The Oil Daily articles from March 2008

The Oil Daily archives from March 2008

Renewable energy expands at rapid pace.
March 3, 2008... The renewable energy industry is stepping up its infiltration of the mainstream energy sector, with worldwide investment in renewables reaching an estimated $71 billion in 2007. A new study prepared by the Renewable Energy Network for the...

Pipeline damage halts Ecuador oil exports.
March 3, 2008... Ecuador was forced to declare force majeure on oil exports after landslides ruptured one of its main export pipelines and a second smaller line on Thursday. If repairs to the Transecuadorian Pipeline (SOTE) and the Shushufindi line go as...

Pemex posts quarterly loss, plans to raise upstream budget.(Petroleos Mexicanos)(Financial report)
March 3, 2008... Mexico's state oil company Pemex posted a fourth quarter net loss of 30 billion pesos ($2.8 billion), Corporate Finance Director Esteban Levin Balcells said during a conference call Friday. Thanks to higher crude prices, pre-tax profits...

Investment funds pour into commodities, driving up oil prices.(Petroleos del Ecuador)
March 3, 2008... Although an influx of investment fund money has been blamed for oil prices soaring above $100 per barrel, a rash of supply issues have also been behind crude's extraordinary strength. Petroecuador's pipeline that feeds oil from the Amazon...

Daily oil & gas price review.(Statistical table)
March 3, 2008... Daily Oil & Gas Price Review Prices for Friday, February 29, 2008 US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) -0.86 97.93 96.60 83.48 LLS (St. James)...

US spot crude grades keep up the pace as futures race to new triple-digit highs.
March 3, 2008... Cash crude differentials were able to keep pace with record-high futures prices last week as refinery margins improved and refineries came out of maintenance and kicked up demand, at least for some US sour grades. Spare barrels of Iraq's Basra...

Baker Hughes drilling report.(Statistical data)
March 3, 2008... Rig Count Falls by Eight The number of drilling rigs searching for oil and gas in the US fell by eight last week to 1,763, Baker Hughes said Friday. During the same week last year, there were 1,752 rigs at work. The number of rigs...

Herold: global E&P spending expected to rise 10% this year.(exploration and production)(John S. Herold)
March 3, 2008... Global exploration and production (E&P) spending is expected to grow by about 10% in 2008 versus 2007, a fairly small increase which will make it difficult to sustain drilling rates and replace reserves, given an assumption of 10% inflation in...

Southwestern raises guidance as shale success boosts profits.(Southwestern Energy Co.)
March 3, 2008... Southwestern Energy's ongoing success in a big Arkansas gas play has prompted the company to raise its production target for the first quarter of this year. Southwestern now expects first-quarter production of 385 million to 395 million...

Hedge funds and speculators in hotseat as NatGas prices surge.
March 3, 2008... If this were August, you might think Nymex natural gas futures were in the grips of a hurricane-induced price surge. But it's late-winter, and while it's still cold in the major eastern markets, even the most ardent market bulls are having a...

Alaska prepares to take BP to court over 2006 Prudhoe Bay spill.
March 3, 2008... The state of Alaska is preparing to take oil giant BP to court to recover taxes and royalties lost during the partial shutdown North America's largest oil field. State officials say BP owes it several hundred million dollars for the...

Chevron joins biofuels venture.(Alternatives)(Weyerhaeuser Co.)(Brief article)
March 3, 2008... Chevron and forest products maker Weyerhaeuser Co. on Friday announced the launch of a joint venture to develop renewable fuels from nonfood sources like wood. The 50-50 joint venture, Catchlight Energy LLC, will research and develop...

EPA denies emissions waiver.(Environment)(Environmental Protection Agency)(Brief article)
March 3, 2008... Environmentalists scorned a final decision from the Environmental Protection Agency (EPA) on Friday that rejected California's request to regulate greenhouse gas emissions from vehicles. The decision, a controversial ruling made by EPA...

Iraq nears deals with majors.(Brief article)
March 3, 2008... Iraq is close to finishing negotiations with major international oil companies for technical support contracts that will hopefully be signed in March, Oil Minister Hussain al-Shahristani said on Friday. Shahristani said that those companies...

Stock market scorecard.(International)(Statistical table)
March 3, 2008... Stock Market Scorecard Integrated Close 1-Day % Chg. Majors 2/29 Chg. % Chg. 10-Day 52-Wk YTD Marathon 53.16 -0.99 -1.83% +4.81% +18.42% -12.65% BP ...

