Mexico’s Pemex reports huge new oil finds
Mexico’s Pemex has detected vast new oil deposits in the Gulf of Mexico that could double the country’s total reserves and boost its oil output to rival Saudi Arabia’s, the state oil monopoly said on Monday.
Industry
Oil supply, demand set on a hair trigger
With no room for error, prices will be volatile. Buckle up. The country could be in for an oil-price roller-coaster ride three to five years long.
Last major Nova Scotia exploratory well ‘abandoned’
Nova Scotia’s struggling offshore energy sector suffered a potential death blow yesterday with the closure of the only remaining well slated to be drilled by a major oil company.
Putin’s hands on the oil pumps
For a decade Washington has backed the Turkish and Azerbaijan governments to steer the export of Caspian region crude oil away from Russia. Russia’s newest riposte has been to ally the Russian and Iranian oil industries, and open up the shortest, cheapest and most lucrative oil route of all, southwards out of the Caspian to Iran.
Impact Of Oil Output Fall At Ageing Fields Seen As Acute
LONDON –Falling oil output from ageing fields, once insignificant compared with global production, has become large enough to impact world supply and may help explain the constant tightness in the oil market this year, according to analysts.
Colombia’s hopes for great oil field find likely dashed
With the nation’s proven oil reserves continuing to fall, investment and exploration sagging and sabotage from a 40-year old civil war enduring, the Colombian government and its oil company, Ecopetrol, have been desperate to ballyhoo any find, small though it may be.
Shell hit by $1.5bn oil pollution claim from Nigerian Senate
Shell, the beleaguered oil giant, has been asked by Nigeria’s Senate to pay $1.5bn (£830m) compensation to communities affected by oil pollution in the country.
Shell Settles with SEC, UK for $151 Mln
Royal Dutch/Shell Group agreed on Tuesday to finalized settlements with U.S. and UK regulators which will cost the oil giant $150.7 million over its mis-statement of proven oil reserves.
ChevronTexaco CEO: Oil’s new high may persist
Price of crude topped $47 a barrel Wednesday, despite Saudis’ recent talk of loosening spigots. “This may not be a short-term aberration,” said ChevronTexaco CEO David O’Reilly, in a recent speech before the US Chamber of Commerce.
Cantarell, The Second Largest Oil Field in the World Is Dying
The second largest producing field in the world is the Cantarell complex in Mexico, with 2.1 MMb/d of output in 2003 up from 1.9 MMb/d in 2002. Cantarell is expected to decline rapidly over the next few years, falling as far as 1 MM b/d by 2008.
Foreign companies bidding for newly discovered oil field in Iran
Foreign companies are rushing to win bids for development of a new oil field discovered in the southwestern province of Khuzestan with recoverable reserves of around three billion barrels.
Shell ‘could be target for Total’
Oil giant Shell could be bracing itself for a takeover attempt, possibly from French rival Total, a report claims.