The Oil Daily articles from April 2009

The Oil Daily archives from April 2009

Congress launches climate change legislation.
April 1, 2009... Leaders in the US House of Representatives have released 600 pages of draft legislation to curtail future US carbon emissions through a national emissions trading system and increase the use of renewable fuels such as solar and wind power. ...

Colombia and Peru plan upstream bid rounds.
April 1, 2009... While Brazil's offshore subsalt discoveries and Venezuela's Orinoco heavy oil reserves have captured the most attention from major international oil companies, two smaller South American countries are preparing for bid rounds this year that...

Gasoline: many factors at play as summer driving season approaches.
April 1, 2009... While demand will be a key factor in determining the direction of the US gasoline market this summer, much will also depend on measures taken by refiners, import volumes and ethanol supply. Brian Milne, an analyst with business information...

Crude ends quarter with show of strength, closing just below $50.(Brief article)
April 1, 2009... Crude oil futures closed higher Tuesday as the final day of March and the first quarter of the year was marked by volatile trading. May Nymex crude gained $1.25 to $49.66 per barrel. The front of the futures curve appeared to draw strength...

Daily oil & gas price review.(Statistical table)
April 1, 2009... Daily Oil & Gas Price Review Prices for Tuesday, March 31, 2009 North American Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) +1.14 47.64 49.53 41.18 LLS (St....

Statoil deploys arsenal of technology to overcome challenges.(StatoilHydro)
April 1, 2009... StatoilHydro is trying to put as much of its offshore production hardware on the seafloor as possible, eliminating costly investments in surface platforms, says Helge Hove Haldorsen, vice president of strategy for the Norwegian-based company....

UK's Cairn prepares for exploration program offshore Greenland.(Cairn Energy PLC)
April 1, 2009... UK independent Cairn Energy is on track to start oil production at its Rajasthan Block in western India in the second half of 2009 and is gearing up for an Arctic drilling campaign offshore Greenland starting as early as 2010. Cairn said...

Chavez proposes petro currency.(Hugo Chavez)(Brief article)
April 1, 2009... Venezuelan President Hugo Chavez said he planned to propose the creation of an international currency to replace the US dollar, according to a press release from Venezuela's oil ministry. Chavez said he would propose the creation of the...

Bottom falls out of products tanker market, rates hit lowest levels in almost 10 years.
April 1, 2009... The bottom has fallen out of the product tanker market, with rates on some routes at their lowest in almost a decade. Trans-Atlantic rates for medium-range tankers have been worst hit, particularly the 37,000 ton workhorses crossing the...

Russian firms sign oil-for-loan deals.(contracts)(Brief article)
April 1, 2009... The head of Rosneft, Russia's biggest oil producer, revealed Tuesday that Rosneft and Transneft have signed deals with China National Petroleum Corp. (CNPC) guaranteeing crude oil supplies in exchange for $25 billion in loans. Sergei...

China's CNOOC sees strong output growth over next six years.(China National Offshore Oil Corp.)(Financial report)
April 1, 2009... Bucking the trend among Chinese state oil firms, Hong Kong-listed China National Offshore Oil Corp. (CNOOC) reported a record set of profits for 2008, buoyed by new production and higher crude oil prices in the first half of the year. Net...

Japan sees lower fuel demand.(International)(Brief article)
April 1, 2009... Japan imported 4.39 million b/d of crude in February, the Ministry of Economy, Trade and Industry (Meti) reported Tuesday. This was 0.1% higher than a year earlier on a barrel-per-day basis--as February 2008 had 29 days, rather than the normal...

Indonesia plans LNG terminal.(International)(Liquefied natural gas)(Brief article)
April 1, 2009... Indonesia plans to build a floating LNG receiving terminal in North Sumatra. Energy Minister Purnomo Yusgiantoro said the scheme will supply gas to state utility Perusahaan Listrik Negara (PLN) to feed its power plant in North Sumatra. The...

Premier drills in Asia.(International)(Premier Oil PLC)(Brief article)
April 1, 2009... The UK's Premier Oil said last week it will start drilling in Vietnam and Indonesia this year. Premier will spud a well in Vietnam's Block 07/03 in the second quarter after securing a rig and acquiring 2-D seismic data. It holds a 45%...

