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Americas:NG in rough weathers as US output may hit 37-year peak

At a time when most of the commodities are hovering at the peak levels including metals and gold, Natural Gas seems to be running out of fuel as the prices of the energy product has slipped into the tightest range in past eight years, as US output is seen hitting highest levels ...

Asia:India puts 34 oil & gas blocks on offer under NELP-IX

The Union Petroleum Minister, Murli Deora today announced 34 oil and gas blocks for exploration in the 9th round of New Exploration Licensing Policy (NELP-IX). The minister maintained that the government was offering 34 blocks covering an area of 88,807 square km under the NELP ...

Sinopacific signs US$1b deal with French firm

Sinopacific Shipbuilding Group Co Ltd is hoping to achieve leadership in the domestic shipbuilding sector against the backdrop of a sluggish world economy. Ningbo, Zhejiang-based Sinopacific over the weekend signed a contract worth $1 billion with French offshore oil and gas ...

Asia: Australia's Lakes signs PetroChina arm to study tight gas project

p>Australian junior Lakes Oil and a subsidiary of Chinese state-owned oil and gas giant PetroChina have agreed to take the first steps to exchange research for the future development of tight gas in the Gippsland Basin region of Victoria, Lakes said Monday. Lakes Oil signed the ...

Asia: PetroVietnam claims pre-emptive rights on BP's Vietnam assets

p>Vietnam's state-owned oil and gas company PetroVietnam may contest part of the sale of oil major BP's Vietnam assets to Anglo-Russian oil venture TNK-BP, it said early this week, claiming that its partnership in two of the projects give it pre-emptive rights on portions of the ...

Middle East:Microbes consuming oil spill more than estimated

Microbes in the Gulf of Mexico may be consuming more of the gases spewed from the Deepwater Horizon oil spill than previously thought, researchers say. Research carried out before the oil rig exploded and gushed more than 200 million gallons of crude into the gulf measured the ...

Sinopec expects 2010 sales to increase to $296 billion

Sinopec Group, Asia's top oil refiner by capacity, said on Tuesday that its 2010 sales are estimated to grow by 41 percent year-on-year, buoyed by surging domestic demand for oil products and increasing upstream sales arising from oil price hikes. The State-owned energy company's ...

Asia: Indonesia extends production sharing contracts for 4 oil, gas blocks

p>The Indonesian government has extended four production sharing contracts for oil and gas blocks held my Medco Energi International, Camar Resources and Husky Energy for another 20 years, a senior government official said late Thursday. The contracts cover the Bawean block ...

Asia: Western Australia seeks support to oppose new petroleum regulator

p>Western Australian Mines and Petroleum Minister Norman Moore has written to oil and gas companies seeking their support for the state's opposition to federal government plans to establish a national offshore petroleum regulator. The federal government has proposed establishing ...

Middle East:'Crude Oil may trade in $70-$90 range next year'

Raymond James Oil and Gas Analyst Luc Mageau believes that with relative near-term stability in oil and gas prices, making money in the exploration and production (E&P) space is all about picking the right companies. He covers mostly small players north of the border, especially ...

Sinopec joins Chevron on Indonesian natural gas project

China Petroleum &Chemical Corporation, or Sinopec Corp., has signed a contract with American multinational energy corporation Chevron Corporation to jointly develop the Gendalo-Gehem natural gas project in Indonesia, according to reports Thursday. Sinopec will infuse $680 million ...

Africa: Nigerian parliament says new oil law targets more investments

p>The Nigerian parliament aims to pass into law a new oil bill that will bring radical changes in the country's petroleum sector and stimulate investments in Africa's biggest oil and gas industry, a statement Friday from the office of the senate president said. "The National ...

China joins elite offshore energy club

China has joined the world's elite club of offshore oil producers after China National Offshore Oil Corp (CNOOC) announced that its oil and natural gas output surpassed 60 million metric tons in 2010. The country's largest offshore oil explorer's oil and gas production last year ...

Americas: Given new Congress, Obama may rely on regulation, not legislation: API CEO

p>With Republicans now in control of the US House of Representatives and a narrower Democratic majority in the US Senate owing to the midterm elections, the administration of President Barack Obama is likely to rely more heavily on executive and regulatory powers to move its ...

Brazil's Development Bank's Disbursements Up 31%

Brazil's Development Bank's (BNDES) disbursements reached 153.6 billion reais (90.8 billion U.S. dollars) in the first 11 months of 2010, up 31 percent from the same period in 2009, the Bank announced on Monday. The high figures are mainly due to the huge share sale carried out ...

Asia: Indian ONGC eyes well mapping, integration to hike oil, gas output

India's state-owned ONGC has invited expressions of interest for its massive well mapping and integration program aimed at increasing its oil and gas production, Anil Johri, executive director and head of Ahmedabad assets of ONGC, told Platts on Tuesday. To begin with, seven ...

Americas:US Official hails first Deepwater Horizon report

U.S. Interior Secretary Ken Salazar says an interim report on the Deepwater Horizon oil spill will "raise the bar" for safety in offshore drilling operations. The report was prepared by the National Academy of Engineering and the National Research Council, a Department of the ...

$151 bln CNOOC investment in 2011-15

China's largest offshore oil and gas producer CNOOC plans to invest 800 billion to 1 trillion yuan ($118.96-148.70 billion) over five years to boost production and expand overseas. China National Offshore Oil Corp (CNOOC), parent of CNOOC Ltd, produced more than 50 million tons ...

U.S. Rig Count Stands at 1,713

Rigs in the U.S. totaled 1713, up by 26 rigs from the previous week's rig count, according to a weekly rig count released Friday by Houston-based oil service company Baker Hughes Inc.. Of the total, 961 rigs were exploring for natural gas and 742 for oil, with another 10 rigs ...

Europe:Risk stops Statoil from drilling Gullfaks oil, gas field

Norwegian energy company Statoil said Monday it found major risks with drilling at the Gullfaks oil and gas field, echoing a government report. The Petroleum Safety Authority Norway said in its most recent report that planning and drilling operations at the oil and gas field were ...
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