The Oil Daily articles from November 2008

The Oil Daily archives from November 2008

Chevron holds capex steady as income soars.(Financial report)
November 3, 2008... Chevron nearly doubled its earnings in the third quarter and looks set to hold capital spending on long-term projects steady next year, despite the more challenging business environment. The California-based major reported net income of...

Deal struck on way forward for Kashagan.(Agip KCO)
November 3, 2008... A long-running dispute over Kazakhstan's Kashagan oil field, the largest discovery worldwide in 40 years, was resolved Friday after an international consortium signed a final agreement on a "new way forward" for the project, Italian operator...

Global credit crunch could lead to project delays for Petrobras.(Petroleo Brasileiro S.A.)
November 3, 2008... Brazilian energy giant Petrobras will likely put some projects on hold as the global credit crunch forces the company to reconsider its investment plans and local companies providing oil services and equipment scramble for financing. High...

Oil jumps in late trading on product expiration short-covering.
November 3, 2008... Nymex crude futures looked set to close lower on Friday, but they staged a rally in late trading that was driven by a surge in product prices. Oil suffered its biggest monthly decline on record in October, but there were signs last week...

Daily oil & gas price review.(Statistical table)
November 3, 2008... Daily Oil & Gas Price Review Prices for Friday, October 31, 2008 US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) +1.82 63.43 60.91 90.57 LLS (St....

Despite bearish natural gas supply picture, some predict seasonal rally in November.
November 3, 2008... With natural gas coasting to a respectable refill north of 3,400 billion cubic feet, despite lingering Gulf of Mexico outages and the threat of demand losses as the economy slows, some research groups and analysts are pulling back on natural...

Rig count rises by 7.(Baker Hughes Drilling Report)(Statistical table)(Brief article)
November 3, 2008... The number of drilling rigs searching for oil and gas in the US rose by 7 last week to 1,971, Baker Hughes said. During the same week last year, there were 1,795 rigs at work. The number of rigs searching for oil in the US fell by 15 to...

Mixed fortunes for Apache and Chesapeake during latest quarter.(Chesapeake Energy Corp.)
November 3, 2008... Independent exploration and production companies Apache and Chesapeake reported mixed production results for the third quarter of 2008 but they both expect volume growth in 2009. Damage caused by hurricanes Gustav and Ike in the Gulf of...

Buoyed by high oil prices, Eni joins peers in beating forecasts.(Financial report)
November 3, 2008... Italy's Eni followed the industry trend Friday, reporting better-than-expected earnings in the third quarter as high oil and gas prices boosted profits. "Clean," or adjusted, net profit leaped 52.7% to 2.89 billion ($3.77 billion) on...

Southwestern's earnings surge.(Southwestern Energy Co.)(Financial report)(Brief article)
November 3, 2008... Southwestern Energy reported sharply higher production and earnings for the third quarter of 2008, driven by the rapid expansion of volumes in the Fayetteville Shale gas play in Arkansas. Southwestern's total production rose to 574 million...

Lukoil slashes investment as oil price falls, borrowing costs rise.
November 3, 2008... The board of top private Russian producer Lukoil has approved a significant cut in next year's investment budget. The cut is likely to be the first of many as oil companies adjust to lower oil prices and much higher borrowing costs. And...

Pertamina boss more worried about currency woes than banks.(Pertamina Humas P.T.)
November 3, 2008... As the world stares recession in the face and bank lending dries up, the head of Indonesian state Pertamina says he is more worried about a further depreciation of the Indonesian currency than with finding willing lenders. Indonesia's...

Firms weigh Bosnia exploration.(International)(Energoinvest)(Brief article)
November 3, 2008... Bosnia's largest engineering group, Energoinvest, says five international companies have expressed interest in oil and gas exploration in the Muslim-Croat section of the country. Firms that sent non-binding letters of intent include...

Gazprom works on asset swaps.(International)(ENI Corp.)(ENEL S.p.A.)(Brief article)
November 3, 2008... Gazprom has advanced plans for asset swaps with Eni and Enel after signing binding accords to develop two big Siberian fields that the Italian firms acquired from Yukos in 2007. The deals were signed in Rome last week ahead of Italian Prime...

Indonesia awards nine blocks.(International)(Brief article)
November 3, 2008... Indonesia's energy and mineral resources ministry awarded nine oil and gas exploration blocks on Friday. The offshore Semai V Block, west of Papua province, was awarded to a unit of US firm Hess, while Exxon Mobil won the Gunting Block in...

