Oil Falls Below $76 on Services Report, Heads for Weekly Drop



December 6th, 2009 | File Under : Oil and Gas - Petroleum

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.

New Oil Price Benchmark Gathers Steam as Saudis Sign On



October 29th, 2009 | File Under : Oil and Gas - Petroleum

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.

Crude Oil Future : Crude Oil Prices Fresh One-Year High In Asia



October 24th, 2009 | File Under : Oil and Gas - Petroleum

crude-oil-explorationCrude 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.

Oil And Gas Producer BHP Oil Production Growth Target Of 10 Percent



October 21st, 2009 | File Under : Oil and Gas - Petroleum

oil-companies-drilling-projectOil 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...

Regent Of Kelantan To Support Government To Ask Petronas Oil Royalties



October 21st, 2009 | File Under : Oil and Gas - Petroleum

crude-oil-explorationThe 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,

Crude Oil Prices Above $ 80 Would Impede Economic Recovery



October 21st, 2009 | File Under : Mining Stock - Trade & Market

oil-companies-drilling-projectThe 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.

Oil And Gas Exploration Company Occidental Petroleum Agreed To Buy Phibro From Citigroup



October 20th, 2009 | File Under : Natural Gas - Oil and Gas - Petroleum

oil-companies-drilling-projectOccidental 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...

Mesopotamia Petroleum Confirmed Out Of Iraq Drilling Venture



October 17th, 2009 | File Under : Oil and Gas - Petroleum

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.