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Lotos slumps to $246 mln fourth quarter net loss

WARSAW, March 2 - Poland's second largest refiner, Lotos had a smaller than expected net loss of 903.8 million zloty ($246 million) in the fourth quarter, due to oil inventory valuations and a weak zloty currency, the company said on Monday. Analysts polled by Reuters expected a ...

Circle Oil says initial 1,450 bopd at Egypt ops

LONDON, March 1 - Oil and gas exploration company, Circle Oil Plc announced its first oil production in Egypt at the Al Amir Development Lease area in the North West Gemsa Permit. Production started at 1,450 barrels of oil per day and is expected to reach a daily rate of 3,000 ...

Iraq, hungry for money, seeks to boost oil sales

BAGHDAD, March 1 - Hungry for money to rebuild after years of war, Iraq will try to revive a national oil company and lure foreign investors to speed up an increase in oil output and avert a "catastrophe", officials said on Sunday. Oil Minister Hussain al-Shahristani said he ...

CPC oil pipeline relaunched after leak

ALMATY, March 2 - The flow of oil through the key pipeline shipping crude from Kazakhstan to Russia has restarted after a leak, operator the Caspian Pipeline Consortium said. The CPC halted shipments through a part of the pipeline in Kazakhstan last week after oil leaked from it, ...

Transco sets limits on US natgas line due to cold

NEW YORK, Feb 27 - Williams Cos Inc unit Transcontinental Gas Pipeline Corp said Friday it would limit excess storage withdrawals and not allow any imbalances on its natural gas pipeline system due to cold weather expected to hit the U.S. Northeast on Sunday. "Transco anticipates ...

Oil pulled lower by dismal U.S. GDP data

NEW YORK - Oil prices fell 1 percent on Friday, pulled lower by U.S. data showing the economy of the world's largest energy consumer shrank more than expected in the final three months of 2008. U.S. crude fell 46 cents to settle at $44.76 a barrel after touching a session low of ...

Peru top court bans some oil exploration work

LIMA, Feb 27 - Peru's top court has ruled that foreign petroleum companies must halt exploration work at a site in the Andes Mountains where environmentalists have complained about possible water pollution. The oil concession in question is located in lot 103 in northern Peru, in ...

U.S. oil demand in 2008 hit a 10-year low: government

WASHINGTON - Battered by high gasoline prices and a dismal economy, U.S. oil demand fell to its lowest level in 10 years in 2008, an Energy Information Administration report said on Friday. U.S. petroleum demand for 2008 was down 6.1 percent, or 1.261 million barrels per day, at ...

U.S. oil stocks slip on imports, higher runs: API

NEW YORK - U.S. crude oil stockpiles dipped 463,000 barrels last week amid lower import levels and higher demand from refiners, the American Petroleum Institute said on Tuesday. The report countered analyst expectations for a crude oil inventory build of 1.2 million barrels. The ...

Nippon Oil, Mining to delay merger until April 2010

TOKYO, Feb 26 - Nippon Oil Corp Japan's biggest refiner, said on Friday it would delay its merger with smaller Nippon Mining Holdings Inc by six months to April 2010 to allow them time to deal with U.S. regulators. In December, the companies announced plans to merge to slash ...

Nigeria pipeline blasts shut 70,000 bpd of oil output

ABUJA, March 3 - Explosions on Nigerian oil pipelines last week have shut down as much as 70,000 barrels per day (bpd) of oil production, a senior official with state-run oil firm NNPC said on Tuesday. "Crude production has come down to around 164,000 bpd as of this morning. So ...

Investors like clean energy, growth dips: survey

LONDON - Half of institutional investors plan to increase their funding of clean energy compared with 12 months ago, but that will not be enough to drive global growth in the sector this year, a survey published on Wednesday said. Shares in clean energy companies under performed ...

Alberta moves to bolster oil, gas drilling

CALGARY, Alberta, March 3 - Alberta, Canada's biggest oil and gas producing province, offered its battered industry up to C$1.5 billion ($1.2 billion) in royalty breaks and credits on Tuesday in a bid to boost drilling and soften the impact of sagging petroleum prices. Softening ...

Spain to sign energy co-op agreement with Russia

MADRID, March 2 -- Spanish Prime Minister Jose Luis Zapatero announced here on Monday that he will be signing a joint energy cooperation agreement with Russian President Dmitry Medvedev on Tuesday. Speaking at the closure of the forum for First Forum of the Hispano-Russo Civil ...

U.S. energy policy focuses less on OPEC oil supply

WASHINGTON - Recent comments by U.S. Energy Secretary Steven Chu appear to mark a radical shift in U.S. energy policy away from its focus on OPEC and oil supply and toward an agenda of trimming petroleum demand and promoting renewable energy at home. Chu recently raised eyebrows ...

Stocks slide worldwide on AIG news, oil plummets

NEW YORK, March 2 - Global stocks plumbed new multi-year lows on Monday after AIG's record $61.7 billion quarterly loss and an $18.1 billion capital request by HSBC slammed financial markets, sending the dollar to near three-year highs and government debt up as investors sought ...

Australia iron ore, oil operations resume after storm

PERTH, March 2 - Mining giant BHP Billiton Ltd/Plc and energy firm Santos Ltd have resumed operations in western Australia after a tropical storm passed the coast, both companies said on Monday. The weather bureau cancelled flood warnings for much of Western Australia state on ...

Nigerian oil workers threaten strike over security

ABUJA, March 2 - Nigerian oil workers on Monday threatened to strike in three weeks if the government does not take steps to improve the security in the Niger Delta. Nigeria's white collar oil workers' union PENGASSAN and its sister group NUPENG have promised to strike several ...

Narrowing contango may spur U.S. oil stock selloff

NEW YORK - The flattening out of the U.S. oil futures curve may prompt a partial selloff of the plump inventories in the world's top energy consumer by eroding the profits companies gain by storing crude. Near-month U.S. crude futures have been trading at a steep discount to ...

Oil gains nearly 9 percent on U.S. crude stocks drop

NEW YORK - Oil settled nearly 9 percent higher on Wednesday after data showed an unexpected drop in U.S. crude stocks and an increase in gasoline demand. News that No. 2 oil consumer China's manufacturing index climbed for the third straight month also supported prices, dealers ...
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