Japanese crude imports leap.(International)(Brief article)
November 3, 2008... Japan's imports of crude oil averaged 4.03 million b/d in September, up 13% from a year earlier, according to data released by the Ministry of Economy, Trade and Industry on Friday. Imports in September 2007 had been much lower than normal,...

Cameroon workers seized.(International)(Bourbon)(Brief article)
November 3, 2008... Heavily armed pirates in speedboats attacked an oil vessel off the coast of Cameroon and kidnapped 10 crew members, Norwegian shipping company Bourbon said Friday. The Bourbon Sagitta was loading crude onto a tanker in the Gulf of Guinea...

Mideast funds up bank stakes.(International)(Barclays Bank Ltd.)(Brief article)
November 3, 2008... UK-based Barclays Bank has bucked current trends, obtaining more cash from Mideast sovereign wealth funds (SWF) rather than take UK government money to help strengthen its stretched balance sheet. The bank, the UK's second-largest,...

Stock market scorecard.(NEWS ALERT)(Statistical table)
November 3, 2008... Stock market scorecard Integrated Majors Close 1-Day % Chg. 10/31 Chg. % Chg. 10-Day 52-Wk YTD Petro-Canada 24.96 +1.22 +5.14% +16.96% -55.89% -53.45% Hess ...

Petrobras, Cuba ink E&P pact.(Latin America)(Petroleo Brasileiro S.A.)(Brief article)
November 3, 2008... Brazil's state-owned oil company Petrobras signed an agreement on Friday to explore for oil offshore Cuba. Energy officials from the island have recently said that its waters may hold more than 20 billion barrels of oil. Brazilian...

Marathon slows Detroit project.(Refining)(Marathon Oil Corp.)(Brief article)
November 3, 2008... Marathon Oil said it will proceed more slowly with an upgrade project at its 100,000 b/d Detroit refinery as the company slashes capital spending next year. Chief Executive Clarence Cazalot also told analysts in an earnings conference call...

Kerkorian raises stake in Delta Petroleum.(Kirk Kerkorian)
November 3, 2008... Billionaire investor Kirk Kerkorian plans to raise his stake in Denver-based Delta Petroleum to 48.5% from around 35% at present. Kerkorian's Tracinda Corp. said Friday it will make a cash tender offer to buy an additional 14 million shares...

Oil shares fall but beat S&P 500 in October.(Statistical table)
November 4, 2008... October was a tumultuous month for Wall Street, as concern over the credit crunch and a looming global recession mounted. The energy industry retained its reputation as one of the market's more volatile sectors, but at the end of the day the...

Analysts: oil profits have probably peaked.
November 4, 2008... Analysts say the latest round of profits posted by Big Oil will probably be the biggest they will generate for years, as crude oil prices slide from the record highs reached over the summer and as the global economy continues to slow. Many...

Conoco postpones final decision on Abu Dhabi sour gas project.(ConocoPhillips)
November 4, 2008... ConocoPhillips is moving ahead with its Shah sour gas project in Abu Dhabi, but concerns about falling oil prices and high costs mean it will postpone a final investment decision until mid-2009, a top Conoco official told Oil Daily Monday. ...

Crude falls as indicators point to further weakening of economy.(Brief article)
November 4, 2008... US crude oil futures closed lower on Monday as new data reinforced the bleak economic outlook and the dollar advanced against the euro. Volume was fairly thin a day ahead of voting in the US presidential election. The Institute of Supply...

Daily oil & gas price review.(Statistical table)
November 4, 2008... Daily Oil & Gas Price Review Prices for Monday, November 3, 2008 US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) -3.04 60.39 61.24 87.20 LLS (St. James)...

Shell inks agreement to explore deep gas formations in Abu Dhabi.(Royal Dutch-Shell PLC)(Abu Dhabi National Oil Co.)
November 4, 2008... Royal Dutch Shell made fresh inroads in Abu Dhabi Monday, signing an initial agreement to explore and develop gas in deep formations offshore, company executives tell Oil Daily. Shell and Abu Dhabi National Oil Co. (Adnoc) signed a...

Cooling degree days.(Statistical table)
November 4, 2008... Cooling Degree Days For the of November 1, 2008 Week Dev From Cum Dev State/City (PADD) Week From From Cum From From From Total Norm Year Total Norm Norm Year ...

