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Statoil to reduce gas flaring in North Dakota OSLO: Norway's Statoil plans to capture more of the gas it would otherwise flare in the Bakken prospect in North Dakota, using it to power its own operations as it produces shale oil, it said on Thursday. The company plans to power up to six drill rigs and one frac fleet with the gas, capturing three to five million cubic feet per day by the end of 2014, it said in a statement. Statoil produces shale oil in the Bakken but has to flare some of its gas as the area lacks pipeline infrastructure. It estimates that operators in the Bakken flare 300 million cubic feet of gas per day. Copyright Reuters, 2014 ...

Gazprom's Q1 earnings hurt by Ukraine, more pain to come MOSCOW: Russia's Gazprom reported a 41 percent fall in first-quarter net profit after cutting prices for gas deliveries to Ukraine, and the gas producer faces more pain this year due to its unresolved dispute with Kiev. Ukraine's "doubtful" trade accounts, a reference to either the non- or slow payment of debts by state gas producer Naftogaz in the first quarter, had forced Gazprom to write off 71.3 billion roubles ($1.9 billion), Gazprom said. Russia's largest ...
Statoil drills dry well in Barents Sea OSLO: Norwegian energy firm Statoil drilled a dry well in the Arctic Barents Sea, around 105 kilometres northeast of Hammerfest, the Norwegian Petroleum Directorate said on Thursday. Statoil and Cairn Energy unit Capricorn each hold 25 percent of the licence, state holding firm Petoro and Concedo each have 20 percent and Austria's OMV owns 10 percent. Copyright Reuters, 2014 ...
Norway gets applications from 47 firms for oil licences OSLO: Norway received applications from 47 energy firms for licenses in oil and gas areas that are already open for exploration and production off Norway, oil and energy minister Tord Lien said on Thursday. In the 2013 licencing round for mature areas, Norway received applications from 50 companies and eventually awarded 65 licences to 48 companies.Copyright Reuters, 2014 ...
Brent slides to new 17-month low under $98 LONDON: World oil prices tumbled Wednesday, with Brent hitting a new 17-month low after the OPEC oil cartel trimmed its oil demand growth forecasts. The market was also pushed lower following signs of weaker-than-expected crude demand in top consumer the United States.In late afternoon deals, Brent North Sea crude for October sank to $97.72 per barrel the lowest point since April 18, 2013. US benchmark West Texas Intermediate (WTI) for October delivery slid to $91.22 ...
North Sea Crude-Forties diffs edge up as Buzzard offline again LONDON: North Sea Forties crude differentials edged up slightly on Wednesday as Total returned to the market seeking October barrels and the Buzzard oilfield went offline again. The new shutdown follows outages on Sunday and Monday, as the 200,000 barrels-per-day field has struggled to return from seasonal maintenance. As a result of Buzzard's stop-start progress, traders are concerned there could be further delays to September loadings, although none were reported on Wednesday. So far, the ...
Europe Gasoline/ Naphtha Cracks rise to near one-month high LONDON: Gasoline refining margins in northwest Europe rose on Wednesday to a near one-month high at around $15 a tonne, supported by exports and expectations of tighter supplies in October While most traders have covered their buying quotas for September, supplies for October appear tight as refinery output is expected to decline due to refinery maintenance."October seems very tight," one trader said. A sharp rise in US gasoline stocks put heavy pressure on the benchmark ...

 



 
Index Closing Chg%
Arrow DJIA 17,279.74 0.08
Arrow Nasdaq 4,579.79 0.30
Arrow S&P 2,010.40 0.05
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Arrow DAX 9,799.26 0.01
Arrow CAC-40 4,461.22 0.08
Arrow Nikkei 16,321.17 1.58
Arrow H.Seng 24,306.16 0.57
Arrow Sensex 27,090.42 0.08





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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 18, 2014
Reserves $13.525 bln