Eni to invest in Venezuela.(Latin America)(Petroleos de Venezuela S.A.)(Brief article)
March 3, 2008... Petroleos de Venezuela (PDV) and Italian oil company Eni will invest $10 billion in an Orinoco belt heavy oil project, Italy's Foreign Minister Massimo D'Alema said Friday. D'Alema and Eni Chief Executive Paolo Scaroni are visiting...

PDV fights on in UK court.(Latin America)(Petroleos de Venezuela S.A.)(Brief article)
March 3, 2008... State-owned Petroleos de Venezuela (PDV) told a UK high court Friday it should overturn a $12 billion freeze on its assets granted to Exxon Mobil because the US supermajor's move was "premature" and represented an "absurdly" inflated amount...

Russian products bourse starts.(Oil & Gas Markets)(Brief article)
March 3, 2008... The St. Petersburg bourse has begun limited domestic physical trading of oil products as the Ministry of Economic Development and Trade inches toward its goal of creating ruble-based exchanges for Russian oil and gas sales. But oil firms have...

Valero board OKs expansion.(Refining)(Valero Energy Corp.)(Brief article)
March 3, 2008... Valero Energy said on Thursday its board of directors has authorized a new share repurchase program of $3 billion in 2008 and approved a $2.4 billion expansion of its Port Arthur, Texas oil refinery. The expansion of the refinery will...

Valero FCC shut for repairs.(Refining)(Valero Energy Corp. fluid catalytic cracking shut for repairs.)(Brief article)
March 3, 2008... Valero Energy said the gasoline-producing fluid catalytic cracking (FCC) unit at its 170,000 b/d San Francisco Bay-area refinery in Benicia, California, was shut on Thursday morning for unplanned repairs. The 72,000 b/d FCC was expected to...

Opec might decide to quietly tighten taps.(Organization of the Petroleum Exporting Countries)
March 4, 2008... Opec oil ministers meeting in Vienna on Wednesday are expected to keep formal production levels unchanged because cutting oil output with prices at $100 per barrel would be a public relations disaster for the producer group. Informally,...

Iraqi oil sales pick up a little in February.
March 4, 2008... Iraqi oil sales in February were a tad higher than in January and came in at 1.89 million barrels per day, Oil Daily calculates on the basis of shipping data. Exports from the southern Basrah Oil Terminal jumped some 50,000 b/d to around...

Big jump in crude prices lifts oil company shares in February.
March 4, 2008... Coming off a disappointing January, oil equities rebounded in February on the back of a big jump in crude prices. The IPF Index, which is compiled by Oil Daily sister publication International Petroleum Finance, rose 2.2% in February. Oil...

Repeating familiar pattern, crude soars as dollar hits new lows.(Brief article)
March 4, 2008... Nymex crude futures touched new highs on Monday before settling back to close above $100 for the third session in a row. Nymex light, sweet crude for April delivery gained 61 cents to end the day at $102.45 per barrel after hitting a new...

Daily oil & gas price review.(Statistical table)
March 4, 2008... Daily Oil & Gas Price Review Prices for Monday, March 3, 2008 US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) +0.68 98.61 97.53 84.63 LLS (St. James)...

Global players take a fresh look at Asia as oil prices soar.
March 4, 2008... It may not hold as many "big cats" as Africa, but Southeast Asia has reemerged as a hunting ground for global players eager to make good returns on what, in a $100 per barrel price environment, is relatively low-cost oil. South African...

Heating degree days.(Statistical table)
March 4, 2008... Heating Degree Days For the week of Mar. 1, 2008 -Week Dev- -- Cum Dev - From From From Week From Year Cum From...

BP to sell retail outlets.(Brief article)
March 4, 2008... BP said Monday it has put 146 retail sites throughout the Columbus, Cleveland and Pittsburgh metropolitan areas up for sale. Most of the sites will be sold to franchisees and some will also be sold to dealers and large distributors. ...

Plains Exploration & Production expands with $335 million South Texas acquisition.(Plains Exploration and Production Co.)
March 4, 2008... Plains Exploration & Production has acquired 34,509 net acres of oil and natural gas properties in South Texas from a private company in a deal valued at $335 million. The Houston-based independent said it was able to pick up the South...

