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China offshore CNOOC Purchase Canadian Oil Sand producer OPTI
China National Offshore Oil Corp. is purchasing Canadian oil sands producer OPTI for $2.1 billion. CNOOC Ltd. is China’s dominant offshore oil producer and has been aggressively purchasing overseas unconventional energy resources. CNOOC said in a news release that it will pay $34 million for OPTI’s outstanding shares as well as assuming OPTI’s more than [...]
Friday, July 22nd, 2011Crude Oil Gains as Europe Central Bank Debt Crisis
Crude rose to the highest level in almost three weeks on greater-than-forecast growth in U.S. private employment and Chinese manufacturing and on signals the European Central Bank will act to prevent the spread of the region’s debt crisis. Prices surged 3.1 percent as companies in the U.S. boosted payrolls the most since November 2007, according [...]
Friday, December 3rd, 2010ONGC Announces Western Onshore Basin Oil Drilling Results
ONGC or Oil and Natural Gas Corporation has announced the results of oil drilling in Western Onshore Basin. This oil company has obtained permission to drill from the NELP. A press release from the company said the exploratory well, Vadatal-1 in block CB-ONN-2004/2, drilled to a depth of 1784 metres, was found to be oil [...]
Sunday, August 29th, 2010