The Oil Daily articles from March 2007

The Oil Daily archives from March 2007

Report highlights growing Role of NOCs.
March 1, 2007... The growing importance of national oil companies (NOCs) to the global supply-demand balance raises questions about the emerging policies, objectives and priorities of these organizations--particularly how shifts in those policies, objectives...

Democrats revive price gouging legislation.
March 1, 2007... Democrats are reviving another issue dear to them--clamping down on energy price gouging. A Democratic chairman headed a bipartisan group of 78 members to introduce legislation Wednesday in the House of Representatives outlining punitive...

Western, Giant deal delayed again by FTC request.(Federal Trade Commission)(acquisitions of Western Refining Company L.P. and Giant Refining)
March 1, 2007... Western Refining said Wednesday the close of its purchase of Giant Industries was delayed again by a request from the Federal Trade Commission (FTC) for additional information. Giant said it and Western have agreed to provide more...

Crude futures stretch gains on supportive EIA data.(US Energy Information Administration)
March 1, 2007... Crude futures held their own despite turmoil in global equities markets Wednesday, stretching gains on the back of a bullish gasoline market and a largely supportive US weekly inventory report. Gasoline has been riding high because of a...

Daily oil & gas price review: prices for Wednesday, February 28, 2007.(Statistical table)
March 1, 2007... Crude Oil US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) +1.13 57.41 56.56 52.76 LLS (St. James) +1.33 64.21 63.20 59.26 ANS...

EIA weekly statistics: for week ended February 23, 2007.(Energy Information Administration)(Statistical table)
March 1, 2007... US Crude Oil: Stocks (1) (millions of bbl) Current Previous Week Week Chg. PADD 1 13.9 13.2 5.3% PADD 2 67.5 67.7 -0.3% Cushing, OK 22.1 23.0...

KMP to invest $100M to expand biofuels midstream capabilities.(Kinder Morgan Energy Partners L.P.)
March 1, 2007... With Wednesday's announcement of a $100 million investment, Kinder Morgan Energy Partners has jumped into the growing biodiesel market with a plan to expand terminal facilities in Houston, New Orleans and New York to accommodate the budding...

Alaska offers incentives to get gas pipeline moving.
March 1, 2007... Alaska Gov. Sarah Palin on Friday will formerly introduce her plan to get a long-awaited natural gas pipeline project off the ground. The Alaska Gas Line Inducement Act (AGIA) will set criteria that energy companies must meet in exchange...

Debate over auto fuel economy heats up in House.
March 1, 2007... The debate over improving US fuel economy standards stepped up a notch on Wednesday, as a House of Representatives subcommittee held a hearing on President George W. Bush's plan to conserve 8.5 billion gallons of gasoline in 10 years by...

Pemex posts profit for '06 despite fourth quarter output woes.(Petroleos Mexicanos)(Financial report)
March 1, 2007... Pemex, Mexico's state-owned oil and gas monopoly, said it registered its first full-year net profit in almost a decade on Tuesday, despite suffering a steep decline in production at its offshore Cantarell field during the fourth quarter. ...

Lease deals to net MMS additional $1.4B.(US Minerals Management Service)
March 1, 2007... The US Interior Department's Minerals Management Service (MMS) will collect about $1.4 billion more in future royalty payments as a result of agreements reached last year with six oil and gas companies, according to a letter MMS Director...

Regulators OK Imperial plan.(Top Briefs)(Imperial Oil Company Inc.)(Brief article)
March 1, 2007... Canadian regulators conditionally approved Imperial Oil's plans for the C$8 billion (US$6.8 billion) Kearl oil sands project on Tuesday while urging Alberta's government to keep social and environmental strains caused by the oil sands rush in...

Halliburton waits for Iraq deals.(Corporate News)(Brief article)
March 1, 2007... Halliburton, whose KBR unit is the largest private contractor in Iraq, said on Wednesday it expected the US Department of Defense would announce awards for new Iraq contracts in the second quarter, later than the company expected. The...

Cheniere posts bigger loss.(earnings of Cheniere Energy Inc.)(Financial report)(Brief article)
March 1, 2007... US LNG developer Cheniere Energy posted a net loss of $93.3 million in the fourth quarter of 2006, falling deeper in the red from 2005's fourth quarter when it posted a net loss of $18.5 million. The reason for the bigger loss is "related...

