Chevron Welcomes Shell to the Wheatstone Project

Chevron Corporation today announced the signing of agreements with Shell Development (Australia) Pty Ltd to bring Shell into the Chevron-operated Wheatstone Project as a natural gas supplier and equity participant. George Kirkland, vice chairman, Chevron Corporation, said, “Chevron is pleased to welcome another participant into the Wheatstone Project.... 

U.S. nuclear plant says shielded against Japan emergency

A U.S. nuclear plant in Alabama similar in design to the earthquake-hit Fukushima facility in Japan has multiple defenses to prevent and tackle the same kind of emergency, its operator said. Safety features at the Browns Ferry plant in northern Alabama are so superior to those at Japan’s Fukushima Daiichi plant that even in the event of massive... 

Offshore Finds Are Transforming Africa Into a Major Oil Producing Region

MarketResearch.com has announced the addition of GBI Research’s new report “Oil Market in Africa to 2015 – Offshore Finds Transforming Africa into a Major Oil Producing Region,” to their collection of Oilfield Equipment & Services market reports. For more information, visit http://www.marketresearch.com/product/display.asp?ProductID=6164897... 

Japan tsunami grazes Americas but impact light

Tsunamis triggered by Japan’s devastating earthquake that prompted thousands to flee the Pacific coast of North and South America caused flooding as far away as Chile on Saturday, but damage was limited. The tsunami lost much of its energy as it moved thousands of miles (km) across the Pacific Ocean, although governments took no chances and ordered... 

U.S. issues second post-spill drill permit in Gulf

The government has given BHP Billiton the second new permit to drill in the Gulf of Mexico since the Macondo oil spill, the Bureau of Ocean Energy Management said Saturday. A BHP spokesman confirmed that the new permit has been issued for resumption of drilling of a production well at Shenzi. BOEMRE issued the first new permit since the lifting of a... 

Wall Street up on energy shares after Japan quake

Stocks rose on Friday, led by gains in energy shares after Japan’s biggest earthquake on record hurt the country’s oil refining capacity, but trade was choppy as investors tried to weigh the quake’s economic impact. The 8.9 magnitude quake that struck the northeast coast of Japan, the world’s third largest economy, triggered... 

Analysis: Stocks-oil relation looks as it did in 2008 recession

The trading pattern of the prices of stocks and crude oil looks worryingly like it did just before the last recession. Oil and equity prices rise and fall more or less in tandem when demand and economic growth expectations dictate prices. But the short-term relationship has been turned on its head in recent weeks with investors worried that political... 

Moody’s Confirms Nexen’s Investment Grade Credit Rating

Earlier today, Moody’s Investors Service announced the completion of their credit review and confirmed Nexen’s Baa3 rating with a negative outlook. We expect to retain this rating and remove the negative outlook by reducing our debt to levels commensurate with the rating by late this year or early 2012, and retaining sufficient cash to fund... 

Vermilion Energy Inc. Files Annual Information Form and Annual Report

Vermilion Energy Inc. announces the submission of its Annual Information Form (“AIF”) for the year ended December 31, 2010 to the System for Electronic Document Analysis and Retrieval. The AIF contains Vermilion’s Statement of Reserves Data and Other Oil and Gas Information as required under National Instrument 51-101. Vermilion has also filed... 

As oil muddies outlook, Fed policy less certain

Surging oil prices are deepening a split inside the Federal Reserve, blurring the likely direction of U.S. monetary policy and making next week’s policy meeting all the more contentious. The sharp rise in energy costs, precipitated by a wave of pro-democracy uprisings across the Arab world, could affect the economy in different ways, by retarding...