Oil Blog

Refinery News 2/28/06

More platinum refinery capacity envisaged
Mineweb - Johannesburg,South Africa
... Certainly, Lonmin itself does not need the smelting capacity envisaged in the $10 million feasibility study that is scheduled to last 12 months. ...

China drives new-build orders
TMCnet - USA
... In the clean product market, damage from hurricanes Katrina and Rita served to underline the lack of refinery capacity in the US. ...

360,000 bpd condensate refinery to be established at SP
MehrNews.com - Tehran,Iran
... "As part of the same plan, another heavy crude refinery, with initial capacity of 160,000 bpd, will be constructed at Azadegan Oilfield and $12b of ...

Purvin & Gertz: China: Can Rapid Growth Be Sustained?
PR Newswire (press release) - New York,NY,USA
... to growth. Refinery capacity was carefully documented and crude runs by all of the major refineries presented. Our proprietary refinery ...

Largely a domestic commodity, natural gas will remain in heavy ...
Newsday - Long Island,NY,USA
... supplies generally are more reliable than those of crude oil or heating oil because they aren't dependent upon the nation's tight refinery capacity and because ...

750 mn tonne refinery in Barmer soon: Governor
Webindia123 - India
... several allied industries would also be set up alongwith the refinery, which are ... that it is necessary to increase the present 5380 megawatt capacity to 10,000 ...

ConocoPhillips completes deal for German refinery
Houston Business Journal - Houston,TX,USA
... For ConocoPhillips, the Wilhelmshaven refinery increases the company's overall European refining capacity from about 372,000 barrels per day to approximately ...

Oil Price News 2/28/06

Supreme Court throws out gas prices suit
BusinessWeek - USA
FEB. 28 11:07 AM ET The Supreme Court on Tuesday threw out a lawsuit that accused two oil companies of inflating gas prices by at least $1 billion. ...

State gas prices increase to $2.30
Detroit Free Press - United States
Michigan gas prices have averaged over $2 a gallon for one year, and experts acknowledge that fuel costs will likely never fall below that threshold again. ...

Powergen hikes gas prices 24%
Guardian Unlimited - UK
... their prices until 2010. It claims customers who switch their electricity and gas to the scheme can save £30 on British Gas prices.

Crude, natural-gas prices trade well below month-ago levels
FXstreet.com The Futures Market - Barcelona,Spain
SAN FRANCISCO (AFX) -- Crude futures rose slightly while natural-gas prices tapped their lowest levels in almost a year, but both energy commodities were ...

Hayrusgazard Asks Commission To Raise Gas Prices
Armenia Diaspora - Yerevan,Armenia
... which is Armenia's sole natural gas operator, has asked today the Public Services Regulatory Commission to establish new prices of natural gas for individual ...

High Gas Prices Draining Pockets
Charlotte Sun-Herald - Charlotte,FL,USA
NORTH PORT -- With gas prices still high, many high school students are finding it harder to keep their cars on the road. Drivers ...

Gas prices varied on Monday
Elkhart Truth - Elkhart,IN,USA
... When the gas gauge is getting close to the "E" mark, it's a roll of the dice whether it's worth trying to go ... Call Pump Patrol at 296-5979 with today's prices. ...

Mid-valley gas prices below state average
Albany Democrat Herald - Albany,OR,USA
Mid-valley gasoline prices have been falling for five weeks in a row, with the price for a gallon of regular unleaded dipping as low as $1.93 per gallon at ...

Supreme Court throws out lawsuit over gas prices
Katu.com - Portland,OR,USA
WASHINGTON - The Supreme Court ruled Tuesday that two oil companies could not be sued over allegations they teamed up to inflate gas prices. ...

Pump prices up again
DetNews.com - Detroit,MI,USA
Gas prices continued their erratic course last week, jumping more than 11 cents a gallon across Michigan just days after hitting lows not seen in months. ...

Gas Price News 2/28/06

Supreme Court throws out gas prices suit
BusinessWeek - USA
FEB. 28 11:07 AM ET The Supreme Court on Tuesday threw out a lawsuit that accused two oil companies of inflating gas prices by at least $1 billion. ...

State gas prices increase to $2.30
Detroit Free Press - United States
Michigan gas prices have averaged over $2 a gallon for one year, and experts acknowledge that fuel costs will likely never fall below that threshold again. ...

Powergen hikes gas prices 24%
Guardian Unlimited - UK
... their prices until 2010. It claims customers who switch their electricity and gas to the scheme can save £30 on British Gas prices.

Crude, natural-gas prices trade well below month-ago levels
FXstreet.com The Futures Market - Barcelona,Spain
SAN FRANCISCO (AFX) -- Crude futures rose slightly while natural-gas prices tapped their lowest levels in almost a year, but both energy commodities were ...

Hayrusgazard Asks Commission To Raise Gas Prices
Armenia Diaspora - Yerevan,Armenia
... which is Armenia's sole natural gas operator, has asked today the Public Services Regulatory Commission to establish new prices of natural gas for individual ...

High Gas Prices Draining Pockets
Charlotte Sun-Herald - Charlotte,FL,USA
NORTH PORT -- With gas prices still high, many high school students are finding it harder to keep their cars on the road. Drivers ...

Gas prices varied on Monday
Elkhart Truth - Elkhart,IN,USA
... When the gas gauge is getting close to the "E" mark, it's a roll of the dice whether it's worth trying to go ... Call Pump Patrol at 296-5979 with today's prices. ...

Mid-valley gas prices below state average
Albany Democrat Herald - Albany,OR,USA
Mid-valley gasoline prices have been falling for five weeks in a row, with the price for a gallon of regular unleaded dipping as low as $1.93 per gallon at ...

Supreme Court throws out lawsuit over gas prices
Katu.com - Portland,OR,USA
WASHINGTON - The Supreme Court ruled Tuesday that two oil companies could not be sued over allegations they teamed up to inflate gas prices. ...