Libya cancels sale of Tamoil to US firm.
March 4, 2008... The head of the state-owned Libyan Investment Authority (LIA), Mohamed Layas, on Monday told Reuters that there was "no deal" for US private equity firm Colony Capital to purchase Libya's state-owned European refiner, Tamoil. The Libyan...

Gazprom reduces Ukraine gas flows as debt dispute escalates.
March 4, 2008... Gazprom cut natural gas supplies to Ukraine by at least 25% on Monday after talks with Kiev on debt repayment failed to make headway--but the Russian gas giant reassured European consumers that their deliveries would not be affected. ...

Fuel subsidy call rejected.(International)(Brief article)
March 4, 2008... A Malaysian minister has responded angrily to calls from opposition parties to plunder state Petronas for funds to subsidize soaring retail fuel prices, saying the money would be better spent finding more oil and gas. Fuel subsidies have...

Russian output drops.(International)(Brief article)
March 4, 2008... Russian crude and condensate production continued to decline in February, dropping to 9.787 million b/d (38.719 million metric tons), or 0.9% lower than a year ago, according to preliminary Industry and Energy Ministry data issued Monday. It...

Shell lifts force majeure.(International)(Royal Dutch-Shell PLC)(Brief article)
March 4, 2008... Royal Dutch Shell said Monday it has lifted a force majeure declaration that has curtailed exports of Nigerian Bonny Light and Forcados crude. In January, the Anglo-Dutch oil major declared force majeure on Forcados exports due to pipeline...

NAM to sell North Sea fields.(International)(Nederlandse Aardolie Maatschappij)(Schlumberger)(Brief article)
March 4, 2008... Royal Dutch Shell and Exxon Mobil are fielding offers for seven producing natural gas fields in the Dutch sector of the North Sea, according to an energy acquisition tracking service. NAM--a 50-50 joint venture between Shell and Exxon--is...

Stock market scorecard.(International)(Statistical table)
March 4, 2008... Stock Market Scorecard Integrated Close 1-Day % Chg. Majors 3/3 Chg. % Chg. 10-Day 52-Wk YTD Marathon 53.81 +0.65 +1.22 +5.82 +19.87 -11.58 ConocoPhillips ...

Petroecuador repairs pipe.(Latin America)(Petroleos del Ecuador)(Brief article)
March 4, 2008... Petroecuador said Monday it had finished repairs to the Opec nation's 360,000 b/d Transecuadorian Pipeline (SOTE) and restarted pumping. "Its fixed and we have restarted pumping," said Petroecuador spokesman Miguel Vasquez. Ecuador...

Bolivia sets referendum date.(Latin America)(Brief article)
March 4, 2008... Surrounded by thousands of supporters, Bolivia's president on Friday signed a law setting May 4 as the date for a national referendum on a draft constitution that has triggered a deep political crisis. President Evo Morales signed the...

Exxon defends PDV freeze.(Latin America)(Petroleos de Venezuela S.A. v. Exxon Mobil Corp.)(Brief article)
March 4, 2008... Exxon Mobil Monday defended the $12 billion global asset freeze it won against Petroleos de Venezuela (PDV) in the English High Court last month, arguing that the court has a right to assist foreign arbitration proceedings to ensure that...

Latin American tensions mount.(Latin America)(Brief article)
March 4, 2008... Venezuela, Ecuador and Colombia have become entangled in a crisis that raised the specter of war after Venezuela and Ecuador deployed troops to the Colombian border. The crisis erupted after Colombia bombed and sent troops inside Ecuador...

Sonatrach, Statoil ink US deal.(Natural Gas)(StatoilHydro )(Brief article)
March 4, 2008... Algeria's state oil and gas company Sonatrach has signed an agreement with Norway's StatoilHydro for a long-term partnership at the Cove Point LNG receiving terminal on the US east coast. Under the deal, Sonatrach will receive access to 2...

Motiva divests shell stations.(Refining)(Lavigne Baker LLC. acquired Motiva Enterprises's shell stations)(Brief article)
March 4, 2008... Motiva Enterprises--a joint venture of Shell Oil and Saudi Aramco--said Monday it has sold 51 of its Shell-branded retail locations in the New Orleans area to Louisiana-based Lavigne Baker for an undisclosed price. The stations will...