Libya takes significant steps to strengthen ties with US, Russia.
November 4, 2008... Libya has taken significant steps over the last few days to strengthen ties with both the US and Russia. On Friday, Washington said it had received $1.5 billion from the international humanitarian fund to compensate Americans with...

Green groups blast plan for lease sale on federal lands in Utah.(United States. Bureau of Land Management)
November 4, 2008... The federal Bureau of Land Management is moving to open up ecologically sensitive wilderness areas in eastern Utah to oil and natural gas development before a new administration takes control of the White House. On Friday, the bureau...

Statoil lags expectations.(Earnings)(StatoilHydro)(Financial report)(Brief article)
November 4, 2008... StatoilHydro bucked the global trend Monday, falling short of expectations by reporting third-quarter net profits that were down 57% year-on-year at 6.3 billion Norwegian kroner ($938 million). The Norwegian oil and gas producer wa battered...

Verenex raises Libya estimate.(International)(Verenex Energy)(Brief article)
November 4, 2008... Verenex Energy said it has increased its mean estimate of gross contingent and risked mean prospective oil and gas resources for Area 47 in Libya by 36% to 2.15 billion barrels of oil equivalent. Calgary-based Verenex said the new estimate...

Nexus sells stake to Shell.(International)(Nexus Energy Ltd. sold its exploration block to Royal Dutch-Shell PLC)(Brief article)
November 4, 2008... Australian independent Nexus Energy said Monday it has sold to Royal Dutch Shell 15% of an exploration block the companies share off Western Australia. The deal raises to 65% Shell's share of the AC/P41 Block. Nexus and the Anglo-Dutch...

Stock marker scorecard.(NEWS ALART)(Statistical table)
November 4, 2008... Stock Marker Scorecard Integrated Majors Close 1-Day % Chg. 11/3 Chg. % Chg. 10-Day 52-Wk YTD Repsol YPF 19.31 +0.19 +0.99% -15.12% -50.40% -45.80% Exxon Mobil ...

Chevron sells Africa assets.(International)(Brief article)
November 4, 2008... US major Chevron said Monday it will sell marketing businesses in Kenya and Uganda that are currently owned by Chevron Africa Holdings to France's Total. The US major said the assets include 165 Caltex-branded service stations, one...

EU OKs Galp's Exxon deal.(International)(Galp Energia)(European Union)(Brief article)
November 4, 2008... The European Union has given Portugal's Galp the go-ahead to take over Exxon Mobil's retail and supply businesses in Spain and Portugal. The EU flagged competition concerns in Portugal, so Galp is divesting a marine terminal that serves as a...

Sasol and Petronas team up.(International)(Petroliam Nasional Bhd.)(Brief article)
November 4, 2008... South Africa's Sasol began exploration drilling in Blocks 16 and 19 off Mozambique in partnership with Malaysia's Petronas in early October. Sasol will act as operator of the joint venture, General Manager Lean Strauss said. Sasol will...

Iran offers oil fields.(International)(Iranian Central Oil Fields Co.)(Brief article)
November 4, 2008... Iran has offered 14 small oil and gas fields for development, the country's oil ministry said. Reuters reported that the offer was made on the ministry's Shana website on Saturday. "The tender announcement on the development of 14 small oil...

Gazprom spuds Venezuela wells.(International)(Brief article)
November 4, 2008... Gas drilling has started from a Russian platform in the Gulf of Venezuela under a 30-year license won by Russia's Gazprom to develop the Urumaco-1 and Urumaco-2 gas fields as part of the Rafael Urdaneta project. Venezuelan President Hugo...

Petrobras exports set record.(Latin America)(Petroleo Brasileiro S.A.)(Brief article)
November 4, 2008... Brazilian oil giant Petrobras said Monday it exported crude oil at a record rate of 574,000 b/d in October, with total exports for the month amounting to 17.8 million barrels. Almost two thirds of this oil was shipped to the US, followed by...

Rowan CEO McNease to retire.(Personnel)(retirement of Daniel McNease, chief executive officer from Rowan Companies Inc.)(Brief article)
November 4, 2008... Rowan said its chairman and chief executive Daniel McNease will retire at year-end after 34 years at the US contract drilling company. The departure of McNease, who is 57 and became chief executive in 2003, comes at a tough time for the...