Pump prices up again
DetNews.com - Detroit,MI,USA
Gas prices continued their erratic course last week, jumping more than 11 cents a gallon across Michigan just days after hitting lows not seen in months. ...

OPEC in the News 2/28/06

Nigerian violence may delay OPEC cuts ...MEND to escalate state of ...
Vanguard - Apapa,Lagos,Nigeria
VIOLENT unrest in Nigeria that has led to about 30 per cent cut in the country's crude output could persuade OPEC to maintain its level of oil output at a ...

Oil firms over $61 after steep slide
Scotsman - United Kingdom
LONDON (Reuters) - Oil steadied over $61 on Tuesday as Algeria renewed its call for OPEC to keep the taps open when it meets on March 8 and analysts forecast ...

Commodities continue to drive Canadian economic boom
DCErates.com - Vancouver,BC,Canada
... to $62 range for the time being given all the potential for disruption in the oil hot spots of the world, and also in anticipation of the OPEC meetings next ...

NYMEX crude slips; foiled Saudi attack, US supplies
Reuters - USA
... The International Atomic Energy Agency meets on March 6 in Vienna to discuss its latest report on OPEC oil producer Iran's nuclear row with the West. ...

Rig Notes 2/28/06

Sierra Vista Contracts Drilling Rig, Grants Options, and Confirms ...
CCNMatthews (press release) - Toronto,ON,Canada
... Lakota Energy Services Inc. ("Lakota") for the delivery of a drilling rig on/or about December 1, 2006. The Corporation will have ...

MORE Company News
Houston Chronicle - United States
... ACOR is pleased to announce that the Mirage-2 well is being completed as a potential Murta Formation oil well and the drilling rig released. ...

Pason Reports 4th Quarter & Year-End 2005 Results, Stock Split
Canada NewsWire (press release) - Canada
... in both Canada and the United States, over time the Company expects revenue per service rig site to be approximately 25% of that of the drilling rig site. ...

Rival Energy Ltd. Updates 2005 Results and Announces 2006 Budget ...
CCNMatthews (press release) - Toronto,ON,Canada
... Rival has a five well drilling program proposed for this pool, with the first two wells currently awaiting the availability of a drilling rig. ...

Oil Price News 2/27/06

Stock markets end mixed as crude-oil, bullion prices ease; loonie ...
CBC News - Canada
US indexes advanced as lower oil prices and solid earnings from Lowe's Cos. boosted investors' confidence in the economy and corporate earnings. ...

US Stocks Advance on Lowe's Profit, Decline in Oil Prices
Bloomberg - USA
... and an almost $2-a-barrel drop in oil prices. Retailers led the gains after Lowe's posted the biggest increase in quarterly profit in three years. ...

US stocks edge up as oil prices tumble
Xinhua - China
27 (Xinhuanet) -- US stocks edged up Monday as world oil prices fell sharply to 61 dollars a barrel, shrugging off the declining of sales of new homes. ...

Oil prices plummet to 61 dollars as Iran nuclear crisis eases
Xinhua - China
27 (Xinhuanet) -- World oil prices fell sharply to 61 dollars a barrel Monday as Iran agreed with Russia to establish a joint uranium enrichment venture. ...

Inflation under 5%, but oil prices may hurt
Business Standard - India
The rising and volatile global crude oil prices can impart an element of uncertainty to the inflation outlook and affect the investment climate in the country ...

Wall Street watches oil, awaits housing data
Albany Business Review - Albany,NY,USA
NEW YORK - Concerns about potential escalation of sectarian violence in Iraq and the fallout from resurgent crude oil prices may send investors scurrying for ...

Gold Declines as Lower Oil Prices Eases Inflation Speculation
Bloomberg - USA
Feb. 27 (Bloomberg) -- Gold fell in London as a decline in crude oil prices eased investor speculation that higher energy prices will stoke inflation. ...

Stocks set to open higher as oil prices slip
ABC News - USA
Feb 27, 2006 -- LONDON (Reuters) - Shares on Wall Street were expected to open stronger on Monday as crude oil prices fell 1.5 percent to $62 a barrel. ...

US stocks advance at open on lower oil prices
Reuters - USA
NEW YORK, Feb 27 (Reuters) - US stocks opened higher on Monday as oil prices fell, soothing concern about the impact of high energy costs on corporate profits ...

Early stock market indicators positive; crude-oil prices ease
CBC News - Canada
Wall Street futures suggested a strong start for regular trading while crude-oil prices eased. European indexes were higher in early trading. ...

Gas Price News 2/27/06

Natural gas prices going down
News 14 Carolina - Raleigh,NC,USA
... decreases for PSNC and Piedmont Natural Gas. That means gas prices across the Triangle are falling and residents could not be happier. ...

US Oil Stks Dn On Falling Prices, Stable Nat Gas Supplies
New Ratings - USA
... reduced winter gas demand, we are lowering our 2006 gas forecast given that lofty winter-ending storage levels will likely keep gas prices relatively depressed ...

Gas Prices Headed Up, Analysts Warn
Consumer Affairs - USA
... weather and increased gasoline demand. The warning comes despite minor declines in gasoline prices. Lundberg's survey found that ...

Gas prices down again in Rhode Island
Eyewitness News - East Providence,RI,USA
Gas prices are down several cents this week in the Ocean State. Triple A Southern New England says self-serve regular unleaded averages $2.20 a gallon. ...

Michigan gas prices up 11.5 cents from a week ago
WLNS - Lansing,MI,USA
Triple-A Michigan says the average price of self-serve regular gas jumped eleven-point-five cents per gallon during the past week. ...

AAFES says gas prices in Europe to rise slightly in March
Stars and Stripes - Washington,D.C.,USA
Army and Air Force Exchange Service gas prices will rise by about 2 cents in March, according to an AAFES news release. Department ...

