Jul 22, 2010
Categories: News
Workers brought in by BP to clean up the spillage on the Gulf of Mexico are protesting over poor accommodation. Many workers have been housed in floating hotel/motels —structures similar to trailers or shipping containers stacked on top of each other on a barge. The floating hotel/motels have been improvised to provide shelter since many of the coastal communities, especially in oil-soaked Louisiana, are sparsely populated and don't have the ability to accommodate a sudden influx of people. However, the workers who ... Read More
Jul 22, 2010
Categories: News
Exxon Mobil Corporation, Royal Dutch Shell Plc and two other oil companies will spend $1 billion to research and build a containment system to handle deep- water oil spills in the Gulf of Mexico. Exxon, Shell, Chevron Corporation and ConocoPhilips will each give $250 million to establish a non-profit organization, the Marine Well Containment Company to produce and manage the equipment. The system will be designed and built over the next 12 to 18 months to handle spills of 100,000 barrels a ... Read More
Jul 21, 2010
Categories: News
Oil rose to its highest in a week in New York on climbing equities and signs that crude inventories are contracting in the US, the world’s largest oil user. Crude traded near $78 a barrel as European stocks gained on stronger-than-estimated earnings at Apple Incorporated. Crude oil for September delivery advanced as much as 40 cents, or 0.5 percent, to $77.98 a barrel in electronic trading on the New York Mercantile Exchange, and traded for $77.86 at 8:58 a.m. in London. Brent ... Read More
Jul 20, 2010
Categories: News
Crude oil fell as equities declined after lower-than-estimated revenue at Goldman Sachs Group Incorporated and International Business Machines Corporation fanned concern that the U.S. economic rebound will slow, reducing fuel demand. Oil dropped as much as 1.2% after revenue at Goldman Sachs, IBM and Texas Instruments Incorporated missed analyst estimates. Crude oil for August delivery fell 65 cents, or 0.9%, to $75.89 a barrel at 9:40 a.m. on the New York Mercantile Exchange. The August contract expires Tuesday. The more-active September contract ... Read More
Jul 19, 2010
Categories: News
Kenya’s delegation to Ghana has commended the Country in the management of its petroleum reserves. The progress made in this direction is worth emulating and the delegation is confident to make recommendation to the Kenya government upon arrival. The visiting Kenyans who have since left the Country were full of praise for the petroleum industry in Ghana especially for the various institutions both upstream and downstream in the manner in which operations are coordinated for effective running of the industry. These remarks ... Read More