Aramco boosts reserves.(International)(Saudi Arabian Oil Co.)(Brief article)
March 1, 2007... State Saudi Aramco added 3.6 billion bbl of reserves in 2006, achieving reserves replacement of 106%, and beating its target for the year, the company reported on its website Wednesday. "On the reserves side, the company exceeded its target...

Hydro makes Barents Sea find.(International)(Norsk Hydro ASA)(Brief article)
March 1, 2007... Norway's Norsk Hydro has struck oil and gas at its wildcat well 7125/4-1, which it has called Nucula, in the Arctic Barents Sea, the company announced Wednesday. The Nucula prospect is 27 miles north of Nordkapp, Norway's North Cape, in...

Anadarko hits 'impasse'.(International)(disputes of Anadarko Petroleum Corp. and Sonatrach)(Brief article)
March 1, 2007... Anadarko Petroleum said on Wednesday it has reached an impasse with Algerian state oil firm Sonatrach in a dispute over whether the companies should renegotiate their production sharing contract. In its annual report filed with the US...

Energy tax panel created.(Legislation/Regulation)(Brief article)
March 1, 2007... The tax writing Senate Finance Committee on Wednesday announced the creation of a separate subcommittee for energy, elevating the importance of energy issues in the Democratic-controlled Congress. Sen. Jeff Bingaman (D-N.M.), who is the...

Dems seek climate views.(Legislation/Regulation)(Democratic party's John Dingell and Richard Boucher, climate change regulations)
March 1, 2007... Key House of Representatives Democratic chairmen on Wednesday began seeking the views of industry, labor and environmental groups before crafting legislation on climate change. In letters to these groups, Energy and Commerce Committee...

Boston LNG hearing forced.(Natural Gas)(Brief article)
March 1, 2007... Opponents of LNG projects near Boston, Massachusetts, have succeeded in convincing the state Environmental Protection Agency (EPA) to hold another public hearing to voice their concerns about the hazards of LNG. The hearing, set for Mar....

Ontario refinery restarts.(Refining)(Nanticoke refinery)(Brief article)
March 1, 2007... Imperial Oil's 118,000 b/d Nanticoke refinery has restarted crude oil processing at about half its normal rate and expects a full return to normal refinery operations, as planned, by mid-March, the company said on Wednesday. The refinery had...

DOE to invest in biorefineries.(Refining)(Department of Energy)(Brief article)
March 1, 2007... The US Department of Energy (DOE) said Wednesday it will invest $385 million in six biorefinery projects over the next four years. The projects selected include ones sponsored by companies such as Abengoa Bioenergy Corp., a division of...

Correction.(Refining)(Correction notice)
March 1, 2007... In the Feb. 28 edition of Oil Daily it was incorrectly reported that Marathon purchased an ethanol producer in 2006 (OD Feb.28,p2). Marathon formed a joint venture with The Andersons to build and operate one or more ethanol plants. The first...

Stock market scorecard.(Statistical table)
March 1, 2007... Close 1-Day % Chg. Int. Majors 2/28 Chg. % Chg. 10-Day 52-Wk YTD Marathon 90.72 +0.94 +1.05% -1.81% +25.63% -1.92% Norsk Hydro 30.94 +0.15 +0.49 -4.95...

US urges firms to weigh investment in Iraq.
March 2, 2007... The US is asking companies to take a look at investment opportunities in Iraq even though violence continues to ravage the country and a crucial draft petroleum law is still awaiting approval by the Iraqi parliament. "We are encouraging...

Growing doubts about alternative fuels plan.
March 2, 2007... There's growing skepticism in Congress over President Bush's plan to cut foreign oil imports by increasing domestic production of ethanol and other alternative fuels. Sen. Jeff Bingaman, chairman of the Senate Energy and Natural Resources...

Conoco weighs response to Venezuela's heavy crude nationalization.(ConocoPhillips)
March 2, 2007... ConocoPhillips said on Thursday it has not yet determined how to respond to the nationalization of its Venezuelan heavy crude projects as it has not had the opportunity to discuss the matter with the Venezuelan energy ministry or state oil...

Crude futures soar to 10-week high on bullish gasoline market.(Brief article)
March 2, 2007... Crude futures soared to a 10-week high on Thursday as a result of tight gasoline fundamentals and geopolitical concerns. Analysts said the crude market remains resilient because US gasoline inventories have fallen tremendously while demand...