US retail gas prices rise to $2.30 per gallon
FXstreet.com The Futures Market - Barcelona,Spain
Prices rose about 9 cents a gallon in the Midwest and in the Gulf Coast, offsetting declining prices in most of the East and West Coast regions. ...

RI gas prices down for fourth straight week
Providence Business News - Providence,RI,USA
Gasoline prices in Rhode Island have fallen for the fourth consecutive week, and now average 21 cents per gallon less than just one month ago, according to AAA ...

North Texans Enjoying Lower Gas Prices
CBS 11 - Dallas/Fort Worth,TX,USA
(CBS 11 News) NORTH TEXAS After some four weeks, gas prices in Texas continue to fall. ... Texas is about 10 cents below the national average on gas prices. ...

OPEC in the News 2/27/06

DJ Indonesia To Ask OPEC In Next Mtg To Roll Over Production
TMCnet - USA
... Countries during the group's next meeting to roll over current production until global oil prices drop below $50 a barrel, the country's OPEC Governor Maizar ...

DJ OPEC Jan Output Dn 460,000 B/D On Mo At 29.27MB/D - MEES
TMCnet - USA
MEES estimated that production in January of the OPEC-10, excluding Iraq which doesn't have a quota, fell by 490,000 b/d to 27.69 million b/d from 28.18 ...

Sharp drop in Iran oil exports pushes OPEC output down - report
Monsters and Critics.com - Glasgow,UK
... Total OPEC production, including Iraq, was down by 460,000 barrels per day to 29.27 million barrels per day in January, after a slight recovery in Iraqi ...

Refinery News 2/25/06 (Links to Al-Qaeda Story)

Al-Qaeda Attempt to Blow up Saudi Oil Refinery
Asharq Alawsat - London,UK
... forces prevented a terrorist attack on the Abqaiq oil refinery yesterday according ... Production in the facility continues at full capacity, and export operations ...

Suicide bombers attack the world's largest oil refinery
Scotsman - United Kingdom
... Saudi Arabia maintains crude oil production capacity of around 10.5-11.0 million barrels per day, and claims that it is "easily capable" of producing up to 15 ...

Will the Producing Countries Rebuild Oil Refineries?
Dar Al-Hayat - Saudi Arabia
... Even more, just one refinery with a 150-thousand-barrrel-per-day capacity is under construction now in Arizona though the permit to this end was issued in 1999 ...

Rig Notes 2/23/06

GMX RESOURCES INC. Announces Record Preliminary Revenues and Net ...
MSN Money - USA
... resources play. Currently two rigs, H & P rig #156 & D & D Drilling Rig #11 will be drilling in the JV30% Area. Three wells have ...

Chesapeake Energy Corporation Reports Record Results for the ...
Finanzen.net - Germany
... In anticipation of today's tight drilling rig market, Chesapeake began making a series of investments in drilling rigs in 2001. ...

American Energy Production Inc. Announces Major New Development ...
Market Wire (press release) - USA
(OTC BB: AMEP) is pleased to announce investee Bend Arch Petroleum has acquired another drilling rig in a joint venture agreement with Armadrill USA, a ...

Grey Wolf, Inc. Announces Record Operating Results for the Quarter ...
PR Newswire (press release) - New York,NY,USA
... and contract oil and gas land drilling services in the best natural gas producing regions in the United States with a current total drilling rig fleet of 115 ...

OPEC in the News 2/23/06

Global: OPEC expects the average world oil demand will grow by 1.9 ...
Al-Bawaba - Amman,Jordan
... GCC economies. According to OPEC, the average world oil demand will grow by 1.62mn bpd or 1.9% to average 84.8mn bpd for 2006. An ...

Kuwait income soars to record $38.3 billion
Daily Star - Lebanon - Beirut,Lebanon
... barrel. Kuwait has been pumping around 2.6 million barrels per day (bpd), higher than its OPEC quota of 2.247 million bpd. Spending ...

Oil drifts below $61 as US stock build looms
Reuters - USA
... inventories in the United States, setting aside for the moment an upsurge of militant violence in Nigeria that has shut in a fifth of the OPEC members' output. ...

OPEC Fund extends US$150,000 grant for mudslide victims in the ...
Harold Doan and Associates (press release) - Rocklin,CA,USA
The OPEC Fund for International Development has approved a grant of US$150,000 to provide relief supplies for victims of a massive mudslide that struck the ...

Oil Price News 2/23/06

Dow pares loss as oil prices drop
NEWS.com.au - Australia
THE blue-chip Dow average was slightly lower overnight, sharply trimming earlier losses as oil prices fell below $US60 a barrel on ample crude supplies. ...

Oil Prices Slide As US Supplies Rise
ABC News - USA
... Oil prices spiked earlier this week on news that militants in Nigeria attacked a pipeline switching station, operated by Royal Dutch Shell PLC, on Monday and a ...

Dow cuts loss as oil prices fall
ABC News - USA
NEW YORK (Reuters) - The blue-chip Dow average trimmed losses at midday on Thursday as oil prices fell on ample crude supplies. ...

GLOBAL MARKETS-US stocks make healthy gains as oil slides
Reuters - USA
NEW YORK, Feb 22 (Reuters) - Easing fears about inflation and a hefty drop in oil prices gave US stocks and bonds a boost on Wednesday, but the dollar was ...

Dow pares loss as oil prices drop; Nasdaq, S&P up
Reuters.uk - UK
NEW YORK, Feb 23 (Reuters) - The blue-chip Dow average was slightly lower on Thursday, sharply trimming earlier losses as oil prices fell below $60 a barrel on ...

TSX dips on sliding oil prices
Toronto Star - Canada
Canada's benchmark stock index was off its morning lows but remained poised for its third-straight session of declines Thursday, as crude-oil prices fell after ...

Oil Prices Lower Ahead of Data
TheStreet.com - USA
Energy prices were declining Thursday ahead of a government report that will likely show ... losing less than 1 cent to $1.47 a gallon and heating oil was falling ...

