Energy prices flopped with crude down 5% for its biggest 1-day loss in 6 months Feb. 4, then tumbled below $70/bbl to a 7-week low before "bottom pickers" bid prices back above $71/bbl Feb. 5 on the New York market, amid growing global concern that the weak economies of Portugal, Ireland, Italy, Greece, and Spain (PIIGS) may undermine Europe's recovery from the recession.
A close analysis of energy markets and refining capacities in Iran strongly suggests sanctions against gasoline sales to the country—such as have been proposed by bills passed by the US House last Dec. 15 and by the Senate on Jan. 28—would not be effective.
Indonesia's upstream regulator BPMigas said development costs at the Cepu, Senoro, and Tangguh oil and gas projects escalated above original estimates as an indirect result of soaring oil prices in 2008.
A unit of ExxonMobil Corp. has signed a memorandum of understanding to supply natural gas from its Cepu Block to Indonesia's state-owned power utility PT Perusahaan Listrik Negara (PLN) and state gas distributor PT Perusahaan Gas Negara (PGN).
The US Environmental Protection Agency published guidance for the second phase of the renewable fuels standard (RFS2) Feb. 3, directing refiners to ensure that the gasoline pool contains 8.25% ethanol.
The US Army Corps of Engineers (ACE) denied a permit application from ConocoPhillips Alaska Inc. to construct a drill pad identified as CD-5 west of the Colville River Delta to expand the Alpine petroleum field on the North Slope.
The volume of technically recoverable heavy oil in Venezuela's Orinoco oil belt is 513 billion bbl, making it one of the world's largest accumulations of recoverable oil, the US Geological Survey said Jan. 22.
Planned pipeline construction to be completed in 2010 fell by more than 24% from the year prior; with fewer miles planned across all pipeline types (natural gas, crude, and products) and most geographic regions.
Drilling contractors expressed cautious optimism early this year upon strengthening oil prices while many exploration and drilling companies announced 2010 budgets calling for more exploration and development than in 2009.