Oil Blog

Oil Price News 11/30/05

Oil prices slide down to $56 a barrel
Daily Times - Lahore,Pakistan
... "Because crude prices are at a suitable level, OPEC is not ... "Even if the oil price comes down to $40, OPEC countries will not take serious action.". ...

Oil prices help FTSE fall
Ireland Online - Dublin,Ireland
Shares in heavyweights Royal Dutch Shell and BP suffered badly after oil prices slumped to their lowest level for nearly six months. ...

Crude Oil: Gasoline Prices Drop Dramtically
CattleNetwork.com - Stanley,KS,USA
... Will crude oil prices continue to fall? ... Consider, for example, the forces driving crude oil prices, which have recently been trending lower. ...

Oil prices slip further in Asian trading
Sify - Taramani,Chennai,India
Singapore: Oil prices slipped further today in Asian trading as mild temperatures in the United States calmed concerns of a supply crunch during winter ...

Oil Prices Hit Lowest Level in 5 Months
Herald News Daily - Williston,ND,USA
VIENNA, Austria - Oil prices briefly slipped to their lowest level in 5 1/2 months Wednesday as warm weather persisted throughout the US Northeast and ...

Oil prices dip again
ABC12.com - Flint,MI,USA
SINGAPORE (AP) - - (11/30/05)-- Warm weather in the US Northeast is credited with another drop in overseas oil prices. Crude oil ...

Motorists stop sputtering as gas prices begin to fall
The Argus - Fremont,CA,USA
... whether the oil companies operating in California had manipulated the gas market, finding instead that market conditions such as crude oil prices that briefly ...

Oil prices slip again amid expectations of sufficient US reserves
KTRE - Lufkin,TX,USA
SINGAPORE Warm weather in the US Northeast is credited with another drop in overseas oil prices. Crude oil futures have inched down again today in Singapore. ...

Oil prices are not to blame for inflation
Business Day - Johannesburg,South Africa
Newspapers have repeatedly talked about oil prices filtering into the consumer price index, with first- and second-round effects, yet the notion that such ...

Stock market: market is under correction as world oil prices fall.
Analytical Information Agency - Moscow,Russia
Stock market is under correction as world oil prices fall. Market composite fell 0.47% tî 1034.91 points. RAO UES added 1.99% tî ...

OPEC in the News 11/30/05

OPEC's stockpiling may signal end of oil rally
USA Today - USA
LONDON -- An OPEC target to boost stockpiles to the highest levels in years could spell the end of oil's protracted rally but is unlikely to drive a price ...

Opec can pump additional 2m crude oil for global use
Khaleej Times - Dubai,United Arab Emirates
... Dha'en Al Hamli, UAE's Minister of Energy yesterday assured that there is 2 million barrels per day additional crude oil capacity, which OPEC members can pump ...

OPEC daily basket price edges to 49.78 dollars
Islamic Republic News Agency - Tehran,Iran
The price of the OPEC basket of eleven crudes stood at 49.78 dollars barrel on Tuesday, compared with the 50.04 dollars of the previous day, according to OPEC ...

UPDATE 7-Oil dips on warmer weather, OPEC assurances
FXstreet.com - Barcelona,Spain
NEW YORK, Nov 29 (Reuters) - Oil prices fell on Tuesday amid warmer US weather and assurances that producer group OPEC would keep consumer nation stocks ...

Indonesia wants Opec to maintain output
Business Times - Malaysia - Malaysia
JAKARTA, Wed: The Organisation of the Petroleum Exporting Countries (Opec) should keep pumping at current rates and maintain its offer to tap all its spare ...

Oil edges towards $57, eyes on US stockpiles
Reuters South Africa - Johannesburg,South Africa
OPEC ministers appear unconcerned by the week's price fall and have indicated the group will keep the taps open when it meets next month. ...

Oil hovers just above $57 on mild weather, OPEC
Financial Express.bd - Bangladesh
... $1 in the previous session, pressured by balmy weather in the United States (US) and Organisation of Petroleum Exporting Countries (OPEC) ministers' commitment ...

Norway backs Barents Sea development
Gulf Times - Doha,Qatar
... Non-Opec Norway, the world's third-biggest oil exporter, also plans to issue in the first quarter of 2006 new licences for oil and gas exploration in ...

Vietnam and Indonesia look to nuclear power
World Peace Herald - Washington,DC,USA
... plan. Indonesia, a member of the Organization of Petroleum Exporting Countries (OPEC), became an oil-importing country last year. ...

Rig Notes 11/30/05

Storm Cat Energy Provides an Interim Fourth Quarter Operational ...
PR Newswire (press release) - New York,NY,USA
... in British Columbia, and drilled two new wells north of the pilot project which encountered thick, gas-charged coal seams; * Secured a drilling rig for the ...

Kurdistan Drills For Oil
Mathaba.Net - London,UK
... Based on a year of seismic exploration the first site was selected and a huge drilling rig was imported from China and erected within 90 days. ...

Southern ocean beckons explorers
New Zealand Herald - New Zealand
... Jackson claimed Kiwis working on the drilling rig were locked below "so that they could not witness what was floating on the sea". ...

Redstar Oil & Gas Inc. Announces Financial Results
CCNMatthews (press release) - Toronto,ON,Canada
... RedStar is pleased that a second drilling rig has been secured. With two drilling rigs and a completion rig being secured, RedStar ...

Gas Price News 11/30/05

AOL Shopping Survey Finds High Gas Prices Provoke More Online ...
Internet Ad Sales (press release) - Taeby,NA,Sweden
... Of the respondents who said they are planning to do more shopping online this season, 49% said it's because "high gas prices make it too expensive to drive ...

Consumer confidence soars as gas prices drop
Boston Globe - United States
... for the holiday shopping season brightened yesterday with news that consumer confidence soared in November in response to a drop in gasoline prices and a ...

Motorists stop sputtering as gas prices begin to fall
The Argus - Fremont,CA,USA
Motorists can expect gas prices to fall even further this year, already having seen them drop 65 cents or more from record highs above $3 a gallon in September ...

