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Iraq qualifies four Chinese companies for oil contracts

BAGHDAD -- Four Chinese oil companies were among 35 companies that qualified to participate in Iraq's coming licensing round for oil and gas contracts, the Iraqi Oil Ministry said on Tuesday. A statement issued by the ministry said that CNOOC China LTD, CNPC, Sinochem and Sinopec ...

IOC mulls refinery cum petrochemical complexes in Turkmenistan and Kazakhstan

Indian Oil Corporation (IOC) is mulling the possibility of setting up refinery cum petrochemical complexes in Turkmenistan and Kazakhstan. IOC has informed the petroleum ministry IOC of its intent to set up plants across Central Asia. Currently, IOC has no activity pertaining to ...

BASF says financial crisis hardest in N.America

FRANKFURT - German chemicals company BASF has felt the repercussions of a financial crisis mostly in North America and expects the global market for chemicals to grow by 2.8 percent this year, its chief executive told a German weekly. "We have been feeling the effects primarily ...

Kuwait aims to sign Exxon oil deal by July

KUWAIT - OPEC-member Kuwait has yet to conclude a deal with U.S. major Exxon Mobil Corp to boost output of heavy crude, but still aims to sign the contract by July, a top Kuwaiti oil official said on Tuesday. Raising heavy crude capacity is part of Kuwait's plan to increase its ...

IEA: Chinese oil firms to invest more overseas

Overseas investments by China's national oil companies in 2010 will exceed last year's figure of US$18.2 billion, the International Energy Agency (IEA) said in a research report published Thursday. The report said that in the first four months of 2010, Chinese oil companies' ...

Iraq in advanced talks on sixth oil deal: sources

DUBAI - Iraq is in advanced talks for an oil service contract with a consortium of Vitol, Anadarko (APC.N: Quote, Profile, Research) and Dome to boost output by 100,000 barrels per day at its Luhais oilfield, industry sources said on Wednesday. The contract is the sixth in a ...

Record oil prices boost Total Q1 profit to $5 bln

PARIS/LONDON - French oil major Total posted higher-than-expected first quarter net profits, excluding one-offs and inventory gains, of 3.25 billion euros ($5.03 billion) as record oil prices made up for the weak dollar and a drop in refining margins. The world's fourth-largest ...

CNPC eyes 49 percent stake in Nippon Oil refinery

TOKYO - State-owned China National Petroleum Corp (CNPC) is looking at taking a 49 percent stake in Nippon Oil Corp's Osaka refinery, a move that would match burgeoning oil product demand in the world's second largest energy consumer with Japan's growing refining surplus. Japan's ...

CNPC to develop Iran oil field this year

China's business press carried the following stories on Friday. China.org.cn has not checked the stories and does not vouch for their accuracy. CNPC to develop Iran oil field this year 21cbh.com China National Petroleum Corporation (CNPC), China's largest oil producer, will start ...

CNOOC, Sinochem in bid for Brazil oil field

China's business press carried the following stories on Friday. China.org.cn has not checked the stories and does not vouch for their accuracy. CNOOC, Sinochem in bid for Brazil oil field - National Business Daily China National Offshore Oil Corporation (CNOOC) and Sinochem Group ...

Oil above $133 on Nigeria, North Sea

LONDON - Oil rose above $133 on Monday as long-term supply concerns lingered and fresh production problems appeared in Nigeria and Norway. U.S. crude rose 95 cents to $133.14 a barrel by 11:28 a.m. EDT (1528 GMT). London Brent crude rose $1.47 to $133.04. Oil prices have risen ...

Statfjord leak halts 138,000 bpd of N.Sea oil

OSLO - An oil spill at the large Statfjord oilfield in the North Sea shut about 138,000 barrels per day of production on Saturday and triggered the evacuation of workers, but the leak has been stopped, operator StatoilHydro said. "It was a serious situation, but it is now under ...

Iraq starts repairing refinery pipelines to Baghdad

BAGHDAD - Repair teams started work on major oil pipelines connecting Iraq's largest refinery to Baghdad on Sunday, in a bid to help meet a domestic supply shortfall, a British official overseeing the project said. "This group of pipelines connects north and south Iraq and will ...

Britain's Brown urges global action on oil prices

LONDON - Britain sought a slight increase in oil production from its North Sea fields on Wednesday, but Prime Minister Gordon Brown warned that only coordinated global action could help rein in spiraling oil prices. A day after British truck drivers caused road chaos with ...

Brazil's oil giant says more oil found

RIO DE JANEIRO -- Brazil's state-owned oil giant Petrobras said it has discovered new light-oil deposits off the country's southeastern coast, local media reported Friday. Petrobras said the new reserves, in the field temporarily known as Guara, were located 310 km off the coast ...

Exxon to exit U.S. retail gas business

NEW YORK - Exxon Mobil Corp said on Thursday it is getting out of the retail gas business in the United States as sky-high crude oil prices squeeze margins. Those branded service stations may be the most public aspect of Exxon's business, but they account for a small part of the ...

CNPC to attract 200-bln-yuan investment from private enterprises

Li Xinhua, vice president of China National Petroleum Corporation (CNPC), arrived in Hangzhou, Zhejiang Province, over the weekend to discuss possible cooperation with private enterprises on 119 domestic and overseas projects, including the construction of oil and gas pipelines ...

Oil supply boost won't lower prices: Iraq

LONDON - Any increase in world oil output would not have a significant impact on record-high crude prices that are being driven by speculation, Iraq's oil minister said on Tuesday. Regulations needed to be introduced to stabilize oil markets, Hussain al-Shahristani said in an ...

Bush urges Congress to end offshore oil drill ban

WASHINGTON - President George W. Bush urged Congress on Wednesday to end a ban on offshore oil drilling, responding to consumer anxiety over soaring gasoline prices with a plan sure to anger environmentalists. "Every American who drives to work, purchases food or ships a product ...

World oil output falls for first time since 2002: BP

LONDON - World oil production fell by 0.2 percent in 2007, the first decline since 2002, while consumption rose by 1.1 percent, BP Plc (BP.L: Quote, Profile, Research) said on Wednesday, highlighting a tight supply/demand balance that has helped push oil prices to record levels. ...
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