Petroleos de Venezuela SA’s Petrosucre joint venture “assumed operational control” of Ensco International Inc.’s offshore drilling rig Ensco 69 after the Dallas-based company halted operations in a payment dispute. For full story, click here
Nexen Completes Acquisition of Additional Interest in Long Lake. For full story, click here
The latest cut by OPEC helped oil prices recover from recent lows, although prices remain much below the head of OPEC’s 2009 target of USD 75 per barrel, a price Mr Botelho de Vasconcelos says is necessary for oil exploration to be viable. For full story, click here
London Brent rise USD 2.98 to USD 48.37 a barrel on January 23rd 2009 and US crude settled up 2.80 at USD 46.47 per barrel. For full story, click here
Mr Jose Botelho de Vasconcelos president of OPEC as saying that he only expected the next gathering of the 12 member OPEC to take place, as planned, in Vienna on March 15th 2009, he added the group could meet sooner if oil prices suddenly dropped. For full story, click here
OPEC could meet before March 2009 if Brent crude oil prices fall to below USD 40 per barrel. For full story, click here
Japan’s largest trading house, and French energy explorer Perenco SA discovered reserves of crude oil in an offshore field in Gabon, West Africa. For full story, click here
Garware Offshore Services has said the fall in international crude prices and the credit crunch has forced oil exploration and production companies to put on hold their plans for hydrocarbon discoveries. For full story, click here
Crude for March delivery CLc1 fell 57 cents to $45.90 a barrel in Globex electronic trading by 2346 GMT. The contract settled up $2.80, or 6.41 percent, at $46.47 a barrel. For full story, click here
U.S. crude futures fell below $46 a barrel, giving up some of the previous session’s 6 percent gains as fears about a deepening global economic downturn returned to the fore. For full story, click here
Get our independent commentary on oil trends and companies delivered to your inbox.
