Futures Markets
WTI drops $4.04 per barrel; Brent also much lower
Crude oil prices declined Monday, joining most other commodities in price drops as investors took profits on recent gains.
May contracts for West Texas Intermediate crude were down $4.04 to close at $101.58 per barrel although it ended the first quarter with a gain of 5.8 percent, while Brent crude for May delivery was down $3.47 […]
Cygam starts drilling in Tunisia
Cygam Energy Inc. announced the commencement of drilling of the TT-2 exploratory well on the Sud Remada permit operated by Storm Ventures International Inc.
The TT-2 well is being drilled on a large Ordovician structure, with indicated areal extent of approximately 70 square kilometres, which was mapped on the basis of extensive older vintage seismic […]
Plexus contract with CNR
Plexus Holdings PLC has reached an agreement with an international oil and gas exploration, development and production company, CNR International (U.K) Limited (CNR) to supply, subject to completion of relevant contract terms, the Company’s proprietary POS-GRIP High Pressure/High Temperature (HP/HT) exploration rental wellhead system for exploration activities in the North Sea.
The value of the […]
Corridor completes drilling
Corridor Resources Inc. reported today that drilling and logging operations at the McCully E-67 well have been completed. The well was drilled to a total depth of 4130 meters encountering 18 meters of indicated net gas pay in the “B” sand of the Hiram Brook formation and over 1160 meters of Frederick Brook shale. However, […]
Crude oil, gasoline futures lower on session
Crude oil prices declined on Friday after steep increases earlier in the week.
May contracts for West Texas Intermediate crude was down $1.96 to $105.62 per barrel on the New York Mercantile Exchange while Brent crude for May delivery dropped $1.27 to $103.73 per barrel.
The declines came on a stronger US dollar and after an Iraqi […]
Africa Oil updates operations
Africa Oil Corp. reports that mobilization of casing and camp construction equipment is underway in preparation for spudding the first of an initial two well program on the Nogal Block in Puntland, Somalia. The equipment is currently in Djibouti and is anticipated to arrive in Somalia within the next week. The first well is expected […]
ExxonMobil and Petronas sign agreement
ExxonMobil Exploration and Production Malaysia Inc., a subsidiary of Exxon Mobil Corporation, and the Malaysian national oil company, PETRONAS, will continue to work together to help ensure sustainable energy supplies for Malaysia under a planned new 25-year production sharing contract.
At the signing ceremony today for the main principles agreement for the new contract, Mark […]
Pennant updates Pembina 16-29 well
Pennant Energy Inc. says that the well “Highpine et al Pembina 102/16-29-048-08W5/00″ has been drilled to total depth and cased. The well, which spud on March 9, was drilled in 19 days, 7 days under the original estimated time of 26 days to reach this stage of operations. The Nisku formation was encountered close to […]
Crude higher on Iraq pipeline blast
The price of crude oil rose as high as $108.14 in New York on Thursday after an explosion and fire damaged an oil pipeline in Iraq.
Some reports said the explosion was the result of a bomb while others, including the Iraqi oil ministry, have maintained that the cause of the explosion and fire are unknown.
Reports […]
Hyperdynamics to spud Black Hawk
Hyperdynamics Corporation has completed its first drill on the newly acquired 264-acre Deville lease in the North Big Island field in Rapides Parish, Louisiana. The acquisition of this lease was recently announced.
The Company owns an 85% working interest in the lease. Together in a joint decision with the operator, Rabb Contracting LLC, the Deville […]
TGS aerogravity survey in Vietnam
TGS-NOPEC Geophysical Company ASA (TGS) has begun acquisition of Phase II of the Mekong Delta Aeromagnetic and Aerogravity Project.
Phase I, acquired, processed and interpreted during 2007 comprised 46,000 square kilometers of non-exclusive aeromagnetic data in the Mekong Delta area of Vietnam. The second phase, over the same area, will comprise aerogravity and infill aeromagnetic data. […]
JayHawk starts drilling program
JayHawk Energy, Inc. has compiled over 51,000 acres in the Bourbon and Crawford counties of Kansas through the initial acquisition of 35,000 acres in Bourbon County (known as our Uniontown project), and the Galaxy Energy, Inc. and the Missouri Gas Partners acquisitions (known as the Girard project). These projects bring 100% working interest to JayHawk […]
EIA report sends WTI sharply higher
A declining dollar and an oil inventories report that was lower than anticipated sent crude oil prices sharply higher on Wednesday.
The US Energy Information Administration reported that crude oil inventories neither grew nor declined in the week ending 21 March 2008, holding steady at 311.8 million barrels, while gasoline stockpiles dropped 3.3 million barrels and […]
Entek apparent high bidder on GOM
Entek Energy Limited’s wholly owned subsidiary Entek USA General LLC registered apparent high bid at the Central Gulf of Mexico Planning Area Sale 206, on Block No. 252 (OCS G32258) in the Main Pass Area, South and East Addition.
OCS G32258 comprises 4,994.55 acres. Water depth is approximately 253 feet. The bid price was US$558,088. Other […]
Chesapeake reports gas discovery
Chesapeake Energy Corporation has declared a new natural gas discovery in the Haynesville Shale in Louisiana. In addition, the company announced two other new unconventional natural gas discoveries and five new unconventional oil projects. The company believes these discoveries and projects are significant and has decided to increase its capital expenditure budget for 2008 and […]
Gran Tierra to test Costayaco-3
Gran Tierra Energy Inc. has begun testing operations on Costayaco-3, a new well drilled in the recently discovered Costayaco Field. In parallel, Gran Tierra Energy’s exploration operations are advancing in Colombia, Peru, and Argentina.
Gran Tierra Energy commenced testing operations for Costayaco-3, the third well drilled in the Costayaco field, a new oil field discovered in […]
Crude gains slightly on lower dollar
Crude oil prices rose slightly in New York and London on Tuesday as the dollar declined versus the euro even though demand worries were amplified by a new report on US consumer confidence from the Conference Board.
The Conference Board’s confidence index was at 64.5 in its latest survey, down from 76.4 in February, while expectations […]
Hercules awarded 3-year contracts
Hercules Offshore, Inc. has signed contracts to provide Saudi Aramco with two jackup drilling rigs for three-year terms plus one-year fixed price options at the same rate. The Hercules 300 and Hercules 261, currently known as the High Island I and High Island VIII, respectively, will fulfill the contract commitments. The Hercules 300 was acquired […]
Gulf Coast partners with Sterling
Dallas-based Gulf Coast Western has agreed to participate with Sterling Energy, Inc. on an offshore side track in the Gulf of Mexico approximately 10 miles east of Corpus Christi, Texas.
Sterling Energy acquired a well in 2004 originally drilled by Unocal in 2001 that came in at 12,000 MCFPD and produced 5.5 BCF when they […]
Eni acquires 32 licenses in GoM
Eni has been awarded 32 new exploration licenses in the US Gulf of Mexico (GoM) at Lease Sales 206 and 224, held in New Orleans on 19 March, 2008. The award is subject to approval by government authorities.
The Lease Sale 206 was the most competitive in US leasing history, with more than $3.7 billion received […]