Dipping gas prices welcome relief for area commuters
Bluefield Daily Telegraph - Bluefield,WV,USA
BLUEFIELD, Va. - After months of paying blistering prices driven by the ... "You can't beat it, really," said Va. resident Jon Smith of the $1.98 prices. ...

Exelon Subsidiary Hikes Gas Prices
Forbes - USA
PECO, a Philadelphia-based utility and subsidiary of Exelon Corp., said on Tuesday it will hike natural gas rates, effective Dec. ...

Gas prices right for holiday travel
News Courier - Athens,AL,USA
... manager with AAA Alabama, said that he thinks we will continue to see prices come down ... However, the price of gas was still 23 cents higher than a year ago. ...

Area gas prices fall back under $2
Colorado Springs Gazette - Colorado Springs,CO,USA
... motorists paid -- give or take a few cents -- after hurricanes Katrina and Rita knocked out Gulf Coast refineries and propelled rising gas prices into the ...

Peco gas prices to leap tomorrow
Philadelphia Daily News - Philadelphia,PA,USA
By SANDRA SHEA. Yesterday, Peco took the unusual step of holding a press conference to announce a 26 percent boost in gas prices, to take effect tomorrow. ...

Manufacturers to cut workers due to high natural gas prices
New Mexico Business Weekly - Albuquerque,NM,USA
Nearly half of US manufacturers say they'll be forced to lay off workers or freeze wages because of high natural gas prices, according to a National ...

Armenia Was Not Informed About Rise In Gas Prices
Armenia Diaspora - Yerevan,Armenia
... The Armenian Energy Ministry told REGNUM that it does not obtain information about a possible rise in prices for the Russian gas. ...

Oil News 11/29/05

Update 7: Oil Prices Down As Warm Weather Persists
Forbes - USA
... and concerns about a colder-than-normal winter lifted prices last week ... Heating oil and gasoline futures were mixed despite analysts' estimates for growing ...

US growth continues despite high oil prices: OECD
Xinhua - China
29 (Xinhuanet) -- The United States should enjoy solid growth despite high oil prices, but a new interest rate rise by the Federal Reserve is not excluded, the ...

Oil Prices Drop As Warm Weather Persists
San Francisco Chronicle - United States
... Oil prices have eased recently as mild weather pervaded the northeastern states, which consume three-quarters of the nation's heating oil as the biggest global ...

Rising oil prices jack up import bill
Sify - Taramani,Chennai,India
New Delhi: The rising oil prices are having immense implications for the government with the net import bill raising upto Rs 91,486 crore during 2004-05, the ...

Oil prices slip further in Asian trade
Sify - Taramani,Chennai,India
Singapore: Oil prices slipped further in Asian trade today as weather conditions in the northeastern United States remained mild, dealers said. ...

Oil Prices Down As Warm Weather Persists
Herald News Daily - Williston,ND,USA
... Forecasts for snowstorms and concerns about a colder-than-normal winter lifted prices last week ... Distillate inventories include heating oil and diesel fuel. ...

Gas prices continue fall from record highs
Providence Eyewitness News - RI,USA
... fallen by at least ten cents. Oil prices fell nearly one dollar a barrel in trading on Monday as fears eased about a spike in demand. ...

Gasoline prices in Tarrant drop below $2
Fort Worth Star Telegram - Fort Worth,TX,USA
... stations. Adequate supplies, warm weather and expanded refinery production helped crude oil prices dip by $1.35 per barrel Monday. ...

Oil Future News 11/29/05

Update 9: Crude Oil Futures Fall
Forbes - USA
Crude oil futures fell Tuesday as unseasonably mild weather along the US East Coast spurred hopes that this year's Northern Hemisphere winter could be warmer ...

Crude oil futures edge lower
MarketWatch - USA
LONDON (MarketWatch) - Oil futures edged lower on Tuesday on concerns that warm weather may sap demand. Front-month crude was recently ...

RPT - Oil futures fall over 2 pct to close at one-week low
ForexTV.com - Glen Head,NY,USA
SAN FRANCISCO (AFX) - Crude-oil futures fell more than 2 pct Monday to close at a one-week low under 58 usd a barrel and other energy prices followed suit ...

Crude Oil Futures Fall
Herald News Daily - Williston,ND,USA
SINGAPORE - Crude oil futures fell Tuesday as unseasonably mild weather along the US East Coast spurred hopes that this winter could be warmer than expected ...

Polyester prices depressed by lower oil futures (Daily Report)
EmergingTextiles.com (subscription) - Sevigne,France
28 November 2005 - Crude oil prices were further down today in Asia, falling below US$58 per barrel. Mild weather and high inventories ...

US Stock-Index Futures Rise Before Consumer Confidence Report
Bloomberg - USA
... Nasdaq-100 Index futures added 1.5 to 1694. Oil producers Exxon Mobil Corp. and Chevron Corp. dropped in Europe as crude oil futures fell for a third day. ...

OPEC in the News 11/29/05

Oil: Opec to keep tanks full
New Zealand Herald - New Zealand
LONDON - Oil fell on Tuesday after producer group Opec bent over backwards to assure consumers they would fill up their fuel tanks this winter. ...

Dialogue best means to settle energy issue: OPEC chief
People's Daily Online - Beijing,China
OPEC chief and Kuwaiti Energy Minister Sheikh Ahmad Al-Fahad Al-Ahmad Al-Sabah said Monday that dialogue is the best way to settle differences concerning ...

Mobile telecom provider in the Maldives receives OPEC Fund support
Harold Doan and Associates (press release) - Rocklin,CA,USA
An agreement for a US$7 million loan has been signed between the OPEC Fund for International Development and Wataniya Telcom Maldives Private Limited (WTM ...

OPEC daily basket price edges to 50.04 dollars
Islamic Republic News Agency - Tehran,Iran
The price of the OPEC basket of 11 crudes stood at 50.04 dollars a barrel on Monday compared with the 50.42 dollars of the previous day, according to OPEC ...

