General Interest 2008 P

12/19/2008 -- Responses more gradual than dramatic to economic slowdown, falling demand
The US Energy Information Administration's latest Short-Term Energy Outlook said it all on Dec. 9: "The current global economic slowdown is now projected to be more severe and longer."
12/18/2008 -- Salazar to lead 'deeply troubled' Interior department
Barack Obama formally nominated US Sen. Ken Salazar (D-Colo.) on Dec. 17 to lead what the president-elect termed a "deeply troubled" Department of the Interior. He praised Salazar's ability to bring groups with opposing viewpoints together to reach solutions.
12/18/2008 -- MARKET WATCH: Prices fall as markets ignore OPEC
Energy prices continued to fall Dec. 17, with front-month crude futures dropping 7.3% as traders shrugged off an in-line increase in US oil inventories and a larger-than-expected production cut of 2.2 million b/d by the Organization of Petroleum Exporting Countries.
12/18/2008 -- Lukman appointed Nigeria's new petroleum minister
Umaru Yar'Adua, Nigeria's president, has appointed Rilwanu Lukman minister of petroleum resources following screening by the senate.
12/18/2008 -- Star Energy acquires Marathon Oil's Irish subsidiary
Marathon Oil Corp. plans to sell its Irish subsidiary to Star Energy Group, a wholly owned subsidiary of Petroliam Nasional Berhad (Petronas), for $180 million in an effort to streamline its global portfolio.
12/18/2008 -- ExxonMobil fined $6.1 million for CAA violations
ExxonMobil Corp. agreed to pay nearly $6.1 million in civil penalties for violating terms of a 2005 court-approved Clean Air Act agreement, said the US Department of Justice and US Environmental Protection Agency on Dec. 17.
12/18/2008 -- EU approves energy-climate directives
The European Parliament overwhelmingly approved the energy-climate package on Dec. 17 following the Heads of State summit, which had approved it unanimously Dec. 12 (OGJ Online, Dec. 14, 2008 ).
12/17/2008 -- Chaparrel Energy, Edge Petroleum call off merger
Chaparral Energy Inc. has called off a merger agreement between its subsidiary, Chaparral Exploration LLC, and Edge Petroleum Corp.
12/17/2008 -- Equitable Resources sets $1 billion budget
Equitable Resources Inc. has established a $1 billion capital budget for 2009 compared with the $1.2 billion budget announced for 2008.
12/17/2008 -- MARKET WATCH: OPEC cutting production to halt price decline
Crude prices closed lower Dec. 16, wiping out earlier gains in that session as the Federal Reserve chopped its key interest rate for overnight lending to banks to a range of zero to 0.25%.
12/17/2008 -- Ecuador allows sale of Petrobras stake to Teikoku
Ecuadoran authorities, already mired in one major legal dispute over the sale of concession rights, have approved Petrobras's planned sale of a 40% stake in Block 18 to Inpex unit Teikoku Oil Ecuador.
12/17/2008 -- Costs rise despite economic slowdown, analysts say
Despite the global recession, costs of constructing upstream facilities have reached a record high, as have those for designing and constructing refining and petrochemical projects, according to IHS and CERA.
12/16/2008 -- Falcon names management team
Falcon Gas Storage Inc. has named a senior management team. Tore Nelson, James Goetz, and Vernon Williams will assume various senior management responsibilities with Falcon.
12/16/2008 -- Deloitte: US needs 50-year energy strategy
A national energy council should be established in the US to develop a 50-year energy strategy, according to economist Joseph Stanislaw.
12/16/2008 -- MARKET WATCH: Crude price declines after testing $50/bbl
Crude prices continued to fall Dec. 15 after first testing market resistance to $50/bbl in New York as traders focused on declining demand despite a general consensus that OPEC will soon cut production.
12/16/2008 -- Obama makes appointments to energy, environment posts
Oil and gas associations emphasized gas's potential near-term contribution in reaching long-term goals as they responded to President-elect Barack Obama's nominations to four key energy posts.
12/15/2008 -- OPEC urges Russia to join the group, cut production
OPEC, aiming to exercise greater control over global oil production and pricing, wants Russia to become a member, according to OPEC Pres. Chakib Khalil.
12/15/2008 -- MARKET WATCH: Energy prices fall; markets watch OPEC
Energy prices fell Dec. 12 when Democrat and Republican Senators couldn't agree on a proposed $14 billion bailout of General Motors and Chrysler via emergency loans.
12/15/2008 -- Marathon's corporate separation decision on hold
Marathon Oil Corp. announced that more evaluation is needed before the company decides whether it will separate into two independent, publicly traded companies.
12/14/2008 -- EU reaches 'three 20s' energy-climate agreement
After 2 days of marathon negotiations, the 27-nation European Union reached a unanimous agreement on the climate-energy package at its Dec. 11-12 summit.

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General Interest 2008 P