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Brazil Congress takes up proposed new oil laws

BRASILIA, Oct 27 - Brazil's Congress on Tuesday began debating the government's proposal to overhaul oil laws governing vast new offshore reserves that could turn the country into a major oil exporter. At stake is one of the country's largest industrial development projects ever, ...

Gold declines sharply as dollar soars

CHICAGO, Oct. 26 - Gold futures on the COMEX Division of the New York Mercantile Exchange closed much lower and touched a 3-week low on Monday as U.S. dollar strongly recovered from its 14-month low. Silver and platinum both dropped. The most active gold contract for December ...

China's Sinopec finds huge natural gas field

SHANGHAI, Oct 27 - Sinopec Group, the parent of the top Asian refiner Sinopec Corp (0386.HK)(600028.SS) discovered a huge natural gas field near the southwestern Chinese city of Chongqing, the official Shanghai Securities News said on Tuesday. The gas field was initially ...

Sinopec offered to bid on Jubilee stake

NEW YORK, Oct 26 - China's Sinopec has offered to make a joint bid with Ghana's national oil company for Kosmos Energy's stake in the huge Jubilee oilfield off the coast of the country, the Wall Street Journal reported on Monday, citing a person familiar with the matter. Sinopec...

US Products Outlook-Gasoline seen up on refinery outages

NEW YORK, Oct 26 - Gasoline in U.S. markets east of the Rockies should get a boost this week from a raft of refinery outages, including a shutdown at Hovensa's giant St. Croix plant, traders said on Monday. Traders said conventional regular gasoline in the NY Harbor traded more ...

OPEC weekly oil prices reach new peak of this year

VIENNA, Oct. 26 - The weekly average prices of the Organization of Petroleum Exporting Countries (OPEC) reached new peak of 76.41 U.S. dollars per barrel last week, increasing by 4.20 dollars compared to the previous week, the Vienna-based cartel said Monday. According to the ...

Belgian ship leaking oil in north China

SHIJIAZHUANG, Oct. 25 - A Chinese ship hit a Belgian cargo vessel in a dock in north China Saturday evening, causing oil leakage, the local maritime authority said Sunday. The Chinese oil supplier "Jinyou No.1" hit the stern of the Belgian vessel "Lowlands Prosperity" docking at ...

Iran sees different OPEC views on oil price

TEHRAN - OPEC members have different views about the suitable oil price level, Iran's representative in the producer organization told Reuters on Sunday. "There are different opinions by different (OPEC) members about the oil prices... Some believe the price of $70-80 (per barrel...

Spectra Sable Island gas production back to normal

NEW YORK, Oct 20 - Spectra Energy (SE.N) units Maritimes U.S. and Maritimes Canada said in separate website postings Tuesday that natural gas production at the Sable Offshore Energy Project off the coast of Nova Scotia had returned to normal. On Monday, postings said production ...

Mexico finds oil at Leek well in Gulf of Mexico

MEXICO CITY, Oct 15 - Mexico's state oil company Pemex has discovered oil at the Leek-1 well in the deep waters of the Gulf of Mexico and is testing it to see if it is commercially viable, a Pemex spokesman said on Thursday. Leek is the first oil discovery Pemex has made this ...

Europe Gasoline-Edges up to $630

LONDON, Oct 13 - European gasoline barges edged higher to around $630 a tonne on Tuesday, buoyed by stronger crude and U.S. gasoline prices, but crack spreads continued to come under pressure as the motor fuel lagged the complex. "Outright prices are well supported," one broker ...

Chevron pumps first oil from $3.8 bln Angola area

NEW YORK, Sept 9 - Chevron Corp (CVX.N) has started pumping crude oil from the Tombua-Landana project offshore Angola, with plans to raise output to 100,000 barrels per day by 2011, the company said on Wednesday. The Chevron-operated, $3.8 billion development is located in 1,200 ...

BASF again included in the Sustainability Index

Shanghai,September 8 - BASF was again included in the Dow Jones Sustainability World Index (DJSI World). The company received special recognition by the analysts for its climate strategy, its risk and crisis management as well as the practices in human capital development. The ...

Iran says no need to further cut OPEC output

TEHRAN, Sept. 8 - Iran's new Oil Minister Masoud Mir-Kazemi Tuesday said there is no need to further cut OPEC output to boost the oil market, local satellite Press TV reported. The international oil market was "getting better" and no further cut in the OPEC output is required, ...

World oil demand to grow again next year: IHS CERA

HOUSTON - World oil demand will resume growing next year, returning to pre-recession levels by 2012, IHS Cambridge Energy Research Associates predicted Tuesday. The energy research firm said in its quarterly World Oil Watch report it expected demand to grow by 900,000 barrels per ...

Petrobras restarts Tupi oil field test production

RIO DE JANEIRO, Sept 8 - Brazilian state-run oil company Petrobras said on Tuesday it has restarted test production at the Tupi oil field after an equipment problem forced it to halt operations in early July. The massive Tupi field holds 5 billion to 8 billion barrels of oil and ...

Oil soars over 5 percent on weak dollar

NEW YORK, Sept. 8 - Oil soared more than 5 percent on Tuesday as the dollar fell against a basket of major currencies. Light, sweet crude for October delivery rose 2.89 dollars, or 4.2 percent, to 70.91 dollars a barrel at 12:10 p.m. EDT after touching 71.72 dollars a barrel on ...

UK scientists use microbes to clean toxins from oil

LONDON, Sept 7 - British scientists have used microbes to break down toxins in crude oil and say the technique could be used in refining as well as to clear up pollutants left in vast Canadian lakes when oil is extracted from tar sands. Research published on Monday by microbiolog...

Kuwait says OPEC no need to cut oil output as prices satisfactory

KUWAIT CITY, Sept. 7 - Kuwaiti Oil Minister Sheikh Ahmad Al-Abdullah Al-Sabah said Monday that OPEC does not need to scissor output as the current oil prices are satisfactory. "No further cuts. I believe this is the general consensus," he said upon leaving for a Vienna meeting of ...

Mexico awards $464 mln contract to CGGVeritas

MEXICO CITY, Sept 7 - Mexican state oil monopoly Pemex awarded a $464 million contract to France's CGGVeritas (GEPH.PA) to search for crude in the deep waters of the Gulf of Mexico, Pemex said on Monday. Pemex, fighting to halt declining reserves and production, said the ...
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