Singapore Petroleum Enters Oil, Gas Exploring Venture With China National

(Bloomberg) -- Singapore Petroleum Co., the only oil
refiner traded on the city state's stock exchange, will explore
for oil and gas with China National Offshore Oil Corp. in its
first venture off the Chinese coast.

Singapore Petroleum will operate and own 100 percent of
Block 26/18 in the Pearl River Mouth Basin in the South China Sea,
while China National has the right to take a stake of as much as
51 percent should a discovery be made, the Singapore company said
today in a statement.


Read more at Bloomberg Energy News

Algeria says seen no suitable Gaz de France deal

(Reuters) - Algerian said its energy giant Sonatrach has not received any suitable proposal for an alliance with Gaz de France, floated as an alternative to the French utility's merger with rival Suez.

Sonatrach wanted a strategic partnership that could give it access to international reserves, energy and mines minister Chakib Khelil said in an interview to be published on August 1 in Paris-based industry magazine Petrole et Gaz Arabes.


Read more at Reuters Africa

Erosion may send Alaska oil wells into the ocean

(Reuters) - The disappearance of sea ice that shields against storm-waves, and of permafrost that holds shorelines together, is eating away at the coast of the National Petroleum Reserve-Alaska, according to a U.S. Geological Survey study.




Erosion rates have risen steeply along the coastline of the reserve -- where the administration of President George W. Bush wants to increase oil drilling -- possibly due to warmer weather, the study showed.


Read more at Reuters.com Bonds News

CSN, Gol, MMX, Tam, Petrobras and Vale do Rio Doce: Brazil Equity Movers

(Bloomberg) -- Brazil's main stock index fell for the
second time in three days, led by state-controlled oil company
Petroleo Brasileiro SA.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange dropped 616.93, or 1.1 percent, to 57,419.84 as of 9:37
a.m. New York time.


Read more at Bloomberg Stocks News

Oil Prices to Keep Rising This Year on OPEC Supply Restrictions, CGES Says

(Bloomberg) -- Oil prices are likely to keep rising
for the rest of the year because of supply restrictions set by the
Organization of Petroleum Exporting Countries, the Centre for
Global Energy Studies said.

The price of crude won't decline as it did last year, when it
fell 27 percent from a record high in July through November, CGES
said in a monthly report today. OPEC, which last year agreed to
curtail output to keep prices around $60 a barrel, ought to raise
production, the report said.


Read more at Bloomberg Energy News

Crude Oil Falls a Second Day After Reuters Reports OPEC May Raise Output

(Bloomberg) -- Crude oil fell after Reuters reported
the Organization of Petroleum Exporting Countries was concerned
about high oil prices and their impact on the world economy.

The group may pump more oil to increase supplies, though it's
unclear whether extra production will be needed this year, OPEC
President Mohamed al-Hamli said, according to Reuters. Reports that
Chevron Corp. started its refinery in El Segundo, California, last
week helped pull oil prices lower.


Read more at Bloomberg Energy News

OPEC concerned oil price may hurt global economy

(Reuters) - OPEC is concerned about the potential impact of the near-record price of oil on the world's economy but has seen little sign that growth has been hit by higher energy costs, the group's president said on Sunday.

The Organization of the Petroleum Exporting Countries stands ready to pump more oil if needed, but it is not clear whether the group will need to boost output before the end of the year, said OPEC President and United Arab Emirates Energy Minister Mohammed al-Hamli.


Read more at Reuters Africa

Oil falls, OPEC concern on world economy

(Reuters) - London Brent crude currently seen as more representative of the world market, slid 36 cents to $77.28 a barrel by 0444 GMT, after easing 3 cents on Friday. U.S. crude for September traded 22 cents lower at $75.57.




The Organization of the Petroleum Exporting Countries is concerned about the potential impact of near-record oil prices on the world's economy, but has seen little sign that growth has been hit by higher energy costs, the group's president said on Sunday.


Read more at Reuters.com Business News

OPEC research head: fair oil price $60-$65 - report

(Reuters) - A fair price for both oil producers and consumers for a barrel of oil would be around $60 to $65 a barrel, a Kuwaiti state oil newsletter quoted the head of OPEC's research division as saying.

"A price of $60 to $65 is appropriate for consumers and producers, because it boosts means of investment in the oil industry in light of growing demand for oil in the coming years," state firm Kuwait Petroleum Corporation's (KOC) monthly newsletter quoted Hasan Qabazard as saying.


Read more at Reuters Africa

Abyara, BR Malls, Porto Seguro, Petroleo Brasileiro: Brazil Equity Movers

(Bloomberg) -- Brazil's main stock index rose for the
fourth time in five days, led by state-controlled oil company
Petroleo Brasileiro SA.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange rose 272.66, or 0.5 percent, to 57,647.06 as of 9:42 a.m.
New York time.


Read more at Bloomberg Stocks News

Crude Oil Reaches 11-Month High; OPEC May Maintain Cuts, U.S. Supply Fall

(Bloomberg) -- Crude oil rose to an 11-month high in
New York on higher demand after OPEC ministers said the group
should maintain its restrictions on production.

The Organization of Petroleum Exporting Countries yesterday
raised a forecast for demand for its crude by 100,000 barrels to
31.1 million barrels a day in the fourth quarter. The U.S. Energy
Department will probably report tomorrow that crude-oil supplies
fell 700,000 barrels in the week to July 13, according to analysts
surveyed by Bloomberg News.


Read more at Bloomberg Commodities News