LNG race gets hotter; Oregon LNG seeks approval Oct 15, 2008
British Petroleum recently backed out of a proposed terminal on the Delaware River, while several terminals are applying for permission to export U.S. and Canadian gas to take advantage of the Asian bonanza. Hansen said Oregon LNG has spent 20 million and will continue spending 1. (Longview Daily News, WA)
Gas prices fall 33 cents in largest weekly price drop ever Oct 15, 2008
9 cents a gallon which occurred during the week of the Sept. 12, 2005, when fuel costs fell after the government announced it would release millions of barrels of emergency crude oil to help replace petroleum supplies disrupted by Hurricane Katrina. The national price for regular unleaded gasoline is the cheapest since Feb. 25, but is still up 39 cents from a year ago, the department's Energy Information Administration said in its weekly survey of service stations. (USA Today -- Money)
BUSINESS TRAVELER: Breaking the bottled water habit Oct 15, 2008
Plastic water bottles are petroleum products and require 17 million barrels of oil to create our 28 billion water bottles according to the (PRI), an environmental think tank. PRI says that manufacturing also unleashes more than 2. (USA Today -- Money)
The best funds in a crisis Oct 15, 2008
Contributors to the performance of SGH20 include blood-products maker CSL, whose total return (share price plus dividends) has risen 26 per cent in the year to August 31, and Woodside Petroleum, whose total return increased 40 per cent. Crop-protection company Incitec Pivot has also performed well, as has construction and contracting companies Leighton Holdings and BHP.. TOP 25 GLOBAL SHARES RETURN Fund name 1yr % 3yr % 5yr % Zurich Investments Hedged Global Thematic Share -3. (Sydney Morning Herald -- Business)
Peruvian president swears in new cabinet Oct 15, 2008
Four audio tapes emerged earlier this month linking members of the ruling party to a plan aimed at steering lucrative petroleum contracts to a Norwegian oil company in exchange for bribes. Following the eruption of the scandal, the cabinet led by Castillo resigned en masse. (Xinhuanet, China)
Chinese State Councilor meets WPC chief on energy Oct 15, 2008
BEIJING, Oct. 14 (Xinhua) -- Chinese State Councilor Ma Kai on Tuesday met with World Petroleum Council (WPC) president Randy Gossen, who is here to attend an international energy forum ... Chinese State Councilor Ma Kai(R) shakes hands with World Petroleum Council (WPC) president Randy Gossen, who is here to attend an international energy forum, in Beijing, capital of China, Oct. 14, 2008. (Xinhuanet, China)
Constitutional flaws won't stall N'Delta agenda, says Yar'Adua Oct 15, 2008
In as much as he "appreciated the issues raised and supported constitutional amendments, such must be undertaken as provided by the constitution" and should not become another excuse for allowing the problem to fester," he said. The delegation had come to present the resolutions of the Vanguard-organised South-South Legislative Retreat on Constitutional Review held last August to the Federal Government. The team included the former Governor of Delta State and the President of the Urhobo... (Guardian News, Nigeria)
Fast Facts: Canada Oct 15, 2008
Industries: transportation equipment, chemicals, processed and unprocessed minerals, food products, wood and paper products, fish products, petroleum and natural gas ... Exports - commodities: motor vehicles and parts, industrial machinery, aircraft, telecommunications equipment; chemicals, plastics, fertilizers; wood pulp, timber, crude petroleum, natural gas, electricity, aluminum. (CBS News -- World)
$25 billion in T-bills auctioned at discount Oct 15, 2008
Sempra Energy and Valero Energy Corp. could develop a petroleum import terminal and storage facility in Port Arthur, Texas ... The terminal, which would be built on 120 acres near the intersection of the Gulf Intracoastal Waterway and the Sabine-Neches Waterway, would provide storage for crude oil, petroleum feedstocks and refined products. (San Diego Union-Tribune -- Business)
Why Russia Is Bailing Out Iceland Oct 15, 2008
