Oil and Gas Market

Oil eases below $82 ahead of US payrolls report

Sunday, 08 August 2010 07:27 | Written by toonna |

Crude oil prices slipped below $82 a barrel on Friday before a report expected to show United States employment declined in July, as investors watch for clues to the pace of economic and energy demand recovery.

Financial markets were giving little direction. The US dollar was up slightly against a basket of currencies, which tended to weigh on oil prices, while European equities edged higher helped by some strong earnings, Reuters reported on Friday.

Oil multinationals plan new system to tackle spill

Friday, 23 July 2010 14:15 |

A MAJOR move was yesterday (Thursday) announced by the oil multinationals operating on major facilities across the world to curtail future oil spill disaster in the Gulf of Mexico.

The companies, which include Chevron, ConocoPhillips, ExxonMobil and Shell, said the consortium has commenced plans to build and deploy a rapid response system that would be available to capture and contain oil in the event of a potential future underwater well blowout in the deepwater Gulf of Mexico.

Nigeria to export 20,000bpd crude oil to Liberia

Friday, 23 July 2010 13:56 |

NIGERIA may soon commence export of 20,000 barrels per day (bpd) of crude oil to Liberia, sequel to a contract agreement already concluded between Nigerian National Petroleum Corporation (NNPC) and Liberia Petroleum Refinery Company (LPRC).

CRUDE REVENUE SHARING INEQUALITY A PROBLEM OF CLASS NOT ETHNICITY

Friday, 23 July 2010 13:18 |

The chairman of the Nigeria Extractive Industries Transparency Initiative (NEITI) Asisi Asiobe has said the argument of inequality in sharing of crude revenue is being tackled wrongly.

Oil majors commit $1bn to contain oil spills

Friday, 23 July 2010 12:43 |

WASHINGTON, D.C.— INTERNATIONAL oil exploration and production companies, including Chevron, ConocoPhillips, ExxonMobil and Shell, has initiated plans to build and deploy a rapid response system that would be available to capture and contain oil in the event of a potential future underwater well blowout in the deepwater Gulf of Mexico.
To underscore their commitment to the new spill containment system, the companies had committed $1 billion to fund the initial costs.

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