RIL will have to pay royalty: Govt Jul 3, 2009
Minister of state for petroleum and natural gas Jitin Prasada in a written reply to a question in Lok Sabha cited PSC as the governing law for deciding on royalty and government's share in the oil and gas produced from D6 block ... Profit petroleum or profit share is the entitlement of the government, as the owner of the resource, from oil and gas produced from the fields ... Prasada did not say if the government will ask RIL to pay royalty and share profit petroleum at $4. (India Times, India)
Gastar divests Australian assets Jul 3, 2009
Under the terms of the agreement, the Houston exploration and production company will sell all of its interest in three petroleum exploration licenses in New South Wales, as well as shares of Gastar Power Pty Ltd., the entity holding Gastar s 35 percent interest in the Wilga Park Power Station. In addition, Gastar may be paid an additional $16 million in early 2010 if reserves meet a certain goal. (Houston Business Journal, TX)
Oil Refiners Exxon, Valero Face New Curbs on Carcinogenic Gas Under Obama Jul 3, 2009
3 billion in 2008, to cut pollution at refineries, according to the American Petroleum Institute ... Day referred questions on the EPA rule to the American Petroleum Institute, as did , a spokeswoman for Exxon Mobil. (Bloomberg)
* World News Quick Take Jul 3, 2009
Two children injured in the explosion when a train ferrying liquid petroleum gas derailed in the town of Viareggio died on Wednesday, bringing the death toll to at least 17, hospital sources told reporters. A three-year-old Moroccan boy and another boy, two years old, had suffered burns on more than 90 percent of their bodies in the giant fireball created by the explosion late on Monday. (Taipei Times, Taiwan -- Business)
Ohio Gas Stations Running On Empty Jul 3, 2009
"Everyone, including government officials, thinks we are big oil and can absorb all of these taxes and fees," said James Patneau, Jr., a fuel dealer and station owner from Medina, and Chairman of the Ohio Petroleum Marketers & Convenience Store Association ("OPMCA") ... The Ohio Petroleum Marketers and Convenience Stores Association is a statewide advocacy group of 500 independent businesses which own and operate more than 4,000 gas stations and convenience stores in the state ... SOURCE Ohio... (PR Newswire)
Compton Petroleum announces credit facility renewal Jul 3, 2009
CALGARY, July 2 /PRNewswire-FirstCall/ - Compton Petroleum Corporation (TSX - CMT, NYSE - CMZ) is pleased to announce the completion of the annual renewal of its reserve-based credit facility (the 'Facility') with a syndicate of four Canadian and international banks (the 'Syndicate') ... About Compton Petroleum Corporation ... Compton Petroleum Corporation is a Calgary-based public company actively engaged in the exploration, development, and production of natural gas, natural gas liquids, and... (PR Newswire)
Repsol Gets Approaches for $12 Billion Argentine Unit As it Seeks Funding Jul 3, 2009
Another Chinese oil company, China Petrochemical Corp., or Sinopec Group, last month announced plans to purchase Addax Petroleum Corp. to gain reserves in Iraqs Kurdistan and in West Africa. Repsols oil and gas production slumped 4. (Bloomberg)
Oil markets explained Jul 3, 2009
Crude oil, also known as petroleum, is the world's most actively traded commodity ... If no other information is given, an oil price appearing in UK and other European media reports will probably refer to the price of a barrel of Brent blend crude oil from the North Sea sold at London's International Petroleum Exchange (IPE) ... Slightly confusingly, the Organisation of Petroleum Exporting Countries (Opec) - a cartel of some of the world's leading producers - has its own reference. (BBC News -- Business)
Drive On community Jul 3, 2009
just started selling tires that use orange oil extracted from rinds in place of petroleum to make rubber ... Orange oil not only saves petroleum used in producing tires but can also improve fuel efficiency, Yokohama says. (USA Today -- Money)
Commission cancels Yar'Adua, Jonathan's severance package Jul 3, 2009
