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Oil & Gas Journal's Daily Update


OGJ Newsletter | March 25, 2011 spacer.gif
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• Market Summary • World Markets • Major Indices • OGJ 200 Index • Oil / Energy Sector • Market Movers • Energy Research • Energy Jobs • Forward to a Friend BP-Rosneft deal to explore Arctic blocked
A January Arctic exploration and stock-swap agreement, described by parties Rosneft and BP as "historic," has encountered trouble in a Swedish arbitration panel.
Libya: Rebel oil chief says revenues not 'immediate' issue
Even though Libya's oil production is low, the resulting lack of export revenues is not an immediate cause of concern for rebel forces in the country as other sources of money are said to be available.
API: Calls for 'use it or lose it' distract from real issues
Charges by some congressional Democrats and members of the Obama administration that the oil and gas industry is not aggressively developing the federal leases it holds are a distraction from the real issues of government-imposed delays and obstacles, an American Petroleum Institute official said.
MARKET WATCH: Crude, natural gas end rallies in New York market
The front-month crude contract dipped from a 30-month high Mar. 24, ending a 4-day rally in the New York market.
Iraq: Akri-Bijeel block exploratory well spuds
A unit of MOL Hungarian Oil & Gas PLC has spudded the Bekhme-1 exploratory well on the Akri-Bijeel block in Iraq's Kurdistan region.
Italy: Southern Adriatic exploration eyed
Azimuth Ltd. will become a 15% interest partner with Northern Petroleum PLC in the F.R39.NP and F.R40.NP permits in the southern Adriatic off Italy.
Mississippi: Belmont Lake Frio field developing
Belmont Lake field, in the Mississippi River flood plain in Wilkinson County, Miss., is averaging a combined 130 b/d of oil from Oligocene Frio in three wells and as many as four development wells are to be drilled in 2011, said Cheetah Oil & Gas Ltd., Vancouver, BC.
Tyrihans production exceeding expectations
The Tyrihans complex of fields completed subsea on the Halten Bank off Norway has exceeded initial production estimates, currently flowing about 100,000 b/d.
Suncor doubles ethanol plant capacity
Suncor Energy has completed a doubling of capacity at its St. Clair ethanol plant in the Sarnia-Lambton region of Ontario to 400 million l./year.
Fisherman's Landing LNG signs pipeline expansion deal
LNG Ltd. has signed a pre-FEED study agreement with Jemena to evaluate the expansion capacity of Jemena's Queensland Gas Pipeline, to transport gas from the Wallumbilla Gas Hub to the Callide Gas Hub at Gladstone and onward to its planned 3-million typ Fisherman's Landing LNG project.
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