Futures Markets
Crude prices fall on storm relief, demand worries
Crude oil prices fell as low as $119.50 per barrel during the session Monday, its lowest level since May 6, after Tropical Storm Edouard lost strength in the Gulf of Mexico and looked like it would miss oil facilities in the region.
Concerns about declines in demand also pushed prices lower, as did the possibility of [...]
Crude prices spike before falling back to small gain
Crude oil prices went as high as $128.60 in New York Friday before falling back to $125.22 per barrel, $1.14 above Thursday’s close on the New York Mercantile Exchange, while Brent crude gained 62 cents to $124.60 on the ICE Futures Europe exchange in London.
Prices spiked after Israeli Deputy Prime Minister Shaul Mofaz warned in [...]
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 [...]
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 [...]