Daily oil & gas price review: prices for Thursday, March 1, 2007.(Statistical table)
March 2, 2007... Crude Oil US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) +0.24 57.65 56.98 53.91 LLS (St. James) +0.39 64.60 63.67 60.41 ANS...

Bolivia gas contracts still waiting for approval by congress.
March 2, 2007... More than 40 natural gas contracts that the government of Bolivia signed with private companies last October have not yet been ratified by Congress due to political bickering and flaws in the language of the new agreements. President Evo...

Chevron executive and Goldman Sachs analyst bullish on renewables.(Arjun Murti and Dana Flanders on alternative fuels)
March 2, 2007... Two major players in the oil markets are bullish on the potential for renewables to become part of the future supply equation and help meet burgeoning growth in demand for energy. At a conference in Washington on Thursday, speakers from...

Petrobras pension plan approved.(Petroleo Brasileiro S.A.)(Brief article)
March 2, 2007... Petrobras has confirmed that more than the required two-thirds of its workers have approved changes in the company's main pension scheme to tackle a growing deficit in funding for the scheme. The Petros pension plan has a deficit of around...

Talisman earnings rise on asset sales, despite lower output.(Talisman Energy Inc.)
March 2, 2007... Talisman's fourth-quarter earnings rose 12% despite a drop in oil and gas volumes as the Canadian producer recorded a hefty gain from asset sales. Net income rose to C$598 million (US$515 million), or C55 cents/share, from C$533 million, or C48...

Chinese stock market meltdown sends oil stocks lower in February.
March 2, 2007... Oil equities were not immune to the massive Feb. 27 sell-off that was sparked by the Chinese stock market meltdown. After climbing during the second part of the month, oil stocks gave up those gains and more on Tuesday following the big...

UK gasoline scare.(International)(Brief article)
March 2, 2007... UK trading standards officials have launched an investigation following complaints from motorists that they have been sold contaminated gasoline. The gasoline was sold in a wide geographic area, covering London and parts of east and southeast...

Partners raise Iraq field output.(International)(Genel Enerji and Addax Petroleum)(Brief article)(Statistical data)
March 2, 2007... Turkey's Genel Enerji and Canada-listed partner Addax Petroleum announced Thursday that appraisal well TT-05, in the Taq Taq field in the Kurdistan region of northern Iraq, flowed at an aggregate rate of 26,500 b/d. The latest test results...

BP, Gazprom discuss LNG venture.(International)(OAO Gazprom)(Brief article)
March 2, 2007... Russia's Gazprom and UK supermajor BP discussed setting up an international LNG joint venture at a meeting between the heads of the two companies in Moscow on Thursday. "The discussion was about the possibility of creating a joint venture...

Technip wins Petrobras contract.(Latin America)
March 2, 2007... French engineering company Technip has been awarded a contract worth approximately $150 million by Petrobras for the development of the Roncador field, located off the Brazilian coast. The Roncador P-54 project consists of eleven production...

Pemex ups Ku-Maloob-Zaap output.(Latin America)(Petroleos Mexicanos)(Brief article)(Statistical data)
March 2, 2007... Mexico's Pemex said production at the Ku-Maloob-Zaap complex of oil fields has exceeded 496,000 b/d in recent days. By the end of 2008, Pemex says the complex should produce nearly 800,000 b/d. The field is important because its output is...

China eyes Ecuador and Bolivia.(Latin America)(energy policy)(Brief article)
March 2, 2007... China has added two Latin American nations, Ecuador and Bolivia, to the list of countries it wants Chinese energy companies to invest in. The list, issued on Thursday by China's National Development and Reform Commission, underscores the...

Petrobras ups stakes in fields.(Latin America)
March 2, 2007... Petrobras Energia said on Thursday it increased its ownership stakes in two Argentinian natural gas fields by acquiring stakes in the fields from US company ConocoPhillips for $77.6 million. Petrobras Energia bought ConocoPhillips' 25.67%...

Democrats introduce energy bill.(Legislation/Regulation)(Brief article)
March 2, 2007... House of Representatives Majority Leader Steny H. Hoyer (D-Md.) on Thursday introduced legislation that seeks to promote increased vehicle fuel efficiency and encourage the development of biofuels infrastructure. The legislation--Progress...

