Futures Markets
Crude oil gains after up and down session
After a session of gains and losses, crude oil prices ended higher on Friday as traders tried to figure out which way prices are going and whether this week’s declines are a trend or not and as a weaker dollar versus the euro spurred buying.
July contracts for West Texas Intermediate crude went below $125 per […]
Field development approval for West Don
Stratic Energy Corporation announces that Field Development Programme (FDP) approval has been received from the UK Government’s Department for Business, Enterprise and Regulatory Reform for the development of the West Don oil field in the UK North Sea.
Stratic has a 17.25% interest in the West Don field, which extends into the Company’s block 211/13b in […]
Ivanhoe to acquire oil sands assets
Robert Friedland, Deputy Chairman of Ivanhoe Energy Inc., announced today that the company has signed a preliminary agreement with Talisman Energy Canada (Talisman) to acquire all of Talisman’s interests in three leases located in the heart of the Athabasca oil sands region in the Province of Alberta, Canada.
The total purchase price is C$105 million, […]
Egdon awarded six new licences in UK
Egdon Resources plc, the exploration and production company focused on the UK and Europe notes that the department for Business Enterprise and Regulatory Reform (“DBERR”) yesterday announced the offer of 93 Petroleum Exploration and Development Licences (PEDL’s) as part of the 13th Landward Licensing Round which closed on 6th February 2008.
The management of Egdon are […]
WTI, Brent crude drop over $4 per barrel
Crude oil prices were lower on Thursday after an initial gain on the release of last week’s US inventories data by the Energy Information Administration, delayed one day by Monday’s Memorial Day holiday.
Crude oil stockpiles were down by 8.8 million barrels to 311.6 million barrels in the week ending 23 May, initially sending prices […]
StatoilHydro resumes production on Statfjord A
Production resumed on the Statfjord A platform today, 28 May,, after four days of shutdown due to an oil leak Saturday 24 May.
The oil leak which occurred last Saturday led to an immediate production shutdown and a part of the crew was evacuated.
As soon as the situation allowed, efforts began to stop the leak and […]
Matra reports successful acid treatment
Matra Petroleum plc says that the Arkhangelovskoe - 12 discovery well on the Arkhangelovskoe License in Orenburg, Russia, has been successfully treated with acid to remove formation damage.
The acid treatment was completed on 21st May and followed re-perforation and retesting of the well. The well cleaned-up and produced strongly after the treatment and was flowing […]
XTO Energy to acquire Bakken Shale
XTO Energy Inc. has entered into a definitive agreement to acquire producing properties and undeveloped acreage from privately-held Headington Oil Company for $1.85 billion. Consideration in the transaction includes $1.06 billion of cash and 11,742,391 shares of XTO common stock valued at approximately $790 million, or $67.35 per share.
The purchase includes 352,000 net acres […]
Nigeria threats send crude prices higher
Crude oil prices were up again on Wednesday after a day of declines on Tuesday.
While prices were down nearly $3 in early trade, they gained on new threats in Nigeria, where a rebel group said it would carry out new attacks on oil facilities in the region beginning on Thursday to mark the first anniversary […]
Lundin signs new PSC in Indonesia
Lundin Petroleum AB (Lundin Petroleum) has signed a new production sharing contract (PSC) for the Rangkas Block with BPMIGAS, the Indonesian oil and gas regulating authority in Jakarta on May 27, 2008. The Rangkas Block is located in the West Java Basin, onshore West Java.
The Rangkas Block covers an area of approximately 4,000 km2. Previous […]
Austral to drill two wells in New Zealand
Austral Pacific Energy Ltd. (Austral) announces the upcoming drilling of the A6 and A7 wells in the onshore Taranaki Cheal Oil Field (PMP38156-01), Stratford, New Zealand.
The new wells will target the same shallow oil producing Mt Messenger sands that are currently generating substantial revenue for the Cheal Joint Venture. It is anticipated that successful […]
Valiant Petroleum spuds Globe exploration well
Valiant Petroleum has commenced drilling of its first operated exploration well on the Globe prospect in UK North Sea blocks 9/22 & 9/23c.
Globe spud on 24 May 2008 following the arrival of the Transocean Prospect semisubmersible drilling rig. The Globe prospect, a four way dip structure, is anticipated to take around 18 days to reach […]
Crude prices drop below $129 per barrel
Crude oil prices were lower Tuesday, falling below $129 even though there was news of supply disruptions from several regions of the world.
In Nigeria, more bombings of pipelines disrupted supply while there was an unexpected shutdown of a drilling platform in the North Sea and reports from Mexico said that crude production was down by […]
Eni makes new deepwater discovery
Eni has successfully drilled an exploration well on the Stones discovery, located in Walker Ridge block 508 approximately 325 kilometers (200 miles) off the Louisiana coast in a water depth of 2300 meters (7500′).
The Stones-3 exploration well, which was drilled 1.6 kilometers north of the Stones-1 discovery, reached a total depth of approximately 9000 meters […]
PA Resources awarded license on Greenland
PA Resources has been awarded shares in an exploration license in Block 8 offshore Western Greenland. The Group hereby expands its operations into a new area with great potential.
The oil- and gas group PA Resources has been awarded shares in a license for exploration of oil and gas in Western Greenland by the Greenlandic […]
DONG develops the Nini East field
DONG Energy develops the Nini East field, which is part of the Nini license. With the development follows a production platform, which will be constructed
seven kilometers northeast of the existing platform, Nini. The Nini license is situated within the DONG Energy-operated Siri area comprising the Siri, Nini and Cecilie licenses.
With the Nini East development […]
Matra begins drilling at Pamuk-1
Matra Petroleum, the oil and gas exploration and production company working in Central Europe and Russia has spudded the Pamuk-1 well on the Inke Concession in South West Hungary.
Pamuk-1 is the first of the two-well 2008 exploration programme in Hungary on the Inke Concession, where Matra has is operator and has a 40pc interest.
Peter Hind, […]
Penn West to acquire Endev Energy
Penn West Energy Trust and Endev Energy Inc. jointly announce that they have entered into an Arrangement Agreement whereby Penn West will acquire all of the outstanding shares of Endev.
The acquisition will be accomplished through a Plan of Arrangement wherein each Endev share will be exchanged for 0.041 of a Penn West trust unit. Including […]
CITIC discovers oil at Oseil field
CITIC Resources Holdings Limited is pleased to announce the discovery of the Lower Nief and Manusela carbonate oil reservoirs at the Nief Utara A-1 drilling well located at Seram Island in Indonesia. Lower Nief oil reservoir is the first discovery in the region. The Original Oil in Place (OOIP) of the Nief Utara A-1 drilling […]
Crude prices rise but remain below record
Crude oil prices rose again on Friday as the US dollar weakened as well as on continuing concerns about supplies.
The supply worries revolve around fears that non-OPEC production will not be able to keep up with demand as analysts have forecast that production by nations not belonging to the Organization of Petroleum Exporting Countries will […]