Futures Markets
Demand worries send crude oil prices lower
The price of crude oil fell slightly on Thursday as concerns continued that the US economy is teetering on the brink of recession, hurting demand.
Also possibly hurting demand is growing joblessness in the US, where new unemployment claims were up by 69,000 to 375,000 last week, much more of a gain than had been anticipated.
Gasoline […]
Elixir updates Pompano project
Elixir Petroleum Limited provides an update on drilling activities at the Pompano Project.
Well No. SL 103229 (”Well #1″) reached total depth on Saturday 26 January 2008 at 7,821 feet Measured Depth. Gas returns in the mud were encountered whilst drilling the primary targets. Several zones were logged while drilling and were found to be […]
Foothills commences drilling of Grizzly Bear
Foothills Resources, Inc. has initiated drilling of its GB 4 well on the deep Grizzly Bear prospect, which underlies the Grizzly Bluff Field in the Eel River Basin in Humboldt County, California.
The upper portion of the GB 4 well will be drilled as a twin to a well drilled in 1964 that tested 5 million […]
Fox provides results from Bourbon prospect
Fox Petroleum Inc provides evaluation results for the Bourbon prospect located in the central North Sea. Analysis of the report shows that Fox’s 46% stake in the Bourbon prospect could amount to a high estimate of almost 54 million stock tank oil initially in place (STOIIP).
As part of the farm-in agreement, Fox will be working […]
Crude prices, inventories higher in US
Crude oil prices gained on the session Wednesday after the Federal Reserve cut US interest rates to 3 percent, although some analysts made the distinction that the gains were not due to the Fed’s decision itself, but came after equities markets gained on the news.
West Texas Intermediate crude for March delivery added 69 cents to […]
RWE Dea awarded new concession in Libya
German RWE Dea has been awarded concession 58 in the Cyrenaica plateau in the latest licencing round in Libya. The agreement for the new concession was signed at the headquarters of the Libyan state-owned National Oil Corporation (NOC), in Tripoli on January 23, 2008.
Concession 58 is located roughly 240 kilometers east of the city of […]
Chevron starts production from Tengiz projects
Chevron Corporation’s affiliate Tengizchevroil LLP has started up new facilities as part of the first phase of its expansion at the Tengiz Field in Kazakhstan.
This initial expansion of 90,000 barrels per day brings Tengizchevroil’s current capacity to a total of approximately 400,000 barrels per day. Included in the startup is the Sour Gas Injection (SGI) […]
Pride bags five-year contract for $876 million
Pride International, Inc. will expand its deepwater drilling operations and its geographic reach in deepwater drilling basins to the strategically important U.S. Gulf of Mexico following the award of a five-year contract from a subsidiary of BP.
The contract award is for Pride’s advanced capability, ultra-deepwater drillship that is scheduled for delivery during the first […]
Brent, WTI gain ahead of meetings, EIA inventories report
Crude oil prices rose on Tuesday as investors paid more attention to speculation that the Federal Reserve will cut interest rates again this week and to the probability that the Organization of Petroleum Exporting Countries will hold production at its present level when it meets later in the week in Vienna than they did to […]
OGDCL announces discovery in Pakistan
Oil and Gas Development Company Limited (OGDCL) has discovered gas and condensate in its Exploratory Pasakhi East Well No. 01. This well is located in district Hyderabad of Sindh province. It is a joint venture well between OGDCL (95%) and GHPL (5%) with OGDCL as operator.
Pasakhi East Well No.01 structure was delineated in Tando Allah […]
Granby completes Tristan NW development
Granby Oil and Gas plc provides an operations update for the Tristan NW gas development project in the UK Southern North Sea.
The 49/29b-11 well has now been drilled to a Total Depth of 11,514 feet (3,509 m) Measured Depth which includes a 778 feet (237 m) horizontal section in the reservoir. The well encountered […]
Pantheon updates on Nottoway prospect
Pantheon Resources provides an update on the drilling of the Fay Weil Ross et al #1 well on the Nottoway prospect in South Louisiana.
Petro Hunt LLC, the operator has successfully sidetracked the stuck drill pipe in the original well bore and is drilling ahead below 11,000 feet (measured depth). Petro Hunt has a sidetrack […]
Crude oil higher ahead of Fed, OPEC meetings
Crude oil prices rose on Monday as investors anticipated another cut in US interest rates by the Federal Reserve and ahead of a meeting Friday in Vienna by members of the Organization of Petroleum Exporting Countries, at which the oil cartel is expected to hold production steady for the time being.
Part of the gain in […]
Aker Kvaerner, ExxonMobil extend contract
ExxonMobil Exploration and Production Norway AS has exercised a two year option in their term contract with Aker Kvaerner in Stavanger, Norway. The contract covers all ExxonMobil operated assets in the Norwegian Continental Shelf.
By exercising this option ExxonMobil show their satisfaction of the services Aker Kvaerner is delivering under this long term service agreement. […]
Eni provides updates on Alaska
Eni has started the development of the Nikaitchuq oil field, located offshore the North Slope of Alaska at an average water depth of 3 meters.
Eni owns the 100% working interest in the field, having obtained a 30% stake in the field through the acquisition of Armstrong Oil & Gas’ Alaskan assets and the remaining 70%, […]
Admiral Bay to start drilling program
Admiral Bay Resources Inc. announces that the seven well drilling and test program at its Revloc project in the Appalachian Basin in Pennsylvania will begin next week. This drilling program was originally scheduled for December, but due to significant weather conditions through the month of December in Pennsylvania, the start of drilling has been delayed. […]
WTI, Brent back above $90 per barrel
Crude oil prices were higher on Friday, rising once again above the $90 per barrel level in both New York and London.
At just before the close of floor trade on the New York Mercantile Exchange, West Texas Intermediate crude March contracts had added $1.39 to $90.80 per barrel, while Brent crude for March delivery was […]
Oceanteam wins EON installation contract
Oceanteam ASA had signed a contract with E.ON Netz GmbH for Cable Installation Services associated with the Alpha Ventus Offshore Wind Park in Germany, due for installation in 2008.
The contract will be executed in Q3 2008. The commercial terms between the parties remain confidential.
The scope of work consists of the laying and trenching of […]
Groundstar updates Egyptian activities
Groundstar Resources Limited provides the following operational update for its Egyptian properties.
West Esh El Mallaha (WEEM) Block (Non-operated, 20% Working Interest) A new 2000 HP drilling rig (Rig # ZJ-46) built in China was delivered to the Gulf of Suez in mid-January. This rig is on an 18-month contract for WEEM and West Kom Ombo […]
Nexus to acquire Anzon Energy, subsidiary
Nexus Energy Limited, Anzon Australia Limited (AZA) and Anzon Energy Limited (AEL) have announced an agreed merger which will create a leader in the Australian oil and gas sector with significant growth potential.
The Merger involves Nexus acquiring both AZA and AEL by way of separate, noninterdependent Schemes of Arrangement.
In respect of the AZA Scheme, Nexus […]