Latest Oil news
Warning system monitors lube oil on ships
Sunderland University researchers have developed a computerised early-warning system that monitors the condition of ship’s lube oil - a development that could extend the life of marine engines.
Daley: Michigan oil spill worse than carp
Mayor warns of risk, but feds say oil in Kalamazoo River unlikely to reach lake Though federal officials say the Kalamazoo River oil spill is unlikely to reach Lake Michigan, Mayor Richard Daley seized the opportunity to lash out at his regional neighbor Thursday, arguing that the Michigan disaster poses a greater risk to the lake than the invasive Asian carp.
Oil leak company target of 31 federal actions
BATTLE CREEK — A spill of about 840,000 gallons of crude oil Monday on the Kalamazoo River in Michigan was only the latest — although also the largest — problem by Enbridge Energy facilities over the last nine years. Since 2002, Enbridge Energy’s American subsidiaries have been the target of 31 enforcement actions by the federal agency responsible for overseeing the safety of gas and oil ...
Michigan oil spill fuels debate over Alberta-to-B.C. pipeline
As workers struggle to contain a massive oil spill in Michigan caused by a pipeline leak, more questions are being asked about the safety of the pipeline owned by Canadian energy giant Enbridge — and about the company's plans to push a massive new pipeline project through hundreds of kilometres of western Canadian wilderness.
Oil catastrophe wasn't just an accident
The blowout is stopped. The oil disaster that began with an explosion 100 days ago has not ended by any means. But we seem to be seeing a murky ending to the beginning of the crisis.
Agencies Take Look at New Oil Spill Mapping Technology
Annie Feidt, APRN – Anchorage Oil response agencies and organizations in Alaska got a first-hand look today at a new spill mapping technology that’s being used in the Gulf of Mexico. Ocean Imaging Corporation – the company that developed the system – demonstrated how it works using dye in Cook Inlet. Download Audio (MP3)
Imperial Oil reports Q2 profit of $517 million, up from $209M a year ago
CALGARY - Imperial Oil Ltd. said Thursday it more than doubled its second-quarter profit compared with a year ago.The energy company said
Oil pipeline to Sarnia part of a vast system
By LIZ SHEPARD and STEPHEN TAIT Special to The Observer MARYSVILLE, MICHIGAN — Jeff Storey sat snacking on biscuits on his porch Wednesday afternoon, just yards from a petroleum pipeline owned by Enbridge Inc.[...]
KNOC set to complete bid package for Dana
Korea National Oil Corporation is close to arranging the loans needed to launch a formal £1.7bn offer for Dana Petroleum as the UK oil explorer battles to convince its shareholders to push for a higher offer
Stability crucial to US investment, warns Statoil
Norwegian oil and gas group warns US authorities that oil companies need a "stable and predictable" regulatory environment if they are to press ahead with investments in the Gulf of Mexico
Exxon shrugs off effect of moratorium
ExxonMobil said that the moratorium on new deepwater drilling in the Gulf would have no significant short-term impact on its profits
Shell chief defends deep-water drilling
Peter Voser, chief executive, says deep-water drilling has important role to play in global energy supply, as the Anglo-Dutch oil group announces a near-doubling in second-quarter profit to $4.53bn
High oil prices buoy Repsol results
Spanish energy group reveals a 39 per cent year-on-year increase in first-half net profits, buoyed by higher oil prices and improved refining margins.
Interactive timeline: BP oil spill disaster
This graphic chronicles BP's struggle to contain an oil spill following an explosion on the Deepwater Horizon oil rig, off the coast of Louisiana
Pipeline leak deals blow to Canada's oil sands industry
Canada's oil sands industry is trying to defuse a fresh public relations headache after a ruptured pipeline spilled about 4m litres of Alberta crude into waterways in southern Michigan
Shell: There's life in Big Oil yet
Group is more streamlined and profitable, but still has room to improve
Conoco to sell stake in Russia's Lukoil
ConocoPhilips said it would sell its entire stake in Lukoil, bringing to a close its attempt to use the partnership with Russia's second-biggest oil producer to develop business in the country
BG expects Brazil boost despite half-year earnings fall
Flagship Tupi offshore oil project in Brazil will begin producing in the fourth quarter and initially produce 100,000 barrels a day
| Brent oil prices |
Light oil prices |
Oil Field Theft Arrests May Help Slow Oil Related Crimes
Four crooks are behind bars charged with swiping oil field equipment, but these aren't any ordinary arrests. Authorities from all around West Texas tell us the bust will make big strides in decreasing oil crimes in our area.
Oil spill kill plans on target
An attempt to plug the blown-out Gulf oil well, dubbed 'static kill' is on track to start by the weekend.
ANALYSIS-Russian oil output yet to peak, say drillers
ANALYSIS-Russian oil output yet to peak, say drillers
Oil collection under way
More than 1,000 barrels, or about 42,000 gallons, of crude oil has been recovered from the Kalamazoo River, according to Enbridge Inc., the company responsible for the spill.
