Saturday, 15 October 2011

Oil Headlines - 15 October 2011

New CNOOC oil leak found in China's Bohai Bay
Sacramento Bee
AP BEIJING -- Chinese offshore oil and gas producer CNOOC Ltd. says it has suspended operation of an oil platform after finding a leak in one of its oil fields in the Bohai Bay. It is the latest in a series of offshore spills in the Bohai Bay that have ...
Oil prices could spike to 2008 levels: Goldman Sachs
Firstpost
New York: Arjun Murti, the Goldman Sachs equity analyst who predicted oil prices would spike to $150-$200 a barrel three years ago said on Friday the market is showing 'stark similarities' to the start of the 2007-2008 bull run. ...

Libya's Waha Oil Nears End of Workers' Strike
Wall Street Journal
By BENOIT FAUCON LONDON—Waha Oil Co. moved closer to resolving a dispute with workers after a company official said the government supports the dismissal of Chairman Bashir Elshahab. Workers went on strike last month to protest against Mr. Elshahab, ...
ND likely to pass Calif. as oil producer this year
San Jose Mercury News
By JAMES MacPHERSON AP BISMARCK, ND—North Dakota will likely leapfrog California and may even overtake Alaska in the next year—far outpacing earlier industry predictions—to become one of the nation's three biggest oil-producing states, a government ...
Bahamas oil drilling could begin by 2012
MiamiHerald.com
The move cleared a major obstacle in the way of the Bahamas' oil exploration goals since leases identified for their potential oil finds are near Cuban waters. "Without the agreed border between the Bahamas and Cuba, there would be some uncertainty as ...
Strong quake briefly halts Russian oil supplies to China
Reuters
By Vladimir Soldatkin and Steve Gutterman MOSCOW (Reuters) - A strong earthquake struck Russia's Far East near the Chinese border on Friday, shaking buildings hundreds of kilometres (miles) away, briefly halting Russian oil supplies to its ...
Weakening Rupee Prompts Oil Refiners to Use Dollar Funding: India Credit
Bloomberg
Photographer: Pankaj Nangia/Bloomberg The combination of a weakening rupee and US interest rates near a record low is prompting India's state-owned refiners to turn to dollar funding for oil imports. Bharat Petroleum Corp. and Hindustan Petroleum Corp. ...
China's oil demand growth slows further in Q3 - NDRC
Reuters India
By Jim Bai and Melanie Lee BEIJING/SHANGHAI (Reuters) - China's apparent oil demand growth slowed further in the third quarter, largely in line with economic growth in the world's second-largest economy amid domestic policy constraints and global ...
Oil-fines bill advances in House
Houma Courier
Under the Clean Water Act, BP can be fined from $1000 to $4300 per barrel leaked after the explosion and sinking of the Deepwater Horizon oil rig. That could add up to fines of between $5 billion and $20 billion. The first $2.7 billion will go into the ...
Oil jobs booming while the well runs dry for other industries
Your Houston News
“Aviation is among the fields of study that people may not realize is crucial to the oil and gas industry,” she said. Ironically, for the many oil and gas companies in the area, her comments help to illustrate a problem several in the industry say they ...
US oil bears run for cover as prices spike-CFTC
Reuters Africa
The data may give some oil traders pause as it indicates the more than $10 a barrel surge in prices that week to almost $86 a barrel lacked substantial new buying from investors. It does, however, confirm that the pessimistic views related to the euro ...
Uganda Interior Minister To Resign Amid Oil Probe
Fox Business
By Nicholas Bariyo and Alexis Flynn KAMPALA, Uganda -(Dow Jones)- Uganda's internal affairs minister said Friday that he would resign his position to pave the way for a smooth investigation into graft allegations in the oil sector during his tenure as ...
US oil rig count hits record - Baker Hughes
Reuters Africa
Oil rig count up 10 at 1080 - Baker Hughes * About 53 pct of US rigs drilling for oil * Rig count 55.4 pct higher than a year ago (Recasts, adds details) Oct 14 (Reuters) - The number of rigs drilling for oil in the United States this week reached a ...
Oil prices rebound ahead of G20 talks
Ninemsn
Oil prices pushed strongly upward on Friday as confidence grew that the G20 would put muscle into the eurozone rescue and US data showed signs of firming growth. New York's main contract, West Texas Intermediate crude for November delivery, ...
North American Oil Demand Stalls -- Producers Suffer Margin Squeeze
MarketWatch (press release)
NEW YORK, NY, Oct 14, 2011 (MARKETWIRE via COMTEX) -- Oil prices took a hit earlier this week despite fears of another recession fading as US jobs and manufacturing data suggested the economy would continue to grow. Gas consumption -- particularly in ...
Brent-WTI Crude Oil Spread Hits Record as Worries About WTI Relevance Grow
Wall Street Journal (blog)
By Jenny Gross The price gap between the world's two main oil benchmarks widened to a record level Friday after the Dow Jones-UBS Commodity Index said this week that it will add Brent crude, the European crude benchmark, to its index starting in 2012, ...
North Slope oil production on the rise
Anchorage Daily News
By KRISTEN NELSON With the exception of Endicott and Northstar, production at all Alaska North Slope oil fields was up in September over August. And August production was up over July as scheduled maintenance projects wound up. ...
TransCanada restarts Keystone oil pipeline
Montreal Gazette
By Reuters October 14, 2011 CALGARY – TransCanada Corp. has restarted its Keystone oil pipeline to the US Midwest from Canada after a daylong shutdown it blamed on a backlog of crude supplies within Alberta, the company said on Friday. ...
Solar Sees Use in Oil Industry
GetSolar.com
Many households around the world have adopted solar power for heating or hot water, but the American oil company Chevron has found an even more surprising use for the technology, according to Bloomberg. Concentrated solar thermal, one of the smaller ...

Mutharika orders oil companies not to offload fuel
Nyasa Times
Malawi's President Mutharika has ordered oil companies not to offload fuel in the capital Lilongwe until after the Heads of State COMESA summit finishes on Sunday. Malawi is hosting the 15th COMESA heads of state summit, ...
Increased oil drilling spurs concerns
The Coloradoan
Oil and natural gas can be found deep below the earth's surface at depths of 3000 to 14000 feet. Companies drill these wells vertically and even horizontally to get at the oil and natural gas in the Niobrara formation. The Niobrara is located in the ...