Storage crisis piles pressure on oil prices
Standard - Nairobi,Kenya
By Benson Kathuri. Oil prices may rise next month as marketers lock horns on how to share limited storage capacity in Mombasa. Sources ...

Inflation worries push stock prices lower
BusinessWeek - USA
... Crude oil prices fell slightly after the Energy Department reported a rise in crude oil stockpiles. A barrel of light crude was ...

Oil prices drop on USinventories speculation
Financial Times - London,England,UK
Oil prices fell yesterday as the market focused on the prospect of further rises in US oil and petroleum products inventories rather than the recent disruption ...

Refinery News 2/23/06

Tribunal prohibits Sasol/Engen merger
Moneyweb - Johannesburg,South Africa
... The merged entity will enjoy a near monopoly of refinery capacity and a retail market share in the inland market that is considerable. ...

S. African tribunal refuses Sasol, Engen merger plan
Xinhua - China
... The Competition Tribunal said in a media statement on Thursday that Uhambo Oil would have enjoyed a "considerable" monopoly of refinery capacity and of retail ...

Plains All American Pipeline, LP Reports Record Results for 2005
MSN Money - USA
... or various grades of crude oil and resulting changes in pricing conditions or transmission throughput requirements; fluctuations in refinery capacity in areas ...

Calumet Specialty Products Partners, LP Reports Fourth Quarter and ...
MSN Money - USA
... credit from its suppliers; demand for various grades of crude oil and resulting changes in pricing conditions; fluctuations in refinery capacity; the effects ...

$1.1-1.3 bn Reliance Petro IPO due in April
Business Standard - India
... Reliance Petroleum is setting up a new refinery with an annual capacity of 27 million tonnes (580,000 barrels per day) and a 0.9-million-tonne polypropylene ...

Refinery boom tipping global market scales toward bust
Gulf Times - Doha,Qatar
... entrepreneur Richard Branson will follow through his promise to build a new refinery. ... half the announced plans will come to pass, leaving capacity tight and ...

Gas Price News 2/23/06

Gas prices lift Direct Energy revenues
Toronto Star - Canada
... By far the biggest chunk of its business is in the retail sale of natural gas, where prices have skyrocketed in recent months. Despite ...

Enbridge to lower gas prices in April
Ottawa Business Journal - Ottawa,Ontario,Canada
Enbridge Gas Distribution says it will apply for a price reduction, effective April 1, lowering gas prices back to where they were last October. ...

Natural Gas: Prices Increase Except In The West
CattleNetwork.com - Stanley,KS,USA
Natural gas spot prices increased at most market locations this week (Wednesday to Wednesday, February 15 -- 22) with the exception of some western locations ...

Crude futures fall, but natural-gas prices close higher
FXstreet.com The Futures Market - Barcelona,Spain
Prices haven't traded at levels this low since Feb ... March natural gas climbed 17.5 cents, or 2.4%, to finish at $7.458 per million British thermal units, after a ...

Gas Prices in Portions of SETX May Soon Hit the Accelerator
KBTV4.tv - Beaumont,TX,USA
The East Coast and parts of North and Southeast Texas could see soaring gas prices as early as next month. Locally, those areas ...

Gas prices will inch up 4 cents
Honolulu Star-Bulletin - Honolulu,HI,USA
... By Monday, if wholesalers charged up to the maximum allowed and dealers added an assumed markup of 16 cents, prices for regular gas are forecast to range from ...

Centrica up 11% as gas prices hit record
RTE.ie - Ireland
Britain's biggest energy supplier, Centrica, has said its 2005 profits rose 11% after a year in which wholesale gas prices surged to record levels. ...

Dominion: Prices to drop - Natural gas bills lower but still above ...
New Philadelphia Times Reporter - New Philadelphia,OH,USA
... The monthly gas cost recovery rate adjustment reflects decreases in national market gas prices resulting from this winter's warmer-than-normal weather. ...

Gas turns up heat on Denver prices
Rocky Mountain News - Denver,CO,USA
... Denver's second-half number will seem remarkably small to consumers used to eye-popping gas prices. Indeed, motor fuel prices were ...

Alternative Energy News 2/22/06

Bush Continues Focus On Alternative Fuels
Washington Post - United States
The 32 layoffs this month included eight researchers working on many of the alternative forms of energy Bush came here to champion. ...

Buses using alternative fuels
The Evening Sun - Hanover,PA,USA
... exhaust.". The bus company, along with the City of York, has partnered with United Biofuels to use the alternative fuel called biodiesel. ...

 Bush's budget at odds with new emphasis on alternative energy
San Jose Mercury News - CA, USA
... Colo., the president made it clear that he's focusing the energy budget on making breakthroughs in production of alternative and renewable energy sources and ...

Bush urges funding for alternative energy
University at Buffalo The Spectrum - NY,USA
... increased spending on science research, development and education and greater government incentives for the makers and users of alternative sources of energy. ...

House Bill to find alternative energy resources for Kaho'olawe
Molokai Island Times - Kaunakaka'i,HI,USA
Description: Directs the auditor to conduct an audit to determine the feasibility of deploying alternative energy resources to meet the energy needs of the ...

Gas Price News 2/22/06

Gasoline, gas prices push up inflation rate
Toronto Star - Canada
... Gasoline prices jumped by 19.2 per cent in January, compared with one year earlier, while natural gas prices soared by 26 per cent, compared with January 2005 ...

Gas prices compelled TPC to rework projects
Financial Express - Bombay,India
MUMBAI, FEB 22: Spiralling gas prices in the global market forced Tata Power Company (TPC) to put at the backburner its plan to repowering its gas-based 150 MW ...

Commodities: Cold snap in US sends natural gas prices higher
International Herald Tribune - France
NEW YORK Natural gas prices rose Tuesday as cold weather in the United States increased demand for the heating fuel. A private forecast ...