Statoil expands footprint in Brazil, US Gulf.
March 5, 2008... Norway's StatoilHydro said on Tuesday it will pay $1.8 billion, plus an additional payment of up to $300 million, to acquire Anadarko Petroleum's 50% interest in the Peregrino project offshore Brazil and Anadarko's 25% stake in the Kaskida...

Khelil: pressure builds on Opec to cut output.(Organization of the Petroleum Exporting Countries)(Chakib Khelil)
March 5, 2008... With crude supplies exceeding demand and oil inventories rising, Opec would be wise to curb output sooner rather than later, in the eyes of Algerian Oil Minister and Opec President Chakib Khelil. Opec is facing a typical second-quarter drop...

Petrobras earnings hit by rising costs, dollar's weakness.(Petroleo Brasileiro S.A.)(Financial report)
March 5, 2008... Brazil's state-run energy firm Petrobras reported lower profits for the fourth quarter of 2007 and the whole year, due to a decline in oil production, higher operating costs and appreciation of Brazil's currency. Full-year net profits fell...

Crude settles below $100 mark as traders bail out of gasoline.(Brief article)
March 5, 2008... Oil futures fell below $100 in heavy trading on Tuesday as investors unwound long positions and booked profits ahead of Opec's meeting in Vienna and the release of US petroleum data that is expected to show another big increase in crude...

Daily oil & gas price review.(Statistical table)
March 5, 2008... Daily Oil & Gas Price Review Prices for Tuesday, March 4, 2008 US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) -2.61 96.00 97.35 82.99 LLS (St. James)...

BP boss says US must take lead in promoting renewable energy.
March 5, 2008... BP Chief Executive Tony Hayward urged the US Tuesday to take the lead in making increased use of renewable energy to help combat global climate change and reduce dependence on carbon-emitting fossil fuels. Because the US is the world's largest...

South Korea slashes oil taxes to ease heavy burden on consumers.
March 5, 2008... New South Korean President Lee Myungbak has slashed taxes on gasoline and gas oil by 10% at his first cabinet meeting since being inaugurated on Feb. 25. Designed to ease the burden of high oil prices on consumers, the lower taxes will take...

Iraq to negotiate technical support contracts with majors.
March 5, 2008... The Iraqi cabinet has given the oil ministry the go-ahead to negotiate technical support contracts to develop five producing fields with five of the world's top oil firms, Iraqi sources told Oil Daily Tuesday. The companies--BP, Chevron...

EIA points to investment flows as key driver of high oil prices.(United States. Energy Information Administration)
March 5, 2008... The head of the US Energy Information Administration (EIA) weighed in on the topic of high oil prices Tuesday, saying that investors in oil futures are a key factor behind recent sky-high prices. EIA Administrator Guy Caruso said...

Aide to former Alaska governor pleads guilty to conspiracy.(Jim Clark)
March 5, 2008... A top aide to former Alaska governor Frank Murkowski pleaded guilty Tuesday in US District Court to a felony conspiracy charge in connection with a bribes-for-votes scandal involving North Slope oil players. Jim Clark was charged with...

London's Heathrow airport braces for summer jet supply crunch.(Heathrow Airport Ltd.)
March 5, 2008... Airlines and fuel suppliers are bracing themselves for another tough summer at London's Heathrow, Europe's biggest airport. The Open Skies Agreement means US carriers will begin new long-haul flights from Heathrow later this month, but key...

Canada ethanol plant on track.(Alternatives)(Enerkem)(Brief article)
March 5, 2008... Cellulosic biofuel producer Enerkem said Tuesday it is making progress on the construction of a commercial demonstration plant in Canada for the production of cellulosic ethanol. Enerkem said the Quebec-based plant will be one of the first...

Alaska crude output flat.(Exploration & Production)(Brief article)
March 5, 2008... Alaskan crude oil production did a bit better in February than in the previous month, averaging 743,785 b/d or less than 1,000 b/d above January, according to data released by the state's Department of Revenue Tax Division. Output was...

Brigham makes Bakken find.(Exploration & Production)(Brigham Exploration Co.)(Brief article)
March 5, 2008... Brigham Exploration, one of the largest landholders in the North Dakota Bakken oil play, said it has made a fourth discovery with a horizontal well in Mountrail County and has started drilling its fifth well (OD Jan.22,p1). The discovery...

