Arrow Energy Signs Agreements to Develop Coal Seam Gas Ventures in China

(Bloomberg) -- Arrow Energy NL, an Australian
producer of gas from coal seams, signed two venture agreements
with companies in China's Liaoning province as it seeks to start
production of the fuel in the Asian nation.

The accords with Shenyang Gas Co. and Liaohe Petroleum
Development Co., a unit of China National Petroleum Corp., follow
similar agreements signed over the past weeks, Brisbane-based
Arrow said today in a statement to the Australian Stock Exchange.
Arrow now has seven projects in three geographic regions in the
Asian nation, it said.


Read more at Bloomberg Energy News

UPDATE 1-Alaska sets session to revisit disputed oil tax

(Reuters) - ANCHORAGE, Alaska, Aug. 3 - A new oil tax that is
a subject of a wide-ranging Alaska corruption investigation
will get a rewrite at a special legislative session on
Oct. 18, Gov. Sarah Palin said on Friday.




The Petroleum Profits Tax, enacted last year at the urging
of former Gov. Frank Murkowski, has proved less lucrative for
the state than advertised and has been clouded by revelations
about political corruption, Palin said at a Juneau news
conference.


Read more at Reuters.com Bonds News

UPDATE 1-Anadarko shares up as 2nd-qtr profit tops Street

(Reuters) - HOUSTON, July 31 - Shares of independent oil and
gas producer Anadarko Petroleum Corp. climbed on
Tuesday, a day after the company reported better-than-expected
quarterly earnings and raised its annual production forecast.




Houston-based Anadarko's shares initially rose more than 5
percent, but fell back a bit and were trading up 4.4 percent,
or $2.20 at $52.30 on the New York Stock Exchange at midday.


Read more at Reuters.com Market News

China CNPC strikes oil of commercial value in Chad

(Reuters) - China National Petroleum Corp. (CNPC) has struck oil of commercial value for the first time in Chad, after buying a 50 percent share of an oil exploration partnership in the landlocked African nation last year.

CNPC, China's top oil and gas producer, did not provide any estimates of oil in place or an even more useful gauge such as recoverable reserves in a news release posted on its Web site (www.cnpc.com.cn) on Monday.


Read more at Reuters Africa

CPFL Energia, Gol, Natura, Tam, Petroleo Brasileiro: Brazil Equity Movers

(Bloomberg) -- Brazil's main stock index fell more
than 3 percent 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 fell 2199.94, or 3.9 percent, to 53,801.36 as of 9:36 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

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

Hong Kong Stocks Slide on China Rate Concern; Sinopec, Citic Pacific Fall

(Bloomberg) -- Hong Kong's Hang Seng Index fell,
after yesterday closing above 23,000 for only the second time,
after a report said China's central bank will step up efforts to
cool the economy. China Petroleum & Chemical Corp. and Citic
Pacific Ltd. led the decline.

Mainland reports scheduled for release tomorrow are
expected to show gross domestic product rose at a double-digit
pace for a sixth straight quarter and inflation accelerated to a
two-year high, according to Bloomberg surveys of economists.


Read more at Bloomberg Stocks News

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

Venezuelan Heavy-Oil Output Declined After Venture Takeovers, Ramirez Says

(Bloomberg) -- Venezuela, South America's largest
oil producer, saw a drop in output of heavy crude by joint
ventures that the government seized in May from Exxon Mobil
Corp., ConocoPhillips and other international producers.

Production has declined to 418,000 barrels a day at the
ventures, according to a statement today by Energy and Oil
Minister Rafael Ramirez on the Web site of state oil company
Petroleos de Venezuela SA. That's down from the 482,000 barrels
a day reported by Petroleos de Venezuela on May 9.


Read more at Bloomberg Energy News

EU says has market for Trans Saharan pipeline gas

(Reuters) - The European Union assured Algeria, Nigeria and Niger on Monday that it had a market for gas from a proposed Trans-Saharan pipeline, while leaders from those countries sought investors to make the project a reality.

The 4,000 km (2,500 miles) Trans-Saharan Gas Pipeline, planned as a joint venture between Algeria's Sonatrach and the Nigerian National Petroleum Company, is designed to allow Nigeria to export its huge natural gas reserves more easily to European markets.


Read more at Reuters Africa

OPEC's Oil Production Rose by 5,000 Barrels a Day in June, Survey Shows

(Bloomberg) -- Crude-oil production in June by
members of the Organization of Petroleum Exporting Countries rose
5,000 barrels, a Bloomberg News survey showed.