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General Interest 2007 P

  • 02/02/2007 -- MARKET WATCH
    Crude futures contract ends 2-day rally

    Energy prices retreated Feb. 1, ending a 2-day rally for crude in the New York futures market, after a lower-than-expected withdrawal of natural gas from US underground storage.
  • 02/02/2007 -- Shell, Repsol YPF may face US probe over South Pars deal
    Repsol YFP SA and Royal Dutch Shell PLC may come under investigation by US authorities for an agreement the companies signed this week with National Iranian Oil Co.
  • 02/02/2007 -- CERA: Rising gas production costs diminishing returns
    Fewer natural gas reserves are being added for every dollar spent on exploration and production, and higher costs are undermining the economics of drilling more gas wells, Cambridge Energy Research Associates said in a recent report.
  • 02/02/2007 -- Inglis named BP managing director, BP E&P CEO
    BP PLC has appointed Andy Inglis as a group managing director and as chief executive officer of BP Exploration & Production.
  • 02/02/2007 -- Aabar Petroleum appoints Woodward as CEO
    Aabar Petroleum Investments Co. (Aabar) has appointed David Woodward chief executive officer.
  • 02/05/2007 -- MARKET WATCH
    Crude futures price tops $59/bbl

    Crude prices closed above $59/bb Feb. 2 for the first time in 2007 on the New York market, with reports that a severe cold front will hike heating demand 36% above normal this week in the US Northeast, the largest market for heating oil.
  • 02/06/2007 -- White House again cuts oil, gas R&D from DOE budget
    The administration of President George W. Bush increased its request for fossil fuels by 33% to $863 million as it released its fiscal 2008 budget proposals on Feb. 5.
  • 02/06/2007 -- Senators told of alternative-fuel transport challenges
    Congress should resist mandating higher volumes or quicker implementation of biofuels beyond the existing federal renewable fuels standard (RFS), a National Petrochemical & Refiners Association official told a US Senate committee Feb. 1.
  • 02/06/2007 -- Northamerican Energy acquiring Permian basin leases
    Northamerican Energy Group Corp., Houston, agreed to acquire five Permian basin leases from Penergy of Midland, Tex.
  • 02/06/2007 -- MARKET WATCH
    Crude futures price slips from 2007 high

    Crude prices slipped back below this year's high of $59/bbl Feb. 5 after spending the day trying to break through the $60/bbl barrier on the New York market.
  • 02/06/2007 -- Oynes named MMS offshore program associate director
    Chris Oynes, regional director of the US MMS, Gulf of Mexico OCS region, has been appointed associate director of the agency's offshore minerals management program.
  • 02/06/2007 -- IPF: Oil, gas prices to remain high as industry stabilizes
    Oil prices should remain at the $50-55/bbl level over this year, interspersed with periods of tension, and thereafter rise on the back of strong demand, constrained supply, and refining tensions, reported IFP in its 2007 Panorama presented in Paris Feb. 2.
  • 02/07/2007 -- US DOJ fines Vetco units record $26 million in FCPA case
    Three Vetco International Ltd. subsidiaries pled guilty to violating antibribery provisions of the Foreign Corrupt Practices Act and agreed to pay $26 million—the largest criminal fine in an FCPA prosecution by the US Department of Justice so far, Deputy Atty. Gen. Paul J. McNulty reported Feb. 6.
  • 02/07/2007 -- MARKET WATCH
    Cold weather boosts energy prices

    Energy prices rebounded slightly Feb. 6, with crude again failing to break through the $60/bbl level in the New York market, as some of the coldest weather this winter embraced the US Northeast.
  • 02/08/2007 -- Turkey protests oil moves by Greek Cypriots
    Turkey has insisted that Turkish Cypriots have rights in the East Mediterranean region that cannot be ignored following Egypt and Lebanon's recent agreements with Greek Cypriots to delineate their borders and facilitate oil and gas exploration.
  • 02/08/2007 -- Bankers reduces stake in Palo Duro basin
    Peninsula Merchant Syndications Corp., a private merchant bank controlled by a former Salman Partners founder Sam Magid, has signed an agreement to pay Bankers Petroleum Ltd. $19.5 million for a 27% interest in the operator's 375,000 net acres in the Palo Duro basin in Texas.
  • 02/08/2007 -- MARKET WATCH
    Energy prices fall despite market fundamentals

    The front-month heating oil contract temporarily hit a 6-week high of $1.7225/gal Feb. 7 on the New York market prior to a general drop in energy prices after crude again failed to rise above the $60/bbl barrier.
  • 02/09/2007 -- Shell offers $7.4 billion for Shell Canada stake
    Royal Dutch Shell PLC has offered $7.4 billion to shareholders in its Shell Canada Ltd. subsidiary for the 22% minority stake it does not already own.
  • 02/09/2007 -- Ascot Offshore buys Wilbros' Nigerian interests
    Ascot Offshore Nigeria has acquired Wilbros Group Inc.'s Nigerian operations for $155.25 million.
  • 02/12/2007 -- Producers facing dramatically higher capital costs
    The costs of major oil and gas production projects have risen more than 53% in 2 years, and no significant slowing is in sight, said a benchmark index developed by IHS and Cambridge Energy Research Associates (CERA).

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