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Australia's oil investment is up this year
Published: May 9, 2008 at 11:51 AM
SYDNEY, May 9 (UPI) -- Investment in Australia's oil firms increased at the beginning of 2008. -
Canadian oil firm increases exploration
Published: May 9, 2008 at 11:49 AM
CALGARY, Alberta, May 9 (UPI) -- Duvernay Oil Corp. of Calgary, Alberta, has added $50 million to its 2008 capital plan. -
South American Energy Council inaugurated
Published: May 9, 2008 at 11:47 AM
CARACAS, Venezuela, May 9 (UPI) -- The first South American Energy Council was inaugurated in Venezuela.
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Analysis: China faces tanker shortage
Published: May 9, 2008 at 8:21 PM
By JOHN C.K. DALY
UPI International Correspondent
WASHINGTON , May 9 (UPI) -- China's rising energy demands will require Beijing to either build or lease ships to carry the oil needed for its industry. As domestic tanker production has failed to keep pace with rising demand, some Chinese maritime specialists see a shortage in carrying capacity for Chinese oil imports developing by 2015. -
Analysis: Russia squeezes Mongolia
Published: May 9, 2008 at 8:16 PM
By JOHN C.K. DALY
UPI International Correspondent
Record-high energy prices are increasingly dominating Russia's trade relations with Mongolia. As Mongolia imports nearly all of its oil from Russia, the country is feeling pressure from sharp Russian price increases, and the government is seeking legislative changes to ameliorate the effect of the price increases on the population. -
OPEC Chief: U.S. economy to blame for high oil prices
Published: May 8, 2008 at 6:09 PM
By BEN LANDO
UPI Energy Editor
WASHINGTON, May 8 (UPI) -- Angry oil consumers taking aim at OPEC are looking at a "scapegoat" instead of a needed mirror, the head of the bloc of oil producers said during a visit to Washington Thursday. -
UPI Energy Watch
Published: May 8, 2008 at 4:44 PM
Southern Sudan's oil revenues reach $3.2B in the last 3 years; Gazprom board orders creation of winter gas reserves; Russian oil exports to non-C.I.S. down -
Analysis: Define 'renewable'
Published: May 8, 2008 at 1:33 PM
By ROSALIE WESTENSKOW
UPI Correspondent
THE DALLES, Ore., May 8 (UPI) -- Crucial options were left out of last year's energy bill, advocacy groups say, and policymakers are looking to remedy the exclusion. -
Nigeria oil rebels eye U.S. presidential race
Published: May 8, 2008 at 12:38 PM
By CARMEN GENTILE
UPI Energy Correspondent
Nigerian militants are calling for former U.S. President Carter to mediate talks between rebels and the government to end hostilities in the oil-rich Niger Delta and are weighing a reported cease-fire appeal by Democratic presidential hopeful Barack Obama.
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Iraq oil exports down, revenue up in March
Published: April 25, 2008 at 4:25 PM
WASHINGTON, April 25 (UPI) -- Iraq oil sales earned $500 million more in March than February because of increased oil prices, despite a slight drop in exports, Oil Ministry data shows.
The average price Iraq oil fetched last month was $95.02 per barrel, up from $89.79 per barrel in February, both below average global prices, which were more than $100 per barrel. Iraq earned $5.6 billion from oil sales in March.
According to the U.S. State Department's Iraq Weekly Status Report, Iraq has brought in $19.4 billion this year through April 20, about half what it earned in all of 2007.
This was somewhat offset by a drop in exports by 18,000 barrels per day to nearly 1.92 million bpd last month. Iraq is still at a higher steady export and total production rate than much of the post-2003 timeframe of less than 2 million bpd.
The global energy information firm Platts reports overall production in March was 2.37 million bpd, down from 2.4 million bpd in February. It hasn't averaged less than 2 million bpd since August.
This is largely due to an enhanced repair and security scheme along the northern pipeline sending crude from Kirkuk to domestic refineries and an export terminal in Turkey. This was in the cross-hairs of insurgents and sloppy smugglers so often the pipeline was offline more often than online until last summer.
Last month it was the northern flow that dipped, however, from 393,000 bpd in February to 319,000 bpd. In the south, where intra-Shiite fighting is intensifying but not directly affecting oil infrastructure, Iraq was able to increase production from 1.54 million bpd to 1.59 million bpd in March.
Iraq's Oil Ministry is in negotiations with BP, Shell, Chevron, Total and ExxonMobil for technical support contracts aimed at increasing production by 100,000 bpd in each of five key oil fields over the next two years.
It's also readying a bidding round later this year to bring in international investment and increase production from an undisclosed number of oil and gas fields.
--
Ben Lando, UPI Energy Editor
(e-mail: blando@upi.com)
The average price Iraq oil fetched last month was $95.02 per barrel, up from $89.79 per barrel in February, both below average global prices, which were more than $100 per barrel. Iraq earned $5.6 billion from oil sales in March.
According to the U.S. State Department's Iraq Weekly Status Report, Iraq has brought in $19.4 billion this year through April 20, about half what it earned in all of 2007.
This was somewhat offset by a drop in exports by 18,000 barrels per day to nearly 1.92 million bpd last month. Iraq is still at a higher steady export and total production rate than much of the post-2003 timeframe of less than 2 million bpd.
The global energy information firm Platts reports overall production in March was 2.37 million bpd, down from 2.4 million bpd in February. It hasn't averaged less than 2 million bpd since August.
This is largely due to an enhanced repair and security scheme along the northern pipeline sending crude from Kirkuk to domestic refineries and an export terminal in Turkey. This was in the cross-hairs of insurgents and sloppy smugglers so often the pipeline was offline more often than online until last summer.
Last month it was the northern flow that dipped, however, from 393,000 bpd in February to 319,000 bpd. In the south, where intra-Shiite fighting is intensifying but not directly affecting oil infrastructure, Iraq was able to increase production from 1.54 million bpd to 1.59 million bpd in March.
Iraq's Oil Ministry is in negotiations with BP, Shell, Chevron, Total and ExxonMobil for technical support contracts aimed at increasing production by 100,000 bpd in each of five key oil fields over the next two years.
It's also readying a bidding round later this year to bring in international investment and increase production from an undisclosed number of oil and gas fields.
--
Ben Lando, UPI Energy Editor
(e-mail: blando@upi.com)
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This material may not be reproduced, redistributed, or manipulated in any form.
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