Oil drops on demand doubts Nov 14, 2009
Although the US economy is slowly recovering, demand for petroleum products is still not really recovering rapidly,'' Adam Sieminski, the chief energy economist at Deutsche Bank AG in Washington, said on Bloomberg Television. Inventories are huge, particularly for things like heating oil and diesel. (Sydney Morning Herald -- Business)
US trade gap yawns Nov 14, 2009
9 per cent to $US132 billion, the most this year, propelled by sales of civilian aircraft, industrial machines and petroleum products. The dollar this month was down 12 per cent from a five-year high reached in March against a trade-weighted basket of currencies from it's biggest trading partners. (Sydney Morning Herald -- Business)
Chinese Compnay Not Allowed by Ghana to Bid for Jubilee Stake Nov 14, 2009
Ghana asserted its absolute approval rights over exploration after U.S.-based Kosmos said Oct. 12 it had signed a binding agreement to sell the share to Exxon Mobil Corp. State-owned Ghana National Petroleum Corp. has said it plans to acquire the stake and will consider proposals for partnership from foreign oil companies ... Ghanas nascent petroleum industry, still a year away from production of oil for export, has attracted attention from some of the worlds top energy companies in... (Ghana Web, Ghana)
NDC Gurus In Oil deals Nov 14, 2009
There is evidence to suggest that some of these entities are companies which have been hurriedly formed by leading members of the NDC in an attempt to cash in on the importation of petroleum products while the good people of Ghana continue to suffer high-priced and little supply of petroleum products, the Minority group indicated at the news conference in Accra yesterday. Addressing the media on behalf the Minority, former Deputy Minister for Energy and Member of Parliament for Nkoranza... (Ghana Web, Ghana)
US trade deficit widens 18.2% Nov 14, 2009
17 per barrel and imports from the Organisation of Petroleum Export Countries increased to $11. 9 billion in September, both the highest since November 2008. (India Times)
Malaysia's Lotus F1 team pass internal crash tests Nov 14, 2009
If Petronas can sponsor a foreign F1 team, why should the national petroleum company not sponsor a local team. . (The Star Online, Malaysia -- Sports)
Wall Street falls on strong dollar Nov 14, 2009
95 and Occidental Petroleum Corp slipped 1. 6 percent to $81. (Business Report, South Africa)
Petro min seeks 33% hike in OIL, ONGC gas price Nov 14, 2009
NEW DELHI: The Petroleum Ministry has proposed a 33% hike in the price of natural gas produced by ONGC and Oil India and gradually increase it to $4 ... The Petroleum Ministry has proposed a 33% hike in the price of natural gas produced by ONGC and Oil India and gradually increase it to $4. (India Times)
Stocks Gain on Earnings, Weaker Dollar Nov 14, 2009
Excluding petroleum, the deficit widened to $15 ... Excluding petroleum, import prices were up 0. (BusinessWeek)
50 firms interested in Jubilee Nov 14, 2009
Ghana's local GNPC petroleum company is also interested in the asset, GNPC sources have said. Source:Reuters. (Ghana Web, Ghana)
Ghanas Oil Find What is our Real Stake? Nov 14, 2009
Next, Ghana receives $35 as Petroleum tax making Ghanas total $50 for every $100 profit made ... Why has Tsatsu Tsikata refused to accept any official position even though no decision is made regarding petroleum without his say so. (Ghana Web, Ghana)
Shoppers' delight -- art, crafts, ski equipment Nov 14, 2009
Hate Crimes will be the topic of a talk by William Missouri Downs, University of Wyoming English and Theatre professor, who will speak at the Democratic Womens Forum luncheon at the Casper Petroleum Club at noon ... The Tamah Egyptians will have the official visit of Queen Kay Mokler of Casper at a luncheon at the Casper Petroleum Club at 11:30 a.m. Those attending will be seated in the upper level and will be able to order from the menu ... Bishops Guild of Casper will hold its... (Casper Star-Tribune, WY)
