Praxair Joins Russia’s Samaran Gas Production Joint Venture

Praxair and OJSC KuibyshevAzot have formed a joint venture to exploit the industrial gasses in central Russia’s Samara region. Starting production in mid-2016, a newly constructed Air Separation Unit will generate 1,400 tons per day of oxygen, nitrogen and argon in addition to the 2,000 tons per day capacity of KuibyshevAzot’s existing unit. The companies … Read more Praxair Joins Russia’s Samaran Gas Production Joint Venture

Questar Pays 269th Consecutive Dividend

Questar Corp has announced its 269th consecutive dividend. The US-based natural gas producer will pay shareholders 16.25 cents per share on 12th March 2012. Questar Corp originated in 1922 with a well drilled at South Baxter in Wyoming. The company now concentrates on distribution, transportation, storage and production. The dividend takes the company over half … Read more Questar Pays 269th Consecutive Dividend

PA Resources Sells Interests in Tunisian Oil Fields to Candax for $4 Million

PA Resources has sold its interests in the Ezzaouia and El Bibane oil fields in Tunisia for a sum of around $4 million. The interests have been sold to Canadian company Candax Energy Inc as “part of the ongoing effort to focus on our core fields and licenses” according to Bo Askvik, President and CEO … Read more PA Resources Sells Interests in Tunisian Oil Fields to Candax for $4 Million

Iraq: West Qurna Oil Field Now Producing 285,000 Barrels Per Day

ExxonMobil Iraq Limited, South Oil Company of Iraq, Shell West Qurna B.V. and Oil Exploration Company of Iraq, have announced that the West Qurna Oil Field in Iraq is now producing 285,000 barrels of oil per day. Under a service contract, a target for a 10% increase in production was set at the field. To achieve … Read more Iraq: West Qurna Oil Field Now Producing 285,000 Barrels Per Day

BHP Billiton Bet on US gas prices increasing – plans to buy Chesapeake Shale Assets

In what may become a stroke of corporate brilliance, or a gamble, BHP Billiton today announced it will purchaseChesapeake Energy Corps Arkansas shale gas assets for $4.75 billion in cash. In a bid that US gas prices will continue to increase over the mid term, the move will see BHP’s US gas and oil reserves … Read more BHP Billiton Bet on US gas prices increasing – plans to buy Chesapeake Shale Assets

Oil and Gas Giant Woodside Petroleum (WPL) Misses Profit Target

Woodside Petroluem (WPL), one of the worlds largest oil and gas firms, based in Western Australia, failed to meet broker forecasts with a first half profit announcement. Woodside posted a $US1.575 billion ($A1.56 billion) net profit for the year to December 31, up 6.9 per cent on $US1.474 billion in the previous corresponding period. Lower … Read more Oil and Gas Giant Woodside Petroleum (WPL) Misses Profit Target

BHP Billiton Profit Rises 72%

On the back of commodity price rises, BHP Billiton, the worlds largest mining company, today announced a massive 72% rise in profit for the first half of the financial year. As a consequence shareholder returns have increased dramatically, from 188.6 cents per share for the 6 months to December 31st 2010, up from 109 cents … Read more BHP Billiton Profit Rises 72%

Global Equities Mixed After Mubarak Vows Not to Stand Down

US Market Close: 10th February 2011 Global equity markets finished in mixed territory today after Egypt president Hosni Mubarak defied his detractors and in a much anticipated speech, vowed not to resign as president in the immediate future. The DOW finished 10.6 points lower, closing at 12,229.29, after posting 8 consecutive days of gains.  Earlier … Read more Global Equities Mixed After Mubarak Vows Not to Stand Down

Oil gains as global stockpiles fall in US

Crude Oil futures today gained value, 62 cents to $87.56 for the March contract in New York, the first time in five days, on the back of stockpiles declining in the US, the worlds largest consumer. Last week inventories fell 558,000 barrels to 346 million barrels. The recent turmoil in Egypt had raised fear of … Read more Oil gains as global stockpiles fall in US

Energy: Diamond Offshore Drilling Ltd Orders Second Ultra-Deepwater Drilling Ship

Diamond Offshore Drilling Limited, a subsidiary of Diamond Offshore Drilling, Inc. (NYSE:DO), announced on 2nd February 2011 that it has placed an order with Hyundai Heavy Industries Co., Ltd for a second ultra-deepwater drilling ship. The ship is expected to be ready at the end of 2013 and cost a total of $590 million. Diamond … Read more Energy: Diamond Offshore Drilling Ltd Orders Second Ultra-Deepwater Drilling Ship

Atlas Copco Mafi-Trench to Purchase Pump Business from J.C. Carter LLC

Atlas Copco Mafi-Trench has signed an agreement to acquire a cryogenic pump business from J.C. Carter. J.C. Carter is a leading producer of cryogenic submerged motor pumps, which have many applications in the growing natural gas market. The company’s products are primarily used in liquid natural gas regasification and liquefaction plants, and natural gas liquid … Read more Atlas Copco Mafi-Trench to Purchase Pump Business from J.C. Carter LLC

Australia: Shell Prelude LNG Project gets Federal Approval

Shell’s Prelude floating LNG facility in the Browse Basin off the coast of Western Australia received federal approval on November 12th 2010. Federal environment minister Tony Burke said: “While there are significant economic benefits to these projects, which must be a consideration in my decision, my focus has been on protecting environmental matters.” The Project … Read more Australia: Shell Prelude LNG Project gets Federal Approval

USA: Oil Companies Protest Presidential Ban on Drilling in Gulf

Today, the National Ocean Industries Association hit out at the Presidential moratorium on exploratory drilling in waters deeper than 500 feet in the Gulf of Mexico. Burt Adams, Chairman of the National Ocean Industries Association, which represents 35 off-shore energy companies, said in a statement: “The immediate impacts of the order will be felt by … Read more USA: Oil Companies Protest Presidential Ban on Drilling in Gulf

India Supreme Court: RELIANCE NATURAL RESOURCES LTD. Vs. RELIANCE INDUSTRIES LTD.

Two of the richest people in the world, brothers Mukesh Ambani of Reliance Industries (RIL) and Anil Ambani of Reliance Natural Resources (RNRL) took a disagreement over gas supply to the Indian Supreme Court. The judgement was delivered on Friday 7th May 2010, with far-reaching consequences for energy supply in India and the share price … Read more India Supreme Court: RELIANCE NATURAL RESOURCES LTD. Vs. RELIANCE INDUSTRIES LTD.