Oil & Gas News
PetroChina Outshines Exxon Mobil in oil production
Big Oil is experiencing a big shift. And this makes the American giant now rank behind a Chinese upstart. For the first time, that distinction belongs to a 13-year-old Chinese company called PetroChina.
Truth about Oil & Gas Prices and the Economy
Oil and gas prices have been going up, and the whole thing continues to take up an important piece of the spotlight. Because we know that the average gallon of gasoline is hovering around $4, it is considered that either some left-wing conspiracy must be promoting alternative energy or proofing that is enough to develop our own resources, according to the right wing claims.
TransCanada to Continue with Southern Part of Keystone Pipeline
TransCanada said it would initiate building a segment from the storage hub of Cushing, Okla., to Gulf Coast refineries in Texas, referring the need to ease an ongoing supply surplus at Cushing. TransCanada Corp would do it by providing an outlet for the Canadian crude oil to get to the Gulf.
Climbing Costs Weaken Natural Gas Supplies
The natural gas industry is facing a crisis of its own. The piercing boom in the supplies of natural gas that came nearly five years ago has probably being slowed down by the diminishing values in the industry itself.
Japan’s Trade Deficit Amplifies with Drooping Exports
Japan recorded high trade deficit in January, as it faced a shutdown of all the reactors immediately, after Japan’s nuclear crisis. The strong yen also affected exports and weakened the demand for commodities. The nuclear reactors were shut for a tough check, sending fuel imports rolling.
Greece is Confident Even as Crude Oil Prices Rise on Iran Worries
A high rise in the oil market shot the crude oil prices above $ 102 a barrel in Asia. The rise in the crude oil prices come as Iran decided to increase threats to cut the supply of crude oil to many of the European countries from the region after sanctions were imposed by the European Union against the Iranian energy and banking sectors.
Apache to Acquire Cordillera Energy for $2.85 Billion
Apache Corporation’s access to the 254,000 acres of potential energy reserves in the Granite Wash, has received billions of dollars in investment in recent years. This area is also known for its shale formations. Well shale formations are sedimentary rocks from which hard-to-recover natural gas and oil can be extracted using fracking technology.
Keystone XL Pipeline Project trashed by Obama Government.
The Obama Administration on Wednesday rejected plans for Keystone pipeline, a massive oil pipeline project, blaming that authorized deadlines forced on Obama administration by the Republicans left very little time to allow a fair review. Energy magazines fear that the Obama Administrations decision of denying permits to Keystone pipeline will ruin a key energy initiative, which would actually have created a flood of badly-needed U.S. jobs.
U.S. Sanctions Against Chinese Oil Traders Over Iran
U.S. imposed sanctions on China’s state-run Zhuhai Zhenrong Corp, along with two other firms, for trading refined oil products to Iran. The move took place just days after US Treasury secretary, Tim Geithner, made a trip to Beijing to press for Chinese support on Iran sanctions. This has definitely created a chaos among other oil traders in the industry. And not to forget, this has surely been the talk of the town for quite a few energy magazines around the globe.
Iran’s Long-Range Missile test poses a threat to key Oil waterway
Iran’s announcement arrived in the middle of the rising tension between Iran and the U.S. over Iran’s disputed nuclear program which U.S. believes has been working on developing nuclear weapons. Mahmoud Mousavi, deputy navy Commander told the official news agency IRNA, “We have test fired a long-range shore-to-sea missile called Qader (which means capable), which managed to successfully destroy predetermined targets in the Gulf.”
Chesapeake Energy to Sell a Pipeline Unit for $865 Million
Chesapeake Energy, the second-largest producer of natural gas in North Texas’ Barnett Shale, has plans of selling off one of its pipeline units, Appalachia Midstream Services, L.L.C., to Chesapeake Midstream Partners LP. Chesapeake Midstream Partners LP is the entirely owned Chesapeake Midstream Development, L.P. subsidiary of that holds its Marcellus Shale midstream assets.
Iran Threatens to Block Oil Transportation, Crude Oil Prices Rise
This year end has seen a rise in the prices of crude oil for the sixth day, adding 0.1% or 11 cents to $101.45 a barrel on Globex during Asian trading hours. This has been the highest level for crude oil in the past six months.
Sinopec Increases Its Stake In Australian Pacific Liquefied Natural Gas Project To 25 Percent
China Petrochemical giant Sinopec and Australian Pacific Liquefied Natural Gas project are in talks for the acquisition deal. Sinopec has settled to increase its stake in Australian Pacific LNG project to 25 percent. This will reduce the ownership of the joint developers, Origin Energy and ConocoPhillips, to 37.5 per cent each.
Crude Oil Prices Drop Despite Projections of Stable Demand
Due to weak economic growth projections in the United States, slumping manufacturing activity in China, and continuing instability in Europe, oil prices dropped yesterday to under $97 a barrel. Crude oil prices are falling despite stronger demand from the U.S and China and a decrease in oil supplies in the U.S. Prices at the Pump [...]
Gold Rush All Over Again! North Dakota Yields Riches Galore!
North Dakota has seen two previous almost-booms, oil rushes that almost made it but then failed. Understandably, the locals as well as those traveling from all over are a little wary of the feasibility of the current oil boom. Most people are traveling to the region to make the most of the opportunity but aren’t looking to settle down in the region. Those who’ve witnessed first two oil booms are worried about “too much happening too fast”.
New York sees a huge drop in Oil And Gas Prices
Crude oil and natural gas prices in New York are dropping, according to the latest reports. The crude oil futures contract on the 12th of October closed at a rate lower than was expected. With weather conditions easing up and natural gas reserves expected to grow, natural gas prices in New York too have dropped, at a rate of 3.6%.
South Africa’s Energy Future
With developing alternative sources of energy having become a top priority globally, especially with nuclear technology being looked at increasingly skeptically after the Japan disaster, we spoke to Ms. Elizabeth Dipuo Peters, the Energy Minister of South Africa, to find out where she thinks the future of South Africa’s Energy sector lies. Ms. Elizabeth Dipuo Peters [...]
IEA, Obama admin counter Libya hold-up by releasing oil reserves
The International Energy Agency (IEA) announced on Thursday, the release of 60 million barrels of oil from global reserves. Primarily being touted as a move to counter the oil shortage created by the political crisis in Libya, this decision by the IEA is also likely to help control world-wide retail petroleum prices to some extent, [...]
OPEC Impasse Leaves Output Levels Unchanged. Oil Prices Soar
An organization known for the high value they place on consensual decision-making, OPEC admitted after the cartel’s meeting that they had left output levels unchanged due to lack of agreement among members. Mentioning policy deadlock as being the reason for this impasse, results of this Wednesday meeting caused oil prices to soar, when general sentiment [...]
