-- IFP: Oil prices bloat service company profits The global oil service and equipment (OS&E) industry is continuing to surf on the wave of high oil prices that are expected to push up 2006 exploration and production expenditures by 21% to $266.9 billion, reported Institut Français du Pétrole in a recent update.
-- Pogo Producing to divest noncore assets Pogo Producing Co. plans to divest nonstrategic oil and gas properties in the Gulf of Mexico, south and east Texas, south Louisiana, the Permian basin and Texas Panhandle areas, and western Canada.
-- MARKET WATCH Unexpected inventory changes undermine crude prices Crude futures prices fell Oct. 18 in the New York market on reports of an increase in US crude inventories and declines in gasoline and heating oil stocks that were all bigger than expected, with refineries operating at 86.3% of capacity as some facilities shut down for seasonal maintenance.
-- Pemex buys US goods, services with Ex-Im loans The US Export-Import Bank is providing $900 million in three long-term loan guarantees to Petroleos Mexicanos, which is applying it toward the $1 billion it is spending on US energy services and equipment.
-- MARKET WATCH Energy prices surge higher November crude futures rose, briefly touching $60/bbl Oct. 16 in New York, while gas prices surged higher by nearly 14% on expectations of more cold weather and a production cut by OPEC.
-- API: US refiners spent $8 billion to provide ULSD US refiners spent $8 billion, and pipelines and terminal operators spent hundreds of millions more to bring ultralow-sulfur diesel (ULSD) to market, an official of the American Petroleum Institute said at the group's annual meeting here.
-- Talisman to sell noncore North American assets Talisman Energy Inc. plans to sell noncore properties in North America. The predominantly nonoperated assets produce 17,000 boe/d, of which 60% is gas and 40% is oil and liquids.
-- MARKET WATCH Crude prices climb; OPEC calls meeting Crude prices continued a 2-day rally Oct. 13 on the New York market with reports of reduced production by Norway and confusion over a possible 1 million b/d production cut by the Organization of Petroleum Exporting Countries.
-- Statoil introduces new Asgard Blend Statoil ASA introduced a new light, low-sulfur oil grade, Asgard Blend, based on condensate and crude from the Asgard, Kristin, and Mikkel fields in the Norwegian Sea.
-- OMV sets ambitious targets in 2010 strategy In an ambitious growth strategy, Austria's OMV AG plans to double its refining capacity from 500,000 b/d by 2010 and increase its oil and gas production to 500,000 boe/d from 320,000 boe/d.
-- OMV closes sale of Ecuador E&P assets Austria's OMV AG has completed the sale of its 5,000 b/d Ecuadorian exploration and production assets to joint-venture partners Burlington Resources Oriente Ltd. and Perenco Ecuador Ltd., a unit of privately held French E&P firm Perenco SA.
-- SPE elects Al-Khalifa president Abdul Jaleel A. Al-Khalifa, manager of Saudi Aramro's petroleum engineering department, was elected president of the Society of Petroleum Engineers.