But if the price goes below that, the country's petroleum windfall may be drastically reduced, and the budget could go into deficit. That is why the Arctic looks so enticing. (Time.com)
Osaka Gas Is in Talks to Sell Stake in Domestic Power Generator to Oman Oct 15, 2008
Kansai Electric and other Japanese power utilities have tied up with banks to deflect competition by promoting the construction of houses and condominiums that use electricity exclusively for cooking and heating, rather than natural gas, kerosene, or liquefied petroleum gas. By July, the number of houses and condominiums in the Osaka area more than doubled to 600,800 from 269,000 in March 2005, Kansai Electric said on its Web site. (Bloomberg -- Japan)
Gusella sells stake in Petrolifera, Connacher Oil Oct 15, 2008
CALGARY Petrolifera Petroleum Ltd. (TSX: ) and Connacher Oil and Gas Ltd. (TSX: ) announced that Richard Gusella has been forced to sell a significant portion of his common stock in the two companies to meet margin loan calls since the beginning of October. Gusella is president and CEO of Connacher and executive chairman of Petrolifera, both headquartered in Calgary. (Toronto Star)
BJ Services Announces Fourth Quarter Preliminary Financial Results Oct 14, 2008
BJ Services Company is a leading provider of pressure pumping, well completion, production enhancement and pipeline services to the petroleum industry. (NOT INTENDED FOR DISTRIBUTION TO BENEFICIAL OWNERS). (PR Newswire)
Market rebound reflected with La, Miss businesses Oct 14, 2008
Callon Petroleum, meanwhile, was down a penny. On the banking side, Whitney Holding Corp. also was down, slightly. (WREG.com, TN)
PSU oilcos' revenue loss dips Oct 14, 2008
Sources in the petroleum ministry said the government is in no mood to consider downward revision in retail prices of fuels as gains in crude oil prices are neutralised by rupee depreciation and liquidity crunch. The average price of Indian crude basket (various types of crude imported) is still very high at around $114/barrel (April 2008 till date) vis-a-vis $79. (India Times)
Oil hovers at $83 Oct 14, 2008
With the retreat in crude prices, some members of the Organization of the Petroleum Exporting Countries (OPEC) had called for a cut in production levels when the cartel holds an emergency meeting on Nov. 18 ... As global markets cheered the government bailouts, oil traders will also look at the weekly US petroleum inventory data to be released on Thursday. (India Times)
Obama/Ayers tale says a lot about Chicago: Hinz Oct 14, 2008
Among those who served on the boards of the two Chicago charities at the heart of the Ayers-Obama "connection" are the former president of , the head of the city's most powerful business group, officials from petroleum giant BP Amoco and banking heavyweight UBS, and the ex-publisher of a noted liberal rag, the. Kinda gives it a different spin, no. (Crain's Chicago Business)
South Africa: Fuel Retailers Want Slow Deregulation Oct 14, 2008
THE time is not ripe for the deregulation of the South African petroleum industry, according to fuel retailers ... Pick n Pay chairman Raymond Ackerman has been at the forefront of calls for deregulation - the complete removal of government regulations - of the local petroleum industry. (allAfrica.com)
Nigeria: Government Adjusting 2009 Budget Oct 14, 2008
Minister of State for Petroleum, Odein Ajumogobia, had last week in Lagos raised alarm over the threat posed to the 2009 Budget by the decline in crude oil prices. He said except there was improvement in the global oil prices, the decline may impact on the implementation of the budget. (allAfrica.com)
LEED Compliance Not Required for Designing Green Buildings Oct 14, 2008
The owner, petroleum giant BP, calls it Helios House and touts it as America s first green gas station, be--cause it is certified according to the standards of Leadership in Energy and Environmental Design (LEED), the most commonly used rating system for sustainable architecture. Of course, the building is still a gas station: it sells petroleum-based fuel that is burned in automobiles and thereby endangers the environment. (Scientific American)
