Roads Reopen After Tanker Overturns Nov 20, 2009
"It is carrying liquefied petroleum gas and the danger with this fuel is that it's very combustible. Static electricity can set it off," said Lt. Mario Hernandez from the El Paso Fire Department ... It was carrying 80,000 pounds of liquefied petroleum gas. (KFOXTV.com, TX)
Danquah Institute on 2010 Budget Nov 20, 2009
The think tank is also worried that Government is continuing to play politics on petroleum by saying it is reviewing the impact of the 5% reduction it made on petroleum levies last year. "There can no clearer indication of impact than the fact that revenue from petroleum taxes are already 32.3% lower this year than the September target of Gh320 million," the head of DI notes. (Ghana Web, Ghana)
PDVSA Profit Falls 67% on Price Drop, Production Cuts to Meet OPEC Target Nov 20, 2009
Nov. 19 (Bloomberg) -- , the state-owned oil company, said first-half profit fell 67 percent because of plunging oil prices and production cuts after the Organization of Petroleum Exporting Countries slashed targets. Net income fell to $3. (Bloomberg -- Latin America)
World's Longest Golf Course Open for Play Nov 20, 2009
But EHOA does have the support of major international investors such as British Petroleum and Schweppes and the stamp of approval from the Australian Government's Department of Resources, Energy and Tourism. 1. (ABC News -- Business)
Ills of Indian Energy Sector and Strategies to Overcome Nov 19, 2009
Government again failed to pilot the Petroleum Bill, 2002 ... Modernization of technology like clean coal technology, strategic petroleum reserves, fluidized bed technology, coal liquefaction etc, which could save millions of dollars. (Energy Pulse, CO)
Energy Minister visits oil vessel construction site Nov 19, 2009
The Minister was accompanied by Mr Thomas Manu, Technical Director of the Ghana National Petroleum Corporation, Mr Michael Opan, Director of Policy Planning, Monitoring and Evaluation for the Government of Ghana an= d Paul McDade, Chief Operating Officer of Tullow. Dr Oteng-Adjei said: "I am really excited by what I have seen of the= FPSO. I have been greatly reassured that this project is on schedule both= in terms of quality and costs and I am certain that we will see first oil in= Ghana in... (Ghana Web, Ghana)
Stratic Energy Corporation - West Don Reserves and Operations Update Nov 19, 2009
CALGARY and LONDON, Nov. 19 /CNW/ - Stratic Energy Corporation (TSX Venture: 'SE', AIM 'SE.') ('Stratic' or the 'Company') provides an update on reserves and operating performance of its West Don field in the North Sea. The field operator is taking the necessary steps to increase the injection pump pressure levels and to resolve the issues on gas lift equipment, and we look forward to more consistent field performance once the tie-in to Thistle is complete. (Canada Newswire)
One Exploration Inc. announces 2009 3rd quarter results, property disposition and updated banking arrangements Nov 19, 2009
NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES (Canada Newswire)
Iraq expects stiff competition in new oil bidding Nov 19, 2009
The second consortium is led by Italy's Eni SpA, in partnership with Occidental Petroleum of the U.S. and South Korea's KOGAS. They are to develop the 4. 1 billion-barrel Zubair oil field. (Business Report, South Africa)
ONGC eyes energy blocks in Ghana Nov 19, 2009
OVL is set to face stiff competition with global oil biggies such as Exxon Mobil, British Petroleum and Chinese oil major Sinopec already in the race ... Two persons close to the development said on conditions of anonymity that OVL has been studying the prospects of the block and is likely to tie-up with Ghana National Petroleum Corporation (GNPC) to put in a bid. (India Times)
Oil Stays Above $79 Amid Mixed Economic Signs Nov 19, 2009
American petroleum consumption has fallen to the lowest level since July 17, and oil companies are importing much less oil as they scale back their refining operations. The Commerce Department separately said construction of homes and apartments fell 10. (ABC News -- Wire)
British firm to set up RM8b plant in Bintulu Nov 19, 2009
9bil to produce petroleum-related products in Bintulu ... 9bil in petroleum and other related products), Japan (RM1 ... 98bil in petroleum and other related products as well as basic metal industries), and China (RM1. (The Star Online, Malaysia -- Business)
