Archive | July, 2010
Offshore Drilling Package Future Unclear

Offshore Drilling Package Future Unclear

Democrats are in danger of having the legislation fail, since oil-state and Blue Dog Democrats are siding with Republicans, who are almost-universally opposed to it. The bill would ensure more stringent standards imposed on offshore drilling practices, as well give presidential commission full veto power over all oil investigations. The Gulf’s restoration would also benefit [...]

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Tullow Oil Reports New Large Oil Field Off Ghana, Africa Coastline

Tullow Oil Reports New Large Oil Field Off Ghana, Africa Coastline

Tullow Oil Plc, the UK oil exploration company with the most licenses in Africa, has discovered a “major new oil field” off the coast of Ghana in western Africa. According to a recent statement from Tullow Oil, the Owo-1 exploration oil well “encountered a gross vertical reservoir interval of 154 meters (505 feet)” within the [...]

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New Sanctions from the European Union May Affect Iran’s Oil Industry

The European Union (EU) has implemented tough new sanctions against Iran, with the goal of reducing Iran’s ability to fulfill their nuclear ambitions. The sanctions specifically target Iran’s oil industry, which accounts for roughly 80 percent of Iranian exports. The European Union’s tough new sanctions of Iran, which went into effect on July 27, 2010, [...]

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Middle East Oil Producers Considering Investment in BP

As BP makes plans to continue on after the Gulf oil spill with a new chief executive, the London-based company might look attractive to many Middle East sovereign wealth funds, also known as SWF’s. It would be ironic to departing CEO Tony Hayward if his efforts earlier this month to court the funds in Abu [...]

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Safer Chemicals are Claimed to be Put into Use by Gas Drilling Companies

The practice of “fracking,” which is comprised of shooting water, sand and chemicals far underground to get natural gas is stirring up much controversy in Texas and across the rest of the country. The use of fewer and less dangerous chemicals has been the answer of some companies. The drilling practice has been accused of [...]

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Crude oil drops almost 2%, settles below $78 per barrel

While traders await inventory information, the price of natural gas deviates from the norm
As stocks wavered between gains and losses, oil prices dropped almost 2% this Tuesday

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