Gas prices dip but oil remains high
Newsday - Long Island,NY,USA
... but added that oil retailers face less competition than gas retailers because there are fewer of them and homeowners don't tend to shop for low prices as much ...

MP's plea over soaring gas prices
Manchester Evening News - Manchester,England,UK
... Centrica, which owns British Gas, blames the increase on soaring wholesale gas prices, which it said are now the highest in Europe. ...

Shifting gas prices cloud budget forecasts
Globe and Mail - Canada
VICTORIA -- British Columbia Finance Minister Carole Taylor admitted yesterday that fluctuating natural gas prices have become a major headache as the province ...

Is Ethanol Answer to Rising Gas Prices?
Team 4 News - Harlingen,TX,USA
Gas prices have once again gone up and while this news has some seeing red, others are looking at alternatives to fueling up. "I ...

Gas prices leap 30 cents in BN
Bloomington Pantagraph - IL, USA
... Twin City gasoline prices to hover around $2.50 per gallon in the coming months. While declining crude oil imports hiked up the cost of gas, President George ...

Gas prices drop again
North County Times - Escondido,CA,USA
An abundant supply of gas has pushed prices down in recent weeks, and that trend appears to be continuing, said Susanne Garfield, a representative for the ...

FUEL POVERTY CRISIS AS GAS PRICES SOAR
South Wales Evening Post - Swansea,Wales,UK
British Gas has just announced its largest ever hike in charges. From March 1, gas prices will go up by a staggering 22 per cent. ...

Rig Notes 2/22/06

(PRN) GlobalSantaFe Worldwide SCORE Keeps Positive Gains in 2006
Houston Chronicle - United States
GlobalSantaFe's SCORE compares the profitability of current mobile offshore drilling rig dayrates to the profitability of dayrates at the 1980-1981 peak of the ...

Unit Corporation Reports 2005 Fourth Quarter and Year-End Results ...
PR Newswire (press release) - New York,NY,USA
... continued to expand our gas gathering and processing business and gathered record volumes in 2005." CONTRACT DRILLING RESULTS Contract drilling rig rates for ...

LOI: The LOI between Aker Yards and Brittany Ferries confirmed as ...
Webbolt Business News (subscription) - Toronto,ON,Canada
... Contracts for drilling and well services with a total value of NOK 855 million have been given by Statoil to Aker Kværner Well Service, Welltec and ...

OPEC in the News 2/22/06

Iran vows not to use oil as weapon
IranMania News - Iran
... The second largest OPEC producer, Iran says it wants nuclear technology simply for civilian purposes, to meet its energy needs. ...

Kuwait's budget surplus seen at up to $23.8b
Khaleej Times - Dubai,United Arab Emirates
National Bank of Kuwait (NBK) said in a report that the Gulf Opec producer was expected to earn between 13.53 billion dinars to 13.75 billion from oil export ...

The West Striving for a New Age of Energy
Dar Al-Hayat - Saudi Arabia
... So far, industrialized countries have just called for discovering new oils outside the "OPEC" countries, mainly outside the Gulf region. ...

''Saudi Arabia Looks East: Woos China and India''
PINR - USA
... King Abdullah's visit followed Beijing's first formal talks with the Organization of Petroleum Exporting Countries (OPEC) in December 2005. ...

Gas Price News 2/21/06

Gas prices easing slightly
San Jose Mercury News - CA, USA
... But not far and not for long. ``In the short term, the prospects seem positive,'' Comey said. ``We should see our gas prices continue to decline. ...

Regulator orders 7-cent drop in gas prices
CBC - Newfoundland & Labrador - St. John's,Newfoundland,Canada
... Gas prices dropped by more than seven cents per litre Tuesday. The PPO -- which lowered prices on its scheduled monthly posting on Feb. ...

Good news: gas prices up. Bad news: they'll fall again
Guardian Unlimited - UK
Gas prices leaping up by 22% in one jump, good or bad? It was greeted everywhere as unremittingly bad news - bad for consumers, bad ...

Gasoline, natural gas prices falling
phillyBurbs.com - Philadelphia,PA,USA
... of global political and natural events. And there are already some signs gas prices could start heading higher again next month. ...

Gas prices heading up
Honolulu Star-Bulletin - Honolulu,HI,USA
... Next week, if wholesalers charge up to the maximum allowed and dealers add a markup of 16 cents, gas prices are forecast to range from $2.54 a gallon on Oahu ...

Drop in oil prices drives down gas prices
Jacksonville Business Journal - Jacksonville,FL,USA
... Statewide average prices are above $2 in every state, with Hawaii having the highest ... In Florida, the price for a gallon of regular gas currently is at $2.317. ...

Gas prices are settling down
Chester Daily Local Online - Chester,PA,USA
Natural gas prices are starting to come down, though customers may have to look closely at their monthly heating bills to find the savings. ...

Gas prices down again in Rhode Island
Providence Eyewitness News - RI,USA
PROVIDENCE, RI (AP) -- Gas prices are down several cents this week in the Ocean State. A survey by AAA finds prices fell eight cents ...

Drop in gas prices to lower than $2 could be temporary as spring ...
The Morning Sun - Mt. Pleasant,MI,USA
... According to the gas price watchers at AAA Michigan, average prices for a gallon of self-serve regular a year ago ranged from $1.92 in Benton Harbor to $2 in ...

Massachusetts gas prices continue to fall
Eyewitness News - East Providence,RI,USA
... first time prices have fallen in three consecutive weeks since November. Still, we're paying a lot more now than we were at the same time last year, when gas ...

OPEC in the News 2/21/06

Oil jumps on Nigeria attacks, OPEC talks of cut
Reuters - USA
... Attacks have forced Royal Dutch Shell (RDSa.L: Quote, Profile, Research), the biggest foreign operator in OPEC member Nigeria, to suspend 455,000 barrels per ...