Market chaos won't slow carbon scheme: Australia PM Oct 14, 2008
Australia's second-largest oil and gas producer, Woodside Petroleum Ltd, this week told Rudd's center-left Labor government that global market volatility and bank credit paralysis should put emissions trading on hold. Rudd said the worst international financial crisis since the 1930s did not eclipse the danger of climate change, expected to have a greater impact on Australia's $1 trillion coal and energy reliant economy than almost any other developed nation. (Scientific American)
Wall Street rebounds Oct 14, 2008
Delta Petroleum (DPTR): +35 ... Whiting Petroleum (WLL): +23. (Denver Business Journal, CO)
Looking for the Fuel of the Future Oct 14, 2008
GTL can be used on its own or blended with diesel and has been cited by the California Energy Commission as the most cost-effective "alternative fuel" in reducing tail pipe emissions and our dependence on petroleum. ADVERTISEMENT. (Atlantic News-Telegraph, IO)
After oil ministry, Plan panel member rides to coal ministry rescue Oct 14, 2008
Chaturvedi, who did stints as Cabinet and petroleum secretaries, recently made news with his report on the financial health of state-owned oil companies. The report stirred a hornet's nest by suggesting, among other things, market pricing of motor fuels and levy of windfall profit tax on oil and gas produced from fields given to companies without international bidding. (India Times, India -- Community News)
Snopes cuts through the political shibai Oct 14, 2008
Branded as a series of Palin quotes, the document contained such ramblers as, "God made dinosaurs ... so that when they died and became petroleum products we, in his perfect image, could use them in our snow machines, pickup trucks and fishing boats.". This text, as you may have suspected, is meant to be a joke. (Honolulu Advertiser)
Tesoro releases earnings estimate Oct 14, 2008
Tesoro is an independent refiner and marketer of petroleum products. The company operates seven refineries in the western United States with a combined throughput capacity of 660,000 barrels per day. (San Antonio Business Journal, TX)
Companies with poor records on environmental damage try for change Oct 14, 2008
Few people call it eco-friendly when a company like Royal Dutch Shell, to pump natural gas and make petroleum products, disturbs coral reefs and damages the habitats of rare desert truffles and vulnerable birds. But the energy giant may have found a way to turn local environmental losses into a plus for biodiversity - and its business. (International Herald Tribune -- Business)
Truancy, oil operators, economy on county agenda Oct 14, 2008
The ordinance for high-risk onshore oil operators would be added to the county Petroleum Code and would increase fines for violations and charge for oil-spill response and cleanup. If approved, it would not take effect until December at the earliest. (Santa Maria Times)
Ryland Expands Its Roncott Bakken Play Holdings, Acquires Additional Saskatchewan Crown PNG Licenses Oct 14, 2008
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 14, 2008) - Ryland Oil Corporation (TSX VENTURE: - ) is pleased to announce that it has acquired a 100% working interest in additional Saskatchewan crown petroleum and natural gas licenses and leases covering 26,286 gross and net acres of land. The licenses and leases, which include all rights, are located in southeast Saskatchewan and are adjacent to Ryland's current acreage. (CCNMatthews Press Releases)
Press Release: Communiqu of the International Monetary and Financial Committee of the Board of Governors of the International Monetary Fund Oct 14, 2008
Mohammad Alipour-Jeddi, Head, Petroleum Studies Department, Organization of the Petroleum Exporting Countries (OPEC). Joaqu;n Almunia, European Commissioner for Economic and Monetary Affairs, European Commission (EC). (IMF News)
Government asked to reduce prices of petroleum products Oct 14, 2008