Opinion: Are Oil Deals With China A Bad Idea? Nov 19, 2009
In Nigeria, the State grants her exclusive ownership rights to the 'State Party' known as Nigerian National Petroleum Corporation (NNPC) who then statutorily enters into Joint Venture agreements or Production Sharing contracts with IOCs who have won bids of oil blocks. This in essence means that the government via its responsible agency (The Department of Petroleum Resources) allocates the acreages which best suits the economic benefits expected in return ... In Nigeria, ownership of petroleum... (allAfrica.com)
Exall Energy Corporation Announces Significant Update to Mitsue Area Reserves Nov 19, 2009
The updated evaluation was prepared on the Mitsue property as an NI51-101 compliant evaluation by AJM Petroleum Consultants Ltd. ("AJM") as at November 1, 2009 (the "Update") and should be read in conjunction with the AJM Reserves Report. Related Quotes. (CCNMatthews Press Releases)
Government approves development of Jubilee Field Nov 19, 2009
"It is worth noting that as a result of intensive negotiations by Ghana National Petroleum Corporation (GNPC), with the support of the Government, the partners agreed that the first 200 billion cubic feet of gas that will be produced in association with the oil will not be sold at $4 per thousand cubic feet, as had been envisaged as of December 2008. "It will be delivered free of charge to GNPC which has the responsibility to develop the infrastructure for gas gathering and processing not only... (Ghana Web, Ghana)
Oil price up as US reserves fall Nov 19, 2009
The data came from the American Petroleum Institute, which said US oil stocks fell by 4. 4 million barrels instead of the expected 1. (BBC News -- Africa)
Gold, silver, copper hit new highs as US$ falls Nov 19, 2009
Oil prices also showed resilience, recovering from early losses and finishing slightly higher on the Nymex, even after the government said demand for petroleum fell to its lowest level in four months. The Energy Information Administration also said oil companies are importing less crude as they scale back their refining operations. (The Star Online, Malaysia)
The case for higher oil prices Nov 19, 2009
Next week Ill share with you The Intelligent Investors view on industry giant Woodside Petroleum. This article contains general advice only (under AFSL 282288). (Sydney Morning Herald -- Business)
Oil price rises as report signals supply decline Nov 19, 2009
1 million last week, the American Petroleum Institute said in a report yesterday. Imports of crude oil declined 0. (Sydney Morning Herald -- Business)
Factory production dips Nov 18, 2009
The Fed report showed that production cutbacks last month affected not only autos, but also appliances, furniture and carpeting, clothing, computer and electronic products, paper products, petroleum and coal products, fabricated metal products and other things. The Labor Department report on wholesale prices showed that core inflation, which excludes volatile food and energy, actually declined 0. (San Francisco Chronicle -- Business)
'Prius Plug-in Hybrid' Lease Discussions Begin in Japan; Potential Users Selected from 'EV & PHV Towns' Program Nov 18, 2009
TMC will continue its efforts in developing and putting into practical use these next-generation vehicles, which are hoped to contribute to reducing petroleum consumption, reducing CO2 emissions and responding to the diversification of energy sources. An intensive model program, through the collaboration of the national and local governments, regional businesses and auto manufacturers in Japan, for the introduction and promotion of electric vehicles and plug-in hybrid vehicles as well as for... (JCN Network, Japan)
Ku Li: All states have a right to oil royalty Nov 18, 2009
Razaleighs view clearly opposed that of Minister in the Prime Ministers Department Datuk Seri Nazri Aziz, who had insisted on Tuesday that Kelantan had no right to ask for oil royalty as no petroleum was produced in the states waters within three nautical miles of the coastal line ... Razaleigh, who was Finance Minister and Petronas chairman when the Petroleum Development Act 1974 came into force, held a short discussion with Opposition leader Datuk Seri Anwar Ibrahim, PAS vice-president... (The Star Online, Malaysia -- News)
