Oil

HOUSTON -- Mobil Pipe Line Company, an affiliate of ExxonMobil Pipeline Company, has completed a project that will increase capacity by 50 percent, or about 30,000 barrels per day, of its 858-mile Pegasus Pipeline that operates from Patoka, Illinois to Nederland, Texas.

The expansion project includes the reactivation and enhancement of several pump stations along the pipeline. The additional capacity will enable the transportation of additional Canadian crude from the Midwest to Gulf Coast refineries. Operational enhancements, such as new leak detection technology, were also incorporated to support ExxonMobil Pipeline Company’s primary focus on operating its pipelines in a safe and environmentally responsible manner.    » read more »

Mumbai, India - June 17th, 2009 - The sustained economic growth in the country over the last five years has led to a concurrent growth in energy demand across industrial, transportation, commercial, and residential sectors. Oil and gas account for 41 percent of India's energy consumption and there is unlikely to be any significant scaling down of dependence on these fuels in the next five to ten years.

New analysis from Frost & Sullivan (http://www.energy.frost.com), Strategic Analysis of Oil and Gas Sector in India, finds that the output of the Indian oil and gas sector was 184.3 million tonnes oil equivalent in 2008 and expects this to reach 339.6 million tonnes oil equivalent in 2015.    » read more »

OSLO, NORWAY—June 16, 2009—GE Oil & Gas, a world leading company in oil and gas advanced technology equipment and services, today announced that it has been selected by BP to conduct two initial engineering studies for the Foinaven oil field, for subsea processing and power-from-shore systems respectively.

The initial engineering studies, which will involve obtaining accurate data for field development and its technical and commercial feasibility, represent a continuation of work already completed by GE Oil & Gas to support BP in developing the Foinaven field for future production enhancement. The target completion date for the initial engineering studies is the third quarter of 2009.    » read more »

Ultrasonic flow meters will help improve productivity and efficiency for new BP refinery

Billerica, Mass. – June 17, 2009 — BP America placed a $1.1 million order for flow meters from GE Sensing & Inspection Technologies (NYSE: GE). As global energy demand prompts refiners, such as BP, to increase refining capacity and maximize the production of distillates, they are expanding and building new delayed coker units. GE’s flow meters will be used to monitor 36 critical flow points for a new coker unit being built as part of BP Whiting’s multi-billion dollar refinery expansion.    » read more »

KazMunayGas, ConocoPhillips and Mubadala Announce Signing of Project Agreements for Exploration and Development of N Block, Offshore Kazakhstan

HOUSTON, June 11, 2009 – ConocoPhillips [NYSE: COP], JSC National Company KazMunayGas (KMG) and Mubadala Development Company PJSC (Mubadala) today announced that they have signed project agreements allowing the joint exploration and development of the Nursultan Block (N Block) located in offshore Kazakhstan.

KMG as majority owner will hold a 51 percent interest in the subsoil use contract and the remaining 49 percent will be shared equally between ConocoPhillips and Mubadala. The project will be operated by a Kazakh LLP, which will be jointly owned by the participants in proportion to their equity.    » read more »

Shell blends advanced biofuel into Shell V-Power gasoline race fuel at the 24 Hours of Le Mans race

11/06/2009 -- Shell is demonstrating its commitment to fuels innovation and the development of sustainable, low-carbon fuels with the blending of 10% cellulosic ethanol into its Shell V-Power race fuel at the 24 Hours of Le Mans race, in France on 13 June, 2009.

This will be the first time an advanced biofuel has been used in the gasoline at the 24 Hours of Le Mans race.

Cellulosic ethanol, as an end fuel, is identical to ethanol but it can offer up to 90% less lifecycle CO2 emissions than gasoline.

The biofuel is produced at Iogen Energy Corporation’s demonstration plant in Ottawa, Canada. Iogen and Shell are partners in the plant.    » read more »

In Turbulent Year Developing World Leapfrogs Sluggish OECD in Demand for Energy

June 10, 2009
-- In a climate of unprecedented turbulence, global energy markets followed the same extreme pattern as the world economy in general during 2008.

Prices first rose to record highs as economic growth boomed in the first half of the year. Then they collapsed as the global economy abruptly reversed and plunged into recession in the wake of the financial crisis.

But the year was also remarkable for another reason - less dramatic but, arguably, just as profound in its implications for the long term. For the first time ever, according to the 2009 BP Statistical Review of World Energy, the developing world led by China leapfrogged OECD nations in the consumption of primary energy.    » read more »

Senate Committee Adopts Sanders Proposal on Oil Price Speculation

WASHINGTON, June 9 – A Senate panel on Tuesday adopted a proposal by Senator Bernie Sanders (I-Vt.) to make big oil traders divulge reserves held in offshore tankers to skirt reporting requirements, distort supply records and artificially drive up prices.