Accra, Oct.14, GNA - The National Democratic Congress (NDC), on Monday called on the Government to abide by the law establishing the National Petroleum Law (NPL), Act 691, and reduce the prices of petroleum products immediately ... It said the National Petroleum Authority (NPA), was in contravention of article 58(1) of the NPA Act 691, 2005, and colluding with the service providers in the industry to exploit the already impoverished Ghanaian consumer by unjustifiably and blatantly misapplying... (Ghana Web, Ghana)
Invest Southwest taps 13 companies as presenters Oct 14, 2008
Consolidated Energy Systems LLC of Salt Lake City, which is developing a process to turn petroleum coke into diesel fuel for modified engines. Grip of Glendale, which is developing network solutions for the audio/visual industry focused on simplification. (Phoenix Business Journal, AZ)
China Residents Mobilise Against Chemical Project Oct 14, 2008
The proposed chemical production plant would make ethylene and paraxylene as part of a larger petroleum processing complex costing 60 billion yuan (US$8 ... China National Petroleum Corp and its listed PetroChina unit both declined to say which was managing the project and had no immediate comment on the growing opposition. (Planet Ark, United States)
Homecoming award winners Oct 14, 2008
Norm graduated from the ISU College of Technology in electronics and then worked eight years at Phillips Petroleum before working at Idaho Power for 27 years, retiring in 1996. Beth worked at Idaho Power for 35 years. (Pocatello Idaho State Journal, ID)
Gas prices fall with low demand, high supply Oct 14, 2008
The Organization of the Petroleum Exporting Countries, or OPEC, could decide to slow oil production, which likely would halt the price drop or even trigger a minor increase, Kamholz said. But with an economy in shambles, decreasing demand and a slower driving season on the horizon, all signs point to continued declining prices. (La Crosse Tribune, WI)
Rok flies after airport improvement deal Oct 14, 2008
Cadogan Petroleum was flat at 78;p after receiving confirmation from Ukraine s Ministry of Environmental Protection that its Pirkovskoe and Zagoryanska permits are valid. Have your say. (Times Online)
Gas prices slow to fall in Triangle Oct 14, 2008
Petroleum marketers could not explain why some Triangle stations are still struggling to fill their storage tanks ... "It may be we have not gotten back to normal yet, but we're getting there," said Bill Weatherspoon of the N.C. Petroleum Council, a big-oil trade group. (News & Observer)
A friendly squeeze from the television proprietor Oct 14, 2008
And at the smaller end of the sector a hostile takeover battle between Cooper Energy and Incremental Petroleum continues to heat up. Incremental said yesterday it had received irrevocable undertakings that 13. (Sydney Morning Herald -- Business)
UPDATE 1-BHP cautious on China, Rio Tinto takeover Oct 14, 2008
"Are we there in copper? Getting close, but probably not there." Base metals, including copper accounted for a third of BHP's operating profit during the last financial year to end June, while petroleum made up 23 percent and iron ore 19 percent. Oil prices were close to marginal costs around $70-$80 a barrel, but could spike lower for short periods, he said. (guardian.co.uk)
Shares up almost 4pc on economic plan Oct 14, 2008
Energy stocks were higher, with Woodside Petroleum rising 9. 8 percent to 40. (NEWS.com.au)
How to attain peace in N'Delta, by Rawlings Oct 14, 2008
He noted that for centuries, the Niger Delta was literally a backwater of small subsistence communities, but since the discovery of petroleum, the people's environment has been polluted and rendered useless. Consequently, he said, poverty increased and, with it, anger. (Guardian News, Nigeria)
American Chemical Society's Weekly PressPac Oct 14, 2008
" Current methods to extract proteins trapped in these clumps involve breaking down the clumps chemically and refolding the proteins, a process that is inefficient and sometimes destroys the desired protein. In the article, Kemsley describes new research insights into the structure and formation of these unusual clumps that could lead to their prevention. Scientists, for instance, have discovered evidence that inclusion bodies form due to interactions between molecular structures called... (EurekAlert!)
