Futures Markets
Crude prices rise but remain below $90 level
Crude oil prices were higher on Thursday but remained below the $90 per barrel level after legislators and the president in the United States agreed to a stimulus plan that they hope will help the lagging US economy.
March contracts for West Texas Intermediate crude was $2.42 higher just before the close of floor trade on [...]
Petro-Canada announces exploration discoveries
Petro-Canada announces successful results from two international exploration wells - one in the United Kingdom (U.K.) sector of the North Sea and one in deepwater off Trinidad and Tobago.
In Trinidad and Tobago, the Cassra-1 well in deepwater Block 22 was completed as a significant natural gas discovery. The well targeted the reservoir objective at the [...]
StatoilHydro signs agreements in Venezuela
StatoilHydro’s chief executive Helge Lund has signed two agreements with Rafael Ramirez, Venezuela’s Oil and Energy Minister and CEO of PDVSA.
The first agreement covers the work to quantify the reserves of the block Junín 10 in the Orinoco Belt. The block covers an area of 593 square kilometres. The other agreement is to do a [...]
Rocksource signs agreement with ONGC
The Norwegian oil company Rocksource ASA and the Indian state oil company ONGC (Oil and Natural Gas Corporation Limited) have signed a Cooperation Agreement to develop exploration partnerships on the Indian continental shelf and Internationally. The agreement was signed by Mr G.K. Bhatnagar, Head of EXCOM - BD JV Group of ONGC and the CEO [...]
Oil prices down ahead of inventories report
Crude oil prices fell again on Wednesday as recession fears continued to affect global markets and ahead of the weekly US inventories report, due on Thursday this week after Monday’s holiday in the US, which are expected to show gains in crude oil, gasoline and distillates stockpiles.
Despite declines from $100 per barrel prices reached earlier [...]
Teton adds drilling locations in the DJ Basin
Teton Energy Corporation has permitted and staked 11 locations for Niobrara test wells in its Frenchman Creek prospect area in Phillips County, Colorado. Drilling is expected to commence when state approval has been received, which is anticipated to be late in the first quarter of 2008. If the first two wells are commercially successful, Teton [...]
Bow Valley updates international operations
Bow Valley Energy Ltd. provides an update on its international operations.
U.K. North Sea Operations Production for the fourth quarter of 2007 was approximately 4,300 boe/d. Due to the timing of lifting oil shipments the sales volume for the fourth quarter is expected to be approximately 3,600 boe/d up approximately 93% from sales of 1,867 reported [...]
Rex’s year-end proved reserves rose 10%
Rex Energy Corporation estimated total proved reserves of natural gas and crude oil as of December 31, 2007 increased 10% to 15.9 Mmboe (or 95 Bcfe), as compared with 14.5 Mmboe (or 87 Bcfe) at year-end 2006. The 2007 reserves are comprised of 18.5 Bcf of natural gas and 12.8 million barrels of crude oil. [...]
Recession fears sends WTI lower
Fears of a recession in the United States sent crude oil prices lower Tuesday as many investors doubted that even the Federal Reserve’s surprise three-quarters of a percentage point rate would be able to turn back the inevitable.
February contracts for West Texas Intermediate crude, which were due to expire at the end of the day’s [...]
Melrose announces Bulgarian exploration success
Melrose Resources plc announces the results of recent exploration drilling and a planned development project in Bulgaria.
Following the announcement of the award to Melrose of the Block Galata exploration concession, Melrose has drilled the Galata E3 - Kaliakra exploration well using the Atwood Cross drilling rig. The well was drilled to test a structural [...]
Nordic Petroleum gets exploration rights
Nordic Petroleum ASA has obtained through it’s subsidiary company Grønland Resources Company AS exploration rights for Hydrocarbons (oil and gas) on land in the West and East Greenland. The exploration rights include the land area in West Greenland bordering south of 78ºNorth and West for 44ºW. The exploration rights in East Greenland border south of [...]
Halliburton bags Pemex contract
Halliburton has secured a three-year, $683 million contract from PEMEX to manage the drilling and completion of 58 land wells in the southern region of Mexico.
This contract will demonstrate Halliburton’s commitment to true collaboration with our customers, said Cris Gaut, president of Halliburton’s Drilling and Evaluation Division. “Over the next three years, Halliburton’s Project Management [...]
Oil prices drop on declines in equities markets
With floor trade closed on the New York Mercantile Exchange on Monday as US markets took the day off to celebrate the birth of Martin Luther King Jr., the price of oil fell in electronic trade after equities markets plummeted in Europe and Asia.
February contracts for West Texas Intermediate crude were down as much as [...]
Pennant Energy completes 3D seismic shoot
Pennant Energy Inc. says that the shooting portion of the 3D seismic survey has been successfully completed. Processing of the data is currently underway with results expected shortly. The objective of the seismic program is to pinpoint high quality Mannville channel reservoir development/drilling locations. Upon favourable seismic results drilling will commence. The program, located in [...]
MOL signs MoU with India’s ONGC
MOL Hungarian Oil and Gas Plc has signed a Memorandum of Understanding with ONGC on 18 January 2008.
ONGC (Oil and Natural Gas Corporation Limited) is an Indian national oil and gas company involved in exploration and production of hydrocarbons in India and worldwide and having interest in refining and transmission of products, natural gas and [...]
Aker Kvaerner signs agreement with Shell
Aker Kvaerner has signed a five-year partnership agreement with Shell U.K. Limited and A/S Norske Shell (’Shell’) covering the provision, installation, commissioning and life-of-field support of subsea control systems in the North Sea.
The framework agreement is signed for an initial five year period, with five optional one-year extensions. It could be worth between GBP [...]
Oil prices end slightly higher
Oil prices rode a roller coaster on Friday, fluctuating between advances and declines as equities markets also couldn’t decide whether to go up or down and investors weren’t sure whether or not a stimulus package of proposed tax cuts from US President George W. Bush would be sufficient to halt the slide toward recession.
In the [...]
Jura spuds Khanpur 2 well in Pakistan
Jura Energy Corporation (“Jura”) announces the successful drilling of the Khanpur 2 well in the Block 22 Gas Field which is located in the Central Gas Basin, Pakistan.
The well was drilled to a total depth of 1,159 meters to the Sui Main Limestone reservoir on time and within budget. The well was tested at rates [...]
Drilling riser contracts to Aker Kvaerner
Aker Kvaerner takes further strides into the booming Asian market by signing two contracts with Daewoo Shipbuilding & Marine Engineering (DSME). Both contracts are for the delivery of a complete deepwater marine drilling riser system with buoyancy package and associated equipment. Combined contract value is approximately USD 75 million.
The two deepwater marine drilling riser [...]
Brinx announces increase in oil production
Brinx Resources Ltd. is pleased to announce that a third well in Mississippi has begun production of oil. The well, acquired in 2006 as part of the 12-well Phase I drill program, was earlier completed as a gas well and began producing gas in mid-October 2007. Small amounts of oil production began two weeks later [...]