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Cairn still bullish despite revenue slide Lower crude prices and the depletion of its producing fields reduced revenue at Cairn Energy , although the India-focused oil and gas group remained bullish on its prospects given the impending start of production from new oilfields in Rajasthan. Topix.netOil prices fall again as supplies rise The price of oil fell again with new government data showing that U.S. crude supplies increased last week, a sign that demand remains weak. Houston ChronicleCNOOC First-Half Profit Down 55% on Lower Prices CNOOC Ltd. , China's third-largest oil and gas producer, said Wednesday its first-half profit sank 55 percent on sharply lower oil prices but it forecast better results as the economy recovers. Topix.netEPA: Chemicals Found in Wyoming Drinking Water Might Be From Natural Gas Drilling Federal environment officials investigating drinking water contamination near the ranching town of Pavillion, Wyo., have found that at least three water wells contain a chemical used in the natural gas drilling process of hydraulic fracturing. Scientists also found traces of other contaminants, including oil, gas or metals, in 11 of 39 wells tested there since March.The study, which is being conducted under the Environmental Protection Agency’s Superfund program, is the first time the EPA has undertaken its own water analysis in response to complaints of contamination in drilling areas, and it could be pivotal in the national debate over the role of natural gas in America’s energy policy. [More] Scientific AmericanOil prices hover above $72 amid demand concerns Oil prices hovered above $72 a barrel Wednesday in Asia after tumbling more than 3 percent overnight, weighed down by concerns over slowing demand in the United States, the world's largest energy consumer. Energy-business-review.comChina`s offshore oil company CNOOC says profit down 55 per cent Profit fell to 12.4 billion yuan , or 0.28 yuan per share, compared with 27.5 billion yuan in the first half of 2008, the Beijing-based company said. Topix.netMassive oil field has Brazilians eager to drill Brazil, long proud of its push to develop renewable energy and wean itself off oil, has a bad case of fossil-fuel fever. Topix.netIraq reduces fees to stimulate oil auction Iraq has reduced signature bonuses in the hope that a second oil auction, to be held later this year, will prove more successful than the first. However, foreign oil firms may still be put off by the fact that they have to pay non-recoverable fees ion order to take part in the auction, Reuters has reported. Global oil companies were unhappy with the initial auction in June ? the first since 2003 - after it became clear that Iraq was unwilling to pay anticipated fees to develop the country's oil fields. ?We expect a better matching between our expectations with what the companies are going to bid in the second round," Iraq's Oil Minister, Hussain al-Shahristani said. AMEHouston`s Parker Drilling will operate powerful BP rig Houston's Parker Drilling has won a contract with BP to operate and maintain a land drilling rig on Alaska's North Slope that Parker says is the world's most powerful. Houston ChronicleAbu Dhabi gets LNG via stake in Oil Search Abu Dhabi's International Petroleum Investment Company (IPIC) has taken a 17.6% stake in Australian company Oil Search, paying $1.07bn, Reuters has reported. It will be paid for via a five-year exchangeable bond issue and gives IPIC ?material exposure to a significant near-term LNG project in Asia-Pacific, the PNG LNG Project operated by ExxonMobil?, the company said in a statement. Oil Search has a 34% interest in the project. IPIC has signed the agreement along with the Papua New Guinea government, through its nominee, Independent Public Business (IPBC). [AMEInfo.com] AME1 2 |
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