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General Interest 2007 P9

  • 12/12/2007 -- EnCana budgets $6.9 billion for 2008 plan
    EnCana Corp. reported it has budgeted $6.9 billion for its 2008 capital spending plan, which is up about 13% from 2007.
  • 12/12/2007 -- Ecuador lifts emergency decree; will probe abuses
    Ecuador has reached an agreement with human rights organizations and regional leaders and has lifted the state of emergency it decreed on Nov. 29 in the province of Orellana.
  • 12/12/2007 -- NPRA elects new president
    The National Petrochemical & Refiners Association has elected Executive Vice-Pres. Charles T. Drevna as the association's president.
  • 12/12/2007 -- Global E&P spending forecast to rise 11% in 2008
    Global capital expenditures for exploration and production companies is expected to increase 11% to $332 billion in 2008, according to the latest spending survey released Dec. 10 by Lehman Bros.
  • 12/12/2007 -- MARKET WATCH: Prices hiked by funds rate reduction, ice storm
    Energy prices rose Dec. 11 as the Federal Open Market Committee cut the benchmark federal funds rate by a quarter-point to 4.25% and an ice storm knocked out electrical power in Oklahoma.
  • 12/11/2007 -- France levies high-profits tax on oil companies
    France's oil companies will pay "an exceptional tax" to help fund a heating oil premium granted by the government to low income householders.
  • 12/11/2007 -- MARKET WATCH: Crude prices sag as rally fails
    Crude prices tried to rally but failed to break the $90/bbl barrier Dec. 10 ahead of the Dec. 11 meeting of the Federal Open Market Committee, the policy-making arm of the Federal Reserve Bank.
  • 12/11/2007 -- Nexen plans $2.4 billion capex in 2008
    Nexen Inc. has approved a 2008 capital investment program of $2.4 billion, about $1.2 billion less than its 2007 program.
  • 12/11/2007 -- UK N Sea tax rules to be revamped, not abolished
    Despite strong pressure from the oil and gas industry, the UK government has rejected calls to immediately abolish the North Sea Petroleum Revenue Tax (PRT) even though it announced a proposal Dec. 6 to shake up tax rules and decommissioning rules to encourage continuous investment in the mature area (OGJ Online, Dec. 7, 2007).
  • 12/10/2007 -- MARKET WATCH: Energy prices drop on mixed signs of US economy
    Energy prices fell Dec. 7 among mixed reports on US employment that could leave the door open for another interest rate reduction when the Federal Open Market Committee meets Dec. 11.
  • 12/07/2007 -- US House passes its energy bill
    US Senate Republicans on Dec. 7 refused to close debate on an energy bill passed by the US House of Representatives. The House energy bill appears headed for a filibuster in the Senate.
  • 12/07/2007 -- MARKET WATCH:
    Crude price rebounds above $90/bbl

    Crude futures prices rebounded above $90/bbl Dec. 6 after the US government outlined a mortgage aid plan that might relieve strains on the economy.
  • 12/07/2007 -- UK Treasury proposes North Sea tax rules revamp
    The UK government, in a paper released on Dec. 6, has unveiled proposals to shake up decommissioning rules and tax rules for the UK North Sea to encourage continuous investment in the mature area.
  • 12/06/2007 -- MARKET WATCH: Crude prices continue to slip
    Energy prices continued to slip lower as the Organization of Petroleum Exporting Countries declined Dec. 5 to increase current production levels.
  • 12/05/2007 -- Eni offers £1.7 billion for Burren Energy
    Eni SPA has agreed to pay the higher price of £1.74 billion in cash for Burren Energy PLC, London, after Burren's board rejected two previous offers as too low.
  • 12/05/2007 -- French companies sign gas deals with Algeria
    France and Algeria have signed several natural gas deals as French President Nicolas Sarkozy sought to establish closer ties on his first state visit to the former French colony.
  • 12/05/2007 -- OMV increases legal pressure to acquire Hungary's MOL
    Austria's OMV has launched legal proceedings in the Hungarian courts to remove the barriers to acquiring MOL, upping pressure on the company's management to accept its $20.6 billion bid.
  • 12/05/2007 -- New Petroecuador president named to quell unrest
    Ecuador has appointed Navy Rear Admiral Fernando Zurita to head Ecuadoran State Petroleum Enterprise to deal with an emergency situation facing the state-run oil company.
  • 12/05/2007 -- MARKET WATCH: Crude prices dip; OPEC takes no action
    Crude prices declined slightly Dec. 4 as traders wondered if OPEC members might decide to raise its production by 500,000 b/d during its Dec. 5 meeting in Abu Dhabi.
  • 12/05/2007 -- House again considers oil and gas tax hikes
    Tax increases on the US oil and gas industry are again under consideration in Congress.
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