ExxonMobil Caught in Iraq Political Standoff
ExxonMobil has been removed from a list of bidders for Iraqi energy exploration rights amid political tensions between the Middle Eastern state and the Kurdistan Regional Government (KRG).
The North American Shift from Natural Gas to Oil
With natural gas currently trading at a ten-year low, more and more companies are shifting their corporate strategies to liquid oil.
Iranian Crude Export Market Goes Undercover
In an attempt to defy western sanctions, Iran has begun to expand its crude tanker fleet while simultaneously going to extraordinary lengths to conceal its crude customer base.
Oil Market Update (April 17, 2012)
A brief overview of oil price developments, supply and demand, and significant market movers.
Market News
Tullow CEO Says Kenya May Have Greater Oil Potential Than Uganda
Bloomberg reported that Aidan Heavey, CEO of Tullow Oil plc (LSE:TLW), believes Kenya may have more oil potential than Uganda, although as yet Kenya has no proven reserves.
Ugandan Oil Boom Approaching
Bloomberg reported that according to Patrick Bitature, Chairman of the Uganda Investment Authority, Uganda licensed 62 investment projects during the first quarter of 2012. Oil is one of the sectors that received the highest value of planned investment.
India Plans to Reduce Oil Imports from Islamic Republic
The Wall Street Journal reported that India's junior oil minister has said that the country plans to reduce oil imports from the Islamic Republic by eleven percent this fiscal year.
Australia Suggests Oil and Gas Exploration Locations
Bloomberg reported that the Australian government has put forward 27 areas that could be explored for oil and gas. The locations suggested are off the coasts of the Northern Territory, Western and South Australia, and Victoria and Tasmania.
Company News
Africa Oil Reports on Somalian Drilling
Africa Oil Corp. (TSXV:AOI) announced an update on its drilling in Puntland, Somalia, commenting that results from its Shabeel well seem to confirm oil-bearing sands in two zones.
Tethys Acquires Uzbekistan Oil Field
Tethys Petroleum Ltd. (TSX:TPL,LSE:TPL) announced that Chegara Production Ltd., its wholly-owned subsidiary, has acquired the Chegara Group of Fields in Uzbekistan.
Pyramid Oil Releases Q1 2012 Results
Pyramid Oil Co. (AMEX:PDO) announced that its fiscal results for the first quarter of 2012 include increases in revenue and net income.
Caza Reports Unaudited Q1 Results
Caza Oil & Gas Inc. (TSX:CAZ) announced that its unaudited results for the first quarter of 2012 include increases in production and revenue.
