Chesapeake Energy Corporation and BP America announced the execution of a Letter of Intent for a joint venture whereby BP will acquire a 25% interest in Chesapeake’s Fayetteville Shale assets in Arkansas for $1.9 billion. The assets have current daily net production of approximately 180 million cubic feet of natural gas equivalent and include approximately [...]
Novelis Inc. has been selected by BMW to supply aluminum sheet for the lightweight hoods of its all-new X6 crossover SUV. Novelis is the world’s leading supplier of high performance aluminum sheet for use in automotive applications.
“The X6 is yet another landmark vehicle from BMW, and we are proud that Novelis was chosen to supply [...]
UBS Investment Research raised its price forecast for West Texas crude and Brent “a lot.” UBS now expects West Texas crude to average $115 a barrel this year, $120 in 2009 and $116 in 2010 — increases of 32 percent, 54 percent and 53 percent above its previous outlook.
UBS sees Brent crude at $113.50 a [...]
Kazakhstan banned the export of all refined oil products, as the energy-rich Central Asian nation grapples with soaring fuel costs.
The announcement, made by Prime Minister Karim Masimov at a government meeting, comes just days after opposition parties called on his government to resign amid what they call a worsening economic climate.
Kazakhstan has huge oil and [...]
Phoenix Petroleum Philippines Inc., a local oil company planning to list on the stock exchange, said Thursday one of its wholly-owned subsidiaries recently signed a supply deal with UAE-based oil refiner Emarat.
The unit, Phoenix Global Mercantile Inc., will distribute Emarat’s high-grade lubricants in the Philippines, Phoenix Petroleum said.
Alberto Alcid, director for the lubricants and chemicals [...]
Global Partners LP, a Waltham, Mass., company, has completed the acquisition of the refined petroleum products terminal at the Port of Albany formerly owned by ExxonMobile Oil Corp.
Global Partners, a wholesale distributor of gasoline and oil products paid $101.5 million for the terminal facilities at Albany, N.Y., Newburgh, and Burlington, Vt. The three terminals can [...]
The National Iranian Drilling Company (NIDC), in collaboration with foreign firms, has started the drilling of four exploratory wells in the Persian Gulf, an official with the NIDC said, MNA reported.
Hedayatollah Khademi told the Mehr News Agency that the NIDC has started the drilling operations at the Persian Gulf in cooperation with Brazil?s Petrobars [...]
The oil refiner Tesoro Corp. will buy a Los Angeles-area refinery and 250 Southern California retail sites from a division of Royal Dutch Shell PLC for $1.63 billion.
The company said Monday its board approved the deal with Shell Oil Products US. The sale is subject to regulatory clearance. The price does not include the value [...]
Indonesia is guaranteeing repayment of loans extended to state electricity firm, PT Perusahaan Listrik Negara (PLN), to encourage the building of new coal-fired power plants, the finance ministry said on Thursday.
Indonesia, struggling to cope with electricity shortages, has said it will speed up construction of 10,000 megawatts of coal-fired power plants to add capacity between [...]
India’s top energy firms are set to win the most blocks in the country’s gas-rich offshore exploration areas when the results of the latest asset auction are announced this week, a senior official said on Tuesday.
Leading state-run energy exploration company Oil and Natural Gas Corp. (ONGC) will be awarded 25 blocks in the country’s largest [...]
