mineral exploration project – commodity prices – mining stock- trade and market

A six-month halt in U.S. deep-water drilling would cost 23,247 jobs, according to an estimate by Michael Bromwich, head of the agency that regulates offshore oil exploration.

Bromwich’s July 10 memo to Interior Secretary Kenneth Salazar shows regulators weighed the economic affect of suspending drilling in waters deeper than 500 feet before Salazar issued a second moratorium on July 12. The memo was submitted to U.S. District Judge Martin Feldman in New Orleans as part of a voluminous administrative record supporting the agency’s actions.

“There is no question that the imposition...

The Petroleum Ministry has sought oil bonds worth Rs 11,853 crore for state-run fuel retailers to make up for the losses they incurred on selling domestic LPG and kerosene below cost during the first half of the current fiscal.

A consortium grouping U.S. and European oil giants Exxon Mobil Corp. and Royal Dutch Shell PLC on Thursday signed a $50 billion deal to develop one of Iraq’s most prized oil fields, as the OPEC nation looks to revamp its battered energy sector.

Madagascar planned auction of oil exploration rights of two blocks of 18 oil exploration blocks offered for sale. But the plan delayed auction of exploration rights due to political interference in the country.

Madagascar General Office of National Mines and Strategic Industries, Joeli Lalaharisaina, said, “Madagascar postpone the auction of oil exploration rights until next year as a result of the political crisis in the country Madagascar.”

Gazprom and China National Petreleum Corporation will continue negotiations for pricing, volume, route and duration of gas supply to China. It is expected that the two companies may sign a framework agreement the supply of gas to China.

National Oilwell Varco, Inc. today reported that for the third quarter ended September 30, 2009 it earned net income of $385 million, or $0.92 per fully diluted share, compared to second quarter ended June 30, 2009 net income of $220 million, or $0.53 per fully diluted share.

Parallel Petroleum Corporatio, PLLL Acquisition Co. and PLLL Holdings, LLC, entities formed for the purpose of acquiring Parallel Petroleum Corporation and wholly owned subsidiaries of an affiliate of Apollo Global Management, LLC, today announced the completion of the tender offer for all of the outstanding shares of common stock of Parallel, including the associated preferred...

China Petroleum to expand oil and gas exploration companies to compete with American oil and gas. Expansion of China compete in the oil and gas markets to be realized, because the company will get a share of China drilling in the Gulf of Mexico from a Norwegian oil company.