As crude oil rose above $70 a barrel and gasoline climbed to an eight-month high, Sanders also announced that he will introduce legislation to require the Commodity Futures Trading Commission to use emergency powers to stem oil price manipulation.    » read more »

08/06/2009 -- Shell today agreed to settle a court case in New York related to allegations in connection with the Nigerian military government's execution of Ken Saro-Wiwa and others in 1995, making a humanitarian gesture to set up a trust fund to benefit the Ogoni people.

At the same time, the plaintiffs have dismissed all claims made in the litigation against Shell Petroleum NV, Shell Transport and Trading Company Limited and the Shell Petroleum Development Company of Nigeria Limited (SPDC).    » read more »

Approximately seven million acres to be explored in Turkish Black Sea

IRVING, Texas -- Exxon Mobil Corporation (NYSE: XOM) today announced the Turkish government approved an agreement between its affiliate ExxonMobil Exploration and Production Turkey B.V. and the Turkish national oil company Türkiye Petrolleri Anonim Ortaklığı (TPAO) to explore two deepwater blocks in the Black Sea.

ExxonMobil and TPAO signed the agreement in November 2008 to jointly explore deepwater prospects in the Samsun Block, which measures approximately 2 million acres (8,500 square kilometers) and the eastern portion of 3921 Block, which measures approximately 5 million acres (21,000 square kilometers). Water depths reach an approximate 6,500 feet (2,000 meters).    » read more »

June 4, 2009 -- BISMARCK, N.D. - North Dakota Governor John Hoeven was in Williston today to dedicate the new Williston State College (WSC) Petroleum Safety and Technology Center. The center was started with funding from the state's Centers of Excellence initiative, with an emphasis on creating economic and employment opportunities in the state's oil and gas industry.

Hoeven was joined by Williston Mayor Ward Koeser, WSC President Dr. Raymond Nadolny, WSC Train ND Executive Director Deanette Piesik, North Dakota Commerce Commissioner Shane Goettle, North Dakota Petroleum Council President Ron Ness and Wayne Biberdorf, manager of strategic projects for Hess Corporation.    » read more »

June 2, 2009 -- Washington, D.C.-Innovations in food production and land use that are ready to be scaled-up today could reduce greenhouse gas emissions equivalent to roughly 25 percent of global fossil fuel emissions and present the best opportunity to remove greenhouse gases already in the atmosphere, according to a new report by the Worldwatch Institute and Ecoagriculture Partners.

As the price of carbon rises with new caps on emissions and expanding markets for carbon offsets, the contribution of land-based, or "terrestrial," carbon to climate change mitigation efforts could increase even further.    » read more »

June 2, 2009, Anchorage, Alaska – Alaska Governor Sarah Palin today was pleased to express her appreciation to the individuals, businesses, and organizations that helped start the Point Thomson oil and gas development project. Located on the North Slope of Alaska, Point Thomson is 60 miles east of Prudhoe Bay.    » read more »

June 1, 2009 -- PPL Corporation (NYSE: PPL) announced on Friday (5/29) that its generation subsidiary has signed a definitive agreement to sell its Long Island generation business to J-POWER USA Development Co., Ltd. for approximately $135 million plus working capital, subject to the receipt of various state and federal regulatory approvals and consents.

The business consists of PPL Edgewood Energy, LLC and PPL Shoreham Energy, LLC, which own, respectively, the Edgewood generating facility, a 79.9-megawatt natural gas-fired electric generation facility in Brentwood, N.Y.; and the Shoreham generating facility, a 79.9-megawatt oil-fired electric generation facility in Brookhaven, N.Y. The output of both facilities is fully contracted to the Long Island Power Authority.    » read more »

BURLINGTON, Vt., May 29 – As crude oil prices jumped to the highest level in six months, Senator Bernie Sanders urged federal regulators yesterday to stop speculators from artificially driving up prices.

Sanders said the Commodity Futures Trading Commission should use its emergency powers – which include the authority to impose speculation limits, increase margin requirements, and suspend trading – in order to ensure that oil prices accurately reflect supply and demand.

“I hope you will seize this opportunity to redefine the CFTC as a strong regulator that will do everything within its power to benefit consumers,” Sanders said in a letter to Gary Gensler, the commission’s new chairman.    » read more »