Talisman: Northern Fields start.(International)(Talisman Energy Ltd.)(Brief article)
April 1, 2009... Talisman Energy said first oil has been produced from its Northern Fields development offshore Malaysia and Vietnam. Production from block PM-3 CAA is expected to reach 40,000-50,000 boe/d by early 2010 with the commissioning of dry gas...

Santos claims CBM-LNG lead.(International)(Brief article)
April 1, 2009... Santos, Australia's third-largest oil producer, says it will win the race to build the first major LNG plant in eastern Australia fed by coalbed methane (CBM). The company, which is partnering Malaysia's Petronas in building the Gladstone...

Edison makes Abu Qir strike.(International)(Brief article)
April 1, 2009... Italy's Edison has struck gas at its Abu Qir concession off Alexandria, Egypt. The NAQ PII-2 well, drilled to a depth of 3,750 meters, tested cumulative production of 1.85 MMcm/d of gas and 850 b/d of condensate. Edison said the well, in...

Slimmer M&P focuses on Gabon.(International)(Maurel and Prom)(Brief article)
April 1, 2009... Maurel & Prom (M&P) produced an average 15,704 b/d in the financial year to Mar. 31, up 27% on the previous year. The figure would have been higher but for the sale of the French independent's Hocol business in South America to Colombia's...

Stock market scorecard.(International)(Statistical table)
April 1, 2009... Stock Market Scorecard Integrated Close 1-Day % Chg. Majors 3/31 Chg. % Chg. 10-Day 52-Wk YTD Repsol YPF 17.09 +0.58 +3.51% +7.69% -51.02% -20.55% Marathon ...

Govt. presses royalty case.(Legislation/Regulation)(Brief article)
April 1, 2009... The US Justice Department on Monday asked a federal appeals court to rehear a legal decision over oil royalties in a case between the Interior Department and Anadarko Petroleum Corp. If allowed to stand, the decision could cost the government...

Obama signs conservation bill.(Legislation/Regulation)(Barack Obama )(Brief article)
April 1, 2009... President Barack Obama signed sweeping land and water conservation rules into law on Monday, setting aside millions of acres as protected areas and delighting environmentalists. The measure, a package of more than 160 bills, will designate...

OECD sees late 2010 recovery.(Oil & Gas Markets)(Organisation for Economic Co-operation and Development )(Brief article)
April 1, 2009... The OECD said it expects US GDP to fall by an inflation-adjusted 4% in 2009. In its biannual Economic Outlook report, the Paris-based group also forecast a 4.3% contraction in real GDP for all OECD nations and a decline of 2.7% for the entire...

Refiners sound warning on ethanol blending.
April 2, 2009... The US refining industry told a Senate panel on Wednesday that ethanol should not be blended into gasoline at concentrations greater than 10% until comprehensive scientific testing shows that so-called "mid-level ethanol blends" are safe for...

Climate bill sets stage for lively debate.
April 2, 2009... The Waxman-Markey carbon emissions bill unveiled this week has drawn such strong expressions of support and opposition that it is likely to become one of the most hotly contested pieces of legislation in recent memory when hearings begin later...

Iraq names nine prequalified companies for second licensing round.
April 2, 2009... Iraq has prequalified nine foreign oil companies to bid in its second petroleum licensing round. State oil firms predominate and there is one independent oil company in the group, chosen from 38 applicants. The selected companies, announced on...

Oil falls as inventories rise, Brent overtakes Nymex crude.(New York Mercantile Exchange)
April 2, 2009... Crude prices fell as the US government's weekly petroleum report showed an increase in inventories, including an unexpected rise in gasoline stocks. May Brent on ICE Futures fell 79cents to $48.44 per barrel, achieving a small premium over...

Daily oil & gas price review.(Statistical table)
April 2, 2009... Daily Oil & Gas Price Review Prices for Wednesday, April 1, 2009 North American Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) -0.60 47.04 48.72 44.47 LLS (St....

EIA weekly statistics.(Statistical table)
April 2, 2009... EIA Weekly Statistics For Week Ended March 27, 2009 US Crude Oil: Stocks (1) (millions of bbl) Current Previous Week Week Chg. PADD 1 13.2 13.6 -2.9% PADD 2 ...