Oil producers vow to raise capacity
Forbes - USA
... producers will raise their production capacity to ensure continuity of crude supplies despite efforts by world consumers to restrain demand, the OPEC chief said ...

Refinery News 11/29/05

Energy: The High
Texas Agriculture - Waco,TX,USA
... a record volume of imports arrived, while gasoline production climbed to near pre-hurricane levels, despite significant refinery capacity remaining shut down. ...

Gasoline prices continue to drop
Scottsboro Daily Sentinel - Scottsboro,AL,USA
... The storm tightened gasoline supplies as 25 percent of US crude oil production and 10-15 percent of refinery capacity was shut down for a time. ...

Gas up and go: Local prices fall 90 cents a gallon
San Antonio Express (subscription) - San Antonio,TX,USA
... "Refinery capacity coming back on line is the biggest contributor," Parker said. "We went from about 95 percent utilization of refineries ...

Contender for 53.7% of Mazeikiu Nafta to be named this week
RIA Novosti - Moscow,Russia
... The Mazeikiu Nafta complex comprises the eponymous oil refinery, which has a capacity of 12 million metric tons of oil annually, an oil terminal in Butinge ...

Rig Notes 11/29/05

American Energy Production Inc. Completes Work on Ideco Drilling ...
Business Wire (press release) - San Francisco,CA,USA
... OTCBB: AMEP) announced today the first raising of the derrick on the Ideco drilling rig which is owned by wholly owned investee AMEP Strategic Investments Inc. ...

Hardman Resources Expects To Spud Uganda Well In Mid-Dec
Yahoo! News - USA
LONDON (Dow Jones)--Hardman Resources said Tuesday that in relation to the Uganda Block 2: Mputa-1 Wildcat, mobilisation of the drilling rig continues with ...

Gas Price News 11/29/05

Consumer confidence up as gas prices fall
BusinessWeek - USA
... "While the index remains below its pre-Katrina levels, the shock of the hurricanes and subsequent leap in gas prices has begun wearing off just in time for the ...

Consumer confidence up as gas prices dip
BusinessWeek - USA
The Conference Board, a private research company, said that falling gasoline prices and an improved jobs outlook had lifted confidence in November to a reading ...

Gazprom to hike prices for ex-republics
BusinessWeek - USA
... Last week, Georgian Prime Minister Zurab Nogaideli lamented Russia's intention to raise gas prices from their current level of $60 per thousand cubic meters to ...

China's Sinopec, PetroChina call for higher gas prices - report
Forbes - USA
BEIJING (AFX) - PetroChina Co Ltd, and China Petroleum & Chemical Corp (Sinopec) have called for higher gas prices to safeguard profits, the China Daily said. ...

Russia: CIS Gas Prices To Increase
Stratfor - USA
Gazprom intends to increase the price of gas it charges Commonwealth of Independent States countries to the levels it charges for EU countries, Deputy Gazprom ...

Gas prices dip below $2 a gallon in southern Idaho
KTVB - Boise,ID,USA
... under $2 a gallon in Idaho. Gas prices at some Twin Falls stations have dipped below $2 a gallon. At least two stations in Twin ...

Consumer Confidence Rises As Gas Prices Fall
10News.com - San Diego,CA,USA
... last month. The group cited the decline in gasoline prices and improving job prospects helping to restore confidence. The Conference ...

Gas prices continue fall from record highs
Providence Eyewitness News - RI,USA
PROVIDENCE, RI (AP) -- Gas prices are falling, but at a slower pace than the last three weeks. A survey yesterday by the state Energy ...

Despite gas prices, ski industry optimistic for good season
USA Today - USA
... Cathi Jerome at Silver Mountain in Kellogg, in Idaho's Bitterroot Range, said gas prices remain a concern. That's why the resort ...

Gas prices to fall 3% on Thursday
Globes - Rishon Le-Zion,Israel
... 96 octane gasoline sold at full-service gas stations will cost NIS 5.50 per liter, down from the current NIS 5.67. Diesel prices will be cut by 11-12%. ...

Oil Price News 11/28/05

Oil prices drop on mild Northeast weather
BusinessWeek - USA
... of Petroleum Exporting Countries, said late Sunday that his country saw no need to cut production "at the moment," and that current oil prices were "suitable ...

Oil: Prices down on mild US weather
New Zealand Herald - New Zealand
... Though well below its end-August peak, oil is still up by a third since the start of the year. Prices have doubled during a two-year rally partly fuelled by ...

Oil prices sink overnight
Australian Financial Review - Australia
... Monday's decline follows an upswing in oil and gas prices last week as meteorologists tracked a northern hemisphere winter storm that was expected to dump rain ...

Falling oil prices drag Footsie down
Ireland Online - Dublin,Ireland
Energy stocks led the FTSE 100 Index into the red today as hopes of another buoyant session in London were shattered by falling oil prices. ...

Oil prices slip below $ 58 a barrel
Sify - Taramani,Chennai,India
Singapore: Oil prices fell below $58 a barrel in Asian trade today on expectations that above-average temperatures in the United States which will mean less ...

Indexes Finish Near Lows Despite Falling Oil Prices
Investor's Business Daily (subscription) - USA
... At the New York Mercantile Exchange, January crude oil settled at $57.36 a barrel, down $1.35. ... The Oil & Gas-US Exploration & Production group shed 3.6%. ...

Oil prices drop below $58 in New York
RTE News - USA
Oil prices dropped heavily in New York today but steadied in London, as traders kept a close eye on weather conditions in the northern hemisphere. ...

Oil prices may hit growth and inflation
Sheffield Today - UK
Rocketing oil prices and demands for higher pay are the two factors which could hit prospects for re ... more ». Rocketing oil prices ...

Oil prices, competition bugs textile firms: Survey
Press Trust of India - New Delhi,India
... Increase in crude oil prices increases the raw material costs," Yarns and Fibres Senior Economist Nitin Madkaikar told PTI here. ...

