Mining Companies Exploration and Investment News

Marathon Oil Corporation today announced a $5.1 billion capital, investment and exploration budget for 2010, a 17 percent decrease from 2009 capital spending.

“Marathon’s 2010 capital program will focus on Upstream activity, with an emphasis on the development of sanctioned projects, potentially significant exploration wells and advancing our growing resource plays,” said Clarence P. Cazalot, Jr., Marathon president and CEO.
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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…)

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. (continue reading…)

U.K. producer prices rose for an eighth month in October as oil and import costs climbed and manufacturers sought to defend profit margins damaged in the longest recession on record.
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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.
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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.” (continue reading…)

Emirates National Oil Co., Dubai’s government-run refiner, offered to buy the rest of Dragon Oil Plc for about 1.1 billion pounds ($1.8 billion) to tap deposits in Turkmenistan and make up for dwindling supplies and meet rising demand at home. (continue reading…)

Integrated oil and gas company Essar Oil Ltd today said it would start selling coal bed methane, or natural gas, extracted from coal seams in West Bengal by the last quarter of the current fiscal (January-March 2009-10).
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