"Similarly, the commission also observed the practice of buying fleet of cars in the name of committee vehicles. The practice negates the whole idea of monetisation principle of modesty in governance and the spirit of the remuneration packages particularly in the legislative arm of government throughout the country. "Therefore, under the current economic downturn of the nation, this practice has to stop and vehicles procured in this manner be sold and proceeds should be used to provide buses for... (Guardian News, Nigeria)
Gas retailers face slow July Fourth Jul 3, 2009
It really just seems like the economy started faltering when petroleum did. It just really rattled people, and I m not sure the economy has gotten over it yet. (Boston Globe)
Get help for recession Jul 3, 2009
Gas and diesel are more expensive and every product and service that uses petroleum in manufacture or transport is more expensive. America just cant handle it. (The Palm Beach Post)
Oil prices tumble as Europe and U.S. shed jobs Jul 3, 2009
Employees who have lost jobs or are in fear of losing jobs are driving less and buying fewer goods, many of them petroleum based. Factories have curbed production and are using less natural gas and electricity. (USA Today -- Money)
Maker hopes orange oil tires will hold certain ap-peel for motorists Jul 3, 2009
just started selling tires that use orange oil extracted from rinds in place of petroleum to make rubber ... Orange oil not only saves petroleum used in producing tires but can also improve fuel efficiency, Yokohama says ... "Every gallon of gas saved by the tire means 20 fewer pounds of CO2 released into the atmosphere, and because [the tire] is made from natural elements, most of its material is derived from renewable resources, says Mark Chung, director of corporate strategy and planning... (USA Today -- Money)
BP's spin doctors can now breathe easy Jul 2, 2009
And so Beyond Petroleum was born. Real people voicing their opinions about oil companies starred in their ads. (Sydney Morning Herald -- Business)
Oil slips below $69 ahead of US jobs report Jul 2, 2009
8 million barrels last week, the American Petroleum Institute said Tuesday. Investors will be watching for inventory data from the Energy Department's Energy Information Administration on Wednesday for more signs crude demand may be growing. (Fresno Bee -- Business)
Country profile: Vietnam Jul 2, 2009
Main exports: Petroleum, rice, coffee, clothing, fish. GNI per capita: US $790 (World Bank, 2007). (BBC News -- Asia-Pacific)
Why Big Oil Declined Iraq's Riches Jul 2, 2009
The only contract signed was a 20-year deal for a consortium led by BP and China's National Petroleum Corporation to develop the giant Rumaila field in southern Iraq ... Big Oil might also be emboldened to make deals on oil fields in the Kurdish areas since last week, when the Chinese oil giant Sinopec announced that it was acquiring the Swiss oil company Addax Petroleum, which operates in Iraqi Kurdistan. (Time.com)
An Unexpected Solution to our Energy and Climate Crises Jul 2, 2009
The gasification of coal can also produce liquid fuels, as done currently in South Africa and extensively in Germany during World War II. The process produces higher air emissions than simply refining liquid fuel from petroleum. However, because hybrid-nuclear energy inherently reduces CO2 emissions by a factor of roughly two, the coal-to-liquid process becomes a highly feasible means to significantly reduce our dependence on foreign oil. (Energy Pulse, CO)
Fuel price hike boosts oil PSUs Jul 2, 2009
State-run oil refining and marketing companies Indian Oil, Hindustan Petroleum and Bharat Petroleum rose 1. 7-3. (India Times)
Iraq fails to get oil companies over a barrel Jul 2, 2009
The Iraqi Oil Ministry reached an agreement with British Petroleum and China National Petroleum Corporation only after BP and CNPC accepted a much lower fee in return for raising the field's output beyond present levels. Iraq's biggest oil field has an estimated 17 billion barrels of oil, an amount equivalent to more than half the reserves of the entire US.. (Sydney Morning Herald -- World)
Mr. Franken Goes to Washington Jul 2, 2009
A joint venture of BP and the China National Petroleum Corporation was awarded the right to develop the giant Rumaila field in southern Iraq. Other companies said they're eager to get their foot in Iraq but balked at the strict financial terms the government had attached to the 20-year. (Slate)
