Venezuela Defends Plans To Nationalize Helmerich's Idled Rigs $HP

Venezuela Defends Plans To Nationalize Helmerich's Idled Rigs By Dan Molinski, Of DOW JONES NEWSWIRES CARACAS -(Dow Jones)- Venezuela, facing criticism over its plan to nationalize 11 idled rigs owned by Helmerich & Payne Inc. (HP), said Friday the Tulsa-based company was the only one of 33 oil services companies that refused to renegotiate rates starting in early 2009, when oil prices were falling. "Despite meetings with representatives and directors of H&P for nearly a year, it wasn't possible to reach an agreement due to the inflexible position of the said company," according to a statement from state oil firm Petroleos de Venezuela, or PDVSA. Of the 32 companies that PDVSA successfully renegotiated terms with, 14 of them were local firms and 18 were foreign, PDVSA said. Venezuela's government, led by socialist President Hugo Chavez, this week announced plans take over the

BP's Gulf well holds enough oil to spew out for two years, claim experts $BP #BP

BP's out-of-control well will go on spewing oil into the Gulf of Mexico for the next two years or more if all attempts to contain or plug the gusher fail, oil industry experts said today. The estimates, based on new figures supplied by BP's chief executive, Tony Hayward, during seven contentious hours of testimony to Congress on Thursday, suggest the potential environmental and economic devastation would far outstrip the damage done so far by the ruptured well, which has been spewing for 60 days. Hayward told a Congressional committee on Thursday the reservoir still held 50m barrels, providing fresh urgency to efforts to contain the oil, or seal off the gusher completely with a relief well. Using the government's present flow estimates of up to 60,000 barrels a day, BP's well could go on gushing for two to four years, unless it is stopped. BP and the administration say they are containing a rising share of the oil from the well, and hope to plug the gusher completely by August, when two relief wells will be complete. BP said today that the relief wells were within 60 metres of the ruptured

Daily Commodities Brief Monday, April 12, 2010

Oil rises above $85 on weak dollar, China data
PERTH, April 12 (Reuters) - Oil prices rose above $85 a barrel, buoyed by a drop in the U.S. dollar and bullish data that showed Chinese crude imports jumping to their second-highest monthly level in March.
"The weaker U.S. dollar and positive Chinese trade data are the two main supporting factors," said David Moore, an analyst at the Commonwealth Bank of Australia.

China '10 coal imports seen staying near '09 highs
BEIJING, April 12 (Reuters) - China's coal imports this year will remain at similar levels to last year, when they rose to a record high on strong Chinese demand and weak international prices, Fang Junshi, director-general of the Department of Coal Industry at China's National Energy Administration, said on Monday.
He also told reporters on the sidelines of a conference that coal sector consolidation in Henan province and other coal-producing areas would not affect China's coal output.

Algeria's Sonatrach says makes new oil, gas finds
ALGIERS, April 11(Reuters) - Algerian state energy group Sonatrach announced on Sunday a total of two new oil and gas finds, bringing to five the number of hydrocarbon discoveries this year.
The new finds were made after drilling wells at blocs 239a nad 244a in Tinrhert area in Illizi basin, the company said in a statement on its inetrnet site ww.sonatrach-dz.com.

Occidental to boost Oman crude production in 2012
MUSCAT, April 11 (Reuters) - Occidental Petroleum Corp will boost its crude production in Oman by 50 percent to 150,000 barrels per day (bpd) in 2012, senior company executive Bill Lbrecht said on Sunday.
The fourth-largest U.S. oil and gas company currently produces from the Mukhaizna field in Oman.