Oil spill in Michigan river may top 1 million gallons
A Canadian company whose pipeline leaked hundreds of thousands of gallons of oil into a Michigan river boasts on its website of being “an industry leader in pipeline safety and integrity.”
Less oil on surface means less work for fishermen
Anglers turned into oil skimmers, but the task is drying up
Oil catastrophe wasn't just an accident
The blowout is stopped. The oil disaster that began with an explosion 100 days ago has not ended by any means. But we seem to be seeing a murky ending to the beginning of the crisis.
Oil Flows from Carnarvon's Thai Well
Carnarvon reported that the L33-1 exploration well free flowed 35 degree API oil at an average rate of approximately 1,100 barrels of oil per day gross (660 BOPD net POE) with a water cut of 7.72% (wi...
Gov't warned company about oil pipeline monitoring
A Canadian company whose pipeline leaked hundreds of thousands of gallons of oil into a Michigan river was warned by government regulators in January that its monitoring of corrosion in the pipeline was insufficient.
Oil leak company target of 31 federal actions
BATTLE CREEK — A spill of about 840,000 gallons of crude oil Monday on the Kalamazoo River in Michigan was only the latest — although also the largest — problem by Enbridge Energy facilities over the last nine years. Since 2002, Enbridge Energy’s American subsidiaries have been the target of 31 enforcement actions by the federal agency responsible for overseeing the safety of gas and oil ...
WTI, Brent crude prices see gains
Crude oil prices were higher Thursday as the US dollar weakened and new jobless claims dropped by 11,000 last week in the United States. September contracts for West Texas Intermediate crude were up $1.25 to $78.24 per barrel at just after 1 p.m. on the New York Mercantile Exchange, while Brent crude was most recently up [...]
Exxon Q2 profits surge 91%
Exxon Mobil, which is the world’s largest oil company, has today announced profits nearly doubled in the April to June period - easily exceeding analysts’ expectations. The oil giant said net earnings rose to $7.56 billion, or $1.60 a share, against $3.95 billion, or 81 cents a share, in the same period a year earlier. Analysts had [...]
Royal Dutch Shell Q2 profits surge 94%
Oil giant Royal Dutch Shell has today announced second quarter profits almost doubled after completing its restructuring programme ahead of schedule. Shell posted profits of $4.5 billion (£2.9 billion) - a rise of 94% on the $2.3 billion reported a year ago. The Anglo-Dutch firm, which is Britain’s second largest oil company, has undergone a major a [...]
EIA: Crude stockpiles up 7.3 million barrels last week
Prices for crude oil were down again Wednesday after the US Energy Information Administration reported in its weekly inventories survey that stockpiles of crude were up unexpectedly last week. The EIA said that crude oil inventories added 7.3 million barrels last week, against an expected decline of 2.3 million barrels, to a total of 360.8 million [...]
Disappointing data drags oil prices lower
The price of crude oil fell Tuesday on disappointing data about consumer sentiment and home prices in the United States. September contracts for West Texas Intermediate crude were down $1.97 to $77.01 per barrel in afternoon trade on the New York Mercantile Exchange, while Brent crude was last down $1.74 to $75.76 per barrel on the [...]
Beleaguered oil giant BP reports major loss
Oil giant BP has today reported a massive loss of $16.9 billion in the three months to June as a result of the major oil spill in the Gulf of Mexico. The company added that costs related to the spill will reach $32.2 billion (£20.8 billion). Excluding oil spill and other non-operating costs, BP’s replacement cost profit [...]
News drives gains, declines in oil prices
Crude oil prices were slightly higher in early afternoon trade in New York Monday after bouncing in and out of gains all morning. At 1 p.m. in New York, September contracts for West Texas Intermediate crude had added a cent to $78.99 per barrel on the New York Mercantile Exchange, while Brent crude was up 8 [...]
BP’s Tony Hayward to depart in October
As widely expected, it has been announced today that BP chief executive, Tony Hayward, will step down in in October. Fifty-three-year-old Hayward has faced severe criticism for the way he has handled the major oil leak and made an insensitive comment in May after saying “I want my life back”. His comments came after the explosion on [...]
Venezuela’s Chavez threatens oil cut to US
Oil supplies to the US are under threat after Hugo Chavez, Venezuelan President, said he will cut oil exports if US-allied Colombia launches a military attack against his country. President Chavez, a leftist and vocal critic of the US, broke-off diplomatic relations with Colombia last week over claims by the outgoing Colombian President, Alvaro Uribe, a [...]
BP chief exec future in doubt
There is further speculation that oil giant BP is considering board changes, which could see the departure of chief executive, Tony Hayward. According to the BBC, he is likely to be replaced by his US colleague Bob Dudley, who is overseeing the clean-up operation. Last week, The Times reported that Mr Hayward would be stepping down but [...]
