Oilfield Daily News

Argentina’s oil and gas production fell in 2009 compared with the previous year, marking the third consecutive annual decline since 2006. In 2009, oil production fell 4.3% and gas production dropped by 3.7%, to 622,949 barrels per day (bpd) and 48.41bn cubic metres (bcm), respectively – according to the Argentine Energy Secretariat.

Significantly, the oil production figures are worse than what was expected by industry professionals. Output figures estimated by the BP Statistical Review of World Energy, back in June of last year, Argentina’s oil was forecast 682,000 bpd.

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China plans to import more liquefied natural gas (LNG) to relieve its fuel shortfall, according to a report Sunday by the Xinhua News Agency citing Zhang Guobao, head of the National Energy Administration.

Zhang said that domestic gas companies should seek more long-term LNG contracts to take advantage of a global surplus of the fuel.

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BP has become the second energy major to face a potential shareholder revolt over its investment in controversial Canadian oil sands.

A group of pension funds and asset managers last month filed a resolution asking Royal Dutch Shell to reconsider its involvement in the expensive project, which emits more carbon dioxide than conventional drilling.

Now the Co-operative Asset Management, the UNISON Staff Pension Scheme, a group of clients from Rathbone Greenbank and the COIF Charities Investment Fund have filed a similar motion to BP, asking it not to commit $10bn to its Sunrise oil sands development.

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(Bloomberg) — New Zealand Refining Co., operator of the nation’s only oil refinery, said 2009 processing margins fell to a six-year low as global fuel demand waned.

The company charged an average $4.16 a barrel to process its customers’ crude last year, down from $9 in 2008 and the lowest annual average since 2003. Margins fell to $1.18 in November and December, from $8.88 at the start of the year, the refiner, based at Ruakaka on the country’s North Island, said in a statement today.

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As widely reported, the fall in WTI was part of a larger sell-off in commodities. Triggered by strengthening of the U.S. dollar.

With all the focus on yesterday’s selling, there was less press on the things being bought. Most notably U.S. Treasury notes.

Alerts registered for falling yields on three-, five- and ten-year Treasury securities. Yields plunged as traders piled into these investments, driving up prices.

Full article at: http://www.oilprice.com/article-statsweeper-alert-oil-plunges-bond-markets-vote-america.html

BGP has been awarded two new seismic contracts in Cameroon, the acquisition of which will commence in February 2010.

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Samson Oil & Gas advised that the Gene No.1-22H was laying down drill pipe, and has completed the drilling of the 8 and inch hole to a measured depth of 11,547 feet, true vertical depth (TVD) of 11,226 feet.

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Melrose Resources has announced a new exploration discovery. Additionally, the company has commenced seismic data acquisition in Egypt.

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