Northstar out through next week.(Oil & Gas Markets)(BP Exploration (Alaska) Inc.)(Brief article)
March 2, 2007... Oil major BP said Wednesday it may take until the end of next week to replace corroded pipe at its Northstar oil field, which has been shut since Feb. 17. BP shut the 47,000 b/d field, located in the Beaufort Sea off the northern coast of...

Chevron to sell refinery stake.(Refining)(Chevron Corp.)(Brief article)
March 2, 2007... Chevron, the second-largest US oil company, said it has authorized the sale of its 31% stake in the Nerefco refinery in the Netherlands. In its annual report filed with the US Securities and Exchange Commission on Wednesday, the company...

EIA gas storage report.(United States. Energy Information Administration)(Brief article)
March 2, 2007... Gas in Storage Falls 132 Bcf Stocks of working natural gas in US storage facilities fell 132 Bcf for the week ending Feb. 23, leaving storage levels at 1,733 Bcf, according to the Energy Information Administration (EIA). Gas stocks are...

Stock market scorecard.(Statistical table)
March 2, 2007... Integrated Close 1-Day % Chg. Majors 3/1 Chg. % Chg. 10-Day 52-Wk YTD Statoil 25.84 +0.28 +1.10% -2.38% +0.54% -1.82% Shell-A 65.70 +0.69 +1.06 -1.72 +7.86 -7.19...

Talks fail to resolve Anadarko royalty dispute.(Anadarko Petroleum and the Interior Department's dispute over royalty program)
March 5, 2007... Mediation between Anadarko Petroleum and the Interior Department has failed to resolve a dispute over the government's royalty relief program, an attorney for Anadarko said Friday. Anadarko and the government have until May 24 to file...

Market braces for looming ethanol glut.
March 5, 2007... Because of the recent rapid increase in ethanol production and expectations for more to come online in the coming years, the industry is facing the likelihood of a glut. Only if demand substantially exceeds ethanol volumes mandated by the...

Plan to expand SPR unlikely to spur higher tanker rates.(Strategic Petroleum Reserves )
March 5, 2007... Tanker owners are hoping that a plan by the US to top off and expand its Strategic Petroleum Reserves (SPR) will boost tanker rates, but analysts warn that the fill rate may be too small to make such an impact. The US Energy Department has...

Strong demand moves Nymex gasoline into backwardation.(New York Mercantile Exchange)
March 5, 2007... Gasoline established itself as the mover and shaker of the energy futures market last week, and ongoing strong US demand and tightening supply forced the gasoline futures contracts on the New York Mercantile Exchange (Nymex) into backwardation,...

Daily oil & gas price review: prices for Friday, March 2, 2007.(Statistical table)
March 5, 2007... Crude Oil US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) -0.68 56.97 57.14 53.42 LLS (St. James) -0.73 63.87 63.91 59.62 ANS...

Weather, Mad Dog shut ins help spur stronger spot crude market in US.
March 5, 2007... Refiners' transition from producing winter fuels to transportation fuels has given boost to the US spot crude market. At the same time, another transition is taking place with various crude grades finding new markets. Over the past week,...

Baker Hughes drilling report.(Brief article)
March 5, 2007... US Rig Count Falls by Two The number of drilling rigs searching for oil and gas in the US fell by two to 1,752 last week, Baker Hughes said Friday. During the same week last year, there were 1,531 rigs at work. The number of rigs...

Shoulder-month fundamentals start weighing on gas futures.
March 5, 2007... Bearish weather and technical indicators set the tone for the April natural gas futures contract on the New York Mercantile Exchange (Nymex) last week, as prices slid steadily every day without a single rebound. For this week, indicators...

Senate panel questions president's SPR expansion plan.(George Bush's Strategic Petroleum Reserve plans)
March 5, 2007... In a sign that President Bush's plan to expand the Strategic Petroleum Reserve (SPR) to 1.5 billion barrels will likely face difficulties in Congress, a key Senate panel on Friday said it would endorse the expansion plan only after weighing its...

Halliburton begins KBR exchange.(Corporate News)(Brief article)
March 5, 2007... Oilfield services company Halliburton said on Friday it had begun an offer to its shareholders to exchange their shares for those of its engineering and construction unit KBR. The exchange offer will expire on Mar. 29 unless extended or...

