Oil Investing News

Tullow CEO Says Kenya May Have Greater Oil Potential Than Uganda

Charlotte McLeod — Thu, 17 May 2012 16:42:05 +0000

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.

Africa Oil Reports on Somalian Drilling

Charlotte McLeod — Thu, 17 May 2012 16:30:20 +0000

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.

Ugandan Oil Boom Approaching

Charlotte McLeod — Wed, 16 May 2012 17:45:46 +0000

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.

Tethys Acquires Uzbekistan Oil Field

Charlotte McLeod — Wed, 16 May 2012 17:32:19 +0000

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

Charlotte McLeod — Tue, 15 May 2012 17:42:54 +0000

Pyramid Oil Co. (AMEX:PDO) announced that its fiscal results for the first quarter of 2012 include increases in revenue and net income.

India Plans to Reduce Oil Imports from Islamic Republic

Charlotte McLeod — Tue, 15 May 2012 17:35:41 +0000

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.

ExxonMobil Caught in Iraq Political Standoff

Adam Currie — Tue, 15 May 2012 11:00:27 +0000

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).

Australia Suggests Oil and Gas Exploration Locations

Charlotte McLeod — Mon, 14 May 2012 16:45:45 +0000

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.

Caza Reports Unaudited Q1 Results

Charlotte McLeod — Mon, 14 May 2012 16:31:15 +0000

Caza Oil & Gas Inc. (TSX:CAZ) announced that its unaudited results for the first quarter of 2012 include increases in production and revenue.

Somali Pirates Capture Oil Tanker

Charlotte McLeod — Fri, 11 May 2012 16:48:45 +0000

Reuters reported that a Greek-owned oil tanker was hijacked by Somali pirates while in the Arabian Sea, and is now heading to Somalia. It has nearly a million barrels of oil on board and had been heading to Turkey.