‘Nigeria's OPEC Presidency'll Ensure Stability, Productivity ...
Nigeria Daily Independent - Ikeja,Lagos,Nigeria
At the 139th meeting of the Organisation of Petroleum Exporting Countries (OPEC) in Vienna, Austria, acting Secretary General, Alhaji Mohammed Barkindo, spoke ...

World has bigger oil worries than size of reserves
Reuters - USA
... Controversy over alleged miscalculation of reserves resurfaced this year after a media report said OPEC producer Kuwait had only about half as much oil as ...

Oil rises after Nigeria attacks
Olberlin - Olberlin,KS,USA
... The attacks have forced Royal Dutch Shell (RDSa.L), the biggest foreign operator in OPEC member Nigeria, to suspend 455,000 barrels per day of output. ...

Brent crude inches down after surge on Nigeria
Reuters.uk - UK
... However, traders also said Nigeria's partial supply disruption would support the market, as it coincided with talks on an OPEC supply cut in the spring and ...

Kuwait budget surplus to cross $22 billion
Trade Arabia - Manama,Bahrain
... "Overall, supply side factors continue to dominate the oil scene, from limited spare capacity to lack of growth in non-Opec production and threats of supply ...

Crude spikes over Nigerian rebel attacks
Gulf Times - Doha,Qatar
... A sharp price rise will make it difficult for Opec to cut production when it next meets on March 8, but several ministers have voiced concern that the cartel ...

Refinery News 2/21/06

Good Questions About Gasoline
WCCO - Minneapolis,MN,USA
... "One is that the refining capacity for diesel in the United States is much lower than the refinery capacity for conventional gasoline.". ...

AFRICAN DIAMONDS: Botswana Drilling Update
Webbolt Business News (subscription) - Toronto,ON,Canada
... outlines that RUSAL and SUAL will jointly implement the project to increase bauxite production and construct an alumina refinery with a capacity of 1.4 million ...

Belgium's Cumerio readies 82 mln euro for new capacity ...
Dnevnik.bg - Bulgaria
... capacity of around 240,000 metric tons of copper anode. Part of this - around 130,000 tons in 2005 - is transported by train to company's Olen refinery in ...

Suncor boosts Colo. refinery for oil sands
Denver Post - Denver,CO,USA
That's the amount Suncor is spending at its Commerce City oil refinery to meet new environmental regulations and to increase its capacity to process oil sands ...

Upper Ganges to expand capacity at Rs 260 crore
Moneycontrol.com - Mumbai,India
... Uttar Pradesh. The capacity of the unit would be around 5,000 tcd and it would have a co-generation power plant and a refinery. ...

Oil Price News 2/21/06

Oil Prices Rise Amid Attacks in Nigeria
ABC News - USA
... Violence in Nigeria caused a spike in oil prices today after rebels in the country kidnapped several oil workers and blew up a pipeline, an export terminal and ...

Bush Says High Oil Prices Make Other Sources Viable (Update1)
Bloomberg - USA
Higher oil prices over the last year are acting ``like hidden taxes'' on US consumers that can be removed only by developing alternatives to imported petroleum ...

Crude Prices Jump on Nigeria Violence
TheStreet.com - USA
A wave of attacks against Nigerian oil installations over the weekend sent oil prices soaring Tuesday. Crude was up $1.52 to $61.40 ...

Concerns about Nigeria push oil prices higher in Asian trade
Forbes - USA
SINGAPORE (AFX) - Oil prices rose sharply in Asian trading hours on concerns that separatist tensions in Nigeria, a major exporter, will force further a ...

Oil traders raise fuel prices of all categories by 0.40 bt per ...
Thai News Agency MCOT - Bangkok,Thailand
BANGKOK, Feb 22 (TNA) -- Pressed by a further increase in global oil prices upon concern over violence in Nigeria and a nuclear tension in Iran, local oil ...

Oil prices surge on concerns over militancy in Nigeria
New Ratings - USA
NEW YORK, February 21 (newratings.com) -- Crude oil prices Tuesday surged on rising concerns surrounding shipment disruptions from Nigeria on account of ...

Oil prices: Manmohan may meet Chidambaram, Deora
Hindu - Chennai,India
... Delhi: In the wake of the Rangarajan Committee submitting its report on oil product pricing ... Rs.1.21 per litre on petrol and Rs.1.96 per litre on diesel prices. ...

Drop in oil prices drives down gas prices
Jacksonville Business Journal - Jacksonville,FL,USA
6 when gasoline cost $2.266 per gallon. AAA says declining gasoline prices are the result of sharply lower oil prices. In recent ...

OIL PRICES SURGE
Free Market News Network - Pompano Beach,FL,USA
Oil prices surged in London yesterday after Nigerian militants blew up a pipeline in the latest act of sabotage against the world's eighth largest exporter. ...

Gold moves higher as oil prices firm
Daily Times - Lahore,Pakistan
... There are factors pointing to further gains in the gold market in the short term," said Yingxi Yu, analyst at Barclays Capital, citing firm oil prices and a ...

Rig Notes 2/21/06

Deep Forbes "Archer F-1" Well Drilling Rig Mobilizing -- Drilling ...
Market Wire (press release) - USA
... Fidelis has been informed by the operator that the drilling rig is being mobilized to the North Franklin project site tomorrow, Wednesday, February 22nd. ...

SAGE mobilizes second rig to Kerrs Gold Property
Canada NewsWire (press release) - Canada
20 /CNW/ - Sage Gold Inc. ("SAGE") is pleased to announce that it has mobilized a second drilling rig to the Kerrs Gold Property near Lake Abitibi, Ontario. ...

Refinery Exhibit to be repaired - 2/20/06
Borger News-Herald - TX, USA
... it's just outside of Borger now and Panhandle Plains donated it to us because they were pretty amazed with the success we had with the drilling rig exhibit and ...

