Shares of most coal producers posted gains in midday trading Friday, as the price of oil surpassed a benchmark of $70 a barrel and a congressional committee continued discussion of a wide-ranging energy bill.

Light, sweet crude for August delivery on the New York Mercantile Exchange rose 85 cents to $70.42 a barrel. It hit a high of $70.75 earlier in the session.

Investors are also watching the House of Representatives, which is in the midst of discussions on legislation that lawmakers hope will reduce U.S. dependence on foreign oil by supporting U.S.-based energy sources, including fossil fuels and renewable energy.
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Petronas president Tan Sri Hassan Marican, in a separate interview with Azam Aris and Surin Murugiah from The Edge Financial Daily after announcing its financial results for the year ended March 31, 2007, provides an insight into the company’s operations and future plans. Here are excerpts of the interview:

FD: Another record profit year for Petronas. How would you see Petronas in five years’ time? Is size a very important competitive component in the industry?

Hassan: Size is part of the equation. The contribution from our international operations continues to grow. It registered a 19% growth between last year and this year. But more importantly, is the growth our international production of oil and gas which is at 34%. This is important as production in Malaysia is depleting as oil has been produced here for more than 100 years. The domestic reservoirs are maturing. Read more » »

Canada-based hydrocarbon exploration company Falcon Oil and Gas announced late Thursday it is seeking a strategic partner to exploit the potential of a major natural gas exploration project the company is currently undertaking in Southeastern Hungary.

“Today’s announcement is part of the company’s long-term plan and commitment to prepare for large-scale drilling and development on our 245,000-acre production license, and reflects our focus on laying the foundation to move beyond exploration to production,” Falcon Chairman and CEO said in a statement.
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DualEx Energy International Inc. and Winslow Resources Inc. are pleased to jointly announce that they have executed a letter agreement to effect a business combination whereby DualEx will acquire all of the outstanding common shares of Winslow in exchange for units of DualEx. Pursuant to the business combination, Winslow shareholders will receive 0.44 units of DualEx for each Winslow common share held, with each full unit being comprised of 1.0 common share of DualEx and one-half of one share purchase warrant of DualEx, each whole share purchase warrant being exercisable for one common share of DualEx at a price of $0.30 per share for a period of 18 months from the date of issue, provided that, after 12 months DualEx can force the exercise of the warrants if DualEx’s common shares trade at $0.40 or higher for twenty consecutive trading days. Read more » »

eoPetro Resources Company announced that its 12% owned Indonesian subsidiary Continental-GeoPetro Ltd has awarded a second, turn-key, integrated drilling services contract to drill wells planned for 2007 on the 900,000 acre Bengara-II Production Sharing Contract, onshore East Kalimantan, Indonesia. Indonesian drilling contractor PT Indo Sichuan Petroleum was awarded the contract and will deploy a land drilling rig capable of drilling to a depth of 9,800 feet. Mobilization of the rig and equipment from Sumatra to the Bengara-II Block is underway, with arrival expected in July/August.
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Goodrich Petroleum Corporation has provided an operational update on a number of recent drilling and development activities.

20-Acre Spacing in the Cotton Valley

In May 2007, the Company completed its initial well drilled on 20-acre spacing in the Cotton Valley trend. The Company’s P.O. Beard No.6 had an initial production rate of 1,800 Mcfe per day and averaged approximately 1,350 Mcfe per day for the first 30 days of production, which compares with an average of approximately 1,400 Mcfe per day for the first 30 days in the original offset well. Read more » »

Global Industries, Ltd. announced that its wholly owned subsidiary, Global Offshore Mexico, S. de R.L. de C.V., has been awarded a project by PEMEX, the national oil company of Mexico. The project is the Ixtal Pipeline Project, which is valued at approximately $40 million. The scope of work includes the trenching, installation, subsea interconnection, and precommissioning of a 24″ X 6 km segment of pipeline in PEMEX’s Ixtal Field, offshore Dos Bocas, Tabasco. The Global pipelay barge Iroquois and derrick barge Titan II are scheduled to perform the work from July to September.

source news : oilonline.com

Sonangol and Total have announced that the Angola’s deepwater Rosa field in Block 17 started production on June 18. Discovered in January 1998 at some 135 kilometres off the coast of Angola in water depths of 1,350 metres, the Rosa field is located some 15 kilometres away from the Girassol Floating Production Storage and Offloading (FPSO) vessel to which it has been tied back. It is the first deepwater field of this size to be tied back to such remote installation and in such water depths. Rosa, with proven and probable reserves amounting 370 million barrels in 100%, will maintain the FPSO’s production plateau at 250,000 barrels per day until early in the next decade.
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Chevron Pipe Line Company plans to expand its Keystone Gas Storage facility in West Texas by an additional 2 billion cubic feet (Bcf) for a total working gas capacity of 7 Bcf. The facility’s withdrawal capability is 400 million cubic feet per day (mmcf/d) and injection capability is 160 mmcf/d. The expansion is expected to increase injection capability to 200 mmcf/d.

“The Keystone expansion demonstrates Chevron’s continued commitment to the natural gas storage business, and Chevron Pipe Line is well positioned to help supply the region’s increasing demand for natural gas,” Rebecca Roberts, President of Chevron Pipe Line Company, stated.

The company placed a fifth cavern in service during the fourth quarter 2006. Completion of the facility’s sixth and seventh caverns is expected in early 2010.
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DONG Energy and Shell have signed a one-year agreement for the transportation of natural gas by Shell from the Danish Tyra field to the Danish market via DONG Energy’s North Sea offshore pipelines.

Shell will begin to transport natural gas through DONG Energy’s offshore pipelines from 1 July 2007. By virtue of the agreement Shell will have the capacity to transport volumes of natural gas equivalent to 10 per cent of the Danish market.

As part of the liberalisation of the gas market, third parties have had access to DONG Energy’s offshore pipelines since 2000. However, this is the first time an agreement has been entered into for such access. To date, DONG Energy’s offshore pipelines have only been used to transport the gas that DONG Energy purchases from Danish North Sea gas producers, including Shell.

source news : oilonline.com