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S. Sudan restarts oil production, ending row with Khartoum

April 6, 2013 07:45
South Sudan restarted oil production Saturday, ending a 15-month bitter row with former civil war foe Sudan and marking a major breakthrough in relations after bloody border clashes last year. "The oil is now flowing," South Sudan oil minister Stephen Dhieu Dau shouted as he flicked a switch to restart production at a ceremony in the Thar Jath field in Unity state. Sudan and South Sudan came close to a return to all-out conflict last year in bitter fighting along their un-demarcated border in April and March, a conflict prompted partly by their arguments over oil.

Shell to shut key Nigeria pipeline to repair oil theft damage

April 2, 2013 11:01
Shell plans to temporarily shut a key oil pipeline in southern Nigeria later this month to repair damage caused by oil thieves, leading to a cut of around 150,000 barrels per day, the company said Tuesday. The Nembe Creek Trunkline in Nigeria, Africa's biggest oil producer with output at around two million barrels per day, will be closed for a nine-day period. The pipeline has been repeatedly hit by sabotage and theft. Oil theft has been estimated as costing Nigeria some $6 billion (4.7 billion euros) per year.

Syria says rebels set fire to three eastern oil wells

March 31, 2013 12:15
BEIRUT (Reuters) - Syrian rebels have set three oil wells in the east of the country ablaze, causing a daily loss of nearly 5,000 barrels of oil and 52,000 cubic metres of gas, state media quoted an oil ministry official as saying on Sunday. SANA news agency said the damage to the oil wells in Deir al-Zor province, much of which is in rebel hands, followed disputes among the fighters over "sharing out the stolen oil" from fields in areas they control.

Exxon cleans up Arkansas oil spill; Keystone plan assailed

March 30, 2013 22:00
By Kristen Hays and Matthew Robinson (Reuters) - Exxon Mobil on Sunday continued cleanup of a pipeline spill that spewed thousands of barrels of heavy Canadian crude in Arkansas as opponents of oil sands development latched on to the incident to attack plans to build the Keystone XL line. Exxon spokesman Alan Jeffers said on Sunday that crews had yet to excavate the area around the pipeline breach, a needed step before the company can estimate how long repairs will take and when the line might restart.

Train derailment spills 15,000 gallons of oil in Minnesota

March 28, 2013 16:01
Crews were working Thursday to clean up 15,000 gallons of oil that spilled onto a Minnesota field after a mile-long train derailed. It was not immediately clear whether the Canadian Pacific train was transporting oil from the Alberta tar sands, but the spill will add fuel to the debate over the controversial Keystone XL pipeline. Frigid temperatures helped contain environmental damage after 14 train cars fell off the tracks and three began leaking oil on Wednesday.

Train derailment spills 30,000 gallons of oil in Minnesota

March 28, 2013 12:30
Crews were working Thursday to clean up as much as 30,000 gallons of oil that spilled onto a Minnesota field after a mile-long train derailed. It was not yet clear whether the Canadian Pacific train was transporting regular crude or oil from the Alberta tar sands, but the spill will certainly add fuel to the fight against the controversial Keystone XL pipeline. Luckily, frigid temperatures helped contain the environmental damage after 14 train cars fell off the tracks and three began leaking oil on Wednesday morning.

spot oil trading-surge

March 27, 2013 23:16
By Kang Yoon-seung SEOUL, March 28 (Yonhap) -- The volume of oil products traded on the spot trading system run by the country's bourse operator jumped in February as more retailers rushed to buy petroleum goods at cheaper prices, the Korea Exchange (KRX) said Thursday. According to the KRX, the average daily trading volume of diesel oils on the trading system came to 8.23 million liters in February, skyrocketing from 94,000 liters tallied in April 2012 when it launched the service.

Exclusive - Petrobras said to auction $5 billion of Nigeria oil assets

March 27, 2013 07:01
By Denny Thomas and Joe Brock HONG KONG/ABUJA (Reuters) - Brazilian oil company Petrobras <PETR4.SA> is to auction off its stakes in Nigerian oil fields to raise cash for domestic projects, a deal that may fetch up to $5 billion (£3.3 billion pounds), sources close to the deal said. The state-controlled company, formally known as Petroleo Brasileiro SA, has hired Standard Chartered <STAN.L> to run the process, which will kick off in the next two months, banking and oil industry sources said.

KNOC-Iraq oil discovery

March 26, 2013 21:46
SEOUL, March 27 (Yonhap) -- A joint oil exploration project by South Korea's state-run oil company in Iraq has discovered "significant amounts" of oil in the Middle Eastern country's northern Kurdish region, the company said Wednesday. The discovery was made at Hawler minefield, in which Switzerland's Oryx Petroleum has a 65-percent stake, according to the Korea National Oil Corp. (KNOC). The KNOC has a 15-percent stake in the exploration minefield with the remaining 20 percent owned by the Kurdish government.

$100 a barrel 'reasonable' price for oil: Saudi

March 25, 2013 07:45
OPEC's largest oil producing member Saudi Arabia said on Monday that $100 a barrel is a "reasonable" price for oil while its Gulf neighbour Kuwait said the price is "fair" and the market was stable. "In 1997, I thought 20 dollars was reasonable. In 2006, I though 27 dollars was reasonable," Saudi Oil Minister Ali al-Naimi told reporters in Kuwait City on the sidelines of a Gulf oil conference. "Now, it is around $100 ... and I say again 'it is reasonable'." Kuwait's Oil Minister Hani Hussein said the "current oil price is fair."
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