Mining Companies Exploration and Investment News

Crude oil fell for a third day after a report showed service industries in the U.S. unexpectedly contracted in November, raising concern fuel demand may be slow to recover from the worst recession since World War II.

Oil headed for a second weekly decline after the Institute for Supply Management’s index of non-manufacturing businesses that make up almost 90 percent of the economy slipped to 48.7 from 50.6 in October, the Tempe, Arizona-based group said yesterday. A Labor Department report today will probably show the U.S. economy lost jobs in November. (continue reading…)

A new U.S. oil pricing benchmark is rapidly taking shape, threatening to further erode the dominance of the Nymex crude futures contract.

Argus Media said Wednesday its Sour Crude Index will be adopted by Saudi Aramco to set prices for oil sold in the U.S., in a move away from a formula tied closely to light, sweet crude futures traded on the New York Mercantile Exchange. (continue reading…)

Crude oil futures inched closer to a fresh one-year high in Asia Friday, as market sentiment remains optimistic on dollar weakness and seemingly improving fundamentals.
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Oil and gas producer BHP Billiton oil production growth target of BHP Billiton’s annual 10 percent increase. Operation BHP Billiton’s first quarter declined due to weather disturbances.

BHP Billiton reported their oil production increased 18 percent from the previous year, oil production reached 41.2 million barrels in the three months ended September 30. (continue reading…)

The Regent of Kelantan, Tengku Muhammad Faris Petra Sultan Ismail Petra supports the state government’s efforts to ask for petroleum royalty as per the agreement between the state and Petronas in 1975.

He said based on the data from the Statistics Department released from the the Economic Planning Unit of the Prime Minister’s Department, (continue reading…)

The average price of crude oil during the week enama above USD $ 70, until this week crude oil prices have reached USD $ 72.21. The increase in crude oil prices keep hope of crude oil demand may rise. But some observers worry, crude oil prices would make it difficult global economic recovery.
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Occidental Petroleum Corp., an oil and gas exploration and production company, said on Friday it agreed to buy Citigroup Inc’s controversial commodities trading unit Phibro for roughly its net asset value. Occidental said its net investment in Phibro is expected to be about $250 million.

Phibro’s management team, headed by Andrew Hall, and its employees will remain with the company after closing, which is expected by year end.
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The head of the state-run Iraqi Drilling Co. said a joint venture with UK-listed Mesopotamia Petroleum Co. is officially over.

Idriss al-Yassiri, director general of the IDC, also told reporters on the sidelines of an energy conference here Friday its 150-well drilling plan for 2010 could contribute a quarter million barrels per day.
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