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Santos Q1 output down 4 pct, holds year guidance

PERTH, April 23 - Australian oil and gas producer Santos Ltd (STO.AX) posted a 4 percent fall in first-quarter production, but maintained its full-year production and cost guidance. Total production in the three months to March 31 was 13.2 million barrels of oil equivalent (boe), ...

China announces funding for agriculture sector amid financial crisis

BEIJING, April 22 - China's State Council, or Cabinet, Wednesday announced measures to support agriculture, given the negative impact of the global downturn. The measures were taken during a Council executive meeting, chaired by Premier Wen Jiabao. The meeting was told that the ...

High oil stocks, falling demand add to OPEC challenge

LONDON - Oil inventories are at the highest in nearly two decades and global fuel demand is falling more than expected, increasing the challenge for OPEC in seeking to balance supply with demand. Physical oil markets are looking more bearish than a month ago as the International ...

Woodside signs agreement for Australia LNG project

PERTH, April 22 - Woodside Petroleum Ltd (WPL.AX), Australia's second-largest oil and gas producer, has signed a heads of agreement for the development of a liquefied natural gas (LNG) facility in western Australia's Kimberley region, it said on Wednesday. The agreement between ...

Conoco says doing planned work at Rodeo refinery

HOUSTON, April 21 - ConocoPhillips (COP.N) said planned maintenance work was under way on Tuesday at its 76,000-barrel-per-day refinery in Rodeo, California, but gave no details about the work. "Planned maintenance continues at the ConocoPhillips SMR/Rodeo refinery," Conoco ...

Vietnam approves new loan package for farmers

HANOI, April 20 - Vietnamese Prime Minister Nguyen Tan Dung approved to spend about 12 trillion Vietnamese dong (700 million U.S. dollars) on the country's new lending interest rate support program for farmers, said a report of the government's website on Monday. Accordingly, the ...

Husky plans spinoff of Southeast Asian assets

CALGARY, Alberta, April 21 - Husky Energy Inc (HSE.TO) plans to spin off its Southeast Asian assets, including the huge Liwan gas field, into a separate company to boost its share value once it sees some economic stability, the company's chief executive said on Tuesday. The new ...

OPEC weekly oil prices stand above $50

VIENNA, April 20 - The weekly average prices of the Organization of Petroleum Exporting Countries (OPEC) crude oil rebounded to 51.43 U.S. dollars per barrel last week, representing a rise of 0.09 dollars from the previous week, the Vienna-based cartel said Monday. In the five ...

Irving to boost gasoline output from Saint John

p>CALGARY, Alberta, April 15- Irving Oil Ltd plans to boost production of ultra-low sulfur gasoline at its 300,000 barrel per day refinery in Saint John, New Brunswick, as part of a project scheduled to begin in September, according to documents filed with provincial regulators. ...

Oman posts $4.1 billion 2008 surplus on oil rally

p>Non-OPEC oil producer Oman posted a budget surplus of 1.58 billion rials ($4.1 billion) in 2008, the highest this decade, as revenues from oil exports surged, official data showed. Total state revenues rose 34.9 percent to 7.98 billion rials while expenditures by the Gulf state ...

Suncor to buy Petro-Canada for C$18.4 bln

CALGARY, Alberta, March 23 - Suncor Energy Inc said on Monday it will buy rival Petro-Canada to create Canada's biggest oil company, dominant in the Alberta oil sands and able to slash costs as it looks to weather a period of low oil prices. Suncor is offering C$18.43 billion (...

China's largest oilfield to maintain crude output

BEIJING, April 7 -- China's largest oilfield Daqing aims to produce 400 million tons of crude in the next 10 years, according to officials with the oilfield. "We will maintain our annual crude oil output at 40 million tons in the next 10 years," said Wang Yongchun, Party ...

Petrobras says normalizes output despite strike

RIO DE JANEIRO, March 23 - Brazil's state-run oil company Petrobras said on Monday its oil platforms were operating normally despite an oil workers' strike after sending emergency crews to man its facilities. After a dramatic start in which the FUP association of oil worker ...

PetroChina Xinjiang to boost oil storage by 60 pct

BEIJING, March 23 - PetroChina's Xinjiang Oilfield Corporation has started an expansion that would boost its crude oil storage capacity by 60 percent by August 2010, a newspaper run by parent CNPC reported on Monday. The Xinjiang unit will add 450,000 cubic metres of crude oil ...

Idemitsu says to refine 22 pct less crude in April

TOKYO, March 23 - Idemitsu Kosan Co, Japan's third-largest refiner, said on Monday it plans to refine 2.05 million kilolitres of crude oil in April, down 570,000 kl or 22 percent from a year earlier, amid weak domestic demand. The oil refiner also said it planned to refine 17 ...

India Reliance, fertiler cos to sign gas deal-paper

NEW DELHI, March 23 - India's Reliance Industries is expected to sign a deal with some of the country's fertiliser firms to sell gas from its Krishna-Godavari Basin, the Hindu Business Line reported on Monday, citing anonymous sources. Reliance was expected to seal the gas sale ...

Iraq to ask firms to build $2.5 bln oil refinery

BASRA, Iraq, March 22 - Iraq will invite international companies to invest more than $2.5 billion in building a 150,000 barrel per day (bpd) oil refinery in the southern province of Maysan, a senior local official said on Sunday. "We will ask international companies specialised ...

Gasoline prices dip slightly in reversal: survey

NEW YORK - Average U.S. retail gasoline prices edged lower over the past two weeks, but are poised to resume their upward march ahead of rising gasoline demand and stricter environmental regulations, the editor of the Lundberg survey said on Sunday. The average national price for ...

U.S. may lose refineries in downturn

SAN ANTONIO, Texas, March 22 - Valero Energy Corp Chairman and Chief Executive Bill Klesse said the number of U.S. refineries may shrink if demand for motor fuel remains crushed by the current recession. "If the current economic environment, which I expect to improve some, but if ...

Indonesia resources sector and foreign involvement

March 22 - Indonesia has some of the world's top reserves of energy and minerals, although in recent years it has struggled to attract enough investment to maximise development of rich deposits that include coal, gas, copper and nickel. The country hosts a number of major global ...
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