Futures Markets
Brent Crude, WTI close down slightly
August contracts for West Texas Intermediate crude oil ended the floor trading session down 21 cents from Friday’s close at $140 per barrel, but only after rising to a new record of $143.67 per barrel earlier in the day.
Brent crude for August delivery dropped 13 cents to $140.18 per barrel after also setting a new [...]
StatoilHydro submits new plan for Troll field
StatoilHydro has submitted a new plan for the development and operation (PDO) of the Troll field to the Norway’s Ministry of Petroleum and Energy.
Ms Hege Marie Norheim, senior vice president for StatoilHydro’s reserve and business development on the Norwegian continental shelf, said that the field has been in continuous development since it came on stream, [...]
Mart to export crude oil from Umusadege field
The consortium of Mart Resources, Inc., Midwestern Oil and Gas Company PLC and Suntrust Oil Company Nigeria Limited, have started export of their first crude oil from the Umusadege field, in Nigeria.
The consortium, which has produced a total of approximately 120,000 barrels of oil from the UMU-1 well since April 2008, is loading approximately 92,000 [...]
Solara to acquire oil and gas assets in Alberta
Solara Exploration Ltd., a junior oil and gas company focused on the exploration, development and acquisition of oil and natural gas in western Canada, has signed an agreement to acquire various interests in oil and natural gas properties located in Alberta.
The company has paid $2,100,000 to acquire these assets, subject to adjustments at closing. [...]
WTI, Brent in new records near $143 per barrel
Crude oil prices entered record territory again on Friday as both New York and London prices set new records when West Texas Intermediate crude soared to $142.99 per barrel and Brent crude went as high as $142.97 during the session.
The gains came on more weakening of the US dollar in relation to the euro and [...]
Shell and BPZ to explore Peru blocks
Shell Exploration Company has signed a memorandum of understanding with Houston-based BPZ Resources, to develop oil and gas ventures in Northwest Peru.
Under the deal, the two companies agreed to negotiate terms of a an agreement whereby Shell may buy a stake in three northwestern Peru properties that are believed to hold significant crude oil and [...]
Gulf Keystone completes RM-1 well drilling
Gulf Keystone Petroleum Ltd, an independent oil and gas exploration company with interests in Algeria and Kurdistan, has completed the drilling of the RM-1 exploration well on the Hassi Ba Hamou Permit (HBH Permit) in Algeria.
The company found success after the well RM-1 reached a total depth of 1,111 metres on a separate prospect [...]
Parallel ups stake in Diamond M project
Texas-based oil and natural-gas producer, Parallel Petroleum Corporation, has purchased the interests owned by Southwestern Energy for $35.5 million in Parallel’s operated Diamond M properties in Scurry County, Texas, exercising its preferential right from a previous agreement. The deal became effective on 1 May, 2008.
The purchase of additional stakes may increase Parallel’s current daily [...]
August WTI rises above $140 per barrel
Crude oil prices jumped to a new high for a front-month contract at $140.39 per barrel Thursday after Libya said that it might cut oil production, citing sufficient supplies, although there was no indication of how much the cut might be or when the decision might be made.
In addition, the president of the Organization of [...]
Melrose provides operations update
Melrose Resources plc, an Edinburgh-based oil and gas exploration, development and production company with interests in Egypt, Bulgaria, United States, France and Turkey, provides an update on its operations in the Bulgarian sector of the Black Sea including the Galata field gas storage project, the Kaliakra field development and planned exploration drilling.
In late 2007, [...]
Gulf Keystone updates Kurdistan operations
Gulf Keystone Petroleum Limited, an independent oil & gas exploration company with interests in Algeria and Kurdistan, announces that the 2D seismic programme at Shaikan Block, in Kurdistan, which was completed in April 2008 acquired 171 kilometres using a combination of vibrator and dynamite sources and satisfies the seismic acquisition obligation under the exploration phase [...]
Nexus Energy spuds Longtom-4 Well
Australia based Nexus Energy Limited declares that its Longtom-4 development well in Production License VIC/L29, in the Gippsland Basin, offshore Victoria, was setting 16 inch casing having reached 755 meters measured depth relative to rotary table (MDRT) in a deviated pilot hole.
The Longtom-4 well spudded on June 21, 2008 and is expected to take approximately [...]
Crude oil prices remain lower after Fed rate decision
The price of crude oil was lower on Wednesday after the US Energy Information Administration released its weekly US inventories data, which showed that crude oil and distillates stockpiles were up last week and while gasoline stockpiles were down, they didn’t fall by as much as had been anticipated.
US supplies of crude oil were up [...]
Tullow success in Block 2 Uganda
Tullow Oil plc (Tullow), a leading independent oil & gas, exploration and production group, announces further success in Uganda’s Lake Albert Rift Basin with the Ngege-1 exploration well encountering both oil and gas.
The well is the second in a continuous exploration campaign in the Butiaba region of Blocks 1 and 2.
Ngege-1 encountered over five [...]
BG takeover bid for Origin Energy
BG Group plc announced its intention to acquire all of the issued shares in Origin Energy Limited at A$15.50 cash per share by way of a formal off-market takeover bid.
The all-cash bid capitalises Origin’s ordinary equity at approximately A$13.8 billion (£6.7 billion) fully diluted.
The offer price represents a 48% premium to Origin’s closing price [...]
Elixir secures rig for Pompano
Elixir Petroleum Limited, an international exploration and production company, which holds interests in producing gas and condensate fields located in the Gulf of Mexico, announces that the operator of the Pompano Project has contracted a drilling rig to drill the third development well at Pompano.
It is expected the rig will be mobilised to site by [...]
WTI ends higher in New York
Crude oil prices were slightly higher at the close of floor trade in New York on Tuesday after going as high as $138.75 in morning trade and trading lower for a time during the afternoon.
The slight declines came after Royal Dutch Shell (LSE: RDSA, RDSB; NYSE: RDS.A, RDS.B) said it has resumed operations at a [...]
Lundin spuds Torphins well
Lundin Petroleum AB (Lundin Petroleum), a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets in Europe, Africa, Russia and the Far East, announces that drilling of the exploration well 21/8-4 on the Torphins prospect located in block 21/8, production licence P1107, in the central North Sea [...]
Dana’s new asset deal in Norway
Dana Petroleum, an independent oil and gas exploration and production company focused on growth through international exploration and the development of low risk production from the UK North Sea, announces a deal which delivers three additional exploration wells offshore Norway in partnership with Det norske oljeselskap ASA (‘Det norske’), the second-largest operating company on the [...]
Teton signs agreement with Unit Petroleum
North America company, Teton Energy Corporation, has signed an exploration agreement with Unit Petroleum Company, a wholly-owned subsidiary of Unit Corporation to jointly explore and develop acreage controlled by Teton in the Big Horn Basin.
Teton and Unit have signed an exploration agreement whereby Unit will pay for certain specified well costs to drill two [...]