Tullow builds capacity on offshore disaster preparedness Nov 14, 2009
Piper Alpha was a North Sea oil production platform operated by Occidental Petroleum (Caledonia) Ltd. An explosion and the resulting fire destroyed it on July 6, 1988, killing 167 men with only 59 survivors. To date it is the world's worst offshore oil disaster in terms of lives lost and impact to industry. (Ghana Web, Ghana)
Petra Perdana rebounds from one-month low Nov 13, 2009
We advise investors to switch to Kencana Petroleum Bhd or SapuraCrest Petroleum Bhd, it said. The anticipated third-quarter 2009 results letdown would make it the sixth consecutive quarter of earnings miss relative to both our expectations and consensus. (The Star Online, Malaysia -- Business)
Nigeria: Oil Companies Must Build Refineries, Says Govt Nov 13, 2009
Director of the Directorate of Petroleum Resources (DPR), Mr. Billy Agha, who disclosed this at a quarterly media briefing in Lagos yesterday, said Federal Government has directed that companies that fail to meet the fresh condition will not be issued with oil licences and will also not have their concession renewed ... 67 million barrels per day imposed by the Organisation of Petroleum Exporting Countries (OPEC) ... The Group Managing Director of the Nigerian Natio-nal Petroleum Corporation,... (allAfrica.com)
Drop in US energy use drags stock market low... Nov 13, 2009
Anadarko Petroleum Corp. fell $2. 43, or 3. (San Diego Union-Tribune)
Oil lingers below US$77 in Asia Friday(update) Nov 13, 2009
NEW YORK: Oil prices tumbled Thursday, dropping below $77 a barrel after the government reported that petroleum supplies continue to grow as American drivers and businesses cut way back on energy use. Benchmark crude for December delivery gave up $2. (The Star Online, Malaysia -- Business)
DENSO and DuPont Automotive Co-Develop Award Winning Eco Resin Nov 13, 2009
The eco-friendly polymer -DuPont Zytel RS nylon -is produced by a chemical reaction between organic compounds derived from the castor plant and petroleum ... Also, because less petroleum is used to produce the end tank, the new product also helps conserve oil. (JCN Network, Japan)
Watch out: Cap-and-trade bill will cost you Nov 13, 2009
According to a study by the American Petroleum Institute, Virginians would be looking at a 3. 3 percent drop in per capita disposable income, 54,000 jobs lost, and $263 billion in lost state revenue. (Fredericksburg.com, VA)
Avenir Diversified Income Trust Announces Third Quarter 2009 Results Nov 13, 2009
Total gross revenue from petroleum and natural gas sales in the third quarter was $14 ... Certain statements contained herein including, without limitation, financial and business prospects and financial outlook, the effect of government announcements, proposals and legislation, plans in its Oil and Gas Division regarding hedging, wells to be drilled, expected or anticipated production rates, timing of expected production increases, the weighting of production between different commodities,... (CCNMatthews Press Releases)
NuVista Energy Ltd.: Third Quarter Interim Report Nov 13, 2009
Related party activities - NuVista and Bonavista Petroleum Ltd. ("Bonavista") are considered related as two directors of NuVista, one of whom is NuVista's chairman, are also directors and officers of Bonavista and a director and an officer of NuVista are also officers of Bonavista ... The cost recovery ceiling test is based on estimates of proved reserves, production rates, petroleum and natural gas prices, future costs and other relevant assumptions ... Relationship with Bonavista Petroleum... (CCNMatthews Press Releases)
Storm Exploration Inc. Is Pleased to Announce Its Financial and Operating Results for the Three and Nine Months Ended September 30, 2009 Nov 13, 2009
Natural gas liquids production at our Parkland property is expected to increase by 400 to 600 barrels per day and an estimated two to three million barrels of natural gas liquids should be added to our proven plus probable reserves (based on the Discovered Petroleum Initially in Place(1) ("DPIIP") and recoverable raw gas recognized in the 2008 year-end reserve evaluation) ... (1) Discovered Petroleum Initially in Place is defined in the COGEH handbook as the quantity of hydrocarbons that are... (CCNMatthews Press Releases)
