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Kazakh lawmakers passed a bill Wednesday allowing the government to unilaterally break contracts with foreign companies, potentially threatening an Italian-led consortium developing a giant oilfield.
Kuwait wants to drop Royal Dutch Shell as a partner and is instead considering BP in a project to build a $5 billion oil refinery in Guangdong in China, Kuwait's state news agency KUNA reported on Tuesday.
Royal Dutch Shell will go ahead with a 325,000 barrel-per-day capacity expansion of its Motiva refinery in Port Arthur, Texas, that will make the plant one of the biggest in the world.
Oil eased from its record high on Friday as a hurricane subsided in the Gulf of Mexico and as fresh evidence of credit troubles in the banking sector hit financial markets.
Shares in HSBC Holdings were untroubled on Friday after a surprise late-night assault from activist investor Knight Vinke, as analysts said Europe's biggest bank was already working to address shareholder worries.
French oil major Total has trimmed its average annual hydrocarbon output growth target for 2006-2010, blaming the impact of rising oil prices on some of its production-sharing agreements and project delays.
Kazakhstan wants "more than $10 billion" from an Eni-led consortium in compensation for delays in developing the Kashagan oilfield in the Caspian Sea, a senior government official told Reuters on Tuesday.
Regulators should slap a moratorium on pipelines in Canada's North because governments and oil companies have not planned for long-term environmental impacts, a green-group representative said Thursday.
Royal Dutch Shell Plc and Dow Chemical are in talks with the Iraqi government to renovate and expand a chemical plant in southern Iraq at a cost of up to $2.1 billion, the Iraqi industry minister said.
Oil finished above $71 a barrel on Friday, buoyed partly by strong gains in gasoline futures in New York.
Oil prices hovered near eight-week lows Thursday as traders tried to decide if the risk of an economic slump dampening demand is bigger than potential threats to supplies.
Woodside Petroleum, Australia's largest independent oil and gas producer, reported a 10.6% rise in first-half net profit on Wednesday, due to higher output, and reaffirmed its 2007 production forecast.
Exxon Mobil has delayed work on the 71,600 barrel per day gasoline-making fluid catalytic cracking unit at its 188,160 barrel per day refinery in Chalmette, La., trade sources said on Tuesday.
Kazakhstan threatened on Tuesday to revoke an Eni-led consortium's permit to exploit the giant offshore Kashagan oilfield due to environmental law violations.
Gulf of Mexico oil and natural gas producers were evacuating offshore workers and shutting small amounts of production over the weekend as they watched powerful Hurricane Dean storm across the Caribbean Sea toward an entry into the Gulf next week.
Energy companies in the Gulf of Mexico stepped up evacuations of workers Friday ahead of the first Atlantic hurricane of 2007, even as most revised forecasts showed the storm missing oil and gas installations.
Oil prices jumped Friday after the U.S. Federal Reserve cut a key interest rate to calm financial markets and on concerns Hurricane Dean could hit Gulf of Mexico installations.
A fire broke out Thursday at Chevron's largest U.S. refinery in Pascagoula, Miss., but authorities said there were no immediate reports of injuries.
Shell Oil was pulling nonessential workers from the western U.S. Gulf of Mexico on Tuesday as the company prepared to shut in 5 million cubic feet of natural gas production off the south Texas coast, the company said.
Things are a bit calmer today: volatility much lower, volume still heavy, but not as heavy as last 6 or 7 days. Three stocks advancing for every two declining.