A consortium of Oilex of Australia, Videocon Industries, Gas Authority of India, Bharat Petro Resources and Hindustan Petroleum are re-evaluating their commitment to exploration block no 56 in Oman, which it won in 2006 from the Sultanate of Oman for around Rs 220 crore. 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.
Flint Hills Resources declared a partial power loss caused a crude complex to close down at the west plant of its 288,000-barrel per day Corpus Christi. For full story, click here
Oil prices vaulted 9 per cent in NY Thursday, in tandem with a powerful stocks rally, as investors cheered G20 agreements to combat the global downturn and an easing of US accounting rules. On Friday, oil prices settled above $52 a barrel, slightly lower on the day after a report that US unemployment in March soared to a 25-year high. But optimism that the economy will soon turn around curtailed losses.
Arcan Resources Ltd. declared the filing of its Annual Information Form for the year ended December 31, 2008 and offered an update on its operations. For full story, click here
Brookston Resources, Inc., a privately-held crude oil exploration and production company, received the prestigious Wildcatter of the Year Award at the annual Illinois Oil & Gas Association convention. For full story, click here
Public sector ONGC is looking at potential crude oil resources in Rajasthan’s Hadauti region and adjoining districts, according to officials. For full story, click here
Another rough day for investors this Monday. As it became clear that the American House of Representatives would reject the authorization law for the executive’s $700 billion financial sector bailout plan, commodities began to tank. Oil futures shed more than $10 of their value during the day, dropping to $96.37 per barrel.
This column will not be trying to determine who started the war or who is in the right, but how the war might affect the future of Caspian oil extraction and Caucasian transhipment. Aside from the direct damage of the war, ripples will be felt throughout the Black Sea, Caucasian and Caspian regions, with somewhat paradoxical effects on who benefits and who is placed at a disadvantage.
RAM Energy Resources reported second quarter 2008 production, earnings and financial highlights. For more news, click here
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