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Eni says finds new oil, gas offshore Indonesia

MILAN, April 6 - Italy's biggest oil and gas group, Eni has made a new hydrocarbon discovery offshore Indonesia as it aims to boost activity in the region, Eni said in a statement on Monday. "The Jangkrik discovery, drilled in 400 metre water depth, represents a significant ...

Ukraine's Naftogaz paid March gas bill-spokesman

KIEV, April 7 - Ukraine has paid its March gas bill to Russian gas firm Gazprom state energy company Naftogaz said on Tuesday. "Naftogaz has transfered the money," Naftogaz spokesman Valentyn Zemlyansky told Reuters.

OPEC oil prices drop after 6-week rising

VIENNA -- The weekly average prices of the Organization of Petroleum Exporting Countries (OPEC) fell to 48.55U.S. dollars per barrel, the first price decline since the end of February, the Vienna-based cartel said Monday. The oil price hovered around 40 U.S. dollars in the first ...

S.Korean firms fail to qualify for Iraq oil fields

SEOUL, April 3 - State-run Korea National Oil Corp (KNOC) and SK Energy said on Friday they had failed to pass the pre-qualification process for oil exploration rights in Iraq. The firms said they were not informed of the reasons. Some industry sources and a report from Baghdad ...

IEA likely to lower its oil demand forecasts

PARIS - The International Energy Agency is likely to lower its global oil demand forecasts significantly as more bleak economic data emerges, its chief said on Thursday. "The possibility for downward revision will be high," Nobuo Tanaka, the agency's executive director, told ...

OPEC can live with $50 oil for 2009-Sec Gen

PARIS, April 2 - OPEC may be able to live with oil prices around $50 a barrel in 2009, its Secretary General said on Thursday, another sign the group has limited its price aspirations for now because of the weak economy. The comments are the first indication from the Organization ...

Saudi content with $50 oil to help world economy

DUBAI - Saudi Arabia and other core Gulf OPEC producers will not seek to push oil prices beyond $50 a barrel in the short-term, to help nurse the global economy out of recession. If oil, now near $50, does not drop, Saudi Arabia appears unlikely to seek another output cut at OPEC...

Oil-Rich Alberta Gets Rebranded

Tilde Herrera,The Canadian province of Alberta recently rebranded itself with an optimistic slogan it hopes will erase some of the bad publicity generated by its oil sands development, which some called the world's dirtiest. "Freedom to create, spirit to achieve" is now the ...

Gazprom signs north Nigeria oil search deal

ABUJA, April 1 - Russian energy giant Gazprom has signed an agreement with a Nigerian firm to analyse three oil blocks in northern Nigeria for possible exploration, a senior company official said on Wednesday. The Russian firm signed a memorandum of understanding with the New ...

EU carbon futures rise on firmer power, oil

LONDON - European carbon futures rose more than five percent on Monday on firmer German power and crude oil prices, reversing three straight days of losses, traders said. EU Allowances for delivery in December added 57 cents or 5.1 percent at 11.85 euros per ton at 1358 GMT. ...

Centrica, Venture to discuss takeover Mon -report

LONDON, March 22 - British utility Centrica will meet executives of Venture Production on Monday to discuss a takeover of the UK independent oil and gas company, several newspaper reported on Sunday. On Wednesday Centrica, the owner of British Gas, spent 240 million pounds on a ...

Russia outlines plans to support oil prices

VIENNA- Russia on Sunday proposed a list of measures to support world oil prices, calling for lower output from producers as part of the plan. Deputy Prime Minister Igor Sechin outlined the wide range of ideas to OPEC oil ministers ahead of their meeting in Vienna. Greater ...

Kuwait says to drop $15 bln oil refinery plan-paper

KUWAIT, March 15 - Kuwait's government will cancel a $15 billion oil refinery project, which met opposition in parliament, in its weekly meeting on Monday, the country's prime minister said in remarks published on Sunday. "We will officially stop the project in the coming cabinet ...

Obama compromise on carbon could cut revenues

NEW YORK - If the United States gives industry too many permits to emit greenhouse gases in a future climate regulation plan, it could cut revenues that had been expected to fund tax breaks and clean energy development. President Barack Obama indicated to the Business Roundtable ...

OPEC keeps existing targets unchanged

VIENNA - The Organization of the Petroleum Exporting Countries on Sunday agreed to keep existing output quotas intact, but said it would abide by them more strictly and called another meeting on May 28. The following are a series of analyst views on the decision. DAVID FYFE, HEAD ...

U.S. energy chief urges OPEC to spare world economy

WASHINGTON - U.S. Energy Secretary Steven Chu said late on Friday that OPEC ministers should take into account the harm high oil prices can do to the global economy when they meet in Vienna this Sunday to discuss whether to carry out another oil production cut. "We will continue ...

Two Texas generators to shut aging gas-fired units

HOUSTON, March 13 - The Texas electric grid operator has approved Luminant's request to retire five aging natural gas-fired power plants before summer power use peaks, said the Electric Reliability Council of Texas. ERCOT has determined that Dallas-based Luminant can permanently ...

OPEC sees oil demand falling, pressure on prices

LONDON - World oil demand is contracting faster than expected, increasing pressure on prices, OPEC said on Friday ahead of a key meeting of the group this weekend. The Organization of the Petroleum Exporting Countries said in its Monthly Oil Market Report that demand would drop ...

Kurdish oil min expects to export crude soon

LONDON, March 13 - Iraq's autonomous Kurdistan region should begin to export oil via Iraq's pipeline network in the coming months, the region's minister of natural resources said on Friday. Norway's DNO International is in the final stages of connecting its Tawke field to the ...

Uganda's environment body approves early oil output

KAMPALA, March 13 - Uganda's environmental authority has approved an early production scheme by Tullow Oil removing a legal hurdle for development of crude in the Albertine basin, the body said on Friday. The UK-based explorer said on Wednesday hydrocarbon finds in the east ...
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