Nazri dares the Lingam critics Nov 18, 2009
Lim Kit Siang (DAP - Ipoh Timur) argued that the Petroleum Development Act (PDA) 1974 which was signed by all the state governments then did not specify anything about a three nautical mile limit on oil royalty payment. Nazri answered that the contents of the PDA should be read together with other relevant laws. (The Star Online, Malaysia -- News)
China shares up for 4th day on hope yuan will rise Nov 18, 2009
01 yuan, while China Petroleum & Chemical Corp., Asia's largest refiner by capacity, jumped 3. 3 percent to 12. (OregonLive, OR -- Business)
Production slips; wholesale inflation is tame Nov 18, 2009
Production cutbacks last month affected not only autos, but also appliances, furniture and carpeting, clothing, computer and electronic products, paper products, petroleum and coal products, fabricated metal products and other things. Wholesale prices remain tame, and Federal Reserve Chairman Ben Bernanke said Monday that inflation probably will remain "subdued for some time." That allows the central bank to keep the short-term interest rate it controls at its record low of nearly zero. (MSNBC -- Business)
NDC activist gives NPP ultimatum Nov 18, 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 were suffering as a result of high prices of petroleum products ... The NPP said most of the companies had no track record in the petroleum business. (Ghana Web, Ghana)
Oil Rises for Third Day as U.S. Supplies Drop; Asia Stocks Decline on HSBC Nov 18, 2009
85 a barrel in electronic trading on the New York Mercantile Exchange after the American Petroleum Institute said crude inventories fell by 4 ... Oil has risen 79 percent this year on signs the global economy is recovering from its worst recession since World War II, stoking fuel demand amid output cuts by the Organization of Petroleum Exporting Countries. (Bloomberg -- Asia)
'Don't know if Ambanis colluding or clashing' Nov 18, 2009
Arguing before a Bench comprising Chief Justice K G Balakrishnan and Justices B Sudershan Reddy and P Sathasivam, Parasaran did not have an easy time presenting the stand of the ministry of petroleum and natural gas as RNRL's counsel Ram Jethmalani made a constant pincer attack ranging from calling the government to be in collusion with RIL to telling blatant lies before the court. "The ministry which ran away from a cross examination before the High Court should not be allowed to argue like a... (India Times, India)
Factory production dips; wholesale inflation muted Nov 18, 2009
FILE - In this April 24, 2008 file photo, the Pioneer oil refinery, where crude oil is transferred into gasoline and other petroleum products, is silhouetted against the setting sun in El Dorado, Kan ... The Fed report showed that production cutbacks last month affected not only autos, but also appliances, furniture and carpeting, clothing, computer and electronic products, paper products, petroleum and coal products, fabricated metal products and other things. (Muscatine Journal, IO)
* World Business Quick Take Nov 18, 2009
LSE fines Regal Petroleum. The London Stock Exchange (LSE) has fined oil explorer Regal Petroleum G600,000 (US$1 million) for releasing misleading information to investors but none of the individuals involved were censured. (Taipei Times, Taiwan -- World)
Oil above $79 after crude supply drop Nov 18, 2009
US crude inventories unexpectedly fell last week, the American Petroleum Institute said late Tuesday. Crude stocks fell 4. (India Times)
Inflation Index Rose Less Than Expected in October Nov 18, 2009
Rising prices for residential electric power and liquified petroleum gas also contributed to the October increase. Food prices were also up, by 1. (SmartMoney)
Venezuelan 2009 exports to US fall by 60 percent Nov 18, 2009
The sharp drop in trade is a result of lower petroleum prices on the international market following historically high prices last year. The trade chamber issued its report on Tuesday. (KGW Northwest NewsChannel 8, OR -- Business)
Ulfa blows up fuel-laden train Nov 18, 2009
"Experts from the forensic science laboratory are examining the spot. We would be able to talk about the explosives used only after they submit a report." The train was bound for the Bharat Petroleum Corporation Ltd (BPCL) terminal at Panki in Uttar Pradesh. The oil-tanker train left the NRL complex with eight wagons of petrol and 40 wagons of high-speed diesel at 7. (India Times, India -- Community News)