Slippery oil Oct 13, 2008
Although economic growth concerns have been weighing on demand for petroleum products, they surely do not seem sufficient enough to cause a nearly 45% fall in crude prices to below $80 per barrel, after hitting a peak in July ... One would assume that the sudden, steep fall in crude prices will bring cheer to the domestic petroleum industry, which has been reeling under heavy under-recoveries. (India Times)
Truancy, oil operators, weak economy on county agenda Oct 13, 2008
The ordinance for high-risk onshore oil operators would be added to the county Petroleum Code and would increase fines for violations and charge for oil-spill response and cleanup. If approved, it would not take effect until December at the earliest. (Lompoc Record, CA)
Nigerian Investors Panic Over Oil Price Drop Oct 13, 2008
Oil has not been this cheap in 13 months and this development has thrown Nigeria and other members of the Organisation of Petroleum Exporting Countries (OPEC)into confusion as oil, "their major source of revenue continues to sink.". OPEC declared over the weekend that it would hold a special meeting on November 18, 2008 to discuss how the crisis is wrecking havoc on oil prices. (allAfrica.com)
Venezuela's oil output slumps under Hugo Chavez... Oct 13, 2008
"As production falls, the sales to the US become more important," said Pietro Donatello, an oil analyst from Latin Petroleum in the capital, Caracas ... "The new PDVSA is central to the social battle for the advance of our country," said Rafael Ramirez, the company's president and the minister for petroleum. (The Drudge Report)
* Perus president appoints leftist as Cabinet minister Oct 13, 2008
The scandal began with the release of audiotapes on which two members of Garcia allies allegedly discussed kickbacks for steering government contracts to Norwegian oil company Discover Petroleum. This story has been viewed 309 times. (Taipei Times, Taiwan -- World)
Pacific Biodiesel setting the pace on Maui Oct 13, 2008
They have definite ideas about how to get Maui (and other places) off petroleum, and their approach is different from some of the bigger players. To take just one of several differences, they are against the idea of using liquid biofuels in electricity generators. (Honolulu Advertiser)
Spacewalkers Add Tool Kit, Cameras to Station's New Robot Oct 13, 2008
Endeavour astronaut Robert Behnken works on the maintenance robot Dextre at the ISS during a March 17, 2008 spacewalk high above Earth, the third of NASA's STS-123 mission. STS-123 spacewalkers Robert Behnken (bottom) and Rick Linnehan add a toolkit and camera eyes to the Dextre maintenance robot during a March 17, 2008 spacewalk outside the International Space Station. (Yahoo News -- Space Shuttle)
RM100mil Mesra Mall opens its doors in Kertih Oct 13, 2008
MESRA Mall, a RM100mil ultra-modern shopping complex, has opened its doors to shoppers in the Kerteh petroleum town. Built on a 12ha site, it promises to be a new landmark for shoppers and tourists coming to Terengganu. (The Star Online, Malaysia)
Bear Markets Take No Prisoners Oct 13, 2008
Iconic names like Schlumberger (nyse: - - ), Occidental Petroleum (nyse: - - ) and Transocean (nyse: - - ) trade 40% off recent highs, discounting $90 oil futures and a worldwide GDP contraction to 2% growth next year, normally 4. 5. (Forbes)
Gloomy earnings season likely, analysts say Oct 13, 2008
Georgia Gulf is trying to refinance its debt, and the company s current picture is worrisome, Parrish said, but since petroleum costs have decreased in the past few weeks, that should help sustain margins, he said. Related Subjects. (Atlanta Journal-Constitution)
Best shares gain in a decade Oct 13, 2008
Woodside Petroleum was down 1%, or 39 cents, at $36. 81. (The Age, Australia)
Peru's Garcia names leftist governor as new PM Oct 13, 2008
He had faced calls from opposition leaders to reshuffle his Cabinet after audio tapes emerged that linked members of his APRA party to a plan to steer lucrative petroleum contracts to favoured bidders in exchange for bribes ... It will scrutinize dozens of contracts signed between Peru and foreign oil companies for signs of irregularities in the country's growing petroleum sector. (Globe and Mail -- International)
Transcript of Press Briefing African Finance Ministers Oct 13, 2008
