Petroleum
Washington's Independent Petroleum Association of America (IPAA) has revised its 1994 U.S. oil demand projection, doubling the expected increase to 3.2%, or 550,000 b/d, reaching 17.75 million b/d. This significant jump will be entirely met by oil imports, which are forecasted to
Petroleum
Futures markets for oil prices continued their volatile ride on Monday, with West Texas Intermediate crude oil futures for May delivery closing at $16.64/bbl, a gain of 6% from Friday. The recent rally has seen oil prices reach their highest levels since last November's meeting of
Petroleum
PanCanadian Petroleum Ltd., a Calgary, Alberta-based oil and gas producer, has announced plans to reduce its operations in Russia to concentrate on developing conventional oil and natural gas reserves in western Canada. The company's president, David O'Brien, stated that the decision was driven by the Russian
Petroleum industry
Pride Petroleum Services Inc has made significant strides in expanding its international operations, securing a major contract with Lagoven SA for the construction and operation of two drilling/workover barges in Venezuela. The contract, valued at over $100 million over 5 years, marks the company's largest in its
Petroleum industry
Energy Development Corp (EDC), a leading independent exploration and production company, has entered into a technical cooperation agreement with the Shanghai Bureau of Marine Geological Survey (SBMGS) to explore the East China Sea's Ping Nan block, a potentially major natural gas reservoir. The deal marks EDC's
Petroleum
Investment funds are rapidly shifting assets out of stocks and into commodities, causing crude oil futures prices to skyrocket. The unexpected price surge took May West Texas Intermediate (WTI) crude oil futures up to $15.79 per barrel, a significant increase from the level prior to the March 25-26 meeting
Petroleum
The National Petroleum Council, a private-sector advisory group to the Secretary of Energy, has initiated a study on the role of domestic marginal oil and gas wells and the impact of government incentives for maintaining production from them. The study, requested by Secretary Hazel O'Leary, aims to determine
Petroleum industry
Spot markets have shown strength due to tight European supplies of North Sea and sour crudes, but futures markets indicate a potential long-term market weakness. Increased Russian exports and resumption of shipping through the Bosporus Strait are expected to boost supply, potentially keeping prices low. Meanwhile, oil futures are weak,
Petroleum industry
Petroleum and petroleum products prices increased on March 25, 1994, on speculation that the Organization of Petroleum Exporting Countries (OPEC) might reduce production by 4% to 6%. However, dissension within the cartel made it more likely that the 24.52 million barrels per day (b/d) quota would be rolled
Petroleum
The Canadian oil and gas industry is facing mounting pressure from environmental concerns, with regulatory bodies reevaluating permits and industry leaders attempting to negotiate with environmental groups to avoid further safeguards. This comes after two key decisions by federal and provincial authorities, the Alberta Energy Resources Conservation Board and the
Petroleum
Occidental Petroleum Corp., a major oil and gas player, has agreed to purchase all interests of Agip Petroleum Co. Inc. in 17 Gulf Coast oil and gas properties for a substantial $195 million. The acquisition, which includes estimated proved and probable reserves of 204 billion cubic feet (Bcf) of natural
Petroleum
The Clinton administration is exploring the possibility of a federal import fee to help the domestic oil industry, which is a vital component of national security. Deputy Energy Secretary William White testified before a Senate subcommittee, stating that the administration is mindful of the security implications of relying on imported
