Futures Markets
Highpine provides operational update
Highpine Oil and Gas estimates that its December 2007 field production averaged 19,400 Boe/d, up 34% from December 2006 (14,500 Boe/d). December 2007 production was composed of 13,300 barrels oil and NGL’s per day, and 36.6 million cubic feet of natural gas per day. Estimated fourth quarter production volumes were 19,500 Boe/d. Estimated average production [...]
Economy, demand worries send crude prices lower
Crude oil prices declined on Thursday as investors grew more worried that the US economy will slow further, cutting demand for oil.
Weak retail sales data and a report from the Energy Information Administration that showed demand down for a third straight week trumped comments from Fed chairman Ben Bernanke that he is ready to cut [...]
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. The well drilled out from 7 5/8 inch casing at 12,025 feet (“ft”). It has now reached 13,894 ft. (measured depth). Natural gas shows were encountered while drilling.
Very high pressure [...]
Ascent Resources updates Anagni-1
Ascent Resources is continuing testing operations at the Anagni-1 well in the Frosinone Exploration Permit in the Latina Valley, onshore Italy. Although not yet conclusive, preliminary results from this phase of the well testing are not encouraging with the absence of significant hydrocarbons in the produced fluids being noted. The pump test of the Anagni-1 [...]
ExxonMobil starts production at Kizomba C
Exxon Mobil Corporation’s subsidiary, Esso Exploration Angola (Block 15) Limited (Esso Angola), has started production from the Kizomba C development, designed to develop 600 million barrels of oil from the Mondo, Saxi and Batuque fields in approximately 2,400 feet (800 meters) of water more than 90 miles (145 kilometers) off the coast of Angola. The [...]
Crude prices fall on US inventories report
Crude oil prices fell at the close of trade on Wednesday after the US Energy Information Administration reported that while crude oil stockpiles were lower last week, gasoline and distillates inventories were higher and refinery usage was up.
The EIA reported that US crude oil inventories dropped 6.8 million barrels in the week ending 4 January, [...]
Ginger announces new discovery in Texas
Ginger Oil announces that Texas Arch #2 well tested a significant gas flow. The test result shows a rate of 1,014 MCFD and will increase Gingers cash flow by approximately $17,000 per month. The re-drilling of Texas Arch #1 has resumed. The first of two exploration wells in Kansas has begun.
On December 17, 2007, a [...]
Saxon Oil to complete Oklahoma Gas well
Saxon Oil Company Ltd. declared that the Williams 3-9 well in Caddo County, Okla. has reached a total depth of 13,717 ft. The operator, Western Oil & Gas, will begin completion of the well immediately. Mud and electric logs taken during the drilling phase of the well indicated excellent porosity and gas saturation in the [...]
StatoilHydro discovery in deepwater Gulf of Mexico
StatoilHydro has, together with the operator ExxonMobil, discovered hydrocarbons 265 miles southwest of New Orleans.
The Julia discovery well is located in 2000 meters of water and was drilled to a total depth of 9500 meters. Further appraisal drilling is planned in 2008 to determine the extent of the discovery.
Julia is the first well drilled under [...]
WTI up ahead of inventories report
Crude oil prices were on the rise again on Tuesday ahead of Wednesday’s weekly US inventories report from the Energy Information Administration and on continuing worries about violence in Nigeria.
A militant group in Nigeria, the Movement for the Emancipation of the Niger Delta, claimed that it is trying to recruit other groups to help it [...]
Baraka completes 3D seismic survey in Colombia
Australian Oil & Gas Exploration and Production Company Baraka Petroleum Limited in conjunction with its Joint Venture partners says that acquisition of the 3D seismic survey over the La Punta Block in Colombia has been completed. The survey was undertaken by Compañia Geofisica Latinoamericana (CGL), an established Colombian company that specialises in the acquisition and [...]
Nighthawk Energy updates Cisco Springs
The directors of Nighthawk Energy announced that following completion of a further four commercial wells at the Cisco Springs project, located in Grand County, Utah, an additional three wells have been added to the current winter drilling program.
Nighthawk holds a 50 per cent. working interest in the project and the operator, Running Foxes Petroleum Inc. [...]
PTTEP signs farm in agreement in Bangladesh
PTT Exploration and Production Public Company Limited or PTTEP has signed a farm in agreement with TOTAL E&P Bangladesh, a wholly owned subsidiary of TOTAL S.A. to become a partner in Blocks 17 and 18 in Bangladesh operated by TOTAL E&P Bangladesh, marking its first venture in petroleum exploration and production in South Asia.
The [...]
Crude prices drop on economic worries, weather
Crude oil prices were significantly lower on Monday as the weather warmed in the northeastern United States and as analysts and traders worried that economic downturns in the US and in Europe will cut demand for oil and products made with it.
West Texas Intermediate crude for February delivery was $2.81 lower to $95.10 per barrel [...]
Revus drilling result of well 1/3-10
Revus Energy ASA announces the preliminary results from the Oselvar appraisal well 1/3-10. The well proved oil/condensate and associated gas, and a production test was performed proving a flow rate of 530 Sm3 oil per day.
The Oselvar discovery is located in PL 274 which is operated by DONG E&P Norge AS. The well was drilled [...]
Tri-Valley announces drilling program
Tri-Valley Corporation will aggressively build on its recent success at the Pleasant Valley Project, by drilling four more horizontal wells into the Vaca Tar Sand Formation this first quarter of 2008. Based on the production of the Pleasant Valley No. 1 test well which has far exceeded all expectations, Tri-Valley will begin its developmental drilling [...]
Infinity Energy signs pact with Forest Oil
Infinity Energy Resources, Inc’s wholly-owned Infinity Oil & Gas of Wyoming, Inc. subsidiary entered into a definitive Asset Purchase and Sale Agreement with Forest Oil Corporation (”Forest Oil”) on December 27, 2007.
Under the terms of the Asset Purchase and Sale Agreement, Infinity-Wyoming has agreed to sell, and Forest Oil has agreed to purchase, essentially all [...]
WTI lower on session
Crude oil prices were lower on Friday after new jobs data raised renewed concerns about the health of the US economy and on the news that Mexico has reopened ports to oil exports after several days’ closure due to inclement weather.
West Texas Intermediate crude for February delivery fell $1.33 to $97.85 per barrel near the [...]
Matra spuds Arkhangelovskoe-11
Matra Petroleum plc announces that the Arkhangleovskoe - 11 exploration well on the Arkhangelovskoe License in Orenburg, Russia, spudded on December 30th 2007.
The well will test the undrilled Laptevskaya structure on the western edge of the License area. The well will be drilled to 3850m and is expected to take around 120 days in total [...]
Nido Petroleum updates Galoc drilling
Nido Petroleum Ltd (Nido) provides update on the development of the Galoc oil field, offshore Palawan Basin, The Philippines. The Galoc wells are being drilled using a ‘batch’ programme. The top hole sections for both development wells have now been drilled, and the pilot hole and Galoc 4 have also been completed.
Drilling of the Galoc [...]