October 2010

31st October 2010

Reliance Industries Net Profits Soar to New High

Submitted by blogwriter on Sun, 10/31/2010 - 10:36

Reliance Industries, India’s crown jewel in the oil and gas market, has reported a generous 28 percent increase in quarterly net profit. This is in range of most estimates, as the company sees a favorable outlook in regard to demand in emerging markets and more recovery in mature economies.

Quarterly profit was boosted by the core business of Reliance, including: pumping natural gas, processing crude oil and exporting fuel. Read more »

29th October 2010

Awaiting Return to Gulf Noble Energy’s 3Q Profit Soars

Submitted by blogwriter on Fri, 10/29/2010 - 23:53

Noble Energy profit for the third quarter was simply off the chart, soaring from $107 million just twelve months ago, to $232 million this year. Sales volume also grew five percent. Oil was responsible for 1.5 percent of sales volume increase and gas succeeded with an increase of 6.5 percent. Noble reported the average prices for those commodities rose 16 percent and 17 percent, respectively. Read more »

29th October 2010

Exxon Mobil and Shell see Q3 Earnings Soar

Submitted by blogwriter on Fri, 10/29/2010 - 19:05

Exxon Mobil Corp and Royal Dutch Shell saw a rise in third quarter profits stemming from improved economic conditions along with higher production levels, due to the addition of some new fields. The company is starting to see some rebound effect take place from their many different business units, hit so hard by the recession early last year. Also, new projects meant to sustain long term growth were starting to show life. Read more »

27th October 2010

Montana and the Dakotas to see Oil and Gas Lease Sales Continue

Submitted by blogwriter on Wed, 10/27/2010 - 02:25

December of 2010 will once again see federal oil and gas lease sales in Montana and the Dakotas. The Bureau of Land Management has interrupted bids for more than six months due to pressure from environmental groups.

The upcoming lease sale is likely to be protested by an environmental law group followed by a lawsuit in federal court. Read more »

21st October 2010

Occidental Petroleum Profit Soars 28% in Q3

Submitted by blogwriter on Thu, 10/21/2010 - 12:55

Occidental Petroleum Corporation beat the analysts’ expectations for the third quarter as net earnings surged 28 percent. This surge was concurrent with record oil and gas production and slightly higher commodity prices. Production rose 6.5 percent to 751,000 barrels of oil equivalent per day. This is just within the range of 750,000 to 760,000 barrels per day target the investors were assured since May of this year. Read more »

15th October 2010

Chinese Oil Giant Sees Big Opportunity in Texas Shale

Submitted by blogwriter on Fri, 10/15/2010 - 19:52

Chesapeake Energy Assets is selling approximately 600,000 acres of South Texas oil and gas fields to Chinese energy giant, CNOOC. The multi-billion dollar purchase is being viewed by some as a potential avenue for future expansion into US energy reserves. The $2.2 billion dollar deal is for a one-third stake in Chesapeake, which has the potential to produce up to a half a million barrels a day of oil equivalent. Read more »

13th October 2010

Obama Yields to Pressure as Drilling Resumes in the Gulf

Submitted by blogwriter on Wed, 10/13/2010 - 18:58

Tuesday saw President Barack Obama reopening the Gulf to oil and gas exploration, amid ongoing pressure applied by some industry leaders and lawmakers. The moratorium on drilling in the Gulf, set by Obama, was due to expire on November 30. So far, there have been mixed reactions to the decision as the US is still reeling in the wake of the largest environmental disaster ever. Read more »

5th October 2010

Cabot Oil and Gas Sees Injustice as it Responds to PaDEP Announcement

Submitted by blogwriter on Tue, 10/05/2010 - 12:11

In an effort to reaffirm its position of innocence per say, regarding the methane gas migration into the Northeastern Pennsylvania water supply, Cabot Oil and Gas Corporation has released an informative statement. The company stated that even though it disagrees with John Hanger, Secretary of the Pennsylvania Department of Environmental Protection (PaDEP), and his assertion that Cabot is at fault, the company is committed to making sure the Pennsylvania area referred to as having unsafe drinking water is taken care of, so clean water is available.
  Read more »

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