Aramco gets new CEO.(Personnel)(appointment of Khalid al-Falih as chief executive officer in Saudi Arabian Oil Co.)(Brief article)
November 4, 2008... Khalid al-Falih will take over in January as president and chief executive of Saudi Arabia's national oil company, Saudi Aramco. The company said al-Falih, now executive vice president of operations, will succeed Abdallah Jumah, who will...

Petrobras to buy out partner.(Refining)(Petroleo Brasileiro S.A.)(Astra Oil)(Brief article)
November 4, 2008... Brazil's Petrobras said it is set to take over Astra Oil Trading's 50% stake in the Pasadena refinery which they jointly own in Texas, Petro-bras said on Friday. The two firms had disagreed about the pace of investments to expand the plant...

Obama win seen boosting green energy efforts.(Barack Obama)
November 6, 2008... The election of Barack Obama as the 44th US president, and the expanded Democratic majority in Congress, are likely to add momentum to efforts to curb greenhouse gas emissions, reduce the nation's dependency on foreign sources of oil and create...

Thaw in US-Russian relations looks unlikely.
November 6, 2008... The very day that much of the world was hailing Barack Obama as the next US president, Russian President Dmitry Medvedev used his first state-of-the-nation address to criticize Washington, accusing the US of causing the recent military conflict...

Pioneer hunkers down, plans to slash 2009 capex as much as 60%.(Pioneer Natural Resources Co.)
November 6, 2008... Pioneer Natural Resources has announced plans to cut its 2009 capital spending by 30% to 60% below 2008 spending levels. The company intends to wait out the perfect storm of inflated capital costs and depressed commodities prices that is...

Oil prices retreat on uninspiring inventory data, stronger dollar.
November 6, 2008... Oil surrendered most of the big gains made during Tuesday's election-day rally, falling on Wednesday in response to uninspiring US inventory data and a firmer dollar at the start of the day. The December Nymex light, sweet crude contract...

Daily oil & gas price review.(Statistical table)
November 6, 2008... Daily Oil & Gas Price Review Prices for Wednesday, November 5, 2008 US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) -3.38 60.05 61.78 86.22 LLS (St....

EIA weekly statistics for week ended.(Statistical table)
November 6, 2008... EIA Weekly Statistics For Week Ended October 31, 2008 US Crude Oil: Stocks (1) (millions of bbl) Current Week Previous Week Chg. PADD 1 13.4 13.1 2.3% PADD 2 64.3 ...

XTO expects 2009 to be record year despite market turmoil.(XTO Energy Inc.)(Financial report)
November 6, 2008... XTO Energy said it posted a 26% increase in third-quarter net income due to record production volumes and higher oil and gas prices. Net income totaled $521 million (94 cents/share), up from $412 million (84 cents/share) in the third...

Devon halts share buyback program to go shopping for assets.(Devon Energy Corp.)(Financial report)
November 6, 2008... Devon Energy has put its share buyback program on hold, with a view to taking advantage of the current financial crisis to acquire "high-quality assets at low prices," Chief Executive Larry Nichols said on Wednesday. Nichols told analysts...

High oil prices push up Total's earnings, despite dip in output.(Financial report)
November 6, 2008... French oil major Total delivered a solid set of third-quarter results Wednesday, with net profits, excluding one-off items, jumping 35% to [euro]4.07 billion ($5.18 billion) on the back of higher oil and gas prices. But production dropped more...

As global demand for oil contracts, non-Opec supply expands.(Organization of the Petroleum Exporting Countries)
November 6, 2008... Against the backdrop of the global economic downturn, oil demand continues to take big hits, falling for three straight months. But non-Opec supply growth is now becoming a factor as well with a substantial increase in October compounding...

Oil price volatility bedevils efforts to calculate freight rates.
November 6, 2008... Oil price volatility has been undermining trading in tanker futures for the next 12 months, with unprecedented increases in the price of bunker fuel expected to trigger big adjustments in Worldscale tanker shipping rates. Traders looking to fix...

Alberta government takes long-term view on oil sands development.(dialogue with Iris Evans)(Interview)
November 6, 2008... With Canada's oil sands poised to become a globally significant source of oil in the coming decades, Alberta's government is seeking to attract increased downstream investment to the province in the hope of capturing the full economic value of...

Transocean earnings fall short.(Earnings)(Financial report)(Brief article)
November 6, 2008... Transocean, the world's largest offshore oil and gas drilling contractor, reported a lower-than- expected quarterly profit because of a problem with a rig off West Africa. Looking to next year, the company said its capital spending would...

