It is reported that CNPC published to that project of China-Russia Crude Oil Pipeline Route in China commenced construction and would be completed by the end of 2010. About 15 million tonnes of crude oil will be transacted per year. For full story, click here
Chevron Corp. declared its $4.7 billion Tahiti field in the Gulf of Mexico began pumping crude Tuesday, almost two years after faulty parts delayed construction. For full story, click here
Crude oil fell on Tuesday, snapping four days of gains, on concern a U.S. government report will show stockpiles climbed from the highest level since September 1990. Crude oil for June delivery declined as much as 77 cents, or 1.4 per cent, to $53.70 a barrel in electronic trading on the New York Mercantile Exchange. Oil is up 21 per cent this year.
Saudi Arabia’s main oil producer has announced its plans to re-tender major oil projects to take benefits of cheaper construction costs and lower commodity prices following the global financial crisis. Saudi Aramco’s Projects Management Director Majid Al Mukla, said: Saudi Aramco is considering more flexible and innovative strategies to lessen financial risks in managing these [...]
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