Oil & Gas Journal
Petrobras approves 5-year, $225 billion investment plan
The board of Brazil’s state-run Petroleo Brasileiro SA (Petrobras) has approved a $224.7 billion, 5-year investment plan, with about 57% of the projected outlays to be spent on exploration and production.
....Contracts awarded for South American, Russian refineries
Refinery contracts have been awarded for work in South America and Russia.
....MARKET WATCH: Debt and demand worries undercut energy prices
Energy prices generally fell July 27, wiping out small gains from the previous session, with crude oil dropping 2.2% in the New York market on continued concern over the debt limit stalemate and a bearish government report on US oil inventories.......
Eni sees LNG potential in gas discoveries off Ghana
Eni SPA, with a second natural gas discovery in deep water off Ghana, has consulted the Ministry of Energy and Ghana National Petroleum Corp. about fast-tracking what could become the first nonassociated gas project in the country.
....Cabot to sell gas assets in Green River basin
Cabot Oil & Gas Corp. agreed to sell its producing natural gas assets and acreage in Wyoming, Colorado, and Utah to an undisclosed third party for $285 million. The assets being sold are primarily in Wyoming’s Green River basin.
....Manora oil field development off Thailand progresses
Tap Oil Ltd. expects first production in 2014 from the Manora oil field on the G1/48 concession in the Gulf of Thailand, according to a recent company presentation.
....Suncor Energy starts Firebag Stage 3 bitumen production
Suncor Energy Inc. reported that first bitumen production from its Firebag Stage 3 steam-assisted gravity drainage project in northern Alberta started in early July.
....EPA overestimates tighter ozone standard benefits, study finds
US Environmental Protection Agency statements on health benefits from lowering the ozone National Ambient Air Quality Standards grossly misrepresent what EPA actually estimates as possible benefits from reducing public ozone exposure, a new stu.......
Iraq: Oil Search, ShaMaran convert K42 to Taza PSC
Oil Search (Iraq) Ltd. exercised an option under a July 2009 option agreement with the Kurdistan Regional Government to enter into a production sharing contract covering the Taza block, formerly K42, in Iraq’s Kurdistan Region.
....Texas: Wolfbone drilling expanding in Reeves
Clayton Williams Energy Inc., Midland, Tex., plans to increase its company rig count to 11 from 7 at present in a play for oil in the Bone Springs and Wolfcamp (Wolfbone) formations in Reeves County, Tex.
....North Dakota: New entrants eye Bakken, Three Forks
Mountainview Energy Ltd., Cut Bank, Mont., signed a binding letter of intent to acquire a 20% interest in 67,000 gross acres, 13,400 net acres, in the Medicine Lake prospect in Divide County, ND, and Richland, Roosevelt, and Sheridan counties, .......
MARKET WATCH: Energy prices waffle without much change
Crude and natural gas prices seesawed through an arc of plus or minus 2%, with crude ending slightly up in July 26 trading as investors worried whether government officials can reach agreement on the US debt, analysts reported.
....US House passes bill to expedite Keystone XL permit decision
The US House approved a bill setting a Nov. 1 deadline for the Obama administration to decide on TransCanada Corp.’s application for a cross-border permit for its proposed Keystone XL crude oil pipeline project.
....California's Kreyenhagen elevated to primary target
Zodiac Exploration Inc., Calgary, has upgraded the Eocene Kreyenhagen formation to a primary objective based on further analysis of engineering and geological data from its 4-9 vertical test well in Kings County, Calif.
....Canadian company restarting Polish refinery
A new Canadian company has acquired and plans to restart a small refinery in southern Poland under a strategy that includes the possible gasification of heavy feedstock and production of synthetic fuels.
....CNOOC restarts Bozhong 28-2 South production
CNOOC Ltd. restarted production from the Bozhong 28-2 South (BZ 28-2S) oil fields in Bohai Bay off China.
....Chevron signs first LNG sales contract for Wheatstone
Chevron Australia has signed a binding sales and purchase agreement with Tokyo Electric Power Co. (Tepco) for delivery of as much as 3.1 million tonnes/year of LNG from Chevron’s Wheatstone development off Western Australia.
....Saudis start Karan nonassociated gas flow in gulf
Saudi Aramco began flowing natural gas earlier this month from Karan field in the Persian Gulf via subsea pipeline to the Khursaniyah gas treatment plant onshore in Saudi Arabia.
....Australia: Cooper basin shale gas venture formed
Drillsearch Energy Ltd., Sydney, and BG Group’s QGC affiliate have formed a joint venture to explore for and develop shale and tight unconventional gas resources in the Cooper basin of Australia.
....Hess, Petroceltic to explore Kurdistan blocks in Iraq
A partnership of Hess Corp. and Petroceltic International PLC signed production sharing contracts with the Kurdistan Regional Government for the Dinarta and Shakrok exploration blocks northeast of Erbil, Iraq.
....The Bottom Line:If Mr Cable has his way...
"If Mr Cable had his way, all the big banks would be broken up and bonuses would be virtually eliminated - a sure-fire way in my view of guaranteeing an end to the UK’s ability to compete as an international financial centre. Let’s not forget that this is a man who is on record as saying that everyone who works in a bank has an ‘aristocratic lifestyle’ clearly demonstrating his lack of understanding of the sector." A tough line on bankers’ bonuses could make a brain drain of financial talent a distinct possibility, warns Paul Marsden. Read more