Oil up $1.50 after Nigeria

Oil up $1.50 after Nigeria attacks, OPEC hints
Reuters - USA
LONDON (Reuters) - Oil leapt $1.50 on Monday after rebels bombed Nigeria's oil industry and some OPEC ministers suggested the cartel may need to cut output in ...

OPEC may cut oil output, Qatar Says
China Post - Taipei,Taiwan
OPEC, which pumps about 40 percent of the world's oil, may need to cut supply when it meets in Vienna next month because the global market is currently ...

OPEC may cut output because of over-supply: Kuwait
FXstreet.com The Futures Market - Barcelona,Spain
"We believe the market is well-supplied and we believe the second quarter will be over-supplied ... with between 1-2 mln bpd," Sheikh ...

Iran will not use oil as weapon in atomic row
Khaleej Times - Dubai,United Arab Emirates
... Turning to oil markets he said demand for OPEC crude would drop about two million barrels per day (bpd) to 26 million bpd in the second quarter of 2006. ...

Iran will not use oil as weapon in atomic row
Reuters - USA
... Turning to oil markets he said demand for OPEC crude will drop about two million barrels per day (bpd) to 26 million bpd in the second quarter of 2006. ...

FUTURES MOVERS Brent jumps on Nigeria violence
MarketWatch - USA
By MarketWatch. LONDON (MarketWatch) -- Brent crude-oil futures climbed on Monday as violence in OPEC member Nigeria unsettled markets. ...

Oil up more than $1 on Nigerian unrest
Financial Times - London,England,UK
... Nigeria, an Opec member, had been pumping about 2.4m barrels per day of its light, sweet crude oil, which is highly sought after because it is easier to refine ...

Stocks set for gains as February TSX correction may have run its ...
CBC News - Canada
... last week as oil prices firmed up just below the $58 US a barrel level and moved higher on fresh geopolitical concerns and worries that the OPEC oil cartel ...

Refinery News 2/20/06

OMI Corporation Reports 2005 Fourth Quarter Results, New Time ...
Business Wire (press release) - San Francisco,CA,USA
... Recently, hurricane activity resulted in shutdowns of most of the US crude oil production and refinery capacity in the Gulf of Mexico. ...

Vietnam to have 3 oil refineries by 2009
People's Daily Online - Beijing,China
... The refinery with annual capacity of 3 million tons, to be located in central Phu Yen province and invested by Britain and the Netherlands has been planned to ...

India's Reliance group scouts for investments in Sri Lanka, eyes ...
Lanka Business Online - Sri Lanka
... Sri Lanka has been trying to get private investment expand existing refinery capacity at Sapugaskanda, from 50,000 barrels per day to 150,000 barrels per day ...

Vietnam to have 3 oil refineries by 2009
Thanh Nien Daily - Ho Chi Minh city,Vietnam
... Capitalized at US$2.5 billion, the refinery with an annual capacity of 6.5 million tons of crude oil is expected to become operational in late 2008 or early ...

Gas Price News 2/20/06

Natural gas prices coming down
Monsters and Critics.com - Glasgow,UK
PHILADELPHIA, PA, United States (UPI) -- A major northeastern utility is cutting the price it charges to customers for natural gas to reflect current wholesale ...

Gas prices surge on extended storage shutdown
Reuters.uk - UK
LONDON (Reuters) - British gas prices surged on Monday after utility Centrica said it did not expect to re-open the country's biggest gas storage site for a ...

Gas prices rise as Rough stays shut
Reuters.uk - UK
LONDON (Reuters) - Spot gas prices rose on Monday as the country's biggest storage site remained shut, but supply was ample and prices stayed well below two ...

Gas prices down again
WLNE-TV (ABC6) - Providence,RI,USA
PROVIDENCE, RI (AP) - Gas prices are down several cents this week in the Ocean State. A survey by Triple-A finds prices fell eight ...

Average SC gas prices dip below $2 dollars a gallon
WIS - Columbia,SC,USA
(Columbia-AP) February 20, 2006 - Triple-A Carolinas says some South Carolinians are seeing gas prices below two dollars a gallon for the first time since ...

Local gas prices highest in region
Asheville Citizen-Times - NC,USA
While gas prices dipped below $2 in a few places across the country last week -- the first time since March 2005 -- prices in the mountains continue to be ...

Gas Prices Falling
W*USA 9 - Washington,DC,USA
AAA Mid-Atlantic's latest survey finds gas prices are down seven cents a gallon in the last month. It follows a jump of nearly 20 ...

Lower Gas Prices Could Spur Car Sales
Boston Channel.com - MA, USA
NEEDHAM, Mass. -- Gas prices may be dropping, but gas mileage remains a huge factor for car buyers. NewsCenter 5's Amalia Barreda ...

Gas Prices Down For 3rd Straight Week
CBS4Boston - Boston,USA
(CBS4) BOSTON Gasoline prices in Massachusetts have fallen for the third straight week. Average prices are down 8 cents per gallon. ...

Oil Price News 2/20/06

World markets close mixed; oil prices up
Miami Herald - FL,USA
... "The Nigerian problem is driving oil prices - it's a pure security question," said Matt Mason, an investment adviser with Redmayne-Bentley Stockbrokers. ...

Oil Prices Leap After Nigeria Attacks Hit Output
New York Times - United States
Oil prices rose 2.6 percent today after a series of violent attacks by militants in the Niger Delta that shut down nearly a fifth of Nigeria's oil production. ...

Canadian Dollar Rises Second Day on Higher Crude Oil Prices
Bloomberg - USA
... ``Oil prices for a lack of anything else were leading everything higher,'' said Jeremy Friesen, senior currency strategist at RBC Capital Markets in Toronto. ...

Global market indicators mixed, oil rises while US markets on ...
CBC News - Canada
Crude-oil prices rose, auguring well for Canadian energy shares, but European indexes were flat to negative. Stock prices in Tokyo ...

