Mining Companies Exploration and Investment News

The energy giant is teaming up with partners in a liquefied natural gas project in Papua New Guinea to supply China, Japan and Taiwan.

Exxon Mobil and its partners approved development of a $15 billion Papua New Guinea liquefied natural gas venture, the country’s biggest resource project, to supply the cleaner-burning fuel to China, Japan and Taiwan. (continue reading…)

Exxon Mobil and its partners approved Tuesday the development of a $15 billion liquefied natural gas venture in Papua New Guinea to supply fuel to China, Japan and Taiwan.

The project is to be the country’s biggest natural resource development.

Construction is to begin in 2010 after the companies complete agreements with their customers and financing arrangements with lenders, said Exxon, which is the largest U.S. oil company. (continue reading…)

Natural gas prices have slumped well below what they were last year, and that trend will likely continue into 2010.

The New York Mercantile Exchange contract for January delivery at one point dropped to a new 52-week low of $4.432 per 1,000 cubic feet on Thursday.

The government then reported that the amount of natural gas in storage rose again, surprising most energy experts. The country has never had this much natural gas in storage.
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Oil and natural gas company Ultra Petroleum Corp reported an adjusted profit in the third quarter that beat estimates, helped by increased production.

For the quarter, loss was $8.3 million, or 6 cents a share, compared with net income of $149 million, or 95 cents a share, a year earlier. Excluding items, the company reported net income of 57 cents a share.
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British oil giant BP PLC has signed several agreements potentially valued at up to $9 billion with Jordan to develop the country’s Risheh natural gas field along its border with Iraq.

Under the deals signed Sunday with Oil Minister Khaldoun Qteishat, BP will spend $237 million on the project’s preliminary exploration and assessment phase over three years.
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Imperial Oil Ltd. (IMO) raised its purchase price for benchmark 40-degree gravity light crude oil at Edmonton by C$30 a cubic meter to C$517 a cubic meter, effective Wednesday.
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Natural gas advanced to a nine-month high in New York as Caterpillar Inc. topped third-quarter profit estimates and said there were signs of an economic recovery.

Fuel use may increase as Caterpillar, the world’s biggest maker of bulldozers and excavators, said industrial production has improved and forecast a 3 percent expansion in the world economy next year. (continue reading…)

China National Offshore Oil Corp.. was in talks with oil companies Ghana, Ghana National Petroleum Corp., to bid for shares in Jubilee oil field. China National Offshore Oil Corp.. will compete with bids from the oil company Exxon Mobil Corp., a $ 4 billion. Wall Street Journal reported, China’s investment plans for mining infrastructure development, mineral exploration and oil exploration projects in Ghana.
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