-- Westwood: Big oil needs new business model The fundamentals of population and economic growths are driving a worldwide demand for oil that has recently pushed crude prices to $100/bbl, said John Westwood, managing director of Douglas-Westwood.
-- "Much more needs to be done" Senate Energy and Natural Resources Committee Chairman Jeff Bingaman (D-N.M.), after crude oil prices briefly broke the $100/bbl barrier on Jan. 2.
-- MARKET WATCH: Recession fears undercut oil prices Crude prices again fell Jan. 10 on market fears of a pending US recession, but the loss slowed after Federal Reserve Chairman Ben Bernanke suggested more "substantive" reductions of US interest rates.
-- New UK energy bill calls for simpler regime The UK's new energy bill calls for a simpler regime for offshore gas supply infrastructure so energy companies can invest with greater clarity and with reduced costs and risks, the government said on Jan. 10.
-- Argentina cuts local energy supply, bans exports Argentina's President Cristina Fernandez de Kirchner has blamed global warming for current energy cuts and export controls her government is imposing following a heat wave last week.
-- MARKET WATCH: Cold weather, weak dollar push up oil prices After falling to a 3-week low over three prior trading sessions, crude rebounded above $94/bbl Jan. 14 on the New York market because cold weather increased demand for fuel oil in the Northeast and the value of the dollar dropped.
-- US study commission calls for more alternate fuel R&D The US government should be ready to spend $200 million/year over 10 years for additional R&D of alternatives to petroleum-based motor fuels, a federal transportation policy advisory commission recommended.
-- Shell, BP award 4D seismic software contracts Shell UK and BP let separate contracts to Reservoir Imaging, a 4D seismic software services consultancy in Edinburgh, to design and plan 4D seismic surveys for their North Sea operations.
-- Encore Acquisition sets $445 million budget Encore Acquisition Co. plans a $445 million capital budget for its 2008 drilling and development program compared with a $370 million drilling and development budget for 2007.
-- MARKET WATCH: IPE report pushes down energy prices Oil prices tumbled to another 3-week low Jan. 15 on the New York market as IEA reduced its outlook for world demand for oil by 130,000 b/d to 88.2 million b/d during the first quarter of 2008.
-- Circle Oil adds technical staff Circle Oil PLC has appointed Adrian Burrows and Stuart Harker as vice-presidents of geophysics and geology, respectively.