In view of global oil prices, is the fuel price hike justified? Jul 2, 2009
"The hike was necessitated because of rising international crude oil prices which have doubled to USD 70 a barrel since December," Petroleum Minister Murli Deora told reporters here ... Petroleum Secretary R S Pandey said this was an "ad-hoc" increase in fuel prices aimed at limiting the Rs 170 crore per day loss Indian Oil, Bharat Petroleum and Hindustan Petroleum incurred on sale of petrol, diesel, domestic LPG and kerosene ... Indian Oil, Bharat Petroleum and Hindustan Petroleum have seen... (India Times)
Oil shares rise 5 pc on fuel price hike Jul 2, 2009
"The hike (in fuel prices) was necessitated because of rising international crude oil prices, which have doubled to USD 70 a barrel since December," Petroleum Minister Murli Deora had said. The oil companies that were earlier projecting a loss of Rs 39,000 crore, will now raise an additional 13,000 crore from the increased prices. (India Times)
Government hikes petrol prices by Rs 4, diesel by Rs 2 Jul 2, 2009
Petroleum secretary RS Pandey said the government has not attempted to fully cover the losses of fuel retailers, which were losing Rs 6 on the sale of every litre of petrol and Rs 3. 60 on a litre of diesel. (India Times)
Asian Shares Fall as U.S. Sales, India Fuel Hit Automakers; Newcrest Gains Jul 2, 2009
Woodside Petroleum Ltd., Australias second-largest oil producer, dropped 1. 9 percent to A$41. (Bloomberg -- Asia)
Herkimer Co. moves forward with jail at P&C site Jul 2, 2009
There are some petroleum concerns, which the (state Department of Environmental Conservation) did not seem to be very concerned about in discussion I had, county Administrator James Wallace said. We have submitted our report to the DEC, and they will decide what remediation needs to be done. (Utica NY Obserer, NY)
Lingle discloses potential vetoes Jul 2, 2009
Gov. Linda Lingle yesterday gave state lawmakers a list of bills she may veto, including proposals to restructure public hospitals, raise a tax on petroleum products to fund food and energy security programs, and tighten high-technology investment tax credits ... The $1 tax increase per barrel of petroleum product from 5 cents to $1. (Honolulu Advertiser)
Transeuro Energy Corp. Proposed Restructuring and Debt Retirement Plan Jul 2, 2009
Transeuro Energy Corp. is involved in the acquisition of petroleum and natural gas rights, the exploration for, and development and production of crude oil, condensate and natural gas ... Transeuro Energy Corp. (the "Company" or "Transeuro") is involved in the acquisition of petroleum and natural gas rights, the exploration for, and development and production of crude oil, condensate and natural gas ... On June 3rd, 2009, Eaglewood announces a combination of farmout agreements relating to its... (CCNMatthews Press Releases)
Japan Stocks Drop, Led by Banks on Merger Concerns; Oil Producers Decline Jul 2, 2009
Japan Petroleum Exploration Co., the nations No. 2 oil driller, fell 2 ... Japan Petroleum fell 2. (Bloomberg -- Japan)
Abraxas subsidiaries finalize merger deal Jul 2, 2009
The merger agreement provides that each outstanding common unit of Abraxas Energy not currently held by a wholly owned subsidiary of Abraxas will be acquired by Abraxas Petroleum for $6 per common unit payable in shares of Abraxas Petroleum common stock. The merger brings all of the assets, properties and projects of Abraxas Energy into the fold of Abraxas Petroleum without the significant dilution that could have occurred under the existing exchange and registration rights agreement, says Bob... (San Antonio Business Journal, TX)
Breakthrough In Development Of Tiny Biological Fuel Cells Jul 2, 2009
The research, funded by the Petroleum Research Foundation, was published in the June issue of the journal, Chemical Communications. Adapted from materials provided by. (Science Daily)
Iraq: BP, Chinese win lucrative oil contract Jul 2, 2009
Iraq awards lucrative oil contract to BP, China National Petroleum Corporation ... BAGHDAD, Iraq (CNN) -- Iraq awarded a lucrative oil contract to BP and China National Petroleum Corp., government spokesman Ali al-Dabbagh said Wednesday, while rejecting other companies' offers for other oil fields ... BP and China National Petroleum Corporation have won a lucrative oil contract in Iraq. (CNN -- World)
