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Prices paid by US importers fell 0.5 per cent in April, pushed lower by cheaper imported oil

The Canadian PressMay 14, 2013 14:46
WASHINGTON - Prices paid by U.S. importers fell in April for the second straight month, pushed lower by another decline in imported petroleum. Falling import prices help keep inflation in check. The Labor Department says import prices fell 0.5 per cent last month compared with March, when prices had fallen 0.2 per cent. It was the largest decline since a 0.6 per cent drop in December. Imported petroleum products fell 1.9 per cent in April. Excluding petroleum, import costs fell only 0.1 per cent. Import prices have fallen 2.6 per cent over the 12 months ending in April.

New gas reserve discovered in southern Pakistan

Agence France-PresseMay 3, 2013 12:03
Pakistan has discovered a new gas reserve in southern Sindh province that would help reduce acute gas shortages for industry and transport, the petroleum ministry said Friday. Italian energy major ENI with joint venture partners Pakistan Petroleum Limited and Kuwait Foreign Petroleum Exploration Company made the discovery in the Kirthar Fold Belt region 270 kilometres (170 miles) north of Karachi.

US oil supplies reach new peak amid shale boom

Agence France-PresseMay 1, 2013 12:30
US oil stocks reached a new three-decade high and pressed crude prices lower Wednesday, as US oil production continued to surge while domestic demand remained anemic. US commercial stocks stood at 395.3 million barrels for the week ended April 26, the highest weekly inventory figure since the US Energy Information Administration began collecting the data in 1982. The build comes as US crude production has taken off on the rise in exploitation of shale oil and gas deposits.

Mozambique government okays new oil law

April 10, 2013 12:45
The Mozambican government has approved a draft of a new petroleum law which will see communities get a slice of the country's oil revenues. The spokesman for the Council of Ministers, Alberto Nkutumala, said the decision was taken at a session late on Tuesday. "Of the revenues that result from oil operations in Mozambique, a part shall go to communities that are located in areas where operations take place," said Nkutumala. It is not yet clear what the allocation to local communities would be.

Iraq ups proven oil reserves to 150 billion barrels

April 10, 2013 11:16
Iraq's proven oil reserves have increased to 150 billion barrels, up from a previous figure of 143.1 billion barrels, oil ministry spokesman Assem Jihad said on Wednesday. "Thanks to the work of the ministry of oil and exploration contracts awarded to energy companies these past two years," Iraq now has reserves of 150 billion barrels of oil, Jihad told AFP. He added that the new figure would likely rise in future as further exploration work is done.

Xcite seeks partner for Bentley field as reserves rise

April 8, 2013 03:15
LONDON (Reuters) - Oil company Xcite Energy <XELL.L> said it would seek a partner to help fund the development of the Bentley field in the North Sea after an independent report showed it contained more oil than previously thought. Xcite said on Monday that it would start evaluating suitable partners and also try to increase its borrowing facilities to secure funding for a project to get oil pumping from the field.

British gas production outages keep prices high

March 27, 2013 09:01
LONDON (Reuters) - British wholesale gas prices remained high in volatile trading on Wednesday, as several production outages restricted supplies to the system amid high demand and low stored reserves. "The market is choppy.. if something drops off the network people get very nervous," a trader from a European utility said. The price of gas for Thursday delivery rose 1.25 pence to 99 pence per therm, due to high demand caused by cold weather and gas for immediate delivery rose 0.25 pence to 98.75 pence.

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.

S Korean firm-Jordan oil development

March 12, 2013 16:18
By Byun Duk-kun SEOUL, March 8 (Yonhap) -- A South Korean oil developer has signed an official deal with the Jordanian government to explore and develop a vast oil field in the Middle Eastern country, the company said Friday. The production sharing agreement (PSA) was approved by Jordan's Cabinet on Sunday, an official from the Korea Global Energy Corp. (KGEC) said. The agreement still needs to be ratified by Jordan's parliament.

UK gas prices remain high on cold weather

March 12, 2013 05:15
* Gas storage depleted to under 20 pct * Within-day gas prices rise to 93 p/th * Summer 2013 gas price close to 18 month high * Weather to get gradually warmer - Met Office LONDON, March 12 (Reuters) - British wholesale spot gas prices rose above 90 pence a therm on Tuesday morning as extreme cold pushed up demand and further reduced already far depleted gas storage levels.
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