E-Transportation Jump-Start: Coalition Seeks to Pave the Way for Electric Vehicles Nov 18, 2009
Sixty percent of the petroleum used by the U.S. daily comes from foreign sources, FedEx CEO Fred Smith said at the launch event, adding that 90 percent of all U.S. transportation is petroleum-powered ... The coalition's position is that a move to electric vehicles would help the U.S. combat the economic, environmental and national security vulnerabilities caused by the country's petroleum dependence ... For 2008 the U.S. net trade deficit in crude oil and petroleum products was $388 billion,... (Scientific American)
$7.4M C-A project to have no tax impact Nov 18, 2009
Other financing includes $1 million from the capital reserve fund, $510,000 in state EXCEL funds, $335,000 in New York State Energy Research and Development Authority grants, $85,000 secured by State Senator James Seward from the Petroleum Overcharge Fund, and federal American Recovery and Reinvestment Act funds for required upgrades by the Americans with Disabilities Act. There is also a projected annual energy savings of $68,700 due to the proposed efficiency improvements. (Catskill Daily Mail, NY)
Correa makes most of opportunities given Nov 18, 2009
As an Energy, Business and Finance major, Correa can see himself working for British Petroleum or Shell after college. But, his mind won't let go of sports, and he often considers jobs pertaining to that area. (Daily Collegian, PA)
Gilbarco to buy L&T's fuel pump biz Nov 18, 2009
MUMBAI: Gilbarco Inc, a US-based fuel control service provider, said on Tuesday that it would acquire the petroleum dispensing pump business of Lias largest engineering and construction firm, as part of a plan to increase its presence in the local metering business ... Gilbarco Inc, a US-based fuel control service provider, said on Tuesday that it would acquire the petroleum dispensing pump business of L&T, Indias largest engineering and construction firm, as part of a plan to increase its... (India Times)
Alaska fights to reverse federal polar bear listing Nov 18, 2009
Like his predecessor, Sarah Palin, the governor is suing the federal government to overturn the listing of the iconic symbol of the Arctic as a threatened species, a move made last year that he believes could threaten Alaska's lifeblood: petroleum development ... A month after he announced his full support for outer continental shelf petroleum development, Parnell said in October that the Endangered Species Act was being used as a "land use planning tool" instead of a species protection vehicle... (Juneau Empire)
Regal Petroleum in 600,000 fine Nov 18, 2009
Regal Petroleum in 600,000 fine ... Oil exploration firm Regal Petroleum has been fined 600,000 by the London Stock Exchange (LSE) for "serious breaches" of exchange rules. (BBC News -- Business)
A U.S. visa, shouts of corruption, and barrels of oil Nov 18, 2009
But although petroleum has made the ruling Obiang family and its associates vastly rich, the oil and gas wealth has not been spread beyond ruling elites ... But although petroleum has made the ruling Obiang family and its associates vastly rich, the oil and gas wealth has not been spread beyond ruling elites. (Honolulu Star-Bulletin)
Open Range Energy Corp. Reports Third Quarter Results, Provides Operational Outlook and Announces First-Half 2010 Guidance Nov 17, 2009
Three months Three months Nine months Nine months ended ended ended ended September 30, September 30, September 30, September 30, 2009 2008 2009 2008 ---------------------------------------------------------------------------- Petroleum and natural gas revenue(1) $ 5,901,318 $ 9,645,502 $ 18,949,307 $ 30,093,229 Funds from operations(2) 3,263,796 4,756,720 9,359,275 17,598,481 Per diluted share 0 ... Statements of Operations, Comprehensive Income (Loss) and Retained Earnings (Deficit) Three... (CCNMatthews Press Releases)
Group urges gov't to invest in electric cars Nov 17, 2009
Nissan President and CEO Carlos Ghosn said the auto industry was working quickly to develop zero-emissions cars in response to concerns about oil security, tighter emissions requirements in the United States and elsewhere and a public thirst for alternative vehicles not tied to petroleum. Ghosn said the world market of 600 million vehicles is expected to expand to 2. (KGW Northwest NewsChannel 8, OR -- Business)
