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Indonesia Pertamina to pick Natuna block partners

KUALA LUMPUR, March 17 - Indonesia's state-run oil firm, Pertamina, plans to decide on its technical partners for the giant Natuna D-Alpha gas block this month or the next, a company official said on Tuesday. The Natuna block contains around 222 trillion cubic feet (tcf) of gas ...

Sentiment toward nuclear power improving: study

HOUSTON - Consumers around the world, worried about reliable energy supplies and pollution, said their nations should reduce use of oil, natural gas and coal to make electricity in favor of nuclear and renewable power, according to a 20-country survey by Accenture. Results of ...

U.S. gasoline price down first time in 3 weeks: government

WASHINGTON- U.S. retail gasoline prices fell for the first time in three weeks, the Department of Energy said on Monday, as the weak economy cuts into petroleum demand. The national price for regular unleaded gasoline declined 3.1 cents over the last week to $1.91 a gallon, which ...

Petronas says Dragon LNG terminal starts in mid-2009

KUALA LUMPUR, March 17 - BG Group's Dragon liquefied natural gas (LNG) import terminal in Wales will be commissioned by mid-2009, Malaysia's state oil firm Petronas, a key shareholder of the facility, said on Tuesday. Dragon LNG -- a joint venture in which BG has a 50 percent ...

Malaysia Hap Seng expands palm estates, fears tax

KUALA LUMPUR - Small, dynamic Malaysian planter Hap Seng Plantations plans to expand its oil palm estates by a third, to 118,000 acres, over two years to exploit still resilient demand for palm oil, a top official said on Monday. But a long-standing sales duty on crude palm oil ...

Fossil fuel vital for decades: Saudi oil minister

GENEVA - Fossil fuels will be vital for the world's energy for decades to come and must be made cleaner and more efficient, Saudi Arabian Oil Minister Ali al-Naimi said on Monday. "Given their massive scale, non-renewables will remain the world's energy workhorse for many decades ...

Ways of looking at the oil price

After reaching a record high of $147.27 a barrel on July 11 last year, benchmark oil futures fell in December to a low of $32.40. They have since recovered to around $46 a barrel. The Organization of the Petroleum Exporting Countries has not officially set a price it would like ...

OPEC can live with cheaper oil in the short term

VIENNA/GENEVA - Cheaper oil can provide a short-term economic boost, but for the longer term the world needs a much higher price to ensure the plentiful fossil fuel supplies on which it depends, OPEC leaders said on Monday. On Sunday, the Organization of the Petroleum Exporting ...

Arrow Energy says not to buy rest of Pure stake

SYDNEY, March 16 - BG Plc moved closer to buying Australian coal seam gas producer Pure Energy Resources Ltd for A$1.03 billion ($673 million) after rival bidder Arrow Energy Ltd decided to let its offer lapse. Arrow said on Monday it will not proceed with the compulsory ...

Palin defends natural-gas pipeline strategy

ANCHORAGE, Alaska - Amid economic jitters and worries about diminished investor interest in a massive North Slope natural gas pipeline, Alaska Gov. Sarah Palin on Wednesday defended her efforts to secure the mega-project that has been pursued for decades and that has been a ...

Some in OPEC see $60 a barrel oil in 2009

LONDON/VIENNA, March 18 - Some members of OPEC have limited their oil price ambitions in 2009 due to the fragility of the world economy, despite OPEC's belief that higher prices are needed to support investment in new supplies. Algeria and Libya, both members of OPEC, said they ...

Venezuela says OPEC members meeting 80 percent oil cuts

CARACAS - OPEC members are complying with 80 percent of cuts agreed by the oil exporting group, Venezuela's oil minister Rafael Ramirez said on Tuesday. The Organization of the Petroleum Exporting Countries decided not to extend production cuts at a meeting on Sunday. In recent ...

Iraq issues tender to drill 30 oil wells in south

BAGHDAD - Iraq has issued a tender to foreign oil companies to drill 30 wells in three oilfields in the southern province of Maysan, the Oil Ministry said on its website on Wednesday. The offer for the fields of Halfaya, Noor and Abu Gharab on a turn key basis closes on April 15 ...

Valero wins VeraSun ethanol facilities in auction

NEW YORK - U.S. refiner Valero Energy Corp has won an auction for seven facilities, bidding about $477 million for ethanol production facilities and a development site of bankrupt ethanol maker VeraSun Energy Corp. In addition, secured lenders for the remaining facilities ...

China oil firms to issue 30 bln yuan 3-year bills

SHANGHAI, March 20 - Major Chinese oil companies said on Friday that they would issue a total of 30 billion yuan ($4.4 billion) of three-year corporate bills in the interbank market next week to help fund their operations. China National Petroleum Corp, the parent of PetroChina , ...

Manila's Napocor says bidding for 100,000T coal fails

MANILA, March 18 - Top Philippine electricity producer National Power Corp (Napocor) was unable to secure 100,000 tonnes of local coal for one of its power plants following another failed tender on Wednesday, officials said. The lone bidder, state-run firm PNOC-Exploration Corp ...

Russians eye Cuba offshore oil deal

HAVANA, March 17 - A Russian consortium is looking at leasing up to 15 blocks covering a total of 15,440 square miles (40,000 square kilometers) for oil exploration in Cuba's part of the Gulf of Mexico, a Cuban oil official said on Tuesday. Companies from China and Angola are ...

Singapore firm aims to make vessel emissions ship-shape

SINGAPORE - When it comes to greenhouse gas emissions, the shipping industry is neither lean nor green. Ships carry about 90 percent of global trade, and until recently, such has been the demand for coal, cars and electronics, that there has been little concerted effort to rein ...

Algeria oil min expects $60 oil, boost from G20

VIENNA - Oil prices should reach $60 a barrel by the end of the year, Energy and Mines Minister Chakib Khelil told a news briefing on Tuesday. He said he expected the April 2 G20 summit of established and emerging economic powers to produce a package to stimulate the world ...

India's Essar group may go private, delays refinery expansion

MUMBAI, March 22 - Indian energy-to-steel conglomerate Essar Group is planning to become totally private, and none of its group companies will be listed, two newspapers said on Sunday, quoting group Chairman Shashi Ruia. "Our wish is to become a privately held group which gives ...
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