Europa Oil & Gas: Well Placed for Progression in 2010

ImageThe UK is considered to be a significant hydrocarbon consumer and is fortunate enough to have the reserves of the North Sea on its doorstep. However with these reserves having been depleted over the past 20 years there is an increasing reliance on imports; some industry experts are forecasting that 90% of the UK’s oil could be imported by 2020.

Oil Prices Rise on Improved Sentiment

ImageNEW YORK—Crude futures were marginally higher Monday as investors grew more optimistic about the economic outlook.

Friday's report of fewer job losses in the U.S. in February plus news Monday that some Eurozone countries are planning to help Greece resolve its debt troubles offered support to the oil market.

But analysts cautioned that there has yet to be any concrete sign of a significant improvement in oil demand, especially in the U.S., due to the economic recovery, which could temper further gains.

Midmorning, light, sweet crude for April delivery was up 28 cents, or 0.3%, at $81.78 a barrel on the New York Mercantile Exchange. Prices had touched an eight-week intraday high of $82.41 a barrel earlier in the session. Brent crude on the ICE futures exchange was up 40 cents, or 0.5%, at $80.29 a barrel.

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American Indian reservation reaping oil benefits

ImageNEW TOWN, N.D. — An oil boom on American Indian land has brought jobs, millions of dollars and hope to long-impoverished tribal members who have struggled for more than a century on the million-acre Fort Berthold Indian Reservation.

In little more than a year, oil companies have put dozens of money-producing rigs on remote rolling prairie and sprawling badlands that are home to small cattle ranches and scattered settlements of modular housing. Although other tribes around the nation have oil interests, industry officials said none has likely experienced a recent windfall of this scale.

The reservation is occupied by the Mandan, Hidatsa and Arikara tribes, known as the Three Affiliated Tribes, who were placed in west-central North Dakota by the federal government in the 1800s - long before anyone knew of the oil.

French refinery strike spreads, gas shortages loom

ImageA strike squeezing French oil refineries spread Tuesday to facilities owned by ExxonMobil Corp., raising the pressure on Total SA and the government to ward off gas shortages.

Workers at an ExxonMobil-owned Esso depot joined in the walkout Tuesday to support their Total colleagues, who have been striking since last week over plans to close a plant in northern France.

The Esso depot in Port Jerome, on the English Channel, was closed before dawn for lack of workers, CGT union organizer Laurent Delaunay said. Workers at an Esso refinery in neighboring Notre-Dame-de-Gravenchon _ France's second-largest refinery _ were set to walk out later Tuesday.

The Bloom Box: An Energy Breakthrough?

The Bloom Box: An Energy Breakthrough?(CBS) In the world of energy, the Holy Grail is a power source that's inexpensive and clean, with no emissions. Well over 100 start-ups in Silicon Valley are working on it, and one of them, Bloom Energy, is about to make public its invention: a little power plant-in-a-box they want to put literally in your backyard.

You'll generate your own electricity with the box and it'll be wireless. The idea is to one day replace the big power plants and transmission line grid, the way the laptop moved in on the desktop and cell phones supplanted landlines.

Arlington scientists find way to make cheap gas from coal

Arlington scientists find way to make cheap gas from coal ARLINGTON - How would you like to buy gasoline made from $30 domestic coal versus $75 imported oil?
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Researchers at the Unviersity of Texas at Arlington say they've found a practical way to make synthetic crude from inexpensive coal that's common in Texas.

People have been turning coal into oil for 100 years or more, but researchers at UTA say they've invented a better way to do it.

It is so much better that they expect to sign a deal with an oil company within weeks.

"This is East Texas lignite coal. We go from that to this really nice liquid," said Professor Brian Dennis of a light synthetic crude, easily refined into gasoline.

Professor Dennis and a team of scientists have been working on the process for about a year-and-a-half.

"I had the idea for this while I was walking to my car," he said. "I ran back to the lab and I started drawing it out in my notebook."

They only showed News 8 an early model reactor which doesn't look like much. The current reactor design is secret, extremely efficient, and emits no pollution, the UTA scientists said.

Oil prices helped by recovering euro

ImageOil prices rallied this evening as traders took their cue from the falling US dollar after recent sharp losses.

Oil prices were also lifted by the prospect of another fierce snowstorm in the US's north-eastern region, which would boost heating fuel demand.

US crude jumped $1.60 to $73.49 a barrel, while London's Brent crude also added $1.60 to $71.71.
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Gordon Brown says Britain is prepared to protect Falkland Islands as row with Argentina escalates.

ImageBritain has made 'all the preparations necessary' to protect the Falkland Islands, Gordon Brown said today.

His reassurance comes amid Argentinian efforts to control shipping in the region.

The Argentinian government has issued a decree that tightens control over shipping in the area ahead of British efforts to start oil and gas exploration off the islands' waters.

Oil drilling off Falkland Islands 'next week'

ImageA rig being towed to the Falkland Islands from Scotland should start drilling for oil and gas from next week, a company involved has said.

The Ocean Guardian has been under tow by a tug since late November when it left Invergordon on the Cromarty Firth.

Argentina has announced new controls on shipping through its waters to the islands in an oil exploration dispute.

However, a spokesman for Desire Petroleum said the rig was expected to begin drilling as planned.

The work has involved the largest consignment of gear to be shipped from Aberdeen to the region.

Chevron cuts back Nigeria oil flow after attack

Global Petroleum Club ImageABUJA - Chevron said on Saturday it had been forced to shut down 20,000 barrels per day (bpd) of crude oil production in Nigeria, a day after security sources said gunmen had attacked a pipeline operated by the U.S. firm.

"Chevron Nigeria Limited ... confirms that there was a breach on its Makaraba-Utonana pipeline in Delta State, Nigeria on Friday," the major U.S. oil producer said.

Security sources told Reuters on Friday that unknown gunmen in the oil-rich Niger Delta attacked the pipeline, which has been vulnerable to sabotage in the past. No group has claimed direct responsibility.
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