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Oil prices spike as Gulf of Mexico production slows.
The U.S. oil and gas industry began shutting down production in the Gulf of Mexico as weather forecasters suggested that Tropical Storm Gustav likely will strengthen to a hurricane before it strikes the Gulf area.
Royal Dutch Shell, ConocoPhillips and BP all have evacuated their personnel, airlifting them off their offshore oil rigs, the U.K. Financial Times reported.
Three years after Hurricanes Katrina and Rita devastated U.S. offshore oil production, Gustav is threatening the same. But production from the Gulf of Mexico region, representing nearly a quarter of U.S. oil production, has not yet fully recovered from those hurricanes. Currently about 1.3 million barrels are produced there, down from 1.6 million prior to 2005.
Gas prices, which have fallen over the last three weeks, have started rising on concerns over supply disruptions from the storm, but the International Energy Agency said strategic stocks would be released if disruptions were severe.
The storm is predicted to gain strength in the warm waters over the Gulf, where forecasters say it will almost definitely hit, before it makes landfall in the southeastern United States.
New Zealand Oil and Gas profits are up on Tui field.
The oil and gas exploration major announced that its net profits for the year are up to $97.2 million since it began producing at the Tui oil fields off the Taranaki coast.
The company's higher-than-expected year-end results are due to both high oil prices and higher than expected production from Tui's fields, company officials said. Revenue for the year rose to $234.1million.
Production from Tui started on July 30, 2007, with total production for the financial year at 14.2 million barrels.
The company's cash balance rose to $285 million from $256 million at the end of June and the company likely will use its excess profit to invest in new opportunities. The company's chairman explained the company was looking at both overseas investments and renewable energy investments.
Iraq and China sign an oil contract.
Iraqi officials have agreed on the terms of the nation's first major oil contract with a foreign company since the U.S.-led invasion in 2003.
The oil deal was signed by the Iraq Oil Ministry and China's state-owned China National Petroleum Corp. The oil service contract is reportedly worth $3 billion and will be used to develop the Ahdab oil field, U.K. OilVoice reported.
Iraq is estimated to hold the world's third-largest oil reserves after Saudi Arabia and Iran. However, the world's major oil companies have not been willing to commit to deals in Iraq because of the absence of oil laws.
According to the agreement, output from the Iraqi oil field will be 110,000 barrels per day.
The Iraqi government has a goal to increase crude oil production to 4.5 million from 2.5 million by 2013.
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Closing oil prices, Aug. 29, 3 p.m. London
Brent crude oil: $115.09
West Texas Intermediate crude oil: $119.25
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(e-mail: energy@upi.com)
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