Evolution Petroleum Corporation: Warming Up or Cooling Off? Nov 17, 2009
Evolution Petroleum Corporation: Warming Up or Cooling Off ... Evolution Petroleum Corporation: Warming Up or Cooling Off ... Here's the community sentiment on Evolution Petroleum Corporation(AMEX: EPM) both this quarter and last (for comparison), as well as opinions on some related companies. (MSNBC -- Business)
Regal Petroleum Fined Record $1 Million by AIM For Misleading Investors Nov 17, 2009
Regal Petroleum Fined Record $1 Million for Breaching Rules - Bloomberg ... Regal Petroleum Fined Record $1 Million for Breaching Rules. (Bloomberg -- UK)
Africa: Investors Expanding Oil Interests Throughout Continent [analysis] Nov 17, 2009
That's changing rapidly after a significant find off the Atlantic coast of Sierra Leone, where both Anadarko Petroleum and U.K.-based Tullow have exploration licenses, and another strike in Uganda, where Tullow operates ... It's difficult to estimate, but "Venus shows there is a working petroleum system and opens up the potential for more discoveries (along the Sierra Leone-Ghana coast) to be full of oil," notes Christopher Brown, the lead analyst for sub-Saharan Africa for Wood MacKenzie, an... (allAfrica.com)
Jaguar beats Roadrunner to top list of fastest supercomputers Nov 17, 2009
It is used for petroleum exploration and engineering tasks such as simulating aircraft designs. However, the fastest machine is the US-owned Jaguar supercomputer, which now boasts a speed of 1. (BBC News -- Americas)
Parliament: Nazri agrees to debate oil royalty issue Nov 17, 2009
Lim Kit Siang (DAP-Ipoh Timur) argued that the Petroleum Development Act (PDA) 1974 which was signed by all the state governments then, did not specify anything about a three nautical mile limit on oil royalty payment. He said that during question time in 1975, the then Prime Minister Tun Abdul Razak Hussein had said each state will receive 5% of the petroleum extracted in their areas whether they were offshore or onshore. (The Star Online, Malaysia -- News)
Reliance plans aggressive exploration: Mukesh Ambani Nov 17, 2009
"Now that the oil and gas petroleum refining projects are commissioned, Reliance will work on making this world-class project a reality.". It already has the single largest refining complex in world at Jamnagar in Gujarat, with a capacity to process 1. (India Times)
Board wants safety info Nov 17, 2009
The representative of the Petroleum Association, when contacted by the Casper Star-Tribune, claimed that this simple request for information is an attempt "to stop the industry." We did not propose or support anything that affects the ability of our oil and gas industry to operate competitively in Wyoming. We understand that Colorado's industry is now required by rule to provide this information and we wish that Wyoming would do the same if our industry fails to provide this information... (Casper Star-Tribune, WY)
Tanzania: Country Opens Up Petroleum Sector Nov 17, 2009
com: Tanzania: Country Opens Up Petroleum Sector (Page 1 of 1) ... Country Opens Up Petroleum Sector ... Dar Es Salaam The Tanzania government, through its state-owned Tanzania Petroleum Development Corporation (TPDC), plans to engage in marketing of petroleum products to stabilize prices and provide competition to the private sector. (allAfrica.com)
Oil 'polluting South Sudan water' Nov 17, 2009
The White Nile Petroleum Operating Company says protecting water quality is a priority and it has built a water treatment plant for the community. But it could not be reached to comment directly on the allegations. (BBC News -- Africa)
Burundi--Consultative Group Meeting Nov 17, 2009
The government in May 2009 adopted a decree setting out the terms for monthly adjustment of retail prices for petroleum products on the basis of a World Bank study discussed with all participants in the sector. The government has also benefited from technical assistance from the IMF's Fiscal Affairs Department on fiscal and public spending policies to better protect the poor from the impact of the price adjustment mechanism. (IMF News)
Controversy Unlimited: Mindset Blues Nov 17, 2009