Northstar hurts Alaska output.(Exploration & Production)(Brief article)
March 5, 2007... Alaskan crude production fell to 791,200 b/d in February, down 19,000 b/d from January, according to data from the state's Tax Division. The entire monthly decline in February was attributable to BP's Northstar field in the Beaufort Sea where...

Kufpec set for Q2 IPO.(International)
March 5, 2007... The head of Kuwait Foreign Petroleum Exploration Co. (Kufpec), a unit of Kuwait Petroleum, said on Friday the company is meeting growth targets and has high hopes for a successful initial public offering in the second quarter. "We need to...

Silicon found in UK mogas.(International)(Brief article)
March 5, 2007... Trading standards officials said on Friday they had found traces of silicon during tests on petrol which thousands of British motorists say damaged their vehicles. Motorists across the UK have said their vehicles broke down or suffered...

Pemex sets deepwater goal.(Latin America)(Petroleos Mexicanos enters deal with Petroleo Brasileiro S.A.)(Brief article)
March 5, 2007... Mexican state oil monopoly Pemex has widened a deal with Brazil's Petrobras, accelerating Mexico's drive toward deepwater oil extraction, President Felipe Calderon said on Friday. Visiting a new oil platform at the Ku-Maloob-Zaap shallow...

Venezuela cuts Boscan output.(Latin America)(Brief article)
March 5, 2007... Venezuela cut 40,000 b/d of oil production in February at the Boscan field in order to comply with Opec cuts, a local newspaper quoted a state oil company official as saying on Friday. PDV Director Eulogio del Pino told the El Universal...

Lula pushes ethanol stocks.(Latin America)(Luiz Inacio Lula da Silva)(Brief article)
March 5, 2007... Brazil President Luiz Inacio Lula da Silva suggested state-run oil firm Petrobras should build up ethanol inventories, the Valor newspaper said Friday. Inventories for sugarcane-based ethanol should guarantee supply and stabilize prices...

Peru production falls.(Latin America)(Brief article)
March 5, 2007... Peru produced an average of 114,220 b/d of oil and hydrocarbon liquids in February, 4.6% lower than in the same month a year earlier, state agency Perupetro said Friday. February's production totaled 3,198,153 bbl. The decline was due to...

Chavez vies for gas cartel.(Latin America)(Hugo Chavez )(Brief article)
March 5, 2007... Venezuela President Hugo Chavez has asked neighboring governments to jointly create an organization of natural gas-producing countries, as another step to counter US influence in the region. "I proposed to (Argentine President Nestor)...

Trinidad, Jamaica tensions rise.(Latin America)(Brief article)
March 5, 2007... Tensions are rising between Trinidad and Tobago and Jamaica after the former reneged on an agreement to supply its Caribbean neighbor with LNG late last month. Jamaican Prime Minister Portia Simpson Miller last week sent a strongly worded...

Petrobras adds new fields.(Latin America)(ConocoPhillips)(Brief article)
March 5, 2007... Petrobras announced Friday a discovery in the BC-60 block, located in the Caxareu Field in the northern Campos Basin, with initial tests indicating potential production could reach 10,000 b/d, with an estimated 570 million bbl of oil in place....

Carbon storage bills offered.(Legislation/Regulation)(Brief article)
March 5, 2007... Identical bills were introduced in the Senate and the House of Representatives last week to promote technologies to capture and store carbon dioxide emissions from burning of fossil fuels like oil and coal. The National Carbon Dioxide...

EPA proposes engine rules.(Legislation/Regulation)(Environmental Protection Agency)(Brief article)
March 5, 2007... The Environmental Protection Agency (EPA) on Friday proposed new rules for train and marine vessel diesel engines to cut harmful emissions. The proposed new emission standards for trains and marine diesel engines would phase in starting in...

Big oil joins EPA program.(Legislation/Regulation)(Environmental Protection Agency's voluntary Sector Strategies Program)(Brief article)
March 5, 2007... The oil and gas exploration and refining industry has joined the Environmental Protection Agency's (EPA) voluntary Sector Strategies Program (SSP) that fosters collaboration among business, government, and non-government organizations. The...

Rules set for Oregon LNG.(Natural Gas)(safety regulations for Bradwood Landing LNG project)(Brief article)
March 5, 2007... The US Coast Guard has laid out some safety rules for the Bradwood Landing LNG project in Bradwood, Oregon, which is still involved in both federal and local reviews. In a report released on Thursday, the Coast Guard said LNG vessels...