Kuwait's Kufpec plans to go shopping overseas for oil and gas assets.(Kuwait Foreign Petroleum Exploration Company KSC)
April 2, 2009... As its output continues to decline, Kuwait's overseas upstream arm has stepped up the hunt for producing assets to meet the 100,000 barrel of oil equivalent per day production target it has set itself for the end of next year. And with...

Think tank: Big Oil's investment in alternative energy is modest.
April 2, 2009... The major international oil companies have touted their alternative energy and efficiency programs in recent years, but Big Oil has in fact dedicated only a small portion of its substantial profits to such initiatives, according to a report by...

US drops corruption case against former Alaska Senator Stevens.(Ted Stevens)(Brief article)
April 2, 2009... The US Justice Department asked a federal judge on Wednesday to throw out the corruption conviction of former Alaskan Senator Ted Stevens because prosecutors withheld helpful evidence from his lawyers. Attorney General Eric Holder said he...

Assurance of balanced approach to oil sands meets with skepticism.
April 2, 2009... The charm initiative launched by Alberta's Environment minister is meeting with a mixed reaction in the US amid concerns about the impact of changes in climate policy on development of Alberta's huge oil sands resource. Minister Rob Renner...

Former Shell executive: US needs energy body like Federal Reserve.(Royal Dutch-Shell PLC)(John Hofmeister)
April 2, 2009... After three and a half decades of poor energy policy delivered by partisan politicians, the time has come for the US to turn energy policy making over to an independent body comparable to the Federal Reserve Board, says John Hofmeister, former...

Deepwater discovery for Noble.(Top Brief)(Noble Energy Inc.)
April 2, 2009... Noble Energy has logged another deepwater discovery in the Gulf of Mexico at its Santa Cruz prospect in Mississippi Canyon blocks 519 and 563. The well encountered 140 feet of net gas condensate pay and more than 110 feet of net oil pay in...

California passes renewable bill.(Alternatives)(Brief article)
April 2, 2009... The California Senate on Tuesday approved a bill that would require renewable power to account for 33% of electricity delivered by the state's utilities by 2020. The bill now goes to the State Assembly. The Senate passed the bill 21-16....

Stock market scorecard.(Alternatives)(Statistical table)
April 2, 2009... Stock Market Scorecard Integrated Close 1-Day % Chg. Majors 4/1 Chg. % Chg. 10-Day 52-Wk YTD Repsol YPF 17.63 +0.54 +3.16% +7.50% -49.47% -18.04% Marathon ...

Sinopec ups oil sands stake.(Corporate News)(China Petroleum and Chemical Corp.)(Brief article)
April 2, 2009... French oil major Total said on Wednesday it sold a 10% stake in a proposed Canadian oil sands project to China's Sinopec, making both firms equal partners in the multibillion-dollar venture. Total bought into the Northern Lights project...

BP faces suit over spills.(Environment)(British Petroleum Company PLC)(Brief article)
April 2, 2009... The US government has filed a civil complaint against BP alleging that the company violated US clean air and water laws, the US Justice Department said on Tuesday. The complaint, filed in US District Court in Anchorage, accuses BP of...

Russia OKs Kharyaga budget.(International)(Brief article)
April 2, 2009... Russian officials have finally approved the 2009 budget for Total's Kharyaga field in Timan-Pechora--the only production sharing agreement project without a major Russian partner. The budget was increased to $403.7 million from the $302...

Shell, Repsol find Algeria gas.(International)(Royal Dutch-Shell PLC)(Repsol YPF S.A. (Madrid, Spain))(Brief article)
April 2, 2009... Royal Dutch Shell has discovered gas in the Zerafa perimeter of Algeria's Gourara Basin with Algerian state Sonatrach and the UAE's Liwa Energy, Sonatrach says. Tests of the DSA-1 well, drilled to a depth of 2,358 meters, showed gas flowing at...

Kazakhs start Eni tax probe.(International)(Brief article)
April 2, 2009... Kazakhstan on Wednesday accused Italy's Eni--part of the consortium developing the giant Kashagan oil field in the Caspian Sea--and US oil services player Parker Drilling of tax evasion. Kashagan was at the center of a dispute between the...

Exxon hits North Sea gas.(International)(Exxon Mobil Corp.)(Brief article)
April 2, 2009... US supermajor Exxon Mobil said Wednesday it has struck gas in production license 029 B off Norway with wildcat well 15/6-10. The well, 30 km north of the North Sea Sleipner field, proved a gas and condensate column of about 30 meters in...