Rising oil prices fuel gains on TSX; US markets closed for holiday
CBC News - Canada
Toronto's heavily weighted energy sector was boosted as crude-oil prices jumped by nearly $1.50 US a barrel in London after rebel attacks against foreign oil ...

Share prices down on oil concerns, destabilization rumors
INQ7.net - Philippines
... Monday, reversing last Friday's rise, with across-the-board profit-taking triggered by renewed concerns about a possible surge in crude oil prices and amid ...

Oil Prices up Again, $64
Zaman Online - Istanbul,Turkey
By Anadolu News Agency (aa), London. Due to the effect of attacks conducted in Nigeria, oil prices on international markets have increased. ...

Higher prices boost value of Kansas oil, gas
Kansas City Business Journal - Kansas City,MO,USA
... the survey said in a written release Friday. Oil prices peaked at more than $60 a barrel in 2005 and are around $57 a barrel now. ...

Shell, Sinopec Rush for Canadian Oil Sands, Send Prices Soaring
Bloomberg - USA
... Most oil sands deposits are economically feasible as long as oil prices are higher than $30 a barrel, or about half the current price of crude. ...

Oil prices raised more than $1 in London
Moldova.org - Falls Church,VA,USA
Oil prices rose by more than $1 in London on Monday following sabotage attacks on oil production and distribution facilities in Nigeria. ...

Rig Notes 2/20/06

 Blue House Publishing Publishes 'Bluewater Seven South From Alaska ...
PR Web (press release) - Ferndale,WA,USA
... Non-stop action as Jeff McDonald leads his crew of men in an epic fight to move an offshore drilling rig in the dead of an Alaskan winter, they will battle the ...

Alternative Energy News 2/19/06

Bush's latest energy solution faces hurdles
MyWestTexas.com - Midland,TX,USA
... The plan is the latest in a long line of promises from Washington to support new forms of alternative energy, going back to President Carter's promotion of ...

Renewable, alternative energy top Culver's list
Marshalltown Times Republican - Marshalltown,IA,USA
... On top of Culver's list of ideas is a Power Fund for investing in renewable and alternative energy. "Iowa is clearly at a crossroads," he said. ...

Operators say labor problems raise costs, slow activity
MyWestTexas.com - Midland,TX,USA
... to federal lands for oil and gas development and others hope it will mean more funds for research into oilfield technology and alternative energy development. ...

Turkey searches for alternative energy sources
Reporter.gr - Athens,Greece
... "Every year $5 billion of energy flows into the ocean.". The minister also considered biofuel to be an alternative to gasoline that would also lessen ...

Alternative-energy park proposed at Silver Hills
Finger Lakes Times - Geneva,NY,USA
... Using alternative energy would allow companies to reduce their utility bills and estimate their utility costs years ahead of time, making the site attractive ...

Energy Minister indicates that Thailand will be the center of ...
ThaisNews - Bangkok,Thailand
Energy Minister Wiset Jupibal (วิเศษ จูภิบาล) indicated that Thailand will be the production center of alternative energy in Asia in ...

Bush to visit Michigan solar plant, discuss energy plan
The Saginaw News - Saginaw,MI,USA
... Gasoline prices above $2 a gallon and soaring home heating fuel costs have sparked discussion about alternative energy plans in Michigan and across the nation.

Energy has bright future
Canada East - Canada
In a time where environmental concern is at the forefront of our minds, alternative energy sources have emerged as a marketplace necessity. ...

Bush's alternative energy R&D plan absent from key economic ...
ResearchResearch - UK
... Kaptur, D-OH, and Jim Davis, D-FL, ask why the document, released on February 13, differs so significantly from the President's energy goals articulated in ...

Alternative energy's fresh glow
International Herald Tribune - France
... For now, wind energy is the only profit star in General Electric's alternative energy galaxy, and both the finance and equipment sides of the company know they ...

Oil Price News 2/19/06

Higher oil prices hike road costs
Adrian Daily Telegram - Adrian,MI,USA
The bid price accepted Friday by the Lenawee County Road Commission for asphalt cement will alone raise the cost of asphalt about $3 a ton, an 18 percent ...

Higher Oil Prices Lift European Shares AROUND THE MARKETS STOCKS ...
Black Enterprise - New York,NY,USA
European stocks held to their recent highs as energy companies rose with crude-oil prices and Yara International jumped after its earnings topped estimates. ...

Falling oil prices fuel hopes for consumers
Scotland on Sunday - Edinburgh,Scotland,UK
WITH Shell and BP pumping record profits and homeowners facing sharp increases in their heating bills, last week's news that crude oil prices have slipped ...

Middle East oil demand surges as high prices fuel local economic ...
MyWestTexas.com - Midland,TX,USA
... With no expectation of an imminent decline in global oil prices, Stuart believes economic booms in Saudi Arabia, Kuwait, Qatar and the United Arab Emirates are ...

ARB feels heat from oil prices
The Age - Melbourne,Victoria,Australia
AUTOMOTIVE accessories maker ARB Corporation was hit by high petrol prices during the December half year and the effect they had on demand for four-wheel-drive ...

Gas Price News 2/19/06

Coin laundries struggling to recoup costs of higher gas prices
Miami Herald - FL,USA
... In order to combat higher natural gas prices, most coin laundries are now charging an extra quarter for washers and decreasing dryer times. ...

Will energy prices come off the boil?
The Observer - UK
... First, the oil price, to which gas prices are linked, has risen dramatically, from around $30 a barrel in 2004 to around $60 today. ...

Gas prices falling
Elkhart Truth - Elkhart,IN,USA
The falling temperatures must have kept people indoors away from falling gas prices around town. Patrollers were quiet Saturday ...

Oil and Gas Prices Rose on Nigeria Fears
AXcess News - Carson City,NV,USA
... oil for March delivery rose $1.42 to $59.88 a barrel in New York trading Friday, the second day of gains, while London