SPECIAL REPORT: Energy demand takes diverse paths in 2008
While US energy demand this year will be limited by weak economic growth and improved fuel-use efficiency, China, Latin America, and the Middle East will sustain worldwide oil demand growth despite high global prices and keep pressure on supply.
SPECIAL REPORT: Drilling on upswing in US as Canada pulls from slump
Oil and gas drilling is on the upswing in the US in 2008, and drilling in Canada is coming back after slumping in 2007.
Petrobras revising projects for new business plan
The chief executive officer of Brazil’s Petroleo Brasileiro SA (Petrobras), revisiting proposed changes in the country’s oil law, said the state firm will present a new business plan later this year.
Former Saudi oil minister says world reaching third oil crisis
Speculation is contributing to higher world oil prices, not imbalances between supply and demand, according to Saudi Arabia’s former minister of oil, Sheik Ahmed Zaki Yamani, in a published interview.
Court overturns Texaco’s $100 million tax refund
A federal appeals court reversed a US district court’s decision granting Texaco Inc. a more than $100 million tax refund, the US Department of Justice said on June 17.
Aramco to hike oil production capacity by 850,000 b/d
Saudi Aramco, repeating long-announced plans, will increase production by yearend by a combined 850,000 b/d from its Khursaniyah, Nuayyim, and Shaybah fields, according to a senior official.
WATCHING GOVERNMENT: EIA’s short-term outlook
The US Energy Information Administration on July 8 increased its predicted decline in domestic petroleum consumption for 2008 by 100,000 b/d to 400,000 b/d in its latest short-term energy outlook.
COMPANY NEWS: Chesapeake, Plains plan Haynesville venture
Plains Exploration & Production Co. agreed to acquire a 20% interest in Chesapeake Energy Corp.’s Jurassic Haynesville shale play leasehold for $1.65 billion in a new joint venture.
PERSONNEL MOVES AND PROMOTIONS: EnCana names executives for newly split companies
Canadian oil and gas firm EnCana Corp., which in May announced a bifurcation of its oil and gas businesses into separate companies, has designated the executives who will head the new firms.
WATCHING THE WORLD: A victory for Colombia
Colombia’s oil and gas industry doubtlessly got a shot in the arm last week when the Colombian military completed a daring raid to release some 15 hostages held by rebels of the Fuerzas Armadas Revolucionarias de Colombia (FARC).