Bloomberg reported that western Europe’s largest petroleum producer, Norway, may have found an oil future with an ice-free expanse of the Arctic in the Norwegian Barents. It has been reported that oil companies will drill a minimum of 12 wells in the Barents Sea this year in a bid to unlock an estimated 6 billion barrels of oil equivalent the area is thought to have.
Buckeye Partners, L.P. (NYSE:BPL) reports it has acquired two petroleum products terminals and a pipeline.
The increasing investment in harder-to-reach oil is often sited as a sign of oil companies' belief in the end of easy oil. Additionally, while it is widely held that increased prices catalyze an increase in production, a growing number of oil insiders are now coming to believe that production is unlikely to increase widely beyond current ranges.
Alberta Star Development Corp. (CVE:ASX) acquires petroleum and natural gas rights on a 160 acre parcel of undeveloped lands in the Lloydminster heavy oil region.
Treaty Energy Corporation (OTC:TECO) updates on the progress of its Joint Venture with Princess Petroleum Limited on the 2 million acre concession in Belize.
With all of the attention to the petrochemicals industry currently, a recent survey conducted by Resources Investing News has highlighted both oil and natural gas sectors as areas of high interest for investors.
Oil prices gained as much as 1 percent with analysts offering further support; expecting a decline of 1 million barrels of U.S. oil supplies from 363.2 million last week. Oil inventories have not fallen nationwide for two consecutive weeks since January.
India’s Hindustan Petroleum Corp. has purchased one cargo of Nigerian Escravos crude oil late last week via its regular monthly tender for sweet crude. 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.
Recent dismal economic data and growing U.S. inventories kept oil prices below $50 a barrel Friday despite hopes of a possible second-half recovery in crude demand. Benchmark crude for May delivery fell 40 cents to $49.58 a barrel by Noon in European electronic trading on the New York Mercantile Exchange. The contract on Thursday rose 73 cents to settle at $49.98.
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