Barrett finds Gothic Shale gas.(Exploration & Production)(Bill Barrett Corp.)(Brief article)
November 6, 2008... Bill Barrett Corp. said it has made a significant natural gas discovery with its first two horizontal Gothic Shale gas wells, at the Yellow Jacket prospect in southwest Colorado. Koskie, the first horizontal well, flowed an average of 4.5...

Up month for Alaskan output.(Exploration & Production)(British Petroleum Company PLC)(Brief article)
November 6, 2008... Alaskan crude oil production amounted to 759,643 b/d in October, up by 41,042 b/d from September, according to the state's Department of Revenue Tax Division. This compared with 713,767 b/d in October 2007, when Alaskan North Slope (ANS) output...

Stock market scorecard.(NEWS ALERT)(Statistical table)
November 6, 2008... Stock Market Scorecard Integrated Close 1-Day % Chg. Majors 11/5 Chg. % Chg. 10-Day 52-Wk YTD Marathon 29.96 -0.93 -3.01% +13.66% -48.05% -50.77% Hess ...

Shell impacted by Opec cuts.(International)(Royal Dutch-Shell PLC)(Organization of the Petroleum Exporting Countries)(Brief article)
November 6, 2008... Royal Dutch Shell said Wednesday it will not be able to meet all of its Nigerian crude supply obligations in November and December as a consequence of Opec's decision to reduce exports. "Following the Opec decision, NNPC Nigerian National...

Statoil to shut Statfjord Nord.(International)(StatoilHydro)(Brief article)
November 6, 2008... Norway's StatoilHydro is gradually shutting down its Statfjord Nord oil field in the Tampen area of the North Sea for subsea repairs and expects to resume output in the third quarter of 2009. "We started to reduce the production in...

Shell to be sued over oil spills.(International)(Royal Dutch-Shell PLC)(Friends)(Brief article)
November 6, 2008... The environment group Friends of the Earth Netherlands and four Nigerians said they plan to sue Anglo-Dutch oil giant Royal Dutch Shell in a Dutch court on charges of negligence related to oil spills in Nigeria. "New investigation shows...

Waxman seeks energy chair.(Legislation/Regulation)(Henry Waxman)(United States. Congress. House. Committee on Energy and Commerce)(Brief article)
November 6, 2008... Rep. Henry Waxman (D-Calif.) is challenging Rep. John Dingell (D-Mich.) for the chairmanship of the powerful House Energy and Commerce Committee. Waxman has long been the second-ranking Democrat on the Energy and Commerce panel, and is...

Correction--Tupi on track.(Correction notice)
November 6, 2008... An article in the Nov. 5 edition of Oil Daily incorrectly cited the UK's BG Group as saying that output from the Tupi subsalt field offshore Brazil could reach 300,000 b/d in 2012. In fact BG said that combined output from the Tupi, Iara and...

Adnoc pushes gas projects as demand soars.(NEWS ALERT)(Abu Dhabi National Oil Co.)(ConocoPhillips)
November 6, 2008... Abu Dhabi National Oil Co. (Adnoc) is lining up a series of gas megaprojects with the potential to boost production by several billion cubic feet per day by the next decade in a bid to keep up with the emirate's breakneck growth, a senior...

IEA makes urgent plea for energy revolution.(International Energy Agency)
November 7, 2008... The world needs nothing less than an energy revolution to secure future supplies that are reliable, affordable and environmentally friendly, the International Energy Agency (IEA) says in its World Energy Outlook 2008. The future of fossil...

Williams ponders spin-off of business units.(The Williams Companies Inc.)
November 7, 2008... In a move that drew praise from analysts, natural gas production and pipeline firm Williams Cos. said Thursday it is considering a strategic reorganization that could involve a spin-off of one or more of its main business units. "We've...

Repsol works to secure its operations in Ecuador and Argentina.
November 7, 2008... Spain's Repsol YPF has been busy this week working to safeguard its extensive interests in Latin America. High-level company officials met with populist governments in both Ecuador and Argentina, where interventionist economic policies have...

Oil falls to around $60 per barrel on mounting economic concerns.(Brief article)
November 7, 2008... Nymex crude fell more than $5 to test $60 before closing slightly above that mark on mounting concerns about the economy and a stronger dollar which was boosted by interest rate cuts announced by the European Central Bank and the Bank of...

Daily oil & gas price review.(Statistical table)
November 7, 2008... Daily Oil & Gas Price Review Prices for Thursday, November 6, 2008 US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) -5.34 54.71 60.40 81.99 LLS (St....

