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Nigerian army says frees more hostages in oil delta

WARRI, Nigeria, May 17 - The Nigerian army said on Sunday it had freed four more foreign hostages from the western Niger Delta during an operation to flush out militants which rights groups say has displaced thousands of villagers. The military has used helicopters and gunboats ...

Sinopec to run 3.67 mln bpd of crude in May -report

BEIJING, May 18 - Asia's top refiner Sinopec Group is expected to process 15.57 million tonnes of crude oil in May, or 3.67 million barrels per day, the official People's Daily reported over the weekend, citing information from the group. That would be marginally higher than the ...

BP restarts Texas City refinery ultracracker-filing

HOUSTON, May 17 - BP Plc (BP.L) restarted an ultracracker at its 467,720 barrel per day (bpd) Texas City, Texas, refinery on Sunday, according to a notice filed with state pollution regulators. The restart of the ultracracker, a type of hydrocracking unit, is expected to last ...

UTS Energy pegs Fort Hills project cost at C$8 bln

CALGARY, Alberta, May 14 - UTS Energy Corp (UTS.TO), which fended off a hostile takeover attempt by France's Total SA (TOTF.PA) last month, said on Thursday it may now cost only C$8 billion ($6.8 billion) to build the delayed Fort Hills oil sands project. Will Roach, chief ...

Nabucco pipeline project facts

May 17 - The United Arab Emirates' Crescent petroleum, and Austria's OMV OMV.VI and Hungary's MOL MOLB.BU, have formed a consortium to pump over 3 billion cubic feet per day of gas from Iraq's Kurdistan region, about half of which could go via the Nabucco pipeline project to ...

Italy's ERG committed to refining business

MILAN, May 14 - Italian refiner ERG SpA (ERG.MI) confirmed its multi-energy strategy and said it is still committed to the refinery business, the group's chief executive, Alessandro Garrone, said on Thursday. "Long-term we still see the refining business as a good business," ...

Freeport LNG seeks partners for re-export plan

NEW YORK, May 14 - Freeport LNG, the operator of a liquefied natural gas import terminal in Texas, is seeking interest to begin re-exporting foreign-sourced gas from the terminal to other higher-paying markets. Freeport received approval from the federal energy regulator last ...

ERG CEO says refinery business still good one

MILAN, May 14 - Italy's ERG SpA (ERG.MI) still believes refining is a good business to be in, Chief Executive Alessandro Garrone said on Thursday. "Long-term, we still see the refining business as a good business," he said in a conference call on the refiner's 2009-2012 business ...

Alaska oil and gas lease sales draw scant interest

ANCHORAGE, Alaska, May 20 - Only five bids were received in a state of Alaska lease sale that offered exploration rights to 4 million onshore and offshore acres, and no bids were received in a second sale that offered exploration rights to 5.8 million acres, according to results ...

Chevron Venezuela crude cuts hold at 50-70,000 bpd

LA JOLLA, Calif., May 13 - OPEC-related output cuts at Chevron's (CVX.N) oil fields in Venezuela have held steady at between 50,000 and 70,000 barrels per day in recent months, a company executive said Wednesday. Ali Moshiri, head of Chevron's Latin American operations, said 20...

Shell says crude unit returning to normal ops

HOUSTON, May 19 - Shell Oil Co (RDSa.L) said on Tuesday night it planned to restore a the larger of two crude distillation units at its 333,700 barrel per day (bpd) Deer Park, Texas, refinery to normal operations by Wednesday morning. The 270,000 bpd CDU malfunctioned late ...

Connacher finance plan may fund oil sands project

TORONTO, May 19 - Connacher Oil and Gas Ltd (CLL.TO) on Tuesday said it was taking steps to raise financing that could help fund its Algar oil sands project through an equity offering and a syndicated loan. Net proceeds of the stock offering would go to fund capital expenditures ...

Sunoco says fire out at Marcus Hook refinery

NEW YORK, May 19 - Sunoco Inc (SUN.N) said Tuesday that firefighters extinguished late Monday a fire that had hit the ethylene plant at its 178,000 barrel-per-day refinery in Marcus Hook, Pennsylvania. "As of 10 p.m. (EDT) Monday (0200 GMT Tuesday), the fire had been extinguished...

Hopes for increasing agricultural exports run high at Shanghai expo

SHANGHAI, May 19 - The 10th International Food and Beverage Exhibition opened amid high hopes in Shanghai Tuesday, with representatives from 1,057 businesses in attendance. Half of the participants were businesses from overseas, said organizers. Mariann Fischer Boel, European ...

U.S. president announces national fuel efficiency policy

WASHINGTON, May 19 - U.S. President Barack Obama on Tuesday proposed tough standards for tailpipe emissions from new automobiles, establishing the first nationwide regulation for auto emissions. The proposal also raises fuel efficiency targets to 35.5 miles per gallon (6.6 liters...

Sunoco refinery fire stokes U.S. gasoline price

HOUSTON, May 18 - Sunoco Inc (SUN.N) said on Monday afternoon that a gasoline-producing fluidic catalytic cracking unit at its 178,000 barrel per day (bpd) Marcus Hook, Pennsylvania, refinery was shut following Sunday night's explosion in an ethylene unit. The refinery's crude ...

Peru oil pipeline halted on protests in Amazon

LIMA, May 18 - Protesters in the Amazon basin have forced Peru's state energy company to shut its crude oil pipeline, a company official said on Monday as the government tries to end weeks of demonstrations over natural resources. Indigenous communities have blocked roads and ...

G8 energy leaders urge stable oil prices

ROME - Consumer nations on Sunday urged producers to keep oil prices stable or risk derailing a fragile global economic recovery, as top exporter Saudi Arabia forecast prices eventually moving toward $75 a barrel. Group of Eight energy ministers were meeting in Rome against the ...

Encore Energy to buy properties for $53.8 mln

Encore Energy Partners LP (ENP.N) said it will buy oil and natural gas properties in Texas, Montana and North Dakota for $53.8 million in cash, which will be partly funded through a public offering of 2.4 million units by the company. Shares of the oil and gas company fell 9 ...

World oil markets over-supplied: Venezuela's oil minister

QUITO - Oil markets are currently oversupplied, but it is still too early to decide whether OPEC needs to cut production at its next meeting, Venezuelan Oil Minister Rafael Ramirez said on Sunday. He said OPEC's objective is to see oil prices at around $60 per barrel this year ...
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