Total SA profit dipped 54% on lower Crude Prices
Total SA, Europe’s third-largest oil producer, declared second-quarter earnings dipped 54 percent as the global recession eroded energy demand, causing crude prices to drop. For full story, click here
Archive for July, 2009
Crude Output surged 25% as Cairn has set to pump Oil
India’s crude output will surge by a quarter in phases commencing next month when Scottish explorer Cairn Plc’s Indian arm, listed on the Bombay Stock Exchange, begins pumping from the Mangla field of its Rajasthan acreage. At an optimum production level, the acreage is estimated to reduce India’s oil import bill by $6.8 billion, or [...]
Cairn has commenced Oil Output from Rajasthan in August
Marking a milestone in two decades, Cairn India will commence crude oil production from its Rajasthan desert field of Mangala next month, helping the energy-deficit nation cut imports. Cairn CEO Rahul Dhir stated: We are operationally ready to commence oil production in August. For full story, click here
Asia Crude India has purchased 1 bbls Sept Zarzaitine
India’s leading state-owned refiner, Indian Oil Corp, has bought 1.0 million barrels of Tunisia’s Zarzaitine crude in its fourth tender to buy September-loading sweet crude, trade sources said. IOC purchased the cargo from Algerian state-owned Sonatrach at a premium of 85 to 90 cents to dated Brent. For full story, click here
Asia Imports of West Africa Crude to hit 3-year High
Asian imports of West African crude oil were expected to reach 1.62 million barrels per day in August, trade sources said on Thursday, the highest monthly volume since March 2006 as per Reuters data. For full story, click here
Oil has extended Losses on Surprise Surge in US Crude Stocks
Oil extended their losses in Asian trade today amid renewed worries about energy demand in the United States where data showed an unexpected jump in national crude reserves. For full story, click here
Gazprom Neft Net Profit in H1 2009 dipped by 56.5%
RIA Novosti declared that Gazprom Neft, the oil producing arm of Russian energy giant Gazprom net profit calculated under Russian Accounting Standards dipped 56.5%YoY in January to June 2009 to RUB 26.359 billion. For full story, click here
Cairn India will be allowed to sell Rajasthan Oil to Non PSU Refiners
Cairn India may be allowed to market the unallocated portion of the crude oil to be produced from its Rajasthan fields. For full story, click here
Valero Energy Swung to 2Q Loss On Margin Pressure
Valero Energy Corp. swinged to a second-quarter loss as an earlier strategy to process heavier grades of crude oil backfired amid falling sales volume and prices. In addition, diesel and jet fuel profit margins were weak. For full story, click here
Canadian Oil Sands Trust has surged distrib despite lower 2Q
Canadian Oil Sands Trust has posted significantly lower second-quarter earnings, hurt by lower crude oil prices and lower output in the quarter, but raised its distribution on confidence in Syncrude operations, strengthening crude oil prices and an improved liquidity position. For full story, click here