Oil: Buoyant supplies temper prices
ShareCast - London,UK
... data. Forecasts for milder than usual temperatures next week in Northeast America is also expected to bring oil prices down further.

Oil Future News 11/28/05

Update 3: Crude Oil Futures Drop Below $58 a Barrel
Forbes - USA
Oil futures fell nearly a dollar, dropping below $58 a barrel, as forecasters predicted warmer weather early this week in the US Northeast, the world's largest ...

CPO to see sideways congestion
Malaysia Star - Malaysia
LAST week, the crude palm oil futures prices at the Bursa Malaysia Derivatives established fresh 11-week lows after being dampened by weak export figures and ...

Going nuts over bumper crop of coconuts crop
Financial Express - Bombay,India
... Even the First Commodities Exchange of India (FCEI) running the coconut oil futures market has not remained free of problems since it began operations on ...

OPEC in the News 11/28/05

Opec aims to fill tanks, prevent price spike
Financial Express - Bombay,India
KUWAIT, NOV 28 : Opec will pump enough oil to build up global stockpiles and cushion consumers in the United States, Europe and Japan from higher prices this ...

OPEC aims to prevent price spike
Reuters - USA
KUWAIT (Reuters) - OPEC will pump enough oil to build up global stockpiles and cushion consumers in the United States, Europe and Japan from higher prices this ...

Opec vows to maintain oil flow
Financial Times - London,England,UK
... Sheikh Ahmad al-Fahd al-Sabah, Kuwait's oil minister and the cartel's president, said Opec would continue to pump more oil than consumers need at present ...

Dialogue best means to settle energy, environment issues - OPEC ...
Kuwait News Agency - Kuwait
... in opinion or problems concerning energy and the environment and is the method adopted by both the Organization of Petroleum Exporting Countries (OPEC) and the ...

Nigeria's oil resources
WorldNetDaily - Grants Pass,OR,USA
... Nigeria remains a member of OPEC, although conflicts over production quotas remain a source of conflict. OPEC increased Nigeria's ...

Refinery News 11/28/05

Information And Oil Markets
Middle East Economic Survey - Beirut,Lebanon
... debate earlier in the year focused on whether or not there was enough production capacity and of what crude, whether there was enough refinery capacity to meet ...

JOHN FUND ON THE TRAIL
Opinion Journal - Princeton,NJ,USA
After Hurricane Katrina temporarily knocked out 30% of America's oil refinery capacity and caused gasoline prices to spike, it became dramatically obvious that ...

ConocoPhillips to purchase German refinery
Oil & Gas Journal - Houston,TX,USA
... 2006. The Wilhelmshaven refinery would increase ConocoPhillips' overall European refining capacity to 647,000 b/d, the company said. ...

India's 05/06 oil sales to rise 1-2 pct - IOC
Reuters India - Mumbai,India
... Surpluses will increase when the Panipat refinery expands," he said. The refinery's capacity is being doubled to 240,000 barrels per day (bpd) by March. ...

Venezuela Refinery Mishaps Increase, Spur Criticism of Chavez
Bloomberg - USA
... Paraguana can process 940,000 barrels a day, making it larger than any single refinery in the US, and Puerto La Cruz has a capacity of 203,000 barrels a day. ...

Dream Viet oil project now reality
The Standard - Hong Kong
... The complex is expected to have an annual capacity of 6.5 million tonnes ... They balked at the Vietnamese authorities' insistence to locate the refinery close to ...

Rig Notes 11/28/05

Centurion Updates Activities in Egypt and Tunisia
CCNMatthews (press release) - Toronto,ON,Canada
... The Precision drilling rig #147 is drilling the El Wastani 11 location. The primary targets are in the Lower Abu Madi and Qawasim reservoirs. ...

Double Eagle Petroleum Reports Project Update
PR Newswire (press release) - New York,NY,USA
... The initial drilling rig was released on November 22, 2005. An offset well will be permitted 50 feet to the north and will be spudded ...

Magellan Petroleum Announces Kiana-1 Production Testing Update and ...
PR Newswire (press release) - New York,NY,USA
... South. Longitude: 142 degrees 32' 25.54" East (GDA 94). Drilling Rig: EIES Rig 20. Proposed Total Depth: 1,395 metres RT. Objective ...

Gas Price News 11/28/05

UK Ofgem asks EU commission to investigate high gas prices
Forbes - USA
... AFX) - The UK's energy regulator, Ofgem, has asked the EU commission to investigate possible market distortions which might explain high gas prices in the UK. ...

Lower Gas Prices -- NOW!: Proposal by New Group Would Change ...
Wisbusiness.com - Madison,WI,USA
Richard McDonald, president of the Lower Gas Prices -- NOW! Coalition, said his group of gas station owners split from the Wisconsin ...

Consumer confidence improves on lower gas prices
Inman.com (subscription) - Emeryville,CA,USA
Consumer confidence ended a three-month plunge in November with substantial improvements from previous months due to declines in gas prices, according to the ...

Those lower gas prices . . .
Orlando Sentinel - Orlando,FL,USA
Gas prices, while still higher than a year ago, have fallen as Gulf Coast oil facilities damaged by hurricanes have come back on line and driving demand has ...

MOL will not hike retail gas prices from January
Portfolio.hu - Budapest,Hungary
... Saturday that MOL will not increase the retail price of natural gas for households ... 2) the government would be more tolerant when MOL is increasing fuel prices. ...

Gas prices still stink
Rockford Register Star - Rockford,IL,USA
... Look at all the other things going up because of gas and all the businesses going bankrupt because of gas prices. Are your government leaders helping? ...

Gas prices fall for eighth week in a row
Detroit Free Press - United States
Michigan motorists saw gasoline prices fall for the eighth straight week to $2.10 a gallon, according to a survey of 2,800 service stations conducted by AAA ...

Letter - Gas prices higher in Danville
Danville Advocate - Danville,KY,USA
... I drove to Lexington on a recent Saturday and paid $1.88 a gallon and on Sunday the gas prices in Danville still had not fallen. ...

