Energy & Oil

• Thursday, October 18th 2007 - 20:00 UTC

  PetroChina becomes world's second largest company

  

  China's main oil coporation, government owned PetroChina Co. Ltd. shot past giant General Electric Co. to become the world's second-largest company. After its stock rose 13% on hopes of big new oil discoveries, the company's market value reached more than 430 billion US dollars, second only to Exxon Mobil Corp.'s 518 billion.

• Wednesday, October 17th 2007 - 20:00 UTC

  OPEC blames oil record prices on market speculation

  

  As oil prices hit new records the cartel of oil exporting countries promised Tuesday to respond to any supply disruption but also expressed concern about the rising prices which it attributes largely to “market speculations”.

• Tuesday, October 16th 2007 - 20:00 UTC

  Turkey and weak dollar push oil prices to new record high

  

  Crude oil traded on Monday in New York above 86 US dollars a barrel on concern oil shipments may be disrupted if Turkish forces pursue Kurdish militants in Iraq.

• Tuesday, October 16th 2007 - 20:00 UTC

  Ecuador claims “windfall” earnings from oil industry

  

  Ecuador told foreign oil companies on Monday they had two weeks to pay the government 317 million US dollars in what the government says are unpaid debts from a windfall royalty approved in 2006.

• Monday, October 15th 2007 - 20:00 UTC

  Falklands: Visiting operators optimistic about oil

  

  “THERE is good potential to find significant volumes of oil and gas in the Falkland Islands.” That's the optimistic message from oil industry representatives who were in the Islands last week for a series of meetings with the government, private sector and military.

• Monday, October 15th 2007 - 20:00 UTC

  US Gulf of Mexico oil tracts bids bring in 2.9 billion

  

  The United States Department of the Interior's Minerals Management Service recent central Gulf of Mexico lease sale received 1,428 bids on 723 tracts, attracting 2.9 billion US dollars in high bids – the second highest total in U.S. leasing history.

• Sunday, October 14th 2007 - 20:00 UTC

  Correa announced Ecuador returns to OPEC next month

  Ecuador is to rejoin the Organisation of the Petroleum Exporting Countries, OPEC, next month after a 15-year absence, announced on Saturday President Rafael Correa during his weekly radio program. The move reflects the increased state control over energy being taken by President Correa as promised during his electoral campaign.

• Sunday, October 14th 2007 - 20:00 UTC

  Global tension, low stocks push oil to record price

  Oil prices reached this week another record surging past 84 US dollars a barrel for the first time. US sweet, light crude jumped as much as 97 cents to trade briefly at $84.05 a barrel in New York on supply fears before falling back to $83.69.

• Friday, October 12th 2007 - 21:00 UTC

  Seven companies tender for Magallanes oil blocks

  

  Seven corporations from United States, Canada, New Zealand, Egypt and Russia presented tenders for the oil and gas exploration blocks in Magallanes Region, extreme south of Chile.

• Friday, October 12th 2007 - 21:00 UTC

  China strikes huge gas deposit in northwest region

  

  China's largest oil and gas company PetroChina has discovered a major gas field in the nation's northwest Xinjiang region, state media reported this week. The field, known as Dabei III, boasts an estimated reserve of up to 130 billion cubic meters reports the China Daily newspaper.