Oil company rejects damning Amnesty report Jul 2, 2009
"We have issues with the report," said Levi Ajuonoma, a spokesman for Nigerian National Petroleum Corporation ... Governments and oil companies are failing to be accountable for the problems, Amnesty said in its report, called "Petroleum, Pollution and Poverty in the Niger Delta." ... " SPDC is the Shell Petroleum Development Company, the national oil and gas company in . Shell owns a 30-percent stake in the company while the Nigerian government owns 55 percent. The Niger Delta is a region in... (CNN -- World)
Outbound investment unlikely to outstrip FDI Jul 2, 2009
Even though Chinese National Petroleum Corp, joining hands with British energy giant BP, won the bid to develop Iraq's biggest oilfield on Tuesday, it may not significantly raise overall ODI this year because most deals signed in the past few months are "of small volume". The Ministry of Commerce will hold a press conference this morning at the 13th China International Fair for Investment and Trade where it is expected to talk about ODI prospects. (Xinhuanet, China)
US manufacturing shrinks less than expected Jul 2, 2009
Housing and autos are two sectors with ongoing woes, Ore said, while manufacturers connected to the computer, electronics and petroleum industries might say their tides have turned. However, a good sign for all industrial companies was shrinking customer inventories. (Sydney Morning Herald -- Business)
Chevron skips Iraq oil auction Jul 1, 2009
Only BP and China National Petroleum Corp. accepted the government's terms ... Petroleum exports supply 86 percent of the government's revenue, according to the U.S. Energy Information Administration. (San Francisco Chronicle -- Business)
Iraq's First Oil Auction Sputters Jul 1, 2009
Overthrow Iran's government so British Petroleum can privatize their oil. 2. (CBS News -- World)
Bookman: Iraqis finally cheer American actions Jul 1, 2009
UNITED STATES: Chevron, ConocoPhilips, Exxon Mobil, Hess Corp., Marathon International Petroleum Ltd., and Occidental Petroleum Corp. ... Australia: BHP Billiton Ltd. and Woodside Petroleum Ltd. ... The six state-run oil firms that have been added are Turkish Petroleum Corporation (TPAO), Algeria s Sonatrach, PetroVietnam, Angola s Sonangol SA, Pakistan Petroleum Ltd., and Petroleum Authority of Thailand. (Atlanta Journal-Constitution -- World)
Petrol price up by Rs 5.92 to Rs 62.13 per litre, HOBC by Rs 8.50 to Rs 78.78, light diesel oil by Rs 6.94 to Rs 54.94, Kerosene oil by Rs 7.48 to Rs 59.35 Jul 1, 2009
ISLAMABAD: The government has approved an increase in prices of petroleum products by 10 ... According to a notification issued by the Oil and Gas Regulatory Authority (OGRA), the carbon surcharge introduced in the 2009-10 annual budget has replaced the Petroleum Development Levy (PDL) ... High-speed diesel is a deregulated product and its price is not determined by OGRA. Talking to reporters, Petroleum Adviser Dr Asim Hussain said the increase had been made in the wake of a hike in oil prices... (Daily Times, Pakistan)
SapuraCrest cutting costs as O&G outlook stays gloomy Jul 1, 2009
SERI KEMBANGAN: SapuraCrest Petroleum Bhd plans to cut costs as the outlook for the oil and gas industry remains gloomy, says chairman Datuk Hamzah Bakar. We are feeling the pressure now with the current market condition. (The Star Online, Malaysia -- Business)
On The House: Asphalt paving, driveway maintenance Jul 1, 2009
It is found in natural deposits, but almost all of the asphalt used commercially is made from petroleum ... Deposits occur in pits or lakes as residue from crude petroleum that has seeped up through cracks in the earth ... Don t be surprised if areas loosened by dripping petroleum products begin to splatter under the force of the pressure washer. (Chippewa Falls Chippewa Herald, WI)
Nigeria: Soldiers Lock Out Niger Delta Villagers Jul 1, 2009
The report was contained in a major news report entitled: "Petroleum, Pollution and Poverty in the Niger Delta", released yesterday in Abuja co-authored by Audrey Gaughran, Amnesty International's Head of Business and Human Rights. She called the situation in the Niger Delta a "human rights tragedy". (allAfrica.com)