US demand revised downward.(Oil & Gas Markets)(Brief article)
April 2, 2009... US oil demand in January fell 989,000 b/d, or 4.9%, versus the same month a year ago to average 19.125 million barrels per day, the lowest level for January since 2000, according to revised figures from the Energy Information Administration...

Enbridge sets open season.(Pipelines)(Brief article)
April 2, 2009... Enbridge said Wednesday it would begin an open season on Apr. 13 to gauge interest in interstate natural gas pipeline transportation from Carthage, Texas, to Washington Parrish in Southeastern Louisiana. The nonbinding open season will run...

Williams in Marcellus Shale JV.(Pipelines)(The Williams Companies Inc. joint venture with Atlas Pipeline Partners L.P.)(Brief article)
April 2, 2009... Williams Companies said it signed a joint venture pipeline deal in the Marcellus Shale with Atlas Pipeline Partners, helping it gain a foothold into one of the largest emerging natural gas plays in North America. Williams, a pipeline...

Offshore report focuses on wind power.
April 3, 2009... The Obama administration published a review of US offshore energy resources on Thursday which focused on wind power as a key component of the president's plans to reduce US dependence on oil, natural gas and coal. "While we continue to...

US rule change may undermine G20 initiative.
April 3, 2009... The Group of 20 nations pledged in London on Thursday to strengthen regulatory oversight and restore confidence in the international financial system as part of a wider plan to combat the global economic crisis. But as the G20 agreed to...

Collapse in Nigeria's shipments pulls down Opec oil supplies to US.(Organization of the Petroleum Exporting Countries)
April 3, 2009... Although Opec is in the midst of one of its heaviest rounds of production cuts ever, its crude oil shipments to the US showed only a modest decline between December and January. The 11 Opec nations subject to production quotas supplied the...

Crude surges, boosted by G20 action and US accounting move.(Brief article)
April 3, 2009... Crude futures surged over $4 on Thursday in a rally that was stoked by initiatives to revive the world economy and strengthen the global financial system. May Brent on ICE Futures gained $4.31 to settle at $52.75 per barrel. Front-month...

Daily oil & gas price review.(Statistical table)
April 3, 2009... Daily Oil & Gas Price Review Prices for Thursday, April 2, 2009 North American Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) +4.07 51.11 48.49 43.05 LLS (St....

Merger news makes Petro-Canada top performing oil stock in March.(Company rankings)
April 3, 2009... Petro-Canada was the top performer in the International Petroleum Finance (IPF) Index in March following the news of its merger with oil sands giant Suncor. But the Index as a whole underperformed the broader market. The IPF Index...

USGS raises estimate of oil shale in Colorado's Piceance Basin.(Geological Survey)
April 3, 2009... The US Geological Survey (USGS) on Thursday said oil shale resources in the Piceance Basin of northwestern Colorado are some 50% more plentiful than previous estimates. The Piceance Basin has an estimated 1.525 trillion barrels of in-place...

Total CEO: low oil prices today could lead to future supply crisis.
April 3, 2009... The global economic crisis is sowing the seeds of an energy crisis as low oil prices threaten the investment needed to meet expected future demand, the bosses of two of the world's biggest listed oil firms warned Thursday. Total Chief...

Gazprom to raise LNG output instead of sending more gas to Europe.
April 3, 2009... Russia's Gazprom says it plans to boost output of LNG in preference to sending more gas to Europe via pipeline--in apparent retaliation for European Union proposals to help upgrade Ukraine's gas network. "Amid the increasing globalization...

Halliburton executive to retire.(retirement of Cris Gaut)(Brief article)
April 3, 2009... Halliburton has announced the early retirement of Cris Gaut, a former chief financial officer of the oil-field services company who had been tipped as a possible chief executive. Gaut, listed as 52 years old in February, has been...

Conoco: gas prices hit profits.(Corporate News)(ConocoPhillips financial news)(Financial report)(Brief article)
April 3, 2009... ConocoPhillips said on Thursday that its first-quarter earnings would be hurt by weakness in North American natural gas prices, and that its worldwide marketing margins would be significantly lower. Conoco--the world's fifth largest...