Argosy Energy Inc. Announces Third Quarter Results Nov 13, 2009
Statements relating to "reserves" or "resources' are deemed to be forward looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described can be profitably produced in the future.Investors should not place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. These forward-looking statements are made as of the date... (CCNMatthews Press Releases)
Living in the "Orwellian" Ghana with the NDC's Double Standards Nov 13, 2009
When the world price of crude oil was subjected to constant hike up, here were the NDC, with Former President Rawlings and Atta Mills hitting the streets of Accra agitating for drastic reduction in petroleum products by the government ... The very man, who fronted demonstrations induced by the NDC to oblige Kufuor to reduce petroleum prices at a time that the world price had hit the roof, is now doing worse. (Ghana Web, Ghana)
Growth is intact Nov 13, 2009
In June last year, the government cut Customs duty on crude and petroleum products and excise duty on petrol and diesel following the unprecedented surge in global prices. The impact is being felt this fiscal. (India Times)
Stocks Fall, Dragging Indexes to Third Weekly Decline as Commodities Slump Nov 13, 2009
Japan Petroleum Exploration sank 2. 9 percent to 4,360 yen, its lowest in more than five weeks. (Bloomberg -- Japan)
PTTEP to permanently plug well next week Nov 13, 2009
PTTEP said on Friday it continues to work with the National Offshore Petroleum Safety Authority to gain safety clearance to reboard the well head platform. Resources Minister Martin Ferguson on November 5 announced an inquiry into the incident to be headed by former senior public servant David Borthwick. (Sydney Morning Herald -- Australia)
Chemists Declare War On 'Ice-plugs' In Oil Pipelines Nov 13, 2009
Senior scientist Sylvi H;iland of SINTEF Petroleum Research is the leader of the hydrate project called "Hyades," which is supported by the Research Council of Norway ... In any case, the international petroleum industry has long been aware of the project. (Science Daily)
Asian stocks slip on oil, metals prices Nov 13, 2009
Woodside Petroleum, Australia's second-largest oil producer, lost 1 per cent top $48. 59. (Sydney Morning Herald -- Business)
Minority calls on Mills to investigate harassment Nov 13, 2009
The Minority also accused the government of favouring NDC oil companies hurriedly formed to cash in on the importation of petroleum products at the peril of Ghanaians who are suffering as a result of high prices of petroleum products. They mentioned some of the companies as Manitwoc, Scan Oil, Forrestor, Crest Grade International, Kempac, PetroGhana, Crush Oil Smk Energy, Mafci and Joint Development adding that most of those companies had no track records in the petroleum business ... Mr.... (Ghana Web, Ghana)
Profit-taking trims weekly advance Nov 13, 2009
Oil and gas producer Woodside Petroleum eased 10 cents to $48. 96 and Santos declined 13 cents to $15. (Sydney Morning Herald -- Business)
Enerplus reports third quarter results for 2009 Nov 13, 2009
Contingencies may include factors such as economic, legal, environmental, political and regulatory matters or a lack of markets. It is also appropriate to classify as contingent resources the estimated discovered recoverable quantities associated with a project in the early evaluation stage. (Canada Newswire)
Scientist: CO2 not causing global warming... Nov 13, 2009
Al Gore owns stocks in Occidental Petroleum (see Armand Hammer, who loaned money to the Soviet Union when nobody else would) worth millions of dollars. How inconvenient. (The Drudge Report)
Bankers Petroleum announces third quarter financial and operational results Nov 13, 2009