Iraq auction terms deter foreign oil companies Jul 1, 2009
A BP-led consortium including the Chinese National Petroleum Corp. (CNPC), was the only foreign group to strike a deal for the 17-billion barrel Rumaila oilfield, Iraq's biggest, in the Shi'ite south. The deal only went down after an -led group rejected the government's proposed fee. (USA Today -- Money)
Hills area co-op to drop Cenex name Jul 1, 2009
The co-op will continue to sell Cenex petroleum products, owned nationally by CHS Inc.. The new CBH signs will appear at operations in Belle Fourche, Sturgis, Union Center, Hot Springs and Rapid City. (Rapid City Journal, SD)
Editorial: Cap-and-trade dispute shows deeper problem Jul 1, 2009
A study done by CRA International for the National Black Chamber of Commerce pegs the annual cost at between $600 and $1,600 by 2020, while the American Petroleum Institute puts the annual cost at $3,300. On the other end of the fiscal spectrum, a group called the American Council for an Energy Efficient Economy contends the bill, in combination with separate federal economic stimulus legislation, will lower household energy costs by $4,400 by 2030, according to a recent report in The New York... (Athens Banner-Herald)
Fuel retailer Gull eyeing acquisitions Jul 1, 2009
Western Australia's largest independent fuel wholesaler and retailer Gull Petroleum says it is eyeing acquisition opportunities ... The company acquired independent fuel retailer Peak Petroleum last year and has group turnover of more than $800 million. (Sydney Morning Herald -- Business)
Oil recovers over bullish report Jul 1, 2009
The American Petroleum Institute said that domestic crude stocks fell 6 ... "The US consumer confidence report was a negative for the oil price but in late news, reports by the American Petroleum Institute that crude stocks fell by 6.8 million barrels helped to lift sentiment," said David Moore, a commodities analyst at the Commonwealth Bank of Australia. (Sydney Morning Herald -- Business)
Victoria Petroleum finds oil in SA Jul 1, 2009
Shares in Victoria Petroleum NL (Vicpet) rose after the oil and gas exploration junior reported an oil discovery in the South Australian section of the Cooper Basin. Shares in Vicpet inched two cents, or 5. (Sydney Morning Herald -- Business)
Council continues GFWD discussion Jul 1, 2009
Awarded the fuel bid for the period July 1 through Dec. 31 to Thomas Petroleum of La Grange. Approved invoices from Bices, Inc. in the amount of 342. (Columbus Colorado County Citizen, TX)
Sodexo Announces an 8.8% Increase in Revenue, and Organic Growth of 3.4% for First Nine Months of Fiscal 2009 Jul 1, 2009
SINOPEC INTL PETROLEUM SVCS Construction Division, Jubail Compound Gardens, Saudi Arabia (1,050 residents, Facilities Management services). Montara Project, Timor Sea, Australia (190 residents, Facilities Management services). (Yahoo! Wire -- Entertainment News)
Plastics From Biomass? Inexpensive Method For Removing Oxygen From Biomass Discovered Jul 1, 2009
Allyl alcohol today is produced from the oxidation of petroleum. Said Jonathan Ellman, a UC Berkeley chemistry professor and the other principal investigator in this research, Right now, about five percent of the world s supply of petroleum is used to make feedstocks that are synthesized into commodity chemicals ... Feedstocks for such products obtained from biomass rather than petroleum would be renewable as well as biodegradable. (Science Daily)
New Fabricated Material Changes Color Instantly In Response To External Magnetic Field Jul 1, 2009
The four-month study was supported by UC Riverside startup funds and the Petroleum Research Fund administered by the American Chemical Society. The UCR Office of Technology Commercialization has filed a patent application on the technology and is currently seeking partners in industry interested in developing the technology commercially. (Science Daily)
Shell should end Nigeria 'abuse' Jul 1, 2009
Shell Petroleum Development Company, a subsidiary of Royal Dutch Shell, is the main operator in the Niger Delta ... "In the last three years, gangs have kidnapped 133 Shell Petroleum Development company employees and contractors while five people working for our joint venture have been killed in assaults and kidnappings in the same period.". (BBC News -- Africa)
