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General Interest 2006 P16

  • 10/20/2006 -- 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.
  • 10/19/2006 -- 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.
  • 10/19/2006 -- 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.
  • 10/18/2006 -- NPRA's Slaughter: 'Biofuels are not the answer'
    Biofuels are not the answer to US energy supply problems, said the president of the National Petrochemical & Refiners Association at a management forum in Houston.
  • 10/18/2006 -- MARKET WATCH
    Energy prices fall ahead of OPEC meeting

    Energy prices fell Oct. 17, with traders awaiting new market directions from ministers of the Organization of Petroleum Exporting Countries at an emergency meeting scheduled Oct. 19 in Qatar.
  • 10/18/2006 -- Cairn India files draft prospectus for IPO
    Cairn Energy PLC, Aberdeen, hopes to raise $2 billion through an initial public offering of its subsidiary Cairn India Ltd.
  • 10/17/2006 -- 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.
  • 10/17/2006 -- 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.
  • 10/17/2006 -- 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.
  • 10/17/2006 -- Rosneft, CNPC to form JV E&P company
    Russia's Rosneft and China National Petroleum Corp. have signed a protocol to form the joint venture Vostok Energy Ltd.
  • 10/17/2006 -- Sakhalin-2 environmental damage pegged at $10-50 billion
    Russia's Federal Service for the Regulation of the Use of Natural Resources (Rosprirodnadzor) estimates the cost of rectifying environmental damage at the Sakhalin-2 project at $10-50 billion.
  • 10/17/2006 -- 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.
  • 10/16/2006 -- SPE posts updated reserves definitions for comment
    The Society of Petroleum Engineers has posted the proposed 2007 Petroleum Reserves and Resources Classification, Definitions, and Guidelines on its web site for comment from industry.
  • 10/16/2006 -- 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.
  • 10/13/2006 -- 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.
  • 10/13/2006 -- MARKET WATCH
    Crude futures price up slightly from 10-month low

    Crude futures prices increased slightly Oct. 12 from a 10-month low as the US inventory of distillate fuel fell and two oil fields off Norway temporarily were closed by safety inspectors.
  • 10/12/2006 -- 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.
  • 10/12/2006 -- 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.
  • 10/12/2006 -- 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.
  • 10/12/2006 -- MARKET WATCH
    Energy prices continue falling in uncertain markets

    Crude prices continued to fall Oct. 11, although at a slower rate, with traders still uncertain over a possible production cut by the Organization of Petroleum Exporting Countries.
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