BP restarts export pipeline closed by conflict in Georgia.(British Petroleum Company PLC)
November 7, 2008... A crude oil pipeline across Georgia that has been closed since the Russian incursion in August was reopened Wednesday, operator BP told Oil Daily. The 100,000 barrel per day pipeline from Baku in Azerbaijan to the Georgian Black Sea port...

Saudi Arabia cuts Asian refiners some slack on crude prices.(Statistical table)
November 7, 2008... Further declines in naphtha and fuel oil prices have led to depressed refining margins in Asia, and Saudi Arabia has taken note of that development, effectively lowering its crude prices for December loadings headed to that region. ...

Shell's Brinded eager to see contract terms for Iraq bid round.(Royal Dutch-Shell PLC)(Malcolm Brinded)
November 7, 2008... Despite its disappointment that Iraqi oil fields it had been studying were opened to international bidding, Royal Dutch Shell says it welcomes the transparent process Iraq has chosen for its first landmark bid round. However, the...

Aramco, Conoco delay bids for Saudi Arabia's Yanbu refinery.(Saudi Arabian Oil Co.)(ConocoPhillips)(Brief article)
November 7, 2008... Saudi Aramco and ConocoPhillips are delaying the bidding for their Yanbu refinery on the Red Sea coast of Saudi Arabia in the hope of reducing the project's runaway costs. The Saudi state giant and its US partner insist they remain committed to...

Canadian Natural cuts spending.(Corporate News)(Canadian Natural Resources Ltd.)(Brief article)
November 7, 2008... Canadian Natural Resources--facing a slump in oil prices and another jump in costs at the Horizon oil sands project--said it will slash its 2009 capital spending by 47%. The company said its spending will fall to C$4 billion ($3.4 billion)...

Shell US Gulf output at 75%.(Exploration & Production)(Shell Oil Co.)(Brief article)
November 7, 2008... Shell Oil said on Wednesday its current operated production in the Gulf of Mexico is now about 375,000 boe/d as its operations continue to recover from Hurricane Ike which struck in September. "Shell operated Gulf of Mexico assets normally...

EIA gas storage report.(NEWS ALERT)(Statistical data)
November 7, 2008... Gas in Storage Rises by 12 Bcf Stocks of working natural gas in US storage facilities rose by 12 Bcf in the week ending Oct. 31, leaving storage levels at 3,405 Bcf, according to the Energy Information Administration. Gas same time last...

Russia seeks to boost ruble.(Finance)(Brief article)
November 7, 2008... Russian President Dmitry Medvedev has unveiled radical proposals to turn the ruble into a regional currency and use it to settle oil and gas deals, thereby supplanting the US dollar. In a bid to accelerate efforts to change what he called...

Japanese product stocks rise.(International)(Brief article)
November 7, 2008... Japanese oil product stocks rose more than 1.38 million bbl to finish at 100 million bbl in the week ended Nov. 1, according to data released Thursday by the Petroleum Association of Japan. Refinery runs rose to 3.78 million b/d, or 77.1%...

Sakhalin-2 fills oil pipe.(International)(Sakhalin Energy)(Brief article)
November 7, 2008... The Gazprom-led Sakhalin-2 project has finished building an 800 km oil pipeline that will allow year-round oil production to start at the end of 2008, Russia's Itar-Tass news agency said Thursday. Project operator Sakhalin Energy said it...

Qatar LNG train ready to roll.(International)(liquefied natural gas)(Brief article)
November 7, 2008... Qatar has taken delivery of the world's biggest LNG train and will receive its second giant train before April 2009, an official from the engineering consortium building the project tells Oil Daily. Qatargas-2 Train 1, an Exxon Mobil-Qatar...

Blast hits Kirkuk-Ceyhan line.(International)(Brief article)
November 7, 2008... An explosion on the Kirkuk-Ceyhan oil pipeline late Wednesday in Turkey's southeastern province of Sanliurfa left a four-meter-wide crater and a 2 km oil spill, the staterun Anatolian news agency said. Pipeline operator Botas has halted...

Stock market scorecard.(NEWS ALERT)(Statistical table)
November 7, 2008... Integrated Close 1-Day % Chg. Majors 11/6 Chg. % Chg. 10-Day 52-Wk YTD Hess 56.73 -2.23 -3.78% +15.73% -19.62% -43.75% BP 46.98 -1.97...