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.
Baytex provides update regarding operational matters and a change to our monthly distribution level. For full story, click here
Oil giant ConocoPhillips said on Wednesday it will cut its capital spending in Alaska by 20 percent in 2009 to $800 million due to a slump in crude prices and the economic downturn. For full story, click here
ONGC plans to spend 71.33 billion rupees ($1.5 billion) to increase output in the Mumbai High area off the west coast. 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
Having lost 17 bn pounds in the global financial meltdown, India-born billionaire Lakshmi Mittal has put on hold his investments in USD 10 bn refinery-cum-petrochemical project planned at Vizag. For full story, click here
Brazil plans to invest some $400 bn in coming 10 years to develop new offshore fields that may contain as much as 80 billion barrels of oil. For full story, click here
ConocoPhillips will keep its capital spending budget flat inext year amid volatility in the commodity and credit markets, The company will also not be aggressive with drilling activities in North America. Chairman and Chief Executive James Mulva said: The temporary pullback in the lower 48 U.S. states and Canada would result only in delays, not cancellations, of projects [...]
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