Dip in gas prices a holiday bonus
Salem News - MA, USA
... Average gas prices in Massachusetts surpassed $2 a gallon in late March, jumped up to about $2.60 during the summer and peaked at more than $3 a gallon after ...

Massachusetts Gas Prices Heading For Sub $2 Mark
CBS4Boston - Boston,USA
(CBS4) BOSTON The average gas price in Massachusetts dropped another 6 cents in the latest AAA Southern New England survey to $2.07 a gallon for self-serve ...

Refinery News 11/25/05

Oil May Stay Near $59 as Inventories Meet Demand, Survey Shows
Bloomberg - USA
... Demand should rise as increased US refinery capacity utilization means more usage of crude,'' said Dariusz Kowalczyk, investment strategist at CFC Seymour Ltd. ...

Gas dips below $2/gallon
News Courier - Athens,AL,USA
... Hurricane Katrina initially took out more than 25 percent of US crude oil production and 10-15 percent of US refinery capacity. ...

UPDATE 1-ConocoPhillips to purchase German refinery
Reuters - USA
... COP.N: Quote, Profile, Research) on Friday said it would buy a German refinery for cash in a move that would increase its European refining capacity by about ...

Rig Notes 11/25/05

 American Oil & Gas Updates Douglas Project Activity
PR Newswire (press release) - New York,NY,USA
... of an initial two well drilling program in the 51,000 acre Fetter Field project area, have been temporarily suspended to obtain a more suitable drilling rig. ...

Successful Testing of Kharir North Sep Out Well KHA-3-07, Yemen
OilVoice (press release) - UK
... The partners have also recently contracted a third drilling rig that is currently moving onto the Block in preparation to drill a second Basement exploration ...

Carpinteria wrestles with drilling derrick in town
Santa Barbara News-Press (subscription) - Santa Barbara,CA,USA
... Called the Paredon Project, the plans call for the installation of a 175-foot-high drilling rig next to Venoco's oil and gas processing plant near City Hall. ...

Oil Price News 11/25/05

Oil prices fall further on easing supply concerns
Forbes - USA
LONDON (AFX) - Oil prices fell, with supplies of heating fuel deemed adequate to meet demand during the northern hemisphere winter despite the onset of ...

Imports up 7.8% in September, pushed up by oil prices
INQ7.net - Philippines
Government and private economists attributed the increase to high world oil prices. The National Economic and Development Authority ...

`Oil prices hitting Asian economies`
Business Standard - India
China today said the rising international oil prices had slowed down consumption, particularly in Asia where the most rapid economic development in the world ...

ATF prices to be reduced from Dec 1 -- Airlines yet to decide on ...
Hindu Business Line - India
... This would be in line with global trends as international oil prices are moving southwards," Mr Narsimhan said on the sidelines of a conference. ...

Asian oil ministers for stable and reasonable oil prices
Webindia123 - India
The first Round Table of Asian Oil Ministers today expressed concern over the volatility in international oil and gas prices, and agreed that stable and ...

Rising oil prices spur interest in petroleum engineering
WALB-TV - Albany,GA,USA
With the old generation retiring and new interest in drilling, jobs for petroleum engineers are plentiful and the pay is good, starting at 50-thousand dollars. ...

Oil prices, demand are inflation risks - Mboweni
Mining Weekly - Gardenview,Eastern Cape,South Africa
Global oil prices and domestic demand still posed "significant risks" to South Africa's inflation outlook, but so far none had materialised, central bank ...

Gasoline prices drop at pump
Cape Cod Times - Hyannis,MA,USA
... 6. David O'Connor, the state energy resources commissioner, pointed to the drop in crude oil prices as one of the reasons why heating oil prices have been ...

Trade surplus shrinks 28.8% as high oil prices boost imports
The Japan Times - Japan
... to 5.91 trillion yen, up for a 23rd straight month, imports climbed by 17.8 percent to 5.088 trillion yen, thanks mainly to soaring oil prices, the ministry ...

Oil prices ease in quiet trading before holiday
Financial Times - London,England,UK
... Crude oil prices eased back as the latest weekly inventory data from the US Energy Information Administration showed a smaller-than-expected increase in crude ...

Oil Price News 11/24/05

Oil prices continue lower on ample US inventory levels
Forbes - USA
LONDON (AFX) - Oil prices continued lower in thin trade as healthy US stockpile levels eased supply concerns ahead of winter, but analysts said the falls were ...

For fifth time, oil firms cut fuel prices by P0.50/liter
INQ7.net - Philippines
... have dropped a total of P2.85 to P3.05 a liter and of diesel by P2.60 to P2.80 a liter as a result of softening international crude oil prices, according to ...

Oil prices, demand are inflation risks - S.Africa c.bank
Reuters South Africa - Johannesburg,South Africa
PRETORIA (Reuters) - Global oil prices and domestic demand still posed "significant risks" to South Africa's inflation outlook, but so far none had materialised ...

Oil prices cut by P0.50
INQ7.net - Philippines
... Total, and Eastern Petroleum. The softening of world oil prices was cited as the reason for the rollback, the fifth this month.

Gasoline prices fall for 1st time in 5 months
Japan Today - Tokyo,Japan
The center attributed the fall to a recent slip in crude oil prices on the international oil market. Prices of petroleum products ...

Forces near and far push down gas prices
Boston Globe - United States
... International oil prices have been dropping slightly, more and more gasoline refining capacity is coming back online in Gulf Coast areas ravaged by hurricanes ...

Oil prices drop over stronger US crude inventories
People's Daily Online - Beijing,China
World oil prices fell on Wednesday over stronger US crude inventories, which helped to offset concerns about shortfalls in heating fuel supplies this winter. ...

Stocks boosted by falling oil prices
Philadelphia Inquirer - Philadelphia,PA,USA
NEW YORK - Better-than-expected consumer-confidence numbers and a drop in oil prices sent stocks higher yesterday, extending Wall Street's November rally in ...