EIA gas storage report.(Corporate News)(Statistical data)
April 3, 2009... Gas in Storage Holds Steady Stocks of working natural gas in US storage facilities held steady in the week ending Mar. 27, leaving storage levels at 1,654 Bcf, according to the Energy Information Administration. Gas in storage is 402 Bcf...

Steady month for Alaska.(Exploration & Production)(Brief article)
April 3, 2009... Alaska produced 752,000 b/d of crude oil in March according to data from the state's Department of Revenue Tax Division, only slightly more than in February but 16,000 b/d up on the year-earlier month when BP was still addressing difficulties...

Russian export flows inch up.(International)(Brief article)(Statistical data)
April 3, 2009... Russia is set to boost seaborne exports via its pipeline system by more than 90,000 barrels per day this month compared with March, as firms take advantage of healthier prices and lower export duties. Crude oil pipeline monopoly Transneft...

Shell reopens gas plant.(International)(Royal Dutch-Shell PLC)(Brief article)
April 3, 2009... Royal Dutch Shell says it has reopened its Soku gas plant in the Niger Delta, which supplies around 40% of feedstock for the Nigeria LNG (NLNG) project, after a four-month shutdown for repairs. But the force majeure declared on gas supplies to...

Lukoil set to spud off Ghana.(International)(OAO Lukoil)(Brief article)
April 3, 2009... Russia's biggest private oil company, Lukoil, on Thursday revealed details of a planned exploration program off Ghana, where it intends to start drilling this month. A well will be spudded on the Dzata structure of the Cape Three Points Block...

Petrovietnam buys BP stakes.(International)(Vietnam Oil and Gas Corp. acquired with British Petroleum Company PLC)(Brief article)
April 3, 2009... Petrovietnam will reportedly acquire BP's stake in Blocks 5.2 and 5.3 off Vietnam. The UK supermajor revealed plans to dispose of the assets in its annual report released last month. Petrovietnam is said to be setting up a unit, Bien Dong Oil...

Stock market scorecard.(NEWS ALERT)(Statistical table)
April 3, 2009... Stock Market Scorecard Integrated Close 1-Day % Chg. Majors 4/2 Chg. % Chg. 10-Day 52-Wk YTD Petro-Canada 28.99 +1.92 +7.09% +20.09% -33.22% +32.43% Statoil ...

No fast track for cap-and-trade.(Legislation/Regulation)(Brief article)
April 3, 2009... The US Senate has adopted an amendment to the budget reconciliation bill that rules out the use of the reconciliation process for passing cap-and-trade emissions legislation. The amendment, proposed by Nebraska Republican Mike Johanns, passed...

Senators introduce energy bill.(Legislation/Regulation)(Brief article)
April 3, 2009... Sens. Byron Dorgan (D-ND) and George Voinovich (R-Ohio) have introduced legislation that aims to improve the nation's energy security by cutting dependence on foreign oil by 80% by 2050. The senators said the legislation would help the economy,...

US January natgas output falls.(Natural Gas)(Brief article)
April 3, 2009... The Energy Information Administration (EIA) released its monthly 914 natural gas production report Thursday which indicated that total lower 48 natural gas production (including the Gulf of Mexico) was down 0.4 % in January from December....

Pemex awards contract.(Offshore)(Petroleos Mexicanos contract with Penspen)(Brief article)
April 3, 2009... Mexican state oil company Pemex has awarded a $1.3 billion 10-year contract for maintenance of its offshore transport system in the Tabasco and Campeche areas of the Gulf of Mexico to the newly formed Mexican company DMGP Servicios de...

Mexico narrows Maya discount.(Oil & Gas Markets)(Brief article)
April 3, 2009... Mexico's state oil company Pemex further narrowed the adjustment factor for May loadings of Maya crude destined for the US to minus 10 cents/bbl. Pemex also said that it will release an adjustment factor for crude bound for the...

Suncor: oil sands thrive at $50.(Oil & Gas Markets)(Suncor Energy Inc.)(Brief article)
April 3, 2009... Existing oil sands operations generate double-digit returns with oil prices of around $50 a barrel and the costs of new projects have started to fall, the chief executive of Suncor Energy, Canada's No. 2 oil sands producer, said on Wednesday....

