Petroleum
The United Nations Security Council has agreed to approve Kuwait's $15.9 billion claim against Iraq for lost oil production during Iraq's 1990 invasion and seven-month occupation. The approval is expected to go before the Compensation Commission in Geneva, and Iraq will have to pay 25%
Petroleum
Remington Oil and Gas Corporation has achieved significant drilling successes in the offshore region, with notable discoveries at Eugene Island 397 and High Island A-441. The company has also expanded its offshore 3-D seismic database by acquiring 1,000 blocks from Western Geophysical. This expansion provides Remington with nearly contiguous
Petroleum
Venezuela's efforts to play a role in the US heating oil market are ongoing despite initial rejections from the US government. Venezuelan state oil company Petroleos de Venezuela (PDV) is optimizing refineries to produce additional heating oil, with the potential to have 30,000 barrels per day ready
Petroleum
International oil giants Shell, Eni, and BG Group are making significant strides in the energy sector, with major investments, contract awards, and debt relief discussions underway. Shell has signed a memorandum of understanding with Iranian state-owned NIOC and NPC to study the development of a new gas-to-liquids facility in Iran,
Petroleum
Energy firms in Bolivia, Venezuela, and Brazil are facing uncertainty and potential cutbacks in investments due to government threats and contract disputes. In Bolivia, BP is threatening to abandon its $100mn exploration programme, while in Venezuela, state-owned oil company PdV is negotiating with Brazil's Petrobras to take over
Petroleum
Sinopec, the Chinese oil giant, is gearing up for its initial public offering (IPO) in Hong Kong and New York, with major investors like BP, Shell, and ExxonMobil close to finalizing deals to buy stakes. The IPO is expected to raise close to $3 billion, with Sinopec also planning to
Petroleum
Energy giant Mitchell announced a $52 million increase in its capital budget, to $302 million, to drill more development wells and expand midstream infrastructure. This move is expected to boost gas sales by over 20% this year and next, according to Chairman George P. Mitchell. Meanwhile, Barrett Resources has also
Petroleum
The Environmental Protection Agency's (EPA) move to regulate hydraulic fracturing has raised concerns from the Department of Energy (DOE), which warns that such regulation could harm the nation's ability to produce affordable natural gas. The DOE points out that hydraulic fracturing is used in over 50%
Petroleum
MYOB, an Australian financial management and accounting software company, has recently announced a significant milestone: shipping over 90,000 new software packages to retailers and resellers in June. This achievement not only exceeds the company's annual sales target for 2000 but also represents a substantial user base growth.
Petroleum
The futures market for oil showed a tempered increase in prices, despite analyst expectations of a significant boost in Opec crude production. Analysts point to "rumors" and "press leaks" that Opec will soon increase output, but these claims have been denied by official Opec spokespersons. The
Petroleum
The energy market experienced new highs on Thursday as crude and heating oil prices continued to rise. The upsurge was fueled by Opec's indication that additional supplies would be delayed, coupled with reports of low US inventories. This led to a significant increase in prices, with September crude
Petroleum
Seitel, Inc.'s wholly-owned subsidiary DDD Energy, Inc. has successfully completed a new commercial gas discovery in the Tonga Project, located in Yolo and Solano Counties, California. The Slawson Exploration Company #1-13 T.S. Glide well encountered 124 feet of net gas pay from six zones, with a combined
