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U.S. may need more foreign oil as drilling falls: NEW YORK - A sharp drop in U.S. drilling spurred by lower oil prices, scarce funding and potential tax hikes may thwart the Obama administration's plans to end U.S. reliance on foreign oil. U.S. oil output is poised to rise 8 percent this year to 5.4 million barrels per day -- ...

Oil hits 3-month high as Wall Street rallies: NEW YORK - Oil prices hit their highest level in nearly three months on Monday as a U.S. plan to purge banks of toxic assets triggered a rally on Wall Street and brightened the outlook for flagging energy demand. U.S. crude rose $1.73 to settle at $53.80 a barrel, having earlier ...

OPEC seen laying basis for higher oil prices: LONDON - OPEC oil producers are gradually succeeding in tightening the market and oil prices are likely to respond by rallying later this year, oil analysts and economists said on Tuesday. Cuts in oil production by members of the Organization of the Petroleum Exporting Countries ...

Five facts about Canada's oil sands: Suncor Energy said on Monday it will buy rival Petro-Canada for shares worth C$18.4 billion ($14.9 billion) to create the dominant player in Canada's oil sands. Following are five facts about Canada's oil sands: Canada's oil sands, located mostly in the north of the province of ...

Japan's Idemitsu shuts naphtha cracker for repair: TOKYO, March 24 - Japan's Idemitsu Kosan Co said on Tuesday it shut its 374,000 tonnes-per-year naphtha cracker at its Chiba plant earlier in the day for maintenance and repair work. The shutdown is projected to last about a month with the restart scheduled for late April, a ...

Global oil, gas projects delayed in 2009: March 23 - Following is a list of oil and gas projects and oil refinery expansion plans that have been delayed so far in 2009. The global financial crisis, falling oil demand and a slide in prices have prompted many in the industry to scale back spending and delay projects. March ...

Vialogy says to get about $4 mln from major oil find: March 23 - ViaLogy said its QuantumRD oil exploration technology helped a U.S.-based explorer in locating new oil deposit on Galba Prospect in Texas for which, ViaLogy could receive around $4 million. The drilling effort and oil strike based on the ViaLogy analysis located ...

NAL Oil to buy Alberta Clipper for C$37 mln in stock: March 23 - NAL Oil and Gas Trust agreed to buy Alberta Clipper Energy Inc in an all-stock deal valued at C$37 million, excluding debt, to beef up production at its Sylvan Lake and west central Alberta sites. NAL said it will issue about 5.7 million trust units at a price of C$6...

Thai PTT looks beyond oil, gas for acquisitions: BANGKOK, March 23 - PTT PCL PTT.BK, Thailand's top energy firm, said on Monday it was looking beyond its core gas and oil businesses for more acquisitions in the Asia-Pacific region. "The energy business in Thailand is reaching saturation. Under the current economic circumstances...

UK recession to cut summer gas/power demand: LONDON, April 2 - Britain's recession is likely to cut gas demand by 6 percent during the six months started on Wednesday, compared to the previous summer, energy network operation National Grid said. "The impact of the recession is anticipated to reduce non daily metered demand. ...

OPEC says oil not to blame for climate change: PARIS, April 2 - OPEC said oil was not to blame for climate change and consuming countries should pay to fight the threat, while the CEO of Royal Dutch Shell said drivers could help by not buying Hummer sports utility vehicles. "Oil is not responsible," the producer group's ...

Russian gas flow to Europe down:Ukraine's Naftogaz: KIEV, April 2 - Russian gas transit to Europe via Ukraine fell by nearly 53 percent to 16.4 billion cubic metres in the first quarter of 2009 from 34.7 billion in the same period of 2008, state energy company Naftogaz said on Thursday. "Latest data show from the first quarter put ...

PetroChina Jinzhou to raise April crude runs 16 pct: BEIJING, April 2 - PetroChina will increase the crude processing rate at its Jinzhou refinery by 16 percent in April from March, amid signs of a demand recovery, an industry source said on Thursday. "The plant will restart another crude processing facility in mid-April, following ...

Reliance begins pumping gas from KG basin field: NEW DELHI, April 2 - India's Reliance Industries has started pumping natural gas from its massive deep-sea field in the Bay of Bengal, which at full throttle will nearly double India's gas output, the company said on Thursday. Petroleum Secretary R.S. Pandey told reporters the ...

SK Energy to keep crude runs steady in Apr-sources: SEOUL, April 2 - South Korea's SK Energy will keep crude operation rates steady in April from March after it decided to postpone the shutdown of its No.4 crude unit, industry sources said on Thursday. The run rates would be kept at 970,000-980,000 barrels per day (bpd), they said...

Suncor CEO says oil sands profitable at $50 crude: CALGARY, Alberta, April 1 - Existing oil sands operations generate double-digit returns with oil around $50 a barrel and costs of new projects have started to fall in the industry downturn, the chief executive of Suncor Energy Inc Canada's No. 2 oil sands producer, said on ...

Non-OPEC oil supply to fall further, faster: NEW YORK/LONDON - A plunge in oilfield spending means non-OPEC oil output could soon fall, raising prices and potentially derailing any global economic recovery. A growing number of forecasts predicting a fall reflect a major drop in oil drilling because of lower crude prices and ...

Oil industry CAPEX to fall if crude steady: Statoil: OSLO - Norwegian oil and gas producer StatoilHydro expects the oil industry's investment spending to continue to decline in 2010 if oil prices remain steady around current levels, its CEO told Reuters on Wednesday. Norway's oil regulator has voiced concern that once ongoing ...

Russian Lukoil, Transneft eye Mazeikiu: p>Russian oil companies Lukoil (LKOH.MM) and Transneft TFNF_p.RTS approached Poland's No.1 refiner PKN Orlen PKNA.WA to buy shares in its Lithuanian arm Mazeikiu, Rzeczpospolita daily reported on Tuesday.PKN's chief executive Jacek Krawiec was quoted as saying that no talks on ...

China crude stocks fall 1.6 pct in Feb: BEIJING, April 3 - China's overall crude inventories at the end of February dropped 1.6 percent from a month before to 36.6 million tonnes, a Xinhua newsletter said on Friday, as refineries stepped up operations to get ready for an increase in up demand. This was in line with ...

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Yao's gift of sport for all: Chinese NBA player Yao Ming teaches a boy with special needs how to ...

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