Speculators boost net longs.(Oil & Gas Markets)(Brief article)
March 5, 2007... Crude oil speculators on the New York Mercantile Exchange boosted net long positions to their highest in more than five months in the week ended Feb. 27, in a bet prices would rise, the Commodity Futures Trading Commission said Friday. ...

Chevron nominates Sharer.(Personnel)(Kevin W. Sharer)(Brief article)
March 5, 2007... Chevron announced Friday that Kevin W. Sharer has been nominated for election to Chevron's board of directors. Sharer, 59, is currently CEO and president of Amgen, a biotechnology company. Sharer will be part of the slate of board nominees...

Canadian gas storage.(Statistical table)(Brief article)
March 5, 2007... The amount of natural gas in Canadian storage facilities fell 24.8 Bcf to 213.7 Bcf for the week ending Feb. 23. Storage caverns were 44.7% full, compared to 49.9% the previous week and 50.9% a year ago, according to Enerdata. (Bcf) ...

Stock market scorecard.(Statistical table)
March 5, 2007... Integrated Close 1-Day % Chg. Majors 3/2 Chg. % Chg. 10-Day 52-Wk YTD Norsk Hydro 30.48 -0.24 -0.78% -6.01% +30.54% -0.62% Eni 60.43 -0.57 -0.93 -6.46 ...

Under pressure, majors cut deals with PDV.
March 6, 2007... Exxon Mobil will cede to Venezuela's state-owned oil company Petroleos de Venezuela (PDV) operational control of its heavy crude project in that country's Orinoco river basin by May 1, but it remains unclear if the US super-major will accept...

Government policy to shape energy makeup.
March 6, 2007... The market share of various forms of energy over the next few decades will depend to a great degree on the amount of government intervention through policy changes and the extent of integration and cooperation between energy suppliers and...

Murkowski crafts legislation to turn ANWR into SPR.(Lisa Murkowski plans to make Arctic National Wildlife Refuge a part of national Strategic Petroleum Reserve)
March 6, 2007... Sen. Lisa Murkowski (R-Alaska) is working on legislation that would make the 1.5 million acre coastal plain of the Arctic National Wildlife Refuge (ANWR) part of the national Strategic Petroleum Reserve. The proposal would authorize the...

Crude futures fall on concerns about global economy.(Brief article)
March 6, 2007... Crude futures fell about $1.50 on Monday on profit-taking prompted by concerns about future demand for petroleum products in the event of economic slowdown. But most analysts characterized the drop as a minor correction, adding that...

Daily oil & gas price review: prices for Monday, March 5, 2007.(Statistical table)
March 6, 2007... Curde Oil US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) -1.29 55.68 56.80 55.26 LLS (St. James) -1.29 62.58 63.63 61.46 ANS...

BP takes 100% of Nerefco refinery, buys out Chevron for $900 million.(mergers and acquisitions)(British Petroleum Company PLC)
March 6, 2007... BP is buying Chevron's 31% stake in the 400,000 barrel per day Nerefco refinery in Rotterdam for $900 million, the UK super-major announced Monday. The deal represents BP's first purchase of European refining capacity in nearly six years. ...

Heating degree days: for the week of Mar. 3, 2007.(Statistical table)
March 6, 2007... Week Dev Cum Dev From From From Week From Year Cum From Norm Year State/City (PADD) Total Norm Ago Total...

Exxon transfers stake in Angola LNG project to Sonangol.
March 6, 2007... Exxon Mobil has sold its stake in the Angola LNG project, transferring its minority shareholding to state-run Sonangol. "We have been aware for some time that Sonangol has been interested in increasing their participating interest in the...

US oil consumption surges while demand elsewhere slumps.
March 6, 2007... Global oil demand increased by 1.7% in February versus last year, preliminary data show, but stripped of an explosive 1.2 million barrels per day rise in the US, the rest of the world is left with a growth of just 250,000 b/d, or a paltry 0.3%....

Biodiesel power plant starts.(Environment)(Biofuels Corp.)(Brief article)
March 6, 2007... The first power plant in the US run entirely on biodiesel has gone online and is selling electricity into the ERCOT Power Grid. The 5 MW-plant, located in Oak Ridge North, Texas, is being operated by Biofuels Corp. The Oak Ridge North...