Consumer confidence, oil prices lift stocks
MSN Money - USA
... claims last week. But falling oil prices and a big jump in a consumer confidence measure helped spur the rally. The University of ...

Tullow to Increase Natural Gas Production as UK Prices Soar
Bloomberg - USA
... ``We should be able to get an extra kick out of it,'' said Heavey, who predicted oil prices may average as much as $75 a barrel in the next three years. ...

Gas Price News 11/24/05

Bank 'keeping eye' on gas prices
BBC News - UK
The Bank of England will keep a close eye on changes in gas prices and their potential impact on inflation, governor Mervyn King has told MPs. ...

Tullow to Increase Natural Gas Production as UK Prices Soar
Bloomberg - USA
... UK gas prices have more than quadrupled in the past year amid surging demand and falling temperatures. Terra Industries Inc., Britain's ...

Gas prices will have to rise, admits Blair
Telegraph.co.uk - United Kingdom
Tony Blair admitted yesterday that gas prices would rise in the weeks ahead and accepted that industry faced a difficult few months. ...

Forces near and far push down gas prices
Boston Globe - United States
... Average Bay State gas prices dropped to $2.14 a gallon yesterday, according to the American Automobile Association/Oil Price Information Service daily survey. ...

High gas prices drive luxury car buyers downscale
Detroit Free Press - United States
The luxury car market, once considered immune from high gas prices, is starting to show signs that even some wealthy folks could be feeling the pinch. ...

Gas prices give holiday travelers a break
Newburyport Daily News - MA, USA
... Travelers benefitted from dipping gas prices, but faced an onslaught of challenges to drive to and from Thanksgiving festivities, including forecasts of poor ...

Gas Prices Continue To Drop
10News.com - San Diego,CA,USA
... "Over the next month, prices could fall by as much as 15 to 20 cents per gallon.". One La Mesa gas station offered a gallon of regular unleaded for $1.99. ...

Gas prices down for Thanksgiving
East Valley Tribune - Mesa,AZ,USA
Motorists can be thankful for gas prices that are down significantly from a month ago, but there's sure to be grumbling around the table when drivers learn ...

England: higher gas prices make ten thousands die
Indymedia Argentina - Rosario,Santa Fe,Argentina
... on the wall' is about coming death, offered today even by The Times in an alarming article: "It took just a few days of frost to push the spot gas price to ...

Gas prices cut into family plans
Corpus Christi Caller Times - Corpus Christi,TX,USA
... extended family. Until this year. "If the gas prices were lower I would have gone," she said. "But it's just impossible.". She estimated ...

Rig Notes 11/24/05

Grand Banks Announces Third Quarter 2005 Results
CCNMatthews (press release) - Toronto,ON,Canada
... Earlier in the year, the Corporation contracted a drilling rig and moved it to southeast Saskatchewan, to undertake a multi-well drilling program. ...

International Frontier Resources Corporation: News Release
CCNMatthews (press release) - Toronto,ON,Canada
... Devonian. In September a drilling rig and lease construction equipment were staged on the west side of the Mackenzie River. Road ...

OPEC in the News 11/24/05

OPEC Exports Seen Down 100,000 B/D TO Dec 10-Oil Movements
Business Online - London,UK
... said Thursday. OPEC's seaborne exports are seen falling by 110,000 barrels-a-day to 24.81 million b/d in the four weeks to Dec. 10 ...

OPEC Fund delivers food aid to Burkina Faso
ReliefWeb (press release) - Geneva,Switzerland
Together with the World Food Program (WFP), the OPEC Fund for International Development today launched the distribution of emergency food rations to towns and ...

Iran's president urged to compromise over oil post
ABC News - USA
... attempts. Parliament's overwhelming rejection on Wednesday of Ahmadinejad's third oil minister nominee left oil policy in OPEC's No. ...

OPEC to cut output as prices fall
Nigeria Daily Independent - Ikeja,Lagos,Nigeria
Organisation of Petroleum Exporting Countries (OPEC) is contemplating a cut in crude oil production in the first half of next year if world demand declines ...

PARLIAMENT REJECTS THIRD NOMINEE FOR TEHRAN OIL MINISTER
Financial Times - London,England,UK
Iran's parliament yesterday rejected president Mahmoud Ahmadi-Nejad's third nominee for the oil ministry, leaving Opec's second largest producer still without ...

Refinery News 11/124/05

 Crude oil exports hit record high
Latin America Press - Lima,Peru
... forcing the company to spend an additional $1.18 billion to import gasoline and other refined products because of a lack of refinery capacity to process crude ...

Oil Price News 11/23/05

Oil Prices Slump After Inventory Report
CBS News - USA
(AP) Oil prices turned lower Wednesday after a government report showed the ... Oil prices began falling in electronic trading after the report was released. ...

S&P 500 Rises for a Sixth Day on Oil Prices, Fed Optimism
Bloomberg - USA
Nov. 23 (Bloomberg) -- The Standard & Poor's 500 Index rose for a sixth day as a drop in oil prices combined with optimism the Federal Reserve may soon end its ...

Milan shares close higher, supported by lower oil prices - UPDATE
Forbes - USA
MILAN (AFX) - Share prices closed higher, supported by lower oil prices, with Fondiaria-SAI leading the gainers on a positive note from Goldman Sachs, and BMPS ...

A dip in heating oil prices offers relief
Newsday - Long Island,NY,USA
Home heating oil prices fell again last week, the state said yesterday, but the Long Island average of $2.672 a gallon still is almost 44 cents higher than a ...

Profit-taking, soft oil prices hit Toronto stocks
Reuters Canada - Toronto,Canada
... The influential energy sector was hit by weaker crude prices after US oil data showed inventories rose last week. Crude was down 64 cents a barrel at $58.20. ...

Dow Average, S&P 500 Gain as Oil Prices Decline in New York
Bloomberg - USA
Nov. 23 (Bloomberg) -- The Dow Jones Industrial Average and the Standard & Poor's 500 Index gained as oil prices declined in New York. ...