Nasdaq warns Syntroleum.(Finance)(National Association of Securities Dealers Automated Quotation)(Brief article)
March 5, 2008... Synthetic fuels company Syntroleum Corp. said Tuesday it has received a letter from the Nasdaq stock exchange indicating that its shares could be delisted. Nasdaq said the company's $50 million worth of listed securities have closed below...

Total offers Russia technology.(International)(OAO Gazprom)(StatoilHydro)(Brief article)
March 5, 2008... Total Chief Executive Christophe de Margerie has said the French oil giant would consider handing over technology used to develop the first phase of Russia's massive Shtokman gas project to Russian gas giant Gazprom if Total were included in...

Indonesia hikes fuel prices.(International)(Brief article)
March 5, 2008... Indonesia's state oil company Pertamina has hiked prices of nonsubsidized and industrial fuels for March as the government's fuel subsidy bill continues to mount. Industry prices for gasoline in Java have risen by 5% to 7,748 rupiah/liter (85...

Sakhalin-2 seeks new lenders.(International)(Sakhalin Energy)(Brief article)
March 5, 2008... Sakhalin Energy--the Gazprom-led consortium in charge of the Sakhalin-2 development offshore Russia--has reportedly changed tack in its bid to finance the project's second phase. It is said to be seeking new lenders after abandoning attempts to...

Russia makes bigger gas cut.(International)(Brief article)
March 5, 2008... The crisis over Russian natural gas supplies to Ukraine deepened Tuesday, when state-owned Gazprom made further cuts to deliveries in a move that could potentially affect supplies to Europe, and warned that it could cut supplies even more. ...

UN tightens Iran sanctions.(International)(Brief article)
March 5, 2008... After weeks of haggling, the UN Security Council has approved a third round of sanctions designed to stop Iran acquiring nuclear weapons technology. The sanctions, which passed with a 140 majority Monday with Indonesia abstaining, tighten...

Australian output to fall.(International)(Brief article)
March 5, 2008... Australia's crude oil output is expected to fall 8% to 450,000 b/d in the year to June, according to a new report by the Australian Bureau of Agricultural and Resource Economics (Abare), a government think tank. The drop reflects technical...

Stock market scorecard.(International)(Statistical table)
March 5, 2008... Stock Market Scorecard Integrated Close 1-Day % Chg. Majors 3/4 Chg. % Chg. 10-Day 52-Wk YTD Eni 68.82 +0.01 +0.01% +3.74% +12.36% -4.98% Statoil ...

Ecuador lifts force majeure.(Latin America)(Petroleos del Ecuador)(Brief article)
March 5, 2008... Petroecuador lifted its force majeure on oil exports Tuesday, a day after the country's main pipeline was repaired and restarted pumping, a company spokesman said. Petroecuador declared force majeure on its Oriente crude exports on Friday...

BP compensation hits $2 billion.(Litigation)(Brief article)
March 5, 2008... BP's compensation bill for an explosion at its Texas City refinery in 2005 which killed 15 workers has passed $2 billion, a spokesman for the oil giant said on Tuesday (OD May18'05,p1). BP has paid out $1.6 billion already and has set aside...

Exxon explains why it stood up to Venezuela.(Petroleos de Venezuela S.A.)
March 6, 2008... Exxon Mobil has received praise--and some criticism--for fighting back after Venezuela decided to seize control of four heavy oil joint ventures in that country. Some oil industry executives have applauded Exxon's actions, but it has also been...

Bush: US leading on climate, renewables.(George W. Bush)
March 6, 2008... President George W. Bush on Wednesday took aim at critics, mainly from Europe, who say the United States is not providing sufficient leadership in advancing renewable energy technologies and dealing with climate change. In an emphatic...

Opec calls on Exxon and Venezuela to negotiate, not litigate.(Organization of the Petroleum Exporting Countries)(Exxon Mobil Corp.)(Petroleos de Venezuela S.A.)
March 6, 2008... In a balanced and carefully worded statement, Opec on Wednesday expressed support for founding member Venezuela in its ongoing legal dispute with supermajor Exxon Mobil over the nationalization of the Cerro Negro heavy crude project. Opec...

Unexpected stock draw catapults US crude futures $5 higher.
March 6, 2008... News of a surprise drop in US crude inventories following Opec's decision to leave production unchanged sent traders bidding up oil futures by $5 to new highs on Wednesday. A large and unexpected drop in US oil inventories set a bullish...

