Futures Markets
Crude prices drop on economic worries
Crude oil prices were down Thursday after new Commerce Department numbers showed that the US economy grew more slowly than expected in the second quarter, with the gross domestic product going up just 1.9 percent instead of the 2.4 percent growth that had been anticipated.
The slowing growth raised fears that demand for oil and oil [...]
Mart begins production from UMU-3 well
Mart Resources, Inc., an independent oil & gas company focusing on bringing African oil fields into production that are proven but have not yet been developed, commences initial oil production from the UMU-3 well located in the Umusadege field, onshore Nigeria.
Other partners in the field are Midwestern Oil and Gas Company PLC (Operator) and Suntrust [...]
Brigham provides updates on Bakken well
Brigham Exploration Company, an independent exploration, development and production company, has completed the high rate of its Carkuff 22 #1H Bakken well in its Ross Area at an early flowing rate of 1,110 barrels of oil per day.
The company’s Williston Basin oil production has grown to an estimated current net rate of approximately 1,500 barrels [...]
Tullow updates drilling operations in India
Tullow Oil Plc, a UK registered oil company operating in India, Africa, and in Europe, has failed to encounter hydrocarbons at the C1 well, located in Block CB-ON-1 in the Cambay Rift Basin of India
The well, which was spudded on 27 June reached its total depth of 1,916m on 19 July. The company announced that [...]
Crude oil prices up on Olmert resignation announcement
Crude oil prices rebounded Wednesday after Israeli Prime Minister Ehud Olmert announced that he will resign effective in September, raising worries that a more hawkish successor could make an Israeli attack against Iranian nuclear facilities a virtual certainty.
Prices were already on the rise before the announcement, after the US Energy Information Administration reported that gasoline [...]
BP commences production from Taurt field, Egypt
BP Egypt, and its joint venture partner, Gulf of Suez Petroleum Company (GUPCO), has commenced gas production from the Taurt field in Egypt at the beginning of July.
The Taurt field is located in Ras El Bar concession, 70 kilometres offshore in the northeast of Port Said, West Nile Delta.
Partners at Ras El Bar [...]
Verenex confirms oil discovery in Libya
Verenex Energy Inc., a Canada-based, international oil and gas exploration and production company with a world-class exploration portfolio in the Ghadames Basin in Libya, has confirmed an oil discovery at A1-47/04 in Area 47 in the Ghadames Basin in Libya.
The A1-47/04 new field wildcat exploration well, which is located approximately 28 kilometres north of [...]
Tap Oil reports Simpson-10 well discovery
Tap Oil Limited, an oil and gas exploration and production company with interests in Australia, New Zealand, Brunei and Philippines, reports discovery at the Simpson 10 development well.
The company said that Simpson-10 has successfully intersected the reservoir objective. Logging over the Flag sandstone indicates an approximate 15 metre gross intersection of oil bearing reservoir.
Current [...]
Crude prices drop to $122 per barrel range
Crude oil prices were lower Tuesday as the US dollar strengthened and there were more signs of declines in demand.
Miles traveled on US roads fell by 3.7 percent in May from the same month in 2007 while demand for oil and oil products were down by 4.3 percent in the same month.
The declines in demand [...]
First oil from Soco’s CNV field
SOCO International, and its partners, Petrovietnam and PTTEP Hoan-Vu, declares that the first flow of crude oil and wet gas from the Ca Ngu Vang Field (CNV) occurred on 25 July 2008. The block is operated by the Hoan Vu Joint Operating Company (HVJOC).
The joint venture partners have already drilled four development wells in the [...]
Marathon receives approval for Angola block 31
Marathon Oil Corporation, an integrated international energy company engaged in exploration and production, announces that its subsidiary, Marathon International Petroleum Angola Block 31 Limited, and its co-venturers have received approval from Sociedade Nacional de Combustiveis de Angola - Sonangol E.P. to proceed with the first deepwater oil development project on Angola Block 31, comprised of [...]
Madalena updates on Remada TT2 exploration
Madalena Ventures Inc., a publicly traded international junior Canadian oil and gas exploration company trading on the Toronto Venture Stock Exchange, provides preliminary results on the TT2 exploratory well in Tunisia.
The block which lies in the Remada Sud permit, is operated by Storm Ventures International Inc. (Storm). Madalena’s total owned subsidiary, Madalena Ventures International Inc., [...]
Crude prices rise on Nigeria trouble
Crude oil prices were higher Monday after reports of an attack on Nigerian oil facilities by militants there, resulting in damage to a pipeline believed to be owned by Royal Dutch Shell (LSE: RDSA, RDSB; NYSE: RDS.A, RDS.B).
Also contributing to the gains was reaction to an announcement over the weekend from Iranian President Mahmoud Ahmadinejad [...]
Tap Oil reports Simpson-9 well discovery
Tap Oil Limited, an oil and gas exploration and production company with interests in Australia, New Zealand, Brunei and Philippines, announces that the Simpson 9 development well has successfully intersected the reservoir objective.
Logging over the Flag sandstone indicates an approximate 18 metre gross intersection of oil bearing reservoir. Current operations involve the running and cementing [...]
SCAN commences seismic program for Petrobras
SCAN Geophysical ASA, an international seismic data acquisition company specialising in both marine streamer seismic and ocean bottom cable seismic, has successfully commenced the acquisition of more than 8,500 km of 2D data offshore Portugal for Petrobras International Braspetro B. V. - Portugal Branch, on behalf of a consortium formed with Galp and Partex.
SCAN’s 2D [...]
Saipem awarded new contracts in Saudi Arabia and Nigeria
Saipem, 43% owned by Italian oil major Eni, has won new onshore orders worth 1.6 billion euro in Saudi Arabia and Nigeria.
The Saudi Arabian company Saudi Aramco has awarded Saipem the lump sum turn key contract for package No 1 of the Manifa Central Processing Facilities (CPF) project, in the frame of the Manifa Field [...]
Antrim drills successful well on Fyne field
Antrim Energy Inc., an international oil and gas exploration and production company, announces that the 21/28a-10 well on the Fyne field was successfully drilled and encountered 32 ft of net oil pay in the Eocene Tay Sandstone.
The company claims that these drilling results are similar to the Fyne discovery well 21/28a-2, which tested up [...]
Verenex updates Libya operations
Verenex Energy Inc., a Canada-based, international oil and gas exploration and production company with a world-class exploration portfolio in the Ghadames Basin in Libya, provides an update of its operational activities in Libya.
The Company remains on track to drill 11 to 12 exploration wells in Area 47 in 2008 utilising two drilling rigs under long [...]
Bridge to drill North Piper well
Bridge Resources Corp., which is engaged in the exploration for and acquisition of natural gas and petroleum interests in the North Sea, through its total-owned UK subsidiary Bridge North Sea (Central) Limited have executed agreements with BFW Capital Management Limited and its wholly-owned UK subsidiary BFW Drilling Limited, and Vancouver-based Lariat Energy Ltd and its [...]
Crude prices see some gains
Crude oil prices rose Thursday but could not stage much of a rally, even after a threat from Nigerian militants to destroy pipelines there soon as the US Energy Information Administration reported that demand in the United States was down 2.4 percent in the past four weeks.
September contracts for West Texas Intermediate crude were up [...]