is estimated to take approximately 30 days to [...]
Enerplus and Focus announces merger
Enerplus Resources and Focus Energy have entered into an agreement that provides for the strategic combination of Enerplus and Focus. These two well-respected trusts have combined to create a better, stronger, technically focused organization with exciting prospects for the future.
Under the terms of the agreement, Focus unitholders will receive 0.425 of an Enerplus trust [...]
Crude ends slightly higher after volatile session
Crude oil prices fluctuated all day Monday, spending time both higher and lower than Friday’s close as the session progressed as sentiment varied concerning whether or not the Organization of Petroleum Exporting Countries will decide to increase output when it meets in Abu Dhabi on Wednesday.
In addition, some analysts pointed out that OPEC could well [...]
Aker Kvaerner wins Pluto umbilical deal
Aker Kvaerner has been awarded a contract to supply steel tube umbilicals to Woodside Petroleum’s Pluto field. The contract is worth approximately NOK 105 million.
The contract follows last week’s announcement that Aker Kvaerner had signed a 3+1+1 year frame agreement with Woodside to become the Australian oil and gas giant’s preferred supplier of steel [...]
Melrose provides Egypt update
Melrose Resources plc provides an update on its operational activities in Egypt.
The Company announces that first production was established at the West Dikirnis field in the onshore Nile Delta on 30 November 2007. The field development was completed within 12 months of project sanction and came in under budget. The initial production stream is [...]
Energulf to start Namibia drilling
EnerGulf Resources Inc. announces that the co-venturers in Block 1711, offshore Namibia, at the previously announced Operating and Technical Committee meetings held this week in Moscow, have selected the drilling location for the Kunene #1 well and contracted a drillship for drilling of this, the first well on the Block.
Sintezneftegaz Namibia Ltd., the operator, [...]