Futures Markets
Crude oil up again
The cost of crude oil rose again on Monday as several issues combined to support prices.
The dollar declined versus the euro again, while there was a shortage of one of the ingredients used to make summer grade gasoline.
In addition, a leaky oil pipeline that serves several refineries in the US Midwest had to be closed [...]
Providence completes West African drilling
Providence Resources P.l.c., declares the completion of drilling operations on its AJE Field, in OML113, offshore Nigeria.
The AJE-4 well, which was drilled in c. 1,000′ water depth using the drill-ship Transocean Pathfinder, was designed to evaluate the lateral extent of the oil and gas bearing reservoirs which had been successfully tested in the AJE-1 [...]
Sentry to acquire Kyrgyzstan interests
Sentry Petroleum Ltd. has entered into a conditional joint venture agreement with Monitor Energy Limited pursuant to Monitor Energy’s petroleum exploration licenses in Kyrgyzstan.
The company advises that the agreement is conditional on a 90 day financing due diligence provision. At any time prior to the expiration of the 90 day period Sentry may choose not [...]
Heritage Oil to expand into Tanzania
Heritage Oil Limited signs documentation to farm-in to two exploration licences in Tanzania. The licences, known as the Kimbiji and Latham Areas, cover approximately 9,300 square kilometres and are held under one production sharing agreement (PSA).
The Latham and Kimbiji Areas, covering 5,056 sq. km. and 4,298 sq. km. respectively, encompass onshore (1,881 sq. km.), near [...]
WTI up slightly at the close
Crude oil prices were up slightly at the close of floor trade on the New York Mercantile Exchange on Friday after remaining below Thursday’s closing price for much of the session.
Meanwhile, gasoline and diesel prices were higher again in the United States, with diesel reaching another new record.
At-the-pump prices for gasoline was up 0.8 cent [...]
Bayou Bend drilling at Marsh Island
Bayou Bend Petroleum Ltd. provides an update on its exploration activities in the Gulf of Mexico.
The Company’s first well on its Eagle’s Nest Prospect was spud on April 7, 2008. This prospect is a possible extension of the Contango Operators, Inc. (Contango) Dutch / Mary Rose discovery onto Bayou Bend acreage. This discovery is one [...]
Technip awarded contract in Canada
Technip has been awarded by Husky Oil Operations Limited, a subsidiary of Husky Energy, a major engineering, procurement, installation and commissioning (EPIC) contract for the development of the White Rose oil field’s North Amethyst Satellite. The contract is worth approximately €190 million.
It includes engineering, fabrication and installation of 23.7 kilometers of flexible flowlines(1) and 5.4 [...]
Revus increases production
Revus Energy ASA, in connection with a presentation to investors in London, a significant increase in production. The production net to Revus is expected to reach a level of 9,000 boepd in the next few days representing an increase of approximately 50 per cent from the average production the last 3 months.
The main contribution to [...]
WTI, Brent see slight price declines
Crude oil prices were lower Thursday after the euro dropped from a record high versus the US dollar and as worries continue that demand will decline due to high prices at the pump.
Near the close of trade on the New York Mercantile Exchange, May contracts for West Texas Intermediate Crude were $1.32 lower to $109.55 [...]
EnCore provides gas storage update
EnCore Oil plc provides an update on its gas storage business.
The drilling of the Esmond evaluation well, to be operated by Star Energy, is expected to commence in July/August 2008. It has become clear that the results of the forthcoming Esmond evaluation well will be critical to providing greater certainty on the value of [...]
Apache’s Julimar Southeast-1 discovery
Apache Corporation says that the Julimar Southeast-1 discovery on Australia’s Northwest Shelf logged 195 feet of net pay across five intervals of the Triassic Mungaroo Sandstone.
Apache has now drilled five gas discoveries on License WA-356-P, including Julimar-1, Julimar East-1, Brunello-1 and Brulimar-1.
The latest discovery, which was not tested, was drilled in 502 feet [...]
Petrohawk acreage in Haynesville Shale
Petrohawk Energy Corporation has entered into agreements with several private parties to acquire additional leasehold interests in the Haynesville Shale area of North Louisiana. These agreements also include rights to other formations.
These additions bring Petrohawk’s acreage position in the Haynesville Shale play to over 70,000 net acres, including approximately 30,000 net acres in Elm Grove [...]
Crude prices surge on inventories report
Crude oil prices touched a new record high in New York on Wednesday as the US Energy Information Administration reported that crude oil inventories fell unexpectedly last week.
West Texas Intermediate crude for May delivery was $2.35 higher to $110.85 per barrel near the close of floor trade on the New York Mercantile Exchange after going [...]
Ascent starts Hungarian operations
Ascent Resources plc says that operations have commenced on the Szolnok exploration permit in Central Hungary where the Company has a 27.5% interest, with the drilling of the first of two exploration wells and the start of a 3-D seismic survey.
Drilling of the TIK-1 well began at 17:00 on Sunday 6th April with operations expected [...]
Toreador provides operational update
Toreador Resources Corporation provided an operational update.
Drilling operations begun on Hungarian exploration well; joint venture agreement completed for deep gas play
Toreador says that drilling operations have begun on the Tik-1 exploration well in the company’s Szolnok block in Hungary. The well is planned to reach a total depth of over 2,250 meters and [...]
PetroFalcon to acquire Anadarko Venezuela
PetroFalcon Corporation announces the signing of a binding sale and purchase agreement for the acquisition of 100% of the issued and outstanding shares of Anadarko Venezuela Company (Anadarko Venezuela) from an affiliate of Anadarko Petroleum Corporation.
PetroFalcon intends to acquire Anadarko Venezuela from Anadarko Petroleum for US$200 million in cash with a financial effective date of [...]
Crude sees slight declines
Crude oil prices fell slightly on Tuesday as investors took profits after recent gains to nearly $110 per barrel.
Declines were limited, however, by an announcement from Iran that it intends to step up its uranium enrichment activities and is currently testing equipment that will allow them to do that.
May contracts for West Texas Intermediate crude [...]
Lundin signs 3 PSC in Malaysia
Lundin Petroleum AB’s wholly owned subsidiary, Lundin Malaysia BV, has signed three new PSCs with PETRONAS in Kuala Lumpur on April 7, 2008. The PSCs cover Blocks PM308A and PM308B in the Penyu Basin offshore Peninsular Malaysia and Block SB303, offshore Sabah.
Blocks PM308A and PM308B cover an area of about 5,500 and 8,600 km2 [...]
Providence’s new gas discovery
Providence Resources P.l.c. and its three partners have made a new non-operated gas discovery on Galveston Island Block A-155 in the U.S. Gulf of Mexico.
It is planned that this new field, which is located c. 100 kilometres off the US coast and in which Providence holds a non-operated 10.8% working interest, will undergo a [...]
PetroGlobe reports record production
PetroGlobe Inc. provides the following operational update and results of its first quarter work over program.
The Corporation initiated a work over program in March 2008 following the completion of a private placement earlier in the quarter. The program involved the Corporation’s Alberta operations and included ten perforations of additional pay intervals as well as two [...]