If they have chosen to pass us over like the day of Passover when Jehovah did to Pharaoh what He alone can do, we must be concerned for one of the planks on which our future prosperity is hinged has been weakened by the constantly shifting rules of the petroleum sector. May I ask: Are the South Koreans still interested in building a pipeline from the offshore field to the coast. (Ghana Web, Ghana)
Nigeria: Fuel Shortage Hits Major Cities Nov 17, 2009
Lagos LONG fuel queues have hit Lagos State and other major cities across the country, as the problem of logistics hinders efforts by the Pipeline Products and Marketing Company, PPMC, a subsidiary of the Nigerian National Petroleum Corporation, NNPC, to discharge products from its imported cargoes for distribution to marketers ... Also, a highly placed official of the Ministry of Petroleum Resources who spoke to Vanguard on the condition of anonymity claimed that the NNPC is simply trying to... (allAfrica.com)
Duty of care bill goes down Nov 17, 2009
"We feel it would make the workplace less safe," said Bruce Hinchey, president of the Petroleum Association of Wyoming. Hinchey said he feared that by encouraging subcontractors to participate in the operator's safety programs, the operator would be more exposed to liability if subcontractor employees get hurt. (Casper Star-Tribune, WY)
Hanwei announces third quarter financial results Nov 17, 2009
VANCOUVER, Nov. 17 /CNW/ - Hanwei Energy Services Corp. ('Hanwei' or the 'Company') today announced its financial results for the three and nine months ended September 30, 2009 (Canada Newswire)
Oil near $80 as China says economy improves Nov 17, 2009
Oil prices ticked higher Wednesday as the Organization of Petroleum Exporting Countries said the world would consume more crude in 2010 than previously expected, and China said its economy improved ... Late Tuesday, a survey from the American Petroleum Institute said U.S. oil stockpiles grew last week by 1. (Courier-Journal -- Business)
Oil Hovers Below $79 Amid Strong Asian Demand Nov 17, 2009
FILE - In this Nov. 11, 2009 file photo, a motorist pumps gas at the Super Petroleum gas station in. FILE - In this Nov. 11, 2009 file photo, a motorist pumps gas at the Super Petroleum gas station in Lawrence, Mass. (ABC News -- Wire)
North Carolina Nov 16, 2009
Petroleum and coal products manufacturing: 283. Chemical manufacturing: 99. (CBS News -- US)
Iraq expects stiff competition in new oil bidding Nov 16, 2009
The second consortium is led by Italy's Eni SpA, in partnership with Occidental Petroleum of the U.S. and South Korea's KOGAS. They are to develop the 4. 1 billion-barrel Zubair oil field. (Business Report, South Africa)
Lawmakers will look at gas tax, other hikes Nov 16, 2009
Wyomings current tax rates of 14 cents per gallon for both gasoline and diesel fuel were the second-lowest in the nation as of last month, according to the American Petroleum Institute. However, a 10-cent tax increase wouldnt all be passed on to consumers, as fuel companies would absorb some of the cost, said Rep. (Casper Star-Tribune, WY)
Essar seals Dhabi buy Nov 16, 2009
Essar Energy had recently announced the completion of the acquisition of a 50% stake in Kenya Petroleum Refineries (KPRL), with the Government of Kenya holding the remaining stake. Essars interests in telecom, include its 33% stake in Vodafone Essar, the countrys second-largest GSM operator with about 86 million users. (India Times)
Investors take a fancy to shipping stocks Nov 16, 2009
This rise in VLCC freight rates is attributed to some pick-up in demand for vessels in this segment, in the run-up to the winter season in the western hemisphere and the corresponding build-up in demand for petroleum products. In other tanker segments, like Suezmax, spot freight rates are currently at $10,590 per day, compared with the average spot freight rate of $3362 per day in the second quarter of FY10. (India Times)
RIL to join hunt for shale gas Nov 16, 2009
According to Vijay Kelkar, former petroleum secretary and chairman of the 13th finance commission, its innovative technology using horizontal drilling (allowing the gas to be brought out easily) that made this fuel a commercial possibility. Mr Kelkar had floated a paper on how such non-conventional possibilities existed in gas hydrates deposits in sea near the Andaman and Nicobar Islands. (India Times)
