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Oil must not be under $60 for investment: ENI

VIENNA - Oil prices should not drop under $60 a barrel if investment is to be maintained, said ENI Chief Executive Officer Paolo Scaroni on Thursday. Similarly prices should not be above $75 if economic growth is to be sustained, he told an OPEC energy conference. "In my view ...

CNOOC starts Huizhou refinery, eyes 70-80 pct runs

BEIJING, March 20 - Offshore oil firm CNOOC's first major refinery in southern China starts pumping crude into its 240,000 barrel-per-day processing unit on Friday, and expects to be running at 70-80 percent of capacity from May, company officials said on Friday. It takes roughly ...

No "war" on oil, gas industry: U.S. interior secretary

WASHINGTON - The U.S. interior secretary on Thursday told oil and gas company executives the Obama administration has not declared war on their industry, but their companies will lose some tax breaks and he suggested they may pay higher royalties on production from public lands. ...

Malaysia's IOI sees palm oil at 2,000 rgt/t

KUALA LUMPUR, March 20 - Malaysia's IOI Corp, the world's third-largest listed palm oil producer, said the price of crude palm oil could rise 20 percent due to falling domestic stockpiles. "We see prices trading within a range of 2,000 ringgit to 2,300 ringgit, averaging about 2...

Oil to stay dominant, but producers turning green

VIENNA, March 19 - A crash in oil prices has confirmed the dominance of fossil fuels, OPEC ministers and other energy producers said on Thursday, but they also stated their commitment to fighting the pollution they generate. Even the environmentalists who addressed the final day ...

OPEC wants higher oil prices: Saudi oil minister

DUBAI - OPEC has made enough cuts to balance the market and has succeeded in "putting a floor" to oil price falls but would like to see higher prices to sustain investment, Saudi Oil Minister Ali al-Naimi told CNN. Naimi, whose country is the world's top oil exporter, said that ...

Brazilian president vows to achieve energy self-sufficiency

RIO DE JANEIRO, March 18 -- Brazilian President Luiz Inacio Lula da Silva said Wednesday that his country will achieve self-sufficiency in energy supply. Lula inaugurated on Wednesday the country's second liquefied natural gas (LNG) regasification terminal, located in Rio's ...

Oil tumbles on bigger-than-expected inventory build

NEW YORK, March 18 -- Crude oil retreated on Wednesday after a U.S. government report showed energy inventory increased more than market had expected. Light, sweet crude for April delivery fell 1.02 U.S. dollars to settle at 48.14 dollars a barrel on the New York Mercantile ...

Roc Oil says BMG JV cost commitments cut by $100 mln

March 17 - Australia's Roc Oil Co Ltd said on Tuesday the revision of the development plan of the company-operated Basker-Manta-Gummy joint venture (BMG JV) has reduced the project's cost commitments for 2009 by $100 million. At 0845 GMT, Roc Oil shares were up 8 percent at 17 ...

Disaster declared after Australia oil spill

CANBERRA - Authorities declared parts of Australia's northeast coast a disaster area Friday after tons of oil from a damaged cargo ship contaminated several beaches popular with tourists. Queensland state Premier Anna Bligh declared Moreton Island, Bribie Island and southern ...

OPEC president says oil cuts supporting price

VIENNA - OPEC's Angolan president said on Sunday the group's existing supply curbs had brought some stability to the market, although prices remained too low to encourage investment in new supplies. The Organization of the Petroleum Exporting Countries decided earlier on Sunday ...

Cyclone closes two Apache oilfields in Australia

PERTH, Feb 27 - U.S.-based oil company Apache Energy on Friday began shutting down two Australian oil fields off western Australia due to cyclone threats. Apache spokesman David Parker said the firm was in the process of shutting production from its Stag and Legendre oil fields, ...

TransCanada secures support for shale gas line

CALGARY, Alberta, Feb 26 - TransCanada Corp said on Thursday its customers are backing plans for a new C$340 million ($274 million) pipeline to ship natural gas from the burgeoning Horn River shale region of northeastern British Columbia to market. TransCanada, the country's No. ...

Oil jumps 6 percent on OPEC, U.S. demand

NEW YORK - U.S. oil prices jumped more than 6 percent to above $45 a barrel on Thursday on expectations OPEC will cut output again and on signs of a rebound in gasoline demand in top consumer the United States. OPEC member United Arab Emirates announced it was cutting back ...

Oil leaks from CPC pipeline in Kazakhstan

ALMATY, Feb 27 - Oil has leaked from the Caspian Pipeline Consortium's (CPC) pipeline in Kazakhstan, the Central Asian nation's Emergencies Ministry said on Friday. CPC ships crude from some of Kazakhstan's biggest oilfields such as Tengiz to the Russian port of Novorossiisk. ...

Nigeria to revive refinery privatization: oil minister

ABUJA - Nigeria will revive earlier plans to privatize its domestic oil refineries in an effort to end its dependence on imported fuel, Oil Minister Rilwanu Lukman said on Thursday. "The program of privatization of the refineries which had earlier been jettisoned is going to be ...

White House seeks to end tax breaks for oil and gas companies

WASHINGTON - U.S. President Barack Obama's budget outline calls for eliminating substantial tax breaks and increasing fees for the oil and natural gas industry. Obama's plan, which must still be approved by Congress, would levy an excise tax on Gulf of Mexico oil and gas that ...

US Interior scraps Bush research oil shale leases

WASHINGTON, Feb 25 - A Bush administration plan for demonstration oil shale leases will be scrapped because the proposal is flawed and royalties to the government are too low, Interior Secretary Ken Salazar said on Wednesday. "If oil shale technology proves to be viable on a ...

Total sees gas, condensate output in Australia 2015

SINGAPORE, Feb 26 - European oil and gas major Total SA expects to start gas and condensate production in Australia in 2015, a a company executive said on Thursday. "The next breakthrough should be Australia since we already have development plans. So, the development should ...

Oil execs push Congress for offshore drilling

WASHINGTON - Executives from major oil companies told Congress on Wednesday that more offshore areas should be opened to drilling to boost domestic energy supplies and reduce America's reliance on petroleum imports. Oil companies have their best shot in nearly three decades to ...
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