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 ...