This is purely based on the policy measures implemented by the government of The Gambia, including reducing the sales tax on rice and essential commodities in the consumption basket of most households in The Gambia from 15 percent in July 2007 to 0 in May 2008, maintaining a market-driven price mechanism for petroleum products, and the continued implementation of fiscal and monetary policies. Mr. Moderator, given that the increases in global food and oil prices are likely to become a permanent... (IMF News)
San Diego Gas Prices Drop For 27th Day In A Row Oct 13, 2008
Crude oil costs account for two-thirds to three-quarters of the price of a gallon of gasoline, according to Tupper Hull, director of strategic communications for the Western States Petroleum Association, a trade association representing major oil companies in six Western states. The price of a barrel of light sweet crude for November delivery dropped $8. (TheSanDiegoChannel.com, CA)
Climate 'would reel from A-bombs' Oct 13, 2008
The explosions would ignite huge firestorms, fuelled by all the wood, plastics and petroleum products commonly found in such locations. These would send thick black smoke into the upper troposphere, where heating by the Sun would drive the particles even higher into the stratosphere. (Yahoo News -- Nuclear Weapons)
Oil-nation leaders may lose some clout Oct 13, 2008
Venezuela is a member of the Organization of Petroleum Exporting Countries and the world's 10th-largest producer ... "The fall in the price of petroleum obviously affects the resources available for these (social) programs," Santana said. (AZCentral -- News)
Kaneshiro looks to reenter public service Oct 13, 2008
Kaneshiro is currently the owner and operator of Oma o Farms, a cattle and sheep ranch, the account executive of Kauai Petroleum, the wholesaler of 76 Fuels throughout the islands and the owner of Koloa Town Activity Center. A longtime entrepreneur and small business owner, Kaneshiro was previously a co-owner of Something Fishy, a fish market in Lihu e, which provided locally caught fish to the community; and Expressions, a Lihu e retail clothing shop. (Lihue Garden Island, HA)
Oil's Wild Ride Oct 13, 2008
The price of oil for delivery in other months also surged because of a weak dollar; hints that Saudi Arabia might trim the sales it allocates to U.S. firms; and the slow restart of oil wells in the , where three-quarters of petroleum production remains shut down because of. Many investors are also fleeing stock and equity markets, turning to gold and oil in search of protection against financial instability and inflation. (Yahoo News -- Oil and Gas)
Oil jumps on global crisis efforts Oct 13, 2008
Meanwhile, the 12-nation Organisation of the Petroleum Exporting Countries (OPEC) announced Thursday that it would hold an emergency meeting in Vienna on November 18 to discuss the effects of the international financial crisis. Iran, the world's fourth-largest oil producer, on Sunday predicted that OPEC would cut oil output at the meeting, the state-run television news website reported. (Sydney Morning Herald -- Business)
Up and down the energy learning curve Oct 13, 2008
As recently as two months ago, Obama was pandering to voters with short-term fixes for gas prices like tapping the Strategic Petroleum Reserve. His present strategy is coherent and farsighted. (International Herald Tribune -- Ed/Op)
As profits dip, oil countries' aid programs may take hit Oct 13, 2008
Venezuela, a member of the Organization of Petroleum Exporting Countries and the world's 10th-largest producer, also sells oil at below-market prices to left-leaning allies in South America and the Caribbean ... "The fall in the price of petroleum obviously affects the resources available for (social) programs," he says. (USA Today)
Most Asian markets rise Monday after last week's rout Oct 13, 2008
"You have to assume that we're going to go lower, that the risk is to the downside.'' Wall Street futures indicated a sharp rebound is in store for the major indexes ahead of the opening bell on Monday. Dow Jones industrials futures rose 235 points, or 2.8 percent, to 8,605. Nasdaq 100 futures rose 38.5, or 3 percent, to 1,321.00; and Standard s 500 futures added 31.8, or 3.5 percent, to 922.80. In a volatile session Friday in New York, the Dow Jones industrial average fell 128, or 1.49 percent,... (The Star Online, Malaysia -- Business)
Fossil fuels to dominate energy mix for decades - government Oct 13, 2008
The oil summit concluded that the global energy crisis necessitated urgent and increased investment across the nation's entire petroleum value chain, as well as a review of the fuel pricing mechanism. BUSINESS SERVICES. (Business Report, South Africa)
