The February contract for benchmark US sweet, light crudes increased 26¢ to $63.72/bbl Dec. 20 as the US Energy Information Administration reported a larger-than-expected 6.3 million bbl drop in commercial US crude stocks to 329.1 million bbl in the week ended Dec. 15.
Iran may need to develop nuclear power plants to meet domestic energy requirements because its crude oil operations are seriously declining, a Johns Hopkins University researcher suggests.
Troubled projects in Iran and Russia have set back the Japanese government’s newly aggressive effort to secure international oil and gas supplies, reports Tomoko Hosoe of FACTS Inc.
BP PLC expects the US Commodity Futures Trading Commission staff to recommend that a civil enforcement action be brought against the company over alleged violations of federal commodity exchange regulations.
Five Gulf of Mexico producers agreed to pay royalties on their 1998 and 1999 deepwater leases that were originally issued without price thresholds, the US Department of Interior announced on Dec. 14.
Driven by the rapid development of LNG, gas markets are being transformed from regional into global markets and have been undergoing other major changes, said Total SA Executive Vice-Pres. Yves-Louis Darricarrere at the 2006 Gastech Conference in Abu Dhabi.
A mid-August security breach at an LNG facility in Lynn, Mass., should remind other operators of LNG terminals, peak-shaving plants, and other facilities to implement security measures to stop intruders, the US Pipeline and Hazardous Materials Safety Administration said on Dec. 28.
Linn Energy LLC has agreed to acquire a private oil and gas company in the Texas Panhandle for $415 million and two Appalachian basin properties for $39 million in three separate transactions.
Russia’s Economic Development and Trade Ministry, in forecasting the country’s oil and gas production and exports to 2010, said gas exports in 2010 will increase to 223.4 billion cu m and oil exports, to 271 million tonnes.
For more than half a century the West Africa region, in particular the countries bordering the Gulf of Guinea and Congo Delta, has been one of the most exciting and attractive regions in the world for the oil industry.
Because inhibitors are important in reducing formation of hydrates in gas streams, we performed a study to investigate and evaluate the accuracy of available tools that predict hydrate formation conditions in the presence of inhibitors.
Gulfstream Natural Gas System LLC gathered ROV and diver-collected data to determine the extent and severity of project construction effects on hard-live bottom areas within the trench corridor and associated spoil mounds and anchor strike-cable sweep locations.