Opec can live with $50 oil.(Oil & Gas Markets)(Organization of the Petroleum Exporting Countries)(Brief article)
April 3, 2009... Opec may be able to live with oil prices around $50/bbl in 2009, its secretary-general said on Thursday. His comments are another sign that the group has limited its price aspirations for now because of the weak economy. The comments are...

Russian output rises.(Oil & Gas Markets)(Brief article)
April 3, 2009... Russian crude and condensate production rose in March for the first time in months--further undermining officials' claims that Moscow would do its bit to help Opec boost oil prices through natural field declines. Output averaged 9.798...

Qatar delays refinery.(Refining)(Brief article)
April 3, 2009... Qatar will push back its proposed 250,000 b/d Al-Shaheen refinery for a year to take advantage of falling construction costs, according to Oil Minister Abdullah al-Attiyah. "Qatar has postponed a number of big projects, for example the...

Correction: Iraq bidding round.(Corrections)(Correction notice)
April 3, 2009... The 35 companies that were already prequalified for Iraq's first petroleum licensing round also have the right to participate in the second. On Apr. 1 the oil ministry announced the names of nine new companies it had prequalified for the second...

Oil companies negotiate Carabobo contracts.
April 6, 2009... Venezuela's Carabobo bid round offers one of the world's most promising upstream opportunities, but oil companies are still negotiating with the government to resolve several key issues before signing new contracts. The round, scheduled to...

Korean KRG duo barred from Baghdad tenders.(Kurdistan Regional Government)(State Korea National Oil Corp.)(SK Energy)
April 6, 2009... State Korea National Oil Corp. (KNOC) and private firm SK Energy will not be allowed to take part in oil tenders issued by Baghdad unless they terminate their contract with the Kurdistan Regional Government (KRG) in the north, Iraqi Oil...

Chesapeake shareholder questions basis for McClendon's bonus.(Chesapeake Energy Corp.)(Aubrey McClendon)
April 6, 2009... A shareholder of Chesapeake Energy has initiated a "books and records" request with the Oklahoma state court system after questioning whether a bonus awarded to the company's chief executive late last year was justified considering the decline...

Speculative trading spurs volatile week in Nymex crude market.(New York Mercantile Exchange)
April 6, 2009... Nymex crude for May slipped 13cents on Friday to settle at $52.51 per barrel, putting it up only 13cents over the course of a volatile week. Traders had expected more of a downward adjustment following the sharp rally in the previous session...

Daily oil & gas price review.(Statistical table)
April 6, 2009... Daily Oil & Gas Price Review Prices for Friday, April 3, 2009 North American Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) +0.06 51.17 48.69 45.33 LLS (St. James)...

Natural gas futures languish in rut, but some traders see a possible bullish turn.
April 6, 2009... The underlying theme underpinning last week's gas trading boiled down to one word: demand. Until brisk demand for natural gas returns, gas futures are likely to remain in a rut, channeling between $3.50 and $4.50 per million Btu for quite...

Baker Hughes drilling report.(Statistical data)
April 6, 2009... Rig Count Rises by Four The number of drilling rigs searching for oil and gas in the US rose by four last week to 1,043, Baker Hughes said. During the same week last year, there were 1,830 rigs at work. The number of rigs searching for...

Global oil demand still eroding; balances shift back to a surplus.(Statistical data)
April 6, 2009... Global oil demand is still taking major hits from the economic recession, which is turning out to be deeper than originally thought. Oil demand averaged 84.12 million barrels per day in March, according to preliminary assessments by Oil Daily...

Senate nixes proposal to expand OCS revenue sharing with states.(outer continental shelf)
April 6, 2009... The US Senate voted late Thursday to reject a proposal to further expand offshore oil and gas revenue sharing with a number of coastal producing states. In a 36-61 vote, the Senate overwhelmingly rejected the proposal and backed the...

Asian advance in Iran leaves NIOC technocrats unimpressed.(National Iranian Oil Co.)
April 6, 2009... As the threat of sanctions forces European majors such as Royal Dutch Shell and Total to back off from making new upstream investments in Iran, the field is left open for state-backed Asian--especially Chinese--and Russian companies that are...

Budget passes in both chambers.(Brief article)
April 6, 2009... Both chambers of Congress passed President Obama's $3.55 trillion 2010 budget, easing passage of health-care and education legislation, two of the Obama administration's three main legislative priorities. In the House of Representatives,...