Futures Markets
BP in $7bn deal with Devon Energy
Oil giant BP has announced a deal with US independent oil and gas producer Devon Energy Corp which will allow it to begin exploring off the coast of Brazil.
The deal, worth $7 billion (£4.7 billion), includes almost a dozen exploration blocks in Brazil, which comprises some of the world’s biggest deepwater oil fields.
It [...]
Oil jobs at risk in Chevron sale
Chevron, which is the second biggest US oil company, announced today it is looking for a buyer for its refinery in Pembrokeshire.
The oil giant, which owns the Texaco filling stations brand, is allowing up to two years for the sale but has told Sky News today that it could not rule out shutting the plant [...]
Crude prices rebound
Crude oil prices rebounded Thursday from big declines on Wednesday on improved sentiment as more corporations released positive quarterly reports and the US Labor Department reported a decline in continuing unemployment claims.
While the Labor Department said that first time jobless claims were up by 25,000 to 584,000 last week, continuing claims dropped by 54,000 to [...]
Brent, WTI prices lower
September contracts for West Texas Intermediate Crude were $1.62 lower to $66.76 per barrel in noon trade Tuesday on the New York Mercantile Exchange, while Brent crude was last reported to have declined $1.53 to $69.28 per barrel on the ICE Futures Europe exchange in London.
The declines came as BP (LSE: BP; NYSE: BP) and [...]
Data pushes crude prices up slightly
Crude oil prices rose Friday after the Commerce Department reported that the US economy contracted in the fourth quarter of 2008, but not by as much as had been anticipated.
March contracts for West Texas Intermediate crude were up 24 cents to $41.68 per barrel on the New York Mercantile Exchange while Brent crude for March [...]
Crude prices rise in London, fall in New York
Crude oil prices were mixed Thursday on news from several fronts.
Among the items affecting prices were continuing layoff announcements from several sectors, reports from the Commerce Department showing that new home sales declined again in December and that durable goods orders were also lower in the month, and new data from the Labor Department that [...]
Crude oil prices fall in New York, London
The price of crude oil feel substantially in New York trade Monday, mostly on worries about demand erosion after last week’s employment report from the US Labor Department and on declines in equities markets.
Also pushing prices down was a projection from Goldman Sachs that rising oil inventories could push oil prices as low as $30 [...]
Consumer spending data sends oil prices lower
Crude oil prices fell Friday after the US Commerce Department reported that consumer spending dropped by 0.3 percent in September, the biggest monthly decline in over four years and more of a drop than had been anticipated.
December contracts for West Texas Intermediate crude were down $1.67 to $64.29 per barrel in early afternoon trade on [...]
US inventories gains send oil prices lower
Crude oil prices were lower Wednesday after weekly US inventories reports showed that stockpiles of oil and gasoline were up much more than had been anticipated last week.
The US Energy Information Administration said that inventories of crude oil were up 8.1 million barrels in the week to 302.6 million barrels while gasoline stockpiles added 7.2 [...]
Petrobras starts production at Agbami Field
Brazilian oil producer, Petrobras and partners have produced first oil from Agbami Field in Nigeria on July 29 2008. Petrobras holds a 13% share in the venture, together with StatoilHydro and Chevron, the operator.
The Nigerian companies Nigerian National Petroleum Corporation and Famfa Oil Limited are also partners in Agbami Field as concessionaries.
The FPSO (Floating [...]
Bayou Bend starts production at Eagle’s Nest
Bayou Bend Petroleum Ltd. begins production at its Eagle’s Nest field in Eugene Island Block 6. Bayou Bend and partner Contango has drilled this well as part of the Marsh Island project in the second quarter of this year.
The well commenced production on July 24, 2008 and is currently flowing at 35.1 MMCF/D and [...]
Frontera Resources updates Taribani Field
Frontera Resources Corporation, an independent oil and gas exploration and production company, provides an update of its operations at the Taribani Field Unit within Block 12, Georgia.
The Taribani Field is a large, undeveloped oil field covering an area of approximately 80 square kilometres with productive horizons situated in Miocene and Pliocene age reservoirs, which are [...]
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 [...]
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 [...]