Daily oil & gas price review.(Statistical table)
March 6, 2008... Daily Oil & Gas Price Review Prices for Wednesday, March 5, 2008 US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) +4.30 100.30 98.33 82.53 LLS (St....

EIA weekly statistics.(Statistical table)
March 6, 2008... EIA Weekly Statistics For Week Ended February 29, 2008 US Crude Oil: Stocks (1) (millions of bbl) Current Previous Week Week Chg. PADD 1 14.6 15.2 -3.9% PADD 2 ...

State voices skepticism as Point Thomson hearing gets under way in Alaska.
March 6, 2008... The Alaska Department of Natural Resources (DNR) began an administrative hearing this week on whether to revoke the 45 leases underpinning the massive Point Thomson gas field. State Resources Commissioner Tom Irwin made it clear in his...

Royal Dutch Shell pursues natural gas production deal with Iraq.
March 6, 2008... Royal Dutch Shell has submitted a proposal to the Iraqi oil ministry to produce about 500 million cubic feet of gas per day from major southern oil fields where most associated gas is now flared, Iraqi and industry sources told Oil Daily this...

Indonesia plans LNG terminals in West Java and North Sumatra.(Perusahaan Gas Negara)(Liquefied petroleum gas)
March 6, 2008... Indonesian gas distributor Perusahaan Gas Negara (PGN) plans to build two new LNG receiving terminals with an initial combined capacity of 3 million tons per year in West Java and North Sumatra by 2011-12, according to a company official. ...

Tensions in Andean region could affect some energy projects.
March 6, 2008... An escalating conflict between Colombia, Venezuela and Ecuador will not impact the latter's oil production but will likely affect plans to extend a VenezuelaColombia pipeline to Ecuador, Oil Minister Galo Chiriboga said Tuesday. "We don't...

Qatar unveils plans to award four offshore blocks by year's end.(Qatar Petroleum Corp.)(Brief article)
March 6, 2008... Qatar plans to award four new offshore blocks by the end of 2008 and has already entered into discussions with several international companies, a Qatar Petroleum (QP) official told Oil Daily Wednesday. The official said Qatar is preparing...

Hearings set for wind farm.(Alternatives)
March 6, 2008... The US Minerals Management Service has set public hearings across Massachusetts to get public comment on the draft Environmental Impact Statement (EIS) for a proposed offshore wind farm that would be located in Nantucket Sound. If built,...

Shell seeks Orphan Basin ally.(Exploration & Production)(Brief article)
March 6, 2008... Royal Dutch Shell's Canadian unit is hunting for a partner willing to take a stake in an expensive exploration play off the coast of Newfoundland. Shell Canada Energy is looking for a company willing to farm into its 20% stake in the...

UK field slated for 2012 start.(International)(Marubeni UK PLC)(Talisman Energy UK)(Brief article)
March 6, 2008... UK North Sea explorers Talisman Energy and Marubeni have drilled a successful well to appraise the 2007 Cayley gas and condensate discovery in the Central North Sea, which is estimated to hold at least 35 million boe. In a statement...

Shell reaches refinery pay deal.(International)(Royal Dutch-Shell PLC)(Brief article)
March 6, 2008... Royal Dutch Shell said Wednesday it had reached a collective labor agreement with unions for the majority of staff at its Pernis refinery and Moerdijk chemicals processing complex in the Netherlands. There had been fears that workers might...

Costs rise for Natuna project.(International)(Brief article)
March 6, 2008... Indonesia's state oil firm Pertamina said Wednesday its huge Natuna-D-Alpha gas field will not start production until 2015 and will need investment of about $15 billion to produce 1 Bcf/d. "This field is complex. To produce one billion...

Russia-Ukraine gas crisis over.(International)(Naftogaz Ukrainy)(OAO Gazprom)(Brief article)
March 6, 2008... Russia and Ukraine Wednesday ended a two-day-old gas crisis that could have led to interruptions in European gas deliveries when they reached agreement on payment of Kiev's gas debt for this year (OD Mar.5,p8). According to a joint...

Ireland awards offshore licenses.(International)(Brief article)
March 6, 2008... Ireland on Wednesday awarded four offshore oil and gas exploration licenses to three groups, which included Exxon Mobil, in a bid to reduce the country's dependence on imported fuels. The licenses cover block areas totaling 4,963 sq km in the...