Daily Oil Market News
 
Daily Oil Prices & Futures News on the Blackstuff
Saturday 19th of April 2014
1/8/2011

Lundin Petroleum, partners file field development plan for Brynhild field

Lundin Petroleum, partners file field development plan for Brynhild field

Lundin Petroleum AB said in a news release that its Lundin Norway AS subsidiary and its partners Noreco ASA and Talisman Energy Norge AS submitted a plan for development and operation for the Brynhild field to the Norwegian Ministry of Petroleum and Energy, according to a news release. The Brynhild field is an oil field […]




8/7/2011

Crude prices drop on Labor Department data on jobs

Crude prices drop on Labor Department data on jobs

Crude oil prices were lower Friday on weak jobs data from the US Labor Department, an indication that the economic recovery is not going as well or as quickly as had been hoped. August contracts for West Texas Intermediate crude were down $2.40 to $96.22 per barrel at just past 2 p.m. on the New […]




30/5/2011

Total to acquire 25% stake in Qatar’s Block BC exploration license

Total to acquire 25% stake in Qatar’s Block BC exploration license

Total announced that it entered into an agreement with CNOOC International Limited subsidiary CNOOC Middle East (Qatar) Limited to acquire a 25% interest in Qatar’s Block BC exploration license. The offshore block, located 130 kilometers east of the Qatari coast, covers an area of 5,649 square kilometers, with water depths ranging from 15 to 35 […]




16/8/2010

Edinburgh-based Cairn Energy sells Indian assets

Edinburgh-based Cairn Energy sells Indian assets

Edinburgh-based Cairn Energy has agreed to dispose of assets in India, in a deal worth £5 billion. India-focused miner, Vedanta Resources, will pay approximately £6 billion for a stake of between 51%-60% in Cairn India. The deal will provide Vedanta with the ability to expand into oil and gas. Founder of the company, Anil Agarwal, […]




2/8/2010

UK will not follow US and ban deep sea oil drilling

UK will not follow US and ban deep sea oil drilling

The Government has announced it will not impose a ban on deepwater oil drilling off the Shetland Islands, despite the events of the major oil spill in the Gulf of Mexico. Environmental campaigners have been pressing the UK to introduce a moratorium on deep sea drilling like the one imposed in the US in the […]




16/7/2010

Crude drops more than $1 per barrel

Story link: Crude drops more than $1 per barrel by Elaine Frei
Crude drops more than $1 per barrel

Declines in equities markets and new economic data sent crude oil prices lower on Friday. August contracts for West Texas Intermediate crude was down $1.20 to $75.42 per barrel in afternoon trade on the New York Mercantile Exchange, while at last report Brent crude had dropped $1.30 to $74.79 per barrel on the ICE Futures […]




12/7/2010

Falkland Oil abandons Toroa exploration well

Falkland Oil abandons Toroa exploration well

Falkland Oil & Gas (FOGL) has announced its Toroa F61/5-1 exploration well, located in the Falkland Islands, has failed to discover any hydrocarbons and has, therefore, been sealed and abandoned. Following the news, the company’s shares plummeted by 60%. A number of oil exploration companies have been drilling offshore the disputed islands, which has triggered […]




9/7/2010

Report reveals drilling activity soars in North Sea

Report reveals drilling activity soars in North Sea

A report by financial consultants Deloitte has revealed exploration activity in parts of the North Sea has risen significantly in the last three months. According to the report, drilling on the UK’s continental shelf surged ahead by 86% in the second quarter of the year, against the same period in 2009, as confidence returns to […]




23/6/2010

Judge blocks Obama’s drilling ban

Story link: Judge blocks Obama’s drilling ban by Kay Murchie
Judge blocks Obama’s drilling ban

A US federal court judge in New Orleans has blocked President Barack Obama’s six-month moratorium on deep water oil drilling projects in the Gulf of Mexico. The ban was imposed by the Obama administration in the wake of the massive oil spill in the Gulf, brought about by an explosion on BP’s Deepwater Horizon oil […]




28/5/2010

Shell to pay $4.7bn for East Resources

Story link: Shell to pay $4.7bn for East Resources by Kay Murchie
Shell to pay $4.7bn for East Resources

Royal Dutch Shell has announced today it is to buy privately held East Resources Inc in a deal worth $4.7 billion (£3.2 billion). The deal, which is subject to customary regulatory approval, will give Shell more exposure to natural gas plays in North America. East Resources is a major player in a natural-gas exploration area […]




19/5/2010

Shell to press ahead with Arctic Sea drilling

Shell to press ahead with Arctic Sea drilling

Oil giant Shell is to press ahead with plans to drill for oil and gas in the Arctic’s environmentally sensitive frozen waters, despite calls for a moratorium on offshore exploration. The company is awaiting final permits, which has cost it in the region of $2 billion (£1.38 billion), after it was forced to review its […]




6/5/2010

Rockhopper Exploration announces first oil discovery

Rockhopper Exploration announces first oil discovery

It is looking likely that UK-based Rockhopper Exploration has a genuine oil discovery in the North Falkland Basin. Following the announcement, shares in the company doubled. However, the controversial exploration programme triggered renewed diplomatic tension between the UK and Argentina, bringing to the surface bad memories of the war over the islands in 1982. Earlier […]




29/3/2010

Desire shares plummet as Falkland Islands drilling brings disappointing results

Desire shares plummet as Falkland Islands drilling brings disappointing results

Shares in Desire Petroleum lost almost half their value today after the company told of disappointing drilling results at a new oil well. Desire said the first well had brought disappointing results but added that “oil may be present in thin intervals but that reservoir quality is poor”. Desire, as well as several other explorers, […]




15/3/2010

CNOOC to acquire 50% stake in Bridas Corp

Story link: CNOOC to acquire 50% stake in Bridas Corp by Kay Murchie
CNOOC to acquire 50% stake in Bridas Corp

China National Offshore Oil Corporation (CNOOC) has announced it is to buy a 50% stake in Argentine oil and gas group, Bridas Corporation, for $3.1 billion (£2 billion). The latest purchase by CNOOC takes the energy acquisitions by Chinese companies to around US$13 billion since December 2008. Bridas, which has oil exploration and production operations […]




11/3/2010

BP in $7bn deal with Devon Energy

Story link: BP in $7bn deal with Devon Energy by Kay Murchie
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 […]




29/5/2009

Crude prices gain 30 percent in May

Story link: Crude prices gain 30 percent in May by Elaine Frei
Crude prices gain 30 percent in May

Crude oil prices rose to their highest level this year in New York as West Texas Intermediate crude for July delivery added $1.23 to $66.31 per barrel on the New York Mercantile Exchange while Brent crude was up $1.08 to $65.47 per barrel on the ICE Futures Europe exchange in London. The recent gains in […]




1/8/2008

Petrobras starts production at Agbami Field

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 […]




Bayou Bend starts production at Eagle’s Nest

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 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 […]




31/7/2008

Mart begins production from UMU-3 well

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 […]