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Suspected Colombian Rebels Set Fire to Oil Tank

Posted August 8th, 2011 at 3:40 pm (UTC-5)
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Military officials in Colombia say that around 30 suspected FARC rebels have set fire to an oil reservoir owned by Canada’s Alange Energy Corporation. Reports Monday said the rebels set crude explosives to start the fire at the facility, located in the town of Tibu, in Colombia’s Norte de Santander state. Emergency workers later extinguished […]

Tags: , , , Posted in Americas

India Pays Part of What it Owes Iran for Crude

Posted August 8th, 2011 at 11:10 am (UTC-5)
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Iran has received $1.4 billion from India in the past 10 days, a portion of overdue payments for Iranian oil. Iran’s central bank says India owes it nearly $5 billion for oil deliveries in recent months. India suspended payments for Iranian crude since December, in response to U.S. sanctions on banks doing business with Iran. […]

Tags: , , Posted in Economy, South Asia

Sudan Blocks South Sudanese Oil Shipment

Posted August 5th, 2011 at 5:40 pm (UTC-5)
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A vessel loaded with some 600,000 barrels of crude oil produced in South Sudan stands idle at a Sudanese port, blocked over the refusal of the government in Juba to pay customs fees. South Sudan captured 75 percent of Sudanese oil when it came independent early last month. But since it is landlocked, it must […]

Tags: , , Posted in Africa

UN: Nigerian Delta Requires Largest Ever Oil Cleanup

Posted August 4th, 2011 at 2:35 pm (UTC-5)
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A United Nations report says decades of oil spills in Nigeria’s Ogoniland region may require the world’s largest petroleum cleanup that could cost more than $1 billion. The report, released Thursday by the U.N.’s environmental program, said that drinking water supplies within the oil-rich Niger Delta have been damaged by 50 years of crude oil […]

Tags: , , , , Posted in Africa

Iran Approves Oil Minister Who is Under Sanctions

Posted August 3rd, 2011 at 10:30 am (UTC-5)
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Iran’s parliament has approved President Mahmoud Ahmadinejad’s choice of a senior Revolutionary Guards commander who is under international sanctions to head the influential oil ministry. Lawmakers endorsed the president’s choice of General Rostam Qasemi by an overwhelming majority on Wednesday. He is taking control of the oil ministry at a time when Iran holds the […]

Tags: , , Posted in Economy, Middle East

India to Make Iranian Oil Payments Through Turkey

Posted July 29th, 2011 at 12:25 pm (UTC-5)
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India says it plans to pay Iran billions of dollars in unpaid crude oil purchases through Turkey. Indian Oil Minister S. Jaipal Reddy did not elaborate on the methods the government would use to route payments to Iran through Turkey during comments to reporters in New Delhi Friday. Unnamed sources say India’s largest buyer of […]

Tags: , , Posted in Economy, South Asia

China Tapping Canadian Oil Sands

Posted July 20th, 2011 at 9:55 am (UTC-5)
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China’s biggest offshore oil producer could soon have access to Canadian oil reserves. CNOOC announced Wednesday it plans to buy Canadian oil sands producer OPTI Canada in a deal valued at $2.1 billion. The deal needs approval from regulators in both countries before it can be completed but would give CNOOC access to 195 million […]

Tags: , Posted in Economy

Protesters Disrupt Shell Facility in Nigeria

Posted July 14th, 2011 at 2:50 pm (UTC-5)
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Protesters in Nigeria broke into a Shell oil facility in the southern Niger delta demanding the company improve electrical supplies in their communities. Thursday’s demonstration by members of four local communities occurred at the Kolo Creek logistics base in Bayelsa state. The demonstrators accuse Shell of breaching an agreement to provide electricity and roads to […]

Tags: , , Posted in Africa

Energy Group Forecasts Rising Oil Demand

Posted July 13th, 2011 at 10:55 am (UTC-5)
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The International Energy Agency says demand for oil is expected to grow over the coming months and year, and suggested it could release additional reserves into the market. The IEA represents some of the world’s major energy consuming countries and has been criticized for releasing 60 million barrels from its emergency stock last month. IEA […]

Tags: Posted in Economy

China Orders US Oil Firm to Halt Drilling Off Coast

Posted July 13th, 2011 at 8:00 am (UTC-5)
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Chinese authorities have ordered an American company to halt operations in an offshore oil field where two spills were revealed last week. The State Oceanic Administration said Wednesday it had ordered ConocoPhillips China to stop its work at the field in Bohai Bay off China’s northeast coast. It said it wants the company to eliminate […]