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Energy Department: US 2012 oil reserves rose to highest level since 1976

Crude oil reserves in the U.S. grew for the fourth straight year, reaching the highest level since 1976, according to an Energy Department report released Thursday. The report says reserves grew 4.5 billion barrels, or 15 per cent, to 33 billion barrels in 2012. It was the biggest one-year jump since 1970. The U.S. consumed 6.9 billion barrels of crude-based fuels last year.

KNOC discovers additional oil reserve in Iraq

SEOUL, March 16 (Yonhap) -- A joint oil exploration project involving South Korea's state-run oil company in Iraq has made another significant oil discovery in the Middle Eastern country, the company said Sunday. The discovery was made at the Hawler minefield in Iraq's northern Kurdish region, according to the Korea National Oil Corp. (KNOC). The Banan drill hole is the fourth exploration hole in the Hawler minefield, and it has successfully produced 4,320 barrels of light crude oil per day in a drill stem test that began in January, the company said.

U.S. sales of reserves in works 'for many months': Energy Department

WASHINGTON (Reuters) - The U.S. Energy Department said on Wednesday that it has been discussing the release of 5 million barrels of crude from its emergency reserves for "many months" and the sale was timed to work with Gulf Coast refineries' maintenance cycles. "The release of up to 5 million additional barrels of sour crude into the marketplace through the proposed test sale is expected to have minimal market impact," the department said in a statement.

Investment boom on US energy assets has legs

A boom in capital investment in US energy transportation and storage infrastructure is likely to continue through the decade, raising growth and job prospects, according to a study released Tuesday. High levels of investment will continue through 2025, pointing to fairly stable levels after that, researchers at IHS Global found in a study for the American Petroleum Institute, the trade group representing the energy industry.

Mexico's oil revenues drop, but tax collection up

Mexico City, Dec 31 (EFE).- Mexico's oil revenues dropped 1.8 percent in the January-November period, compared to the same period in 2012, but non-petroleum tax revenues rose 3.9 percent, the government said. Public sector budget revenues fell 1.2 percent in real terms during the first 11 months of 2013, compared to the January-November period last year, the Finance Secretariat said. Oil revenues fell as a result of a drop in the average price of Mexico's crude exports, lower oil and gas production, and a stronger peso, the secretariat said in a report.

Venezuela's president wants to hike world's cheapest gas price - unchanged for nearly 20 years

CARACAS, Venezuela - The price of the world's cheapest gasoline will start to nudge higher for the first time years if Venezuela's president has his way — and he usually does. Speaking to newly elected mayors Wednesday, President Nicolas Maduro said he favours raising gas prices that have been stuck at around 5 cents a gallon for nearly two decades. That's practically a giveaway, he said, and one that Latin America's biggest oil producer pays dearly for in terms of revenue lost to the government that could be used to fight poverty and promote economic development.

Britain approves £4.0-bn North Sea oil field project

Britain on Friday gave the green light for oil firm EnQuest to invest £4.0 billion in a North Sea oil field scheme that will support an estimated 20,000 jobs. Oil firm EnQuest said in a statement that it would plough the equivalent of $6.4 billion or 4.7 billion euros into the Kraken oil field east of the Shetland Islands, which lie north of the Scottish mainland. The plans have been approved by the government's Department of Energy and Climate Change and welcomed by finance minister George Osborne.

KNOC moves to start commercial production of oil with additional discovery in Iraq

By Byun Duk-kun DUBAI, Nov. 10 (Yonhap) -- A joint oil exploration project involving South Korea's state-run oil corporation in Iraq has made an additional discovery of oil in the Middle Eastern country, significantly increasing the prospective for the possible start of commercial sales in the near future, the company said Sunday.

Oil prices drop before US data

Oil prices fell on Monday as dealers awaited US economic data this week that could provide an indication of when the Federal Reserve will start winding down its stimulus programme. New York's main contract West Texas Intermediate (WTI) for December delivery fell 39 cents to $94.22 a barrel. Brent North Sea crude for December shed 26 cents to $105.65. "Investors will be looking at US economic data this week, especially the jobs data, for an indication of whether tapering will be brought forward to December," Desmond Chua, market analyst at CMC Markets, told AFP.

China wins $2 billion oil deal in Uganda

China's state-owned CNOOC has secured a $2-billion deal to develop a petroleum field in Uganda and help propel the east African nation into the club of oil-producing countries, an official said Friday. "This is a major breakthrough as a country," Uganda's junior energy minister Peter Lokeris told AFP, confirming that a deal had been reached earlier this month with the China National Offshore Oil Corporation. "It is a milestone towards making us self-sustaining as far as oil and gas production is concerned," he added.
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