Oil prices near $ 59
Sify - Taramani,Chennai,India
... Oil prices have been dictated recently by weather in the northeastern United States, which consumes about three-quarters of the country's heating oil and is ...

Oil prices back on the rise: analyst
Australian - Australia
OIL prices climbed in Asian trading today driven by demand for heating fuel as temperatures fell ahead of the northern hemisphere winter, dealers said. ...

Viet Nam cuts retail petrol prices to aid consumers
Viet Nam News - Hanoi,Vietnam
... Government has officially decided to reduce its retail petrol prices by VND500 (3 US cents) per litre, as of yesterday, despite increasing oil prices in the ...

Oil prices near $59 a barrel
BizNewOrleans.com - Metairie,LA,USA
SINGAPORE (AP) -- The approach of a possible winter storm in the US Northeast pushed oil prices closer to $59 a barrel today amid expectations for higher ...

Rig Notes 11/23/05

 GlobalSantaFe Worldwide SCORE Stays on Track
Oil & Gas Journal - Houston,TX,USA
GlobalSantaFe's SCORE compares the profitability of current mobile offshore drilling rig dayrates to the profitability of dayrates at the 1980- 1981 peak of ...

Refinery News 11/23/05

Korean oil refiners plan upgrades
International Herald Tribune - France
... year, he said. "US light-product demand growth is outstripping refinery capacity additions," Freiburger said. Sour crude sells for ...

Gas prices drop, but how long will it last?
Knoxville News Sentinel (subscription) - Knoxville,TN,USA
... US refinery capacity is normally 94 percent but is now at 86 percent, Wright said. Mark Burton, director of transportation economics ...

Refinery for Cooper Basin
Advertiser Adelaide - Adelaide,South Australia,Australia
... Stuart managing director Tino Guglielmo said yesterday he expected the refinery's capacity of 100 million litres to be produced from its seven South Australian ...

US racing the clock to find alternate fuels
Minneapolis Star Tribune (subscription) - MN,USA
... diesel. But diesel is a conservation measure, not a substitute for oil; its availability is constrained by tight US refinery capacity. ...

OPEC in the News 11/23/05

OPEC daily basket price edges to 50.70 dollars
Islamic Republic News Agency - Tehran,Iran
The price of the OPEC basket of eleven crudes stood at 50.70 dollars barrel on Tuesday, compared with the 50.15 dollars of the previous day, according to OPEC ...

OPEC Fund extends debt relief to Burkina Faso under Enhanced HIPC ...
Harold Doan and Associates (press release) - Rocklin,CA,USA
The OPEC Fund for International Development today signed an agreement with Burkina Faso for the provision of debt relief within the framework of the ...

OPEC Fund extends US$80,000 grant to help introduce health care ...
Harold Doan and Associates (press release) - Rocklin,CA,USA
The OPEC Fund for International Development has approved a grant of US$80,000 to co-finance construction of a health care center in the Kitui district in Kenya ...

Iranian MPs reject nominee for oil minister
Daily Times - Lahore,Pakistan
The second biggest exporter in the Organisation of the Petroleum Exporting Countries (OPEC) has been rudderless since August, and parliamentary hostility to ...

Oil holds near $59 as weather turns chillier
Reuters - USA
... November oil output by the OPEC, which has been pumping at top rates, was expected to bounce back above 30 million barrels per day, after dipping to 29.9 ...

Cheaper oil will not help consumers
MyFinances.co.uk - London,UK
... peaked. This has meant that OPEC spare production capacity has been substantially absorbed, eliminating the slack in the system.". ...

Gov't offers $1.5 bln in 2016, 2020 Eurobonds
Daily Journal - Caracas,Venezuela
... The OPEC-member nation has since completed domestic and foreign debt swaps, buybacks and refinancing deals for more than $10 billion. ...

OPEC in the News 11/22/05

Oil: Prices rise on cold but Opec supply seen steady
New Zealand Herald - New Zealand
LONDON - Oil bounced off a five-month low on Monday as a drop in temperatures spurred heating fuel demand, but assurances from Opec over future output limited ...

OPEC CALLS FOR LOWER TAXES
Free Market News Network - Pompano Beach,FL,USA
In response to complaints about high oil prices, OPEC leaders are suggesting that governments, especially in Europe, should lower taxes that consumers pay for ...

US as OPEC's hostage
Washington Times - Washington,DC,USA
... The Saudi-led OPEC cartel possesses the economic equivalent of the atomic bomb, with the potential to jeopardize our ability to rout terrorism in the Middle ...

Kuwait OPEC representative asserts December meetings crucial
Kuwait News Agency - Kuwait
(With photos) KUWAIT, Nov 22 (KUNA) -- The extraordinary ministerial meetings of the Organization of Petroleum Exporting Countries (OPEC) Kuwait is to host in ...

OPEC's daily basket price edges to 50.15 dollars
Islamic Republic News Agency - Tehran,Iran
The price of the OPEC basket of 11 crudes stood at 50.15 dollars a barrel on Monday compared with the 49.49 dollars of the previous day, according to OPEC ...

Iran's third oilmin nominee faces opposition
Reuters - USA
... in a vote on Wednesday, President Mahmoud Ahmadinejad will be hurled into an unprecedented political crisis and the energy policy of OPEC's second biggest ...

UAE to build 300,000 bpd refinery
Trade Arabia - Manama,Bahrain
The UAE plans to build a new oil refinery with a capacity of 300,000 barrels per day (bpd) in the Gulf Opec producer, Oil Minister Mohammed Al Hamli said. ...

Oil Future News 11/22/05

Futures Movers Cold-weather forecasts push oil higher
MarketWatch - USA
NEW YORK (MarketWatch) - Crude-oil futures edged higher early Tuesday on continued expectations that cold weather in the US and elsewhere will buoy demand for ...

LME Says China Copper Short Report Rumor, Speculation (Update4)
Bloomberg - USA
... as $300 million from the wrong-way bets, according to Wang Zheng, a trader at Shanghai Dalu Futures. ... In November last year, China Aviation Oil (Singapore) Corp ...

