The slump in oil prices could end up cutting the growth in future oil supply in half from what would have been anticipated during the high price period, according to a study from Cambridge Energy Research Associates, an IHS company. CERA Senior Director Peter Jackson stated: The inventory of potential new oilfield developments, including fields [...]
Simon Storage Ltd. announced that it has completed the latest phase of its investment programme to deliver major improvements to pipeline systems serving Simon’s storage facilities and jetties at its Immingham Terminals located on the south bank of the River Humber. For full story, click here
Canada’s stagnant oilsands sector could get the biggest boost it’s received in some time if Imperial Oil Ltd. declared next week that it will proceed with its 100,000-barrel-per-day Kearl oilsands project. For full story, click here
Suncor Energy Inc., the oil-sands producer that agreed last month to purchase Petro-Canada, posted a second straight quarterly loss after the global recession dragged down crude prices. For full story, click here
Asian and Middle East energy ministers may agree this weekend that letting oil prices surge eventually in order to stimulate investment is just as vital as keeping crude at $50 for now to aid the ailing global economy. For full story, click here
Nautical Petroleum has rallied to its highest since last October after predicting allowances made in yesterday Budget will boost the value of its North Sea assets by almost £100m. Heavy oil related developments have been given a Field Allowance of £800m by the Treasury as a specific target. For full story, click here
U.K. Chancellor of the Exchequer Alistair Darling declared that he will introduce tax incentives to encourage the development of smaller oil and gas fields in the North Sea with the aim of squeezing an extra 2 billion barrels equivalent out of the rapidly declining region. For full story, click here
Federal and Alberta officials reported that they will make a last-ditch effort in California today to head off a regulation that would target oil sands emission levels and create a new barrier to the export of the unconventional oil. Alberta Energy spokesman Jason Chance stated: We want to make sure that all sources are assessed [...]
Nexen Inc. and Opti Canada Inc. may be among Canadian oil companies targeted for takeovers as a price collapse triggers a rush by larger producers to amass holdings in the biggest crude deposits outside Saudi Arabia. For full story, click here
India’s ONGC Videsh has discovered a large oil field in the Persian Gulf, according to Iranian Offshore Oil Co (IOOC). For full story, click here
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