MAN asks govt to seek fresh gas sources for firms Jul 1, 2009
MOU and Articles of Association on joint venture between the Nigerian National Petroleum Corporation (NNPC) and Russian firm, GAZPROM. ... " Polyakov, who said Nigeria is a big market for investment, pointed out that his country would continue to co-operate with other foreign firms in Nigeria to buoy development. He said: "In GAZPROM - Russia's petroleum and gas giants - there are specialists who understand the terrain and feelings of the people. (Guardian News, Nigeria)
Xstrata's $40 Billion Anglo Bid May Spur Revival of Moribund Merger Market Jul 1, 2009
agreed last week to buy Swiss explorer Addax Petroleum Corp. for C$8. 3 billion ($7. (Bloomberg -- Canada)
* BP, Chinese oil firm win first Iraq deals in decades Jul 1, 2009
For energy firms, the appeal is the opportunity to plant a foot in the country, their first chance to do so since the Baath party nationalized the Iraq Petroleum Company in 1972, seven years before Saddam took power. Thanks to sanctions and war, no company has wanted or been able to invest, said Ruba Husari, an energy expert and the founder of the Web site iraqoilforum. (Taipei Times, Taiwan -- Business)
Lingle serves notice of possible vetoes Jul 1, 2009
Gov. Linda Lingle today gave state lawmakers a list of bills she may veto, including proposals to restructure public hospitals, raise a tax on petroleum products to fund food and energy security programs, and tighten high-technology investment tax credits ... The $1 tax increase per barrel of petroleum product from 5 cents to $1. (Honolulu Advertiser)
Lessons from the revolution Jul 1, 2009
Petrobras' offshore petroleum operations in the Tupi basin are likewise notable for the intelligence with which they have been developed and will make Brazil a major player in the global oil industry, particularly as its domestic needs are suppressed by the successful ethanol program. Using resources to bully neighbors, as in Russia, or frittering away resource advantages through environmentalist obstacles, as in the US, produces a major competitive disadvantage that blights innovation as well... (Asia Times Online)
Oil Rises Above $70 on Bullish API Report Jul 1, 2009
The American Petroleum Institute said that domestic crude stocks fell 6 ... "The U.S. consumer confidence report was a negative for the oil price but in late news, reports by the American Petroleum Institute that crude stocks fell by 6.8 million barrels helped to lift sentiment," said David Moore, a commodities analyst at the Commonwealth Bank of Australia. (ABC News -- Wire)
Officials to decide whether to move forward with jail site Jul 1, 2009
In the past, people have been concerned with possible petroleum contamination at the site from the gas station that was there, Wallace said ... There is still residual petroleum contamination in the soil, DEC spokesman Steve Litwhiler said. (Utica NY Obserer, NY)
Petrofac Says Oil Production Started at Don Southwest Field in North Sea Jul 1, 2009
Petrofac owns 60 percent of the field and Woking, U.K.- based Valiant Petroleum Plc the remaining 40 percent. To contact the reporter on this story: in London at. (Bloomberg -- UK)
BP and CNPC to develop Iraq's largest oil field Jul 1, 2009
BP and China National Petroleum Corporation (CNPC) have won the right to develop Rumaila, the largest Iraqi oil field in yesterday's licensing round, according to an Oil Ministry spokesman in Baghdad. The war-torn country is seeking to double production over the next six years. (Business Report, South Africa)
US banks tread warily around MTN deal Jul 1, 2009
2 billion deal this month to buy oil explorer Addax Petroleum, in part because of Addax's oil fields in Iraq's Kurdistan region. According to OFAC, financial transactions with Iraq are allowed except with certain groups and individuals. (Business Report, South Africa)
Plug powering a Union College dorm Jul 1, 2009
That fuel cell operates on liquified petroleum gas. Plug Power and National Grid will use the data collected in the trial to refine the product. (Albany Business Review, NY)