CALGARY, November 13, 2009 /CNW/ - Bankers Petroleum Ltd. ('Bankers' or the 'Company') (TSX: BNK, AIM: BNK) is pleased to announce its financial and operating results for the period ended September 30, 2009. " /> | | | | November 13, 2009 Quick Search by Organization HOT TOPICS NEWS & INFORMATION: FREE SUBSCRIPTION SERVICES: TOOLS FOR: RESOURCES: > > > BANKERS PETROLEUM LTD. Bankers Petroleum announces third quarter financial and operational results Horizontal Drilling Update CALGARY, November... (Canada Newswire)
The rise of Rimland? Nov 13, 2009
The Turkish Petroleum Company (TPC) was established in 1912 in opposition to US companies' interests. Two years later, the Anglo-Persian Oil Company (APOC) achieved 50% control of TPC. APOC later became the Anglo-Iranian Oil Company, then British Petroleum, then with the purchase of an American company BP-Amoco, today known as BP. The Iraqi government recently agreed with BP and the China National Petroleum Corporation (CNPC) on a deal for the development of the Rumaila oil field in the south of... (Asia Times Online)
Stocks Close Down Thursday Nov 13, 2009
Thursday's report of a jump in petroleum supplies stirred worries that falling energy demand was a sign of weakness in the economy. The slide in energy shares upended an early advance led by technology stocks as Intel Corp. said it would pay $1. (KWTX.com, TX)
US stocks fall on $US, consumer fears Nov 13, 2009
95 and Occidental Petroleum Corp slipped 1. 6 per cent to $US81. (Sydney Morning Herald -- Business)
Drop in energy use drags stock market lower Nov 13, 2009
A jump in petroleum supplies last week stirred worries that the falling demand for energy was a sign of more weakness in the economy. The report pushed crude oil down 3%, below $77 a barrel. (USA Today -- Money)
Neighbours' row Nov 12, 2009
Thailand issued petroleum concessions in the area in the 1970s, although no work was carried out because of the disputed claims. Cambodia in turn awarded exploration deals in 1997 subject to the settling of the dispute. (BBC News -- Asia-Pacific)
Oil Steady Above $79; Eyes on U.S. Data, Dollar Nov 12, 2009
Data from industry group the American Petroleum Institute released late on Tuesday showed a bigger-than-expected increase in U.S. crude oil stockpiles, up by 1. 2 million barrels in the week to November 6. (ABC News -- Business)
Oil Hovers Above $79 Ahead of US Supply Report Nov 12, 2009
A motorist pumps gas at the Super Petroleum gas station in Lawrence, Mass ... A motorist pumps gas at the Super Petroleum gas station in Lawrence, Mass ... The American Petroleum Institute said Tuesday that crude supplies rose last week, and traders will be closely watching to the Energy Information Administration's inventory report later Thursday. (ABC News -- Business)
AB InBev makes 3Q profit, but revenue down 10 pct. Nov 12, 2009
Aegean Marine Petroleum 3Q profit up 49 percent. Aegean Marine Petroleum Network Inc., which sells boat fuel and lubricants to ships in port and at sea, said Wednesday its third-quarter profit rose 49 percent as profit margins from selling marine petroleum products improved. (Fresno Bee -- Business)
CEO out at biodiesel firm Blue Sun Energy Nov 12, 2009
Bond said Blue Sun plans to focus on selling its biodiesel blended with regular petroleum diesel, a product called Blue Sun Fusion, in regulated markets such as California, which in April adopted a new low-carbon fuel standard for car and truck fuels sold in the state with the aim of cutting carbon dioxide emissions. The new rules are phased in starting in 2011 with the goal of cutting CO2 from transportation fuels by 10 percent by 2020. (Denver Business Journal, CO)
Aegean Marine Petroleum 3Q Profit up 49 Percent Nov 12, 2009
Aegean Marine Petroleum reports 49 percent jump in 3rd-quarter profit as margins improved ... Aegean Marine Petroleum Network Inc., which sells boat fuel and lubricants to ships in port and at sea, said Wednesday its third-quarter profit rose 49 percent as profit margins from selling marine petroleum products improved ... The profit margin on marine petroleum product sales rose nearly 8 percent, the Greek company said. (ABC News -- Wire)
