London Brent up 55¢ to $68.59
Posted on October 6, 2009 – 10:06 pm | by oilandgaspress.com
US crude for November rose 55¢ to $70.96 a barrel by 07.46 GMT, after gaining 46¢ to settle at $70.41 on Monday. London Brent was up 55¢ to $68.59, reports Reuters.
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Agencia EFE SA news agency reported Saturday that Venezuela’s state-owned hydrocarbon company Petroleos De Venezuela, SA announced that it had acquired U.S. energy firm ConocoPhillips’ share in a natural joint gas venture with Chevron Corp.
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Roughly 66,696 barrels of oil were spilled in the last four years by oil companies, operating in the Niger Delta region, the National Oil Spill Detection and Response Agency (NOSDRA) said yesterday. The Minister of the Environment, Mr. John Odey, who made the disclosure at a workshop organised by NOSDRA for energy reporters, stated that the spilled barrels of oil were recorded from 2,122 incidents.
According to Odey, operational maintenance errors, equipment failure, corrosion of pipeline and pipeline vandalism accounted for the spillage.
The minister, whose ministry oversees NOSDRA, noted that about 252 oil spills with 28,036 barrels of oil were recorded in 2006, while in 2007, the oil firms spilled 11,878 barrels from 597 incidents.
He informed that the companies spilled 21,689 barrels from 927 this year, while they equally spilled 5,093 barrels into the environment from 346 reported incidents between January and June, this year.
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Kazakhstan’s largest oil producer, Chevron-led Tengizchevroil, is expected to set a 22.5-million-ton oil production target for 2009, an increase from 17.3 million tons last year.
Deputy energy minister Duisenbai Turganov said that Tengizchevroil is expected to boost its proposed output to 22.5 million tons from the planned 21.5 million tons.
Chevron has a 50% stake in Tengizchevroil, which is currently developing the Tengiz oil field located in western Kazakhstan.
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ConocoPhilips is anticipating poor exploration and production results in the third quarter of 2009 due to low natural gas prices in North America, the company has announced.
According to the Q3 2009 interim update, overall Q3 production on a barrel-of-oil equivalent (BOE) a day, covering Syncrude but excluding Lukoil, is expected to be about 1.78 million BOE per day.
Tags: Agencia EFE SA, Chevron, ConocoPhillips, HYDROCARBON, Venezuela
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