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Iraq to outline oil contracts to foreign companies

LONDON - Iraq will next week provide foreign oil and gas companies with details of the contracts under which it hopes the companies will help boost the country's oil output by 1.5 million barrels per day. A delegation led by Iraq's oil minister Hussain al-Shahristani will present ...

Canada's role missed in U.S. energy debate

BANFF, Alberta - The way Daniel Yergin sees it, the high-stakes debate over energy security in the U.S. presidential campaign has ignored one of the most critical parts of the United States' oil supply equation: Canada. The United States' neighbor to the north has quietly become ...

Oil rises above $105 on relief over U.S. rescue plan

PERTH - Oil extended last week's massive gains and rose above $105 a barrel on Monday, on hopes that the U.S. government's $700 billion rescue plan would restore stability in the financial system and support global energy demand. Sweeping government measures to rescue the ...

Kazakhstan drops oil refinery plans in Georgia

ASTANA - Kazakhstan, one of the biggest foreign investors in Georgia, has ditched plans to build a $1 billion oil refinery in the Caucasus country, an industry source told Reuters on Wednesday. Earlier this week Kazakhstan, the region's biggest economy and oil producer, abandoned ...

Oil strikes $107; lower U.S. stocks hopes curb losses

PERTH - Oil climbed toward $107 a barrel on Wednesday, pausing from its 2.5 percent decline a day earlier, as forecast of a drop in U.S. crude stocks more than offset doubts about the U.S. government's financial rescue plan. A dip in the U.S. dollar also lent support to oil ...

Canada's role missed in U.S. energy debate

BANFF, Alberta - The way Daniel Yergin sees it, the high-stakes debate over energy security in the U.S. presidential campaign has ignored one of the most critical parts of the United States' oil supply equation: Canada. The United States' neighbor to the north has quietly become ...

Oil drop may hit supply growth, keep boom and bust

LONDON - The plunge in oil prices toward $80 a barrel will curtail oil companies' spending on new projects, limit production growth and perpetuate the industry's tendency for boom and bust. The surge in oil prices since 2004, to an all-time high above $147 a barrel in July, ...

U.S. oil company Occidental to invest in Abu Dhabi oil fields

LOS ANGELES -- U.S. oil giant Occidental Petroleum said Wednesday that it will invest 500 million U.S. dollars to develop two oil and gas fields in the United Arab Emirates' Abu Dhabi region. The Los Angeles oil and gas exploration and production company said it will pay Abu ...

Kazakhstan confident in oil sector despite crisis

ALMATY - Kazakhstan's oil sector is facing limited access to borrowing due to a global credit crisis but the overall sentiment is good and foreign interest remains strong, the energy minister said on Tuesday. The liquidity squeeze has hit Central Asia's biggest oil producer hard ...

India's ONGC confirms interest in Kazakh oil asset

ALMATY - Leading Indian explorer Oil and Natural Gas Corp (ONGC) confirmed its interest in buying a stake in MangistauMunaiGas (MMG), a Kazakhstan-based oil producer. A government source said earlier this week ONGC had approached the Kazakh side over MMG, which has total oil ...

Iran, Ecuador to boost oil cooperation

TEHRAN -- Iranian Oil Minister Gholam-Hossein Nozari and Ecuadorian Minister of Mines and Petroleum Galo Chiriboga Zambarno signed a deal on cooperation in oil industry on Saturday evening, the official IRNA news agency reported Sunday. Iran is ready to exchange its valuable oil ...

Oil shares fall on lower crude price, Lehman woes

LONDON - Shares in European oil producers and oil services companies dropped on Monday as oil prices fell and stock markets globally felt the fallout of the Lehman Brothers (LEH.N: Quote, Profile, Research, Stock Buzz) bankruptcy filing. The DJ Stoxx European oil and gas sector ...

Brazil's Petrobras approves contracts to build 10 offshore oil units

RIO DE JANEIRO-- Brazil's state-owned oil and gas giant Petrobras said Monday that it would contract to build 10 offshore oil production platforms in the coming eight years for a newly found pre-salt oil field. The 10 new units, to operate in ultra-deep waters, will tap the pre...

Oil India asked not to use IPO cash in Iran

NEW DELHI - Foreign banks advising Oil India Ltd on its initial public offering have sought an assurance the explorer will not invest the funds raised in Iran and Sudan, which face U.S. sanctions, oil ministry officials said on Wednesday. The company aims to open its IPO on ...

IEA sees risk of recession if oil stays high

LONDON - The head of the International Energy Agency said on Wednesday there was a risk of global recession if oil prices stayed around the current level and hurt emerging economies. Nobuo Tanaka, head of the agency which advises 27 industrialized countries, also said the supply ...

FACTBOX: Oil shut in after Nigerian militant attacks

Oil companies and trading sources have detailed about 550,000 barrels per day (bdp) of Nigerian crude oil shut following the sabotage of oil facilities. Nigerian militants have launched assaults on two oil installations in the Niger Delta in the heaviest fighting there in two ...

Oil rises for 3rd day near $117 on supply worries

TOKYO - Oil rose for a third straight session on Wednesday to near $117 a barrel on growing worries over Tropical Storm Gustav, which headed towards U.S. oil and natural gas installations in the Gulf of Mexico. Crude for October delivery rose 44 cents to $116.71 a barrel by 0235 ...

Government to pay $1.1 billion in oil lease case

A group of oil companies were awarded more than $1 billion by a U.S. court of appeals to recover their costs related to offshore leases in California. On Monday, the U.S. Court of Appeals for the Federal Circuit ordered the government to return the funds the plaintiffs had paid ...

IEA's Tanaka: spare oil capacity will tighten again

STAVANGER, Norway - The world's spare oil output capacity will tighten from 2013 due to an expected growth in demand after expanding towards 2010, the head of the International Energy Agency (IEA) said on Wednesday. "There will again be a less spare capacity from 2013, meaning ...

Iraq and China agree to $3 billion oil service deal

BEIJING - Iraq and China have agreed the terms of a $3 billion oil service contract, Iraq's oil minister said on Wednesday, announcing the first major oil contract with a foreign firm since the fall of Saddam Hussein. Energy-hungry China has beaten international oil majors to ...
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