OAO LUKOIL President Vagit Alekperov and ConocoPhillips Chairman and CEO Jim Mulva today participated in a special ceremony on the occasion of the startup of the Yuzhno Khylchuyu (YK) field located in the Nenets Autonomous District.
One of the biggest fields in the north of the Timan Pechora oil and gas province, this field is developed [...]

“Today’s 5.4 percent crude oil price increase to $121.18 a barrel despite decreased demand and increased supply is a clear sign that speculators continue to dominate the commodities markets hurting our national economy,” said Lea Wilson, executive director of the Washington Oil Marketers Association (WOMA).
“There is absolutely no economic reason for prices to increase the [...]

TransCanada Corporation received the support of the Alaska Legislature to award the company a license for the Alaska Pipeline Project under the Alaska Gasline Inducement Act (AGIA).
“The Legislature’s decision represents a significant milestone in advancing this major natural gas pipeline project to connect stranded U.S. natural gas reserves to Alaskan and Lower 48 consumers. We [...]

Crude oil pipeline operator Enbridge Inc. plans to sell its minority stake in a Spanish petroleum products pipeline company for about $1.37 billion in cash.
The buyers of the 25 percent stake in Cia. Logistica de Hidrocarburos SA are subsidiaries of Deutsche Bank AG, the Public Sector Pension Investment Board, Stichting Pensioenfonds Zorg en Welzijn and [...]

A judge has refused to stop construction of a crude-oil pipeline that would be built by TransCanada Corp. through eastern North Dakota, saying state regulators took adequate safety precautions in deciding its route.
North Dakota’s Public Service Commission did a thorough factual and legal review of its order allowing construction of the Keystone pipeline, district [...]

Iraq’s oil ministry said it is postponing the deadline for bids to develop the prized Akkas natural gas field in the western part of the country until May 18. The new deadline comes after the ministry said it was unable to lure enough offers by a previous deadline two weeks ago because of a lack [...]

The price of crude oil pushed to a new high after a militant group in Nigeria said it sabotaged a major oil pipeline operated by a Royal Dutch Shell PLC joint venture and promised further attacks on the country’s petroleum industry.
A Shell spokeswoman confirmed the damage to the pipeline appeared to have been caused by [...]

Oil prices hit a record high $117 a barrel Friday as jitters over Nigerian oil supplies outweighed a rally in the dollar and fears of an economic slowdown in giant energy consumer China.
U.S. light crude settled up $1.83 at $116.96 a barrel, before hitting a record $117. London Brent crude gained $1.49 to $113.92.
Oil prices [...]

Developers of the Keystone oil pipeline want to make 49 changes in its proposed route through eastern North Dakota.
North Dakota`s Public Service Commission has scheduled an informal hearing on May 21 to discuss the company`s wish list.
And the commissioners say people who are interested in the pipeline`s route have until May 19 to request a [...]

The state-owned Kenya Pipeline Company (KPC), has laid out plans for a Liquid Petroleum Gas(LPG) plant in the country`s coastal city of Mombasa at a cost of US$50 million, authorities announced here Monday.
A similar plant would soon be constructed in Nairobi, after an Indian firm, BARAT Ltd, was awarded the tender at a cost of [...]