Benchmark US crude futures prices fell Oct. 12 as traders took profits after six consecutive sessions of record highs but bounced back to near-record levels in the next trading session, following an explosion of a Mexican oil pipeline, a fire on a Nigerian pipeline, and prospects of labor problems that could disrupt Nigerian production.
Energy futures prices declined Monday as political tensions eased in Nigeria, but analysts were uncertain if markets might be poised for further retreat or gathering strength for a renewed climb to higher prices.
The push to develop natural gas from the Arctic and other sources is being driven by declining deliverability, despite high levels of drilling activity in western Canada and the US.
ADIPEC: Pipeline, GTL plans make gains in Middle East
While LNG dominates shipment of natural gas from producing areas of the Middle East, two other methods of international transportation are gaining momentum.
A dangerous shortfall in the supply of transportation fuels is likely to hit the world soon because demand is rising faster than industry's seeming ability to fill it, several speakers told a globalization forum at the Society of Exploration Geophysicists annual meeting Oct. 11 in Denver.
Bryce Rhodes has managed tiny but growing Whittier Energy Corp. through its recent transition to public ownership and remains balanced in his assessment of the change.
Alí Rodríguez Araque, president and CEO of Venezuela's state-owned oil firm Petroleos de Venezuela (PDVSA), reaffirmed the company's commitment to integrate Latin America in terms of energy, with Venezuela as the link for the successful completion of this movement.
Brazil's Mines and Energy Minister Dilma Rousseff has confirmed that Brazil's seventh oil and gas exploration licensing round would not be canceled. Her comments were made during a press conference earlier this month in Rio de Janeiro at the Rio Oil & Gas Expo 2004.
US Sec. of State Colin Powell said during a visit to Brazil earlier this month "that despite the rhetoric of Venezuela's President Hugo Chávez, Venezuela is a reliable oil supplier and the [US President George W.] Bush administration has not ruled out the possibility of improving bilateral relations."
BP and partners received approval for the final development phase of the Azeri-Chirag-deepwater Gunashli (ACG) project in the Azerbaijan sector of the Caspian Sea.
Mandated reductions in refined products' sulfur levels, both gasoline and diesel, are the most significant factors in refiners' spending plans for the next few years.
An unusual conversion of forces in late summer was likely to extend the cooling of tanker rates, compared with activity typical for this time of the year, according to an analysis by shipping consultant Poten & Partners, New York.
Spending on marine propulsion systems by the world's shipbuilding industry will reach $5.3 billion this year and continue to rise, according to a study covering 2004-08 by analysts at Douglas-Westwood, Canterbury, UK. The report, released in August, is based on vessel data from Lloyd's Register—Fairplay.
Last month saw the christening of the first oil tanker equipped with a preinstalled fast oil-recovery system for use in a shipwreck. The second so-equipped vessel is set for later this month.
Independents build gas potential in Canada's Northwest Territories
Large gas volumes appear to have been found in the Colville Lake area of the Northwest Territories about 100 miles northeast of Norman Wells.