Tuesday's Commodities Roundup
Forbes - USA
Crude-oil futures in New York rallied more than $1 a barrel Tuesday on forecasts of colder weather in the US Northeast and light-volume covering of short ...

Rig Notes 11/22/05

Iran Alborz semi-floating drilling rig nearly done
IranMania News - Iran
LONDON, November 22 (IranMania) - The construction operations of Alborz semi-floating drilling rig are underway with over 94 % physical progress, Mohammad ...

SapuraCrest / Smedvig lands two rig contracts
Oil & Gas Journal - Houston,TX,USA
The first LoI was was signed by wholly-owned subsidiary Petcon (Malaysia) Sdn Bhd to deploy tender assisted drilling rig, Teknik Berkat, for 600 days on ...

Rig drilled into mine, sucking lake dry 25 years ago
Dateline Alabama - Birmingham,AL,USA
... More water rushed through, making the hole still larger, until finally it was big enough to engulf barges, tugboats and the drilling rig that started the whole ...

TODCO Announces the Reactivation of Three Cold-Stacked Drilling ...
Yahoo! News (press release) - USA
... The offshore submersible drilling rig, THE 77, which has been cold stacked since 1999, will be reactivated and upgraded against a nine-month term contract with ...

Big boom, big rigs equal big bucks
Hood County News - Granbury,TX,USA
by STAN WEINBERG. Nothing happens on the largest natural gas drilling rig in Hood County without head tool pusher Wayne Lemkelde knowing about it. ...

Refinery News 11/22/05

Refinery bottleneck to ease
Christian Science Monitor - Boston,MA,USA
... "When you look at our nation's current refinery capacity and see how hard the refineries are run and then add the outlook for increased petroleum demand, you ...

South Korean refiners plan plant upgrades
Business Times - Malaysia - Malaysia
... "US light-product demand growth is outstripping refinery capacity additions," Freiburger said. South Korea's capacity to process ...

Tesoro's Kenai Refinery to Produce Cleaner Diesel for Alaska ...
Business Wire (press release) - San Francisco,CA,USA
... Today, the Kenai Refinery has a crude capacity of 72,000 bpd and produces distillates, such as jet fuel and diesel fuel as well as gasoline, liquefied ...

Venezuela's Chavez to Discount Heating Oil in Boston (Update2)
Bloomberg - USA
... Sales of 66,000 barrels a day would represent about 10 percent of the refinery capacity that Citgo controls in the US, Venezuelan Oil Minister Rafael Ramirez ...

Oil Price News 11/22/05

Oil: Prices rise on cold but Opec supply seen steady
New Zealand Herald - New Zealand
... Oil exporters from the Organisation of the Petroleum Exporting Countries said they would not consider a cut at next month's meeting in Kuwait unless prices ...

`World oil prices likely to settle at $64 up to 2010'
Hindu Business Line - India
WORLD oil prices are likely to settle at $64 per barrel up to 2010 fuelled by high demand and lack of supplies, an international oil expert has said. ...

US stocks dip as oil prices near $59 a barrel
Reuters - USA
NEW YORK, Nov 22 (Reuters) - US stocks fell on Tuesday as higher oil prices renewed fears about the impact on corporate profits, and investors were reluctant ...

US Stocks Decline on Interest-Rate Concern, Crude Oil Prices
Bloomberg - USA
Nov. 22 (Bloomberg) -- US stocks fell on speculation further interest-rate increases and higher oil prices will sap consumer demand. ...

US stocks decline as crude oil prices rebound
Reuters.uk - UK
NEW YORK, Nov 22 (Reuters) - US stocks fell at the start of trading on Tuesday, as an increase in oil prices renewed worries about the impact of higher energy ...

Stock market signals mixed as Canadian inflation eases, oil prices ...
Vancouver Sun (subscription) - Vancouver,British Columbia,Canada
TORONTO (CP) - Global indicators were mixed for North American stock markets early Tuesday while Canadian inflation eased and oil prices rose. ...

Madrid shares down midday on weak US futures, oil prices; Repsol ...
Forbes - USA
MADRID (AFX) - Share prices were lower in thin midday trade with Wall Street set to open lower amid rising oil prices, which favoured Repsol YPF and Cepsa ...

China unlikely to liberalize oil prices soon - Deutsche Bank ...
Forbes - USA
BEIJING (AFX) - China is unlikely to liberalize oil prices anytime soon despite repeated hints by the National Reform and Development Commission (NDRC) that ...

BOK Expects Up to 15% Hike in Oil Prices
Korea Times - South Korea
By Kim Sung-jin. The central bank of South Korea predicted that the international crude oil price would rise further next year. The ...

Oil Prices and Taxes
Asharq Alawsat - London,UK
King Abdullah Bin Abdulaziz's recent comments about the correlation between the rise of oil prices in global markets and the rise of taxes in oil-importing ...

Rig Notes 11/21/05

Alborz semi-floating drilling rig about to be completed
MehrNews.com - Tehran,Iran
21 (MNA) -- The construction operations of Alborz semi-floating drilling rig are underway with over 94 percent physical progress, Mohammad Hossein Dana, the ...

New Zealand Oil & Gas Announces Go-ahead For Tui Oil Field
OilVoice (press release) - UK
... In addition to the drilling rig and FPSO contracts, the joint venture has negotiated commercial terms and is close to finalising contracts for the provision of ...

Burren Energy Announces Results of First Nebit Dag East ...
OilVoice (press release) - UK
... The existing drilling rig will shortly be joined by a further deep drilling rig which is expected to be ready to commence operations in early January. ...

New Zealand's First Stand Alone Offshore Oil "Tui Area Oil Project ...
Asia Corporate News Network (press release) - Sydney,NSW,Australia
... In addition to the drilling rig and FPSO contracts the joint venture has negotiated commercial terms and is close to finalising contractual arrangements for ...

Smaller companies report: Monday close
This is Money - UK
EMPYREAN Energy shares surged 50% after saying t