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CNPC to increase gas distribution business

BEIJING -- China National Petroleum Corp. (CNPC), the country's largest oil producer, is mulling over increasing its portfolio in the urban gas distribution sector. CNPC, also the country's leading company in natural gas production and transportation, said it would use its ...

Japan AOC delays start of Egypt oil output to 2010

TOKYO - Japan's AOC Holdings (5017.T: Quote, Profile, Research, Stock Buzz) said on Thursday it aimed to start commercial output of crude oil from Egypt's offshore Northwest October block in the northern Gulf of Suez in April-September 2010, delayed from its previous plan of ...

Sinopec H1 net profit dips, Q3 likely weak

SINGAPORE--Chinese energy giant Sinopec is expected to continue to perform poorly in the third quarter as price hikes in June have not been able to boost its refining margins sufficiently and further increases were too late to be realised by the end of September, analysts said on ...

Europe shares open lower in thin trade, oils fall

LONDON - European shares fell in early trade on Monday, giving up some of their gains from the previous session, as volumes were hit by a UK stock markets holiday and energy stocks declined. At 0717 GMT, the FTSEurofirst 300 index of top European shares was down 0.3 percent at 1...

Petrobras July oil output in Brazil flat with June

SAO PAULO - Crude oil output in Brazil from state-run oil company Petrobras averaged 1.867 million barrels a day in July, unchanged from June but up 2.9 percent from the 1.815 million bpd a year ago. Petrobras said in a statement that its domestic output combined with that ...

Iran to offer oil, gas projects to draw investors

TEHRAN - Iran is preparing more than 15 major oil and gas projects involving a "new method" to attract local and foreign investment, the head of Iran's state-owned energy firm told state radio on Monday. It was not clear if the "new method" meant a revision of Iran's "buy-back" ...

Oil hovers near 3-month low on weak demand

SINGAPORE - Oil hovered near three-month lows on Tuesday, as rising OPEC output and declining demand in United States in the face of a weak economic outlook weighed on prices. The losses extended a steep slide from the mid-July peak above $147 a barrel and came despite a storm in ...

Oil steady after gain from U.S. gasoline stock fall

WASHINGTON - The U.S. Interior Department said on Wednesday it would continue selling to small refiners crude oil turned over to the government as royalties and start developing a new 5-year leasing plan for offshore drilling. The royalty-in-kind would be sold to small refining ...

Nigeria's oil wealth fails to benefit poor

Record high oil prices have added hundreds of millions of dollars to Nigeria's government coffers, but few in the world's eighth largest oil exporter reap the rewards. Here are some key facts about the Federal Republic of Nigeria: PEOPLE: * Nigeria is the most populous nation in ...

Crude falls $3 as storm concerns ease

NEW YORK -- Crude-oil futures lost 3 U.S. dollars on Tuesday to close at the lowest price in nearly seven weeks, as the dollar rallied and worries eased that Tropical Storm Dolly will hit major oil and gas facilities in the Gulf of Mexico. Crude for August delivery, scheduled to ...

New oil field discovered in southwestern Iran

TEHRAN -- Iran's Oil Minister Gholam-Hossein Nozari said on Tuesday that Iran has found a new oil field with in-place reserves of about 500 million barrels in southwestern Iran, said a statement posted on a website affiliated with the Oil Ministry. When attending the inauguration ...

Iraq opens six oil fields for foreign firms bidding

BAGHDAD -- Iraqi oil ministry Monday announced a list of six oil fields for bidding from foreign oil companies to boost oil production in the war-torn country. Oil Minister Hussein al-Shahristani told a press conference in Baghdad that the fields are Rumaila, Kirkuk, Zubair, West ...

Brazilian offshore oil workers go on strike

Oil workers in Brazil's Campos Basin started a five-day strike on Monday and threatened to shut down the main crude-producing region of Latin America's largest economy and hottest oil exploration market. State-run energy company Petrobras made progress getting most platforms to ...

Oil's rise spurs Barrick to try a radical solution

TORONTO - Barrick Gold Corp's move to cut its oil bill by buying a small oil producer suggests a radical shift in thinking for miners facing soaring costs, and for junior energy companies it may present a whole new source of suitors. Barrick, which along with other miners has ...

US oil chief sees price fall if offshore ban ends

WASHINGTON --Lifting the congressional ban on US offshore drilling would have an immediate impact on the global price of oil and reduce the speculative premium in energy pricing, a top US oil industry official said on Friday. Red Cavaney, president of the American Petroleum ...

Rivals vie for Exxon's threatened Alaska oil leases

ANCHORAGE, Alaska - At least three oil companies have expressed interest in taking over Exxon Mobil Corp's long-languishing leases at its Point Thomson oil field in Alaska, if the state succeeds in taking them away from the world's largest oil company. Alaska is fighting a legal ...

Roc Oil CEO John Doran dies after short illness

PERTH - Roc Oil Ltd's (ROC.AX: Quote, Profile, Research, Stock Buzz) founder and chief executive John Doran died last Friday after a sudden illness, the Australian energy firm said in a statement on Monday. Roc's chief operating officer Bruce Clement will take charge on a ...

Offshore oil services seen booming into next decade

OSLO - The changing notion of "high" oil prices and surging demand from Brazil are triggering a revaluation of oil services companies and raising hopes the industry's five-year upswing will last well into the next decade. Analysts say offshore valuations had been capped by market ...

Head of top US oil, gas lobbying group to retire

WASHINGTON - The head of the U.S. oil and gas industry's main lobbying group, the American Petroleum Institute, on Thursday said he will retire later this year. Red Cavaney, who has served as president and chief executive officer of the group since 1997, will step down in ...

Oil volatile as markets not well supplied: BP CEO

KUALA LUMPUR - Oil prices are unstable because markets are not well supplied, and higher taxes in producing countries are not conducive to investing in new output, the head of energy major BP (BP.L: Quote, Profile, Research) said on Monday. Tony Hayward, CEO of BP, whose Russian ...
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China slams Japan's NHK governor's denial of Nanjing massacre
China slams Japan's NHK governor's denial of Nanjing massacre
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China's farm product pricing plan shifts to market orientation
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IMF chief warns of risks to recovery
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GM China chairman to retire
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Minivans rev up sales for GM
Minivans rev up sales for GM
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Court rejects Apple lawsuit over iPad name
Court rejects Apple lawsuit over iPad name
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Chinese leader calls for more marine power
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Lucrative golf industry lures stiff competition
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