Aegean Marine Petroleum to Pay 1-Cent Dividend Nov 12, 2009
Aegean Marine Petroleum to pay 1-cent quarterly dividend ... Aegean Marine Petroleum Network Inc. on Wednesday declared a quarterly dividend, maintaining the 1 cent per share payment approved in recent quarters. (ABC News -- Wire)
Changes in AP Latin American, Caribbean operations Nov 12, 2009
Gasoline vapors from an overflowing fuel tank caused the blast at the Caribbean Petroleum Corp. facility near the U.S. territory's capital, San Juan, according to Luis Fraticelli, the FBI special agent in charge for the island. He said more than 240 investigators analyzed the explosion and did not find evidence it was intentional. (Fresno Bee -- Nation)
'God's gift' Nov 12, 2009
"The government wants to have more control over the rhythm of exploration, development and production. "Every country which wants to have more control over the production of petroleum has adopted production sharing agreements, because they are more suited to this goal. Brazil is doing exactly the same at this point. (BBC News -- Americas)
Paramount Resources Ltd. Financial and Operating Results For The Three and Nine Months Ended September 30, 2009 Nov 12, 2009
FINANCIAL AND OPERATING HIGHLIGHTS (1) ($ millions, except as noted) Three Months Ended Nine Months Ended Change Change September 30 2009 2008 % 2009 2008 % ---------------------------------------------------------------------------- Financial Petroleum and natural gas sales 36 ... Netback equals petroleum and natural gas sales less royalties, operating costs, production taxes and transportation costs. (CCNMatthews Press Releases)
Petrobank Records Third Quarter Net Income of $54.8 Million Nov 12, 2009
"Contingent resources" are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political, and regulatory matters, or a lack of markets. (CCNMatthews Press Releases)
TSX Venture Exchange Closing Summary for November 11, 2009 Nov 12, 2009
Most Active Issues by Volume Volume Name Symbol Close Change 299,750 Border Petroleum Inc BOP.H $ 0 ... 140 $14,988 Border Petroleum Inc BOP.H $ 0. (CCNMatthews Press Releases)
Reducing Greenhouse Gases May Not Be Enough To Slow Climate Change Nov 12, 2009
A recent study revealed that while petroleum diesel emits 85 percent of its. (Sep. (Science Daily)
Comment: Keep Politics Out Nov 12, 2009
Petroleum products and alcohol won't come under GST at all. That makes lack of clarity on taxing gas, electricity and real estate all the more worrying. (India Times, India)
Extraordinary pictures... Nov 12, 2009
There is simply no need for us to be in hock to the oil sheiks as a result of burning petroleum to generate electricity. - Robert, Arlington, USA, 12/11/2009 04:20. (The Drudge Report)
OPEC holds forecast for oil demand in 2009, 2010 Nov 12, 2009
31 millilon bpd, the Organisation of Petroleum Exporting Countries said in its November report. A month ago, it had been pencilling in only a fractionally bigger contraction of 1. (Sydney Morning Herald -- Business)
World oil demand to fall 1.63% in 2009: OPEC Nov 12, 2009
31 million barrels per day (bpd), the Organization of the Petroleum Exporting Countries (OPEC) said in its latest monthly report released on Wednesday. However, the world economic recovery would push world oil demand to increase 0. (Xinhuanet, China)
Labours wants Ghanaians to control oil industry Nov 12, 2009
This is contained in a resolution by the National Executive Council of the General Transport, Petroleum and Chemical Workers Union (GTPCWU) at an "Oil for Development" seminar organised by the Trades Unions Congress in collaboration with LO-Norway ... According to the resolution, the government must ensure that the Environmental Protection Agency, the Ministry of Environment, Ministry of Energy, the Ghana National Petroleum Corporation and a Regulatory Body for the upstream activities play their... (Ghana Web, Ghana)
Nigeria: 'Deregulation May Not Lead to Fuel Prike Hike' Nov 12, 2009
Abuja The Nigerian National Petroleum Corporation (NNPC) yesterday declared that the planned deregulation of the downstream sector of the petroleum industry would not necessarily lead to a hike in the prices of petroleum products as generally believed ... Presenting a paper entitled: "The Oil and Gas Industry - Mainstay of the Nigerian Economy" at the National Defence College, Abuja, the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Dr. Mohammed Sanusi... (allAfrica.com)
Nigeria: Fuel Price Hike Looms Nov 12, 2009
Abuja THE Federal Government, on the second day of its meeting with leaders of the Nigeria Labour Congress, NLC, yesterday, admitted that its planned deregulation of the downstream sub-sector of the petroleum industry will lead to an increase in the pump price of petrol. The government's open admission however contradicts the position of the Nigerian National Petroleum Corporation, NNPC, which, also yesterday, said the planned deregulation of the downstream sector of the petroleum industry would... (allAfrica.com)
Kencana proposes rights, bonus issues Nov 12, 2009
PETALING JAYA: Kencana Petroleum Bhd has proposed a renounceable rights issue of up to 369. 1 million rights shares at 50 sen each on the basis of 2-for-5 and a 3-for-10 bonus issue of up to 387. (The Star Online, Malaysia -- Business)
Researchers Hunt For New Zeolites Nov 11, 2009
In laundry detergents, zeolites trade soft ions for hard ones in the water, and the petrochemical industry uses zeolites to crack petroleum into gasoline, diesel and other products. After the accident at the Three Mile Island nuclear power plant, zeolites were used to adsorb radioactive ions. (Science Daily)
Ghana: Country Counts Down to Oil Production - Could End Up with Only 14% Stake Nov 11, 2009
The Ghana National Petroleum Authority cannot exercise a pre-emption right, which allows it to solely bid for additional shares from its development partners in the jubilee fields, The Chronicle has learnt ... The Ghana National Petroleum Authority is in talks with other interested parties such as British Petroleum and CNOOC Limited-a Chinese state owned Oil Company to fund a purchase of Kosmos stake in the jubilee field. (allAfrica.com)
Nigeria: Meeting Over Deregulation Deadlocked Nov 11, 2009
Abuja The meeting between the Federal Government and Labour over the impending deregulation of the downstream sector of the petroleum industry ended yesterday without any common ground being reached ... Speaking at the meeting, Minister of Petroleum Resou-rces, Dr. Rilwanu Lukman, assured the NLC that the policy was not meant to impoverish Nigerians as it was being intended to improve the welfare of Nigeria in the long run ... "There is no way government would embark on a policy that would... (allAfrica.com)
Brazil Opposition Senators Boycott Petrobras Testimony, Call Probe a `Lie' Nov 11, 2009
Gabrielli, 60, spoke before the Senate committee today following 22 appearances by executives from the Rio de Janeiro- based company and its vendors, as well as officials from Brazils National Petroleum Agency and the head of the tax agency. Gabrielli said the company is at the disposal of the committee and open to providing any information they need. (Bloomberg -- Latin America)
Balance Of Payment Deteriorates Into Deficit CEPA Nov 11, 2009
At the same time, the inability to pass-on the effects of changes in world market prices of crude oil and petroleum products and the depreciation of the cedi compounded the situation ... Being a net crude oil-importing country, and dependent largely on imports of petroleum products, any further rise in the average price of crude oil beyond the upper limit of US$80 per barrel will adversely affect Ghanas import bill with ominous consequences for the economy. (Ghana Web, Ghana)
Oil industry employment stays near record levels Nov 11, 2009
By WESLEY LOY Petroleum News. Published: November 10th, 2009 08:00 PMLast Modified: November 10th, 2009 08:01 PM. (Anchorage Daily News)