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Iraq to start 2nd bidding round for oil, gas contracts

BAGHDAD -- Iraqi Ministry of Oil has announced it will open its second licensing round for international companies to develop the country's oil and gas fields at the end of the year, according to a ministry statement received by Xinhua on Tuesday. The statement said that Oil ...

Indonesia's Pertamina eyes Verenex Libya oil find

JAKARTA - Indonesia's state oil firm, Pertamina, would like to participate in the Libyan oil area of Canadian energy company Verenex, a senior company executive said on Monday. Pertamina has said it wants to expand its upstream activities and to participate in several potential ...

Japan's Itochu suspends Entrada oil project

TOKYO - Japanese trading house Itochu Corp (8001.T: Quote, Profile, Research, Stock Buzz) said on Monday it had suspended development of the Entrada oil and gas field in the Gulf of Mexico as it found that the reserves there were short its estimates. Itochu, the fourth-biggest ...

Nigeria panel says restive delta needs more oil cash

ABUJA - Nigeria should divert a quarter of its oil revenues to the restive Niger Delta and release the leader of the region's main militant group if it is to achieve peace there, a panel set up by the government said on Monday. Attacks by militants and kidnappings of foreign oil ...

OPEC to cut oil supply at December meeting

DUBAI - OPEC will cut oil output at its next meeting on December 17 in Algeria, Qatar's oil minister said Wednesday. "For sure we will cut in Oran (Algeria)," Abdullah al-Attiyah told reporters on the sidelines of a petrochemical conference in Dubai. "I don't know by how much. We ...

Australian oil, gas sector over-regulated

CANBERRA - Australia's oil and gas industry is burdened by unnecessary regulation, slowing multi-billion dollar investments, and reform is urgently needed, the government's main independent adviser said on Thursday. The booming energy sector was hampered by overlapping rules ...

Russia, China suspend $25 billion oil loan talks

MOSCOW - Russia and China have suspended talks over $25 billion in loans to Russian oil companies due to disagreements over interest rates and state guarantees, two Russian sources close to the talks told Reuters on Wednesday. China was discussing lending Russian state oil major ...

China Oct crude imports grow fastest since July'07

BEIJING - China's October crude oil imports rose 28.2 percent from a year ago, their fastest since July last year and the third-highest daily rate on record, amid a slump in oil prices. Customs data showed on Tuesday that the world's second largest oil user shipped in 16.16 ...

Canadian Natural expects acquisitions in 2009

CALGARY, Alberta - The energy-industry downturn could last another year, providing Canadian Natural Resources Ltd with acquisition opportunities, Murray Edwards, the company's vice-chairman, said on Tuesday. Canadian Natural, the country's second-largest independent oil company, ...

Oil drop won't ease Latam resource nationalism soon

CARACAS - Latin American energy producers are unlikely to ease taxes on foreign oil companies in the near term, despite tumbling crude prices, in an attempt to keep government coffers full. Leaders such as Venezuela's Hugo Chavez -- at the fore of a charge for resource nationalis...

CNOOC plans $29 billion deep sea exploration in S.China

SHENZHEN, China - China's offshore oil explorer CNOOC will step up deepwater exploration in the South China Sea from 2009 and plans to invest 200 billion yuan ($29 billion) until the end of the next decade despite a worsening global financial crisis, a senior executive said. The ...

Financial crisis hits global oil investment

The growing financial crisis and plunging energy prices have forced oil companies to scale back spending and delay projects, with expensive ventures in the Canadian oil sands hardest hit. Below is a list of projects that have been delayed or scaled back in recent months, as well ...

Oil company earnings climb, spending curtailed

NEW YORK - Oil companies PetroChina Co, Suncor Energy and Hess Corp recorded higher quarterly earnings on Wednesday, but Hess joined the growing list of producers to cut its planned spending in the wake of the selloff in oil prices. Shares in nearly all the oil and gas producers ...

Exxon, Shell profits soar, but oil dip hits shares

NEW YORK - Exxon Mobil Corp topped its own record for the biggest U.S. quarterly operating profit and Royal Dutch Shell Plc earnings beat market forecasts on Thursday, helped by high oil prices and fatter refinery margins. But both Exxon and Shell said their quarterly oil output ...

UAE keeps OPEC pledge to cut oil supply

ABU DHABI - The United Arab Emirates has kept its pledge to cut oil supplies in line with its OPEC commitments, Oil Minister Mohammed al-Hamli said on Monday. He said that while the global financial crisis had a big impact on the oil industry it was important for the Middle East ...

UAE reduces oil output according to OPEC agreement

ABU DHABI -- A senior official of the oil-rich United Arab Emirates (UAE) said here on Monday that his country has actually reduced its crude oil output according to the agreement reached on Oct. 24 by the Organization of the Petroleum Exporting Countries (OPEC), the official ...

Nigerian gov't cuts oil benchmark to $45 per barrel in 2009 budget

LAGOS -- Concerns over global recession leading to falling oil prices has forced Nigeria's federal government to adjust the crude oil price benchmark for the 2009 budget to 45 U.S. dollars per barrel, down from the 62.5 U.S. dollars per barrel earlier proposed by the parliament. ...

Iran firm says oil price fall, costs hurt projects

TEHRAN - Sliding crude prices and rising costs are delaying oil and gas plans in the Gulf region, an Iranian executive said on Sunday, a day before three offshore gas development projects are to be officially inaugurated. Iranian officials have said engineering, consulting and ...

Russia opens up new Siberian oil frontier

VERKHNECHONSKOYE OILFIELD, Russia - It's very cold, very old and rather salty. And that's just the oil. Russian oil major TNK-BP has just brought on stream a pioneering big new oilfield in eastern Siberia, part of a wave of development overcoming huge technical challenges to open ...

Brazil's oil giant to invest $163 bln in next five years

RIO DE JANEIRO -- Brazil's state-run oil and gas giant Petrobras is estimated to invest 163 billion U.S. dollars in the next five years, according to a report released by Credit Suisse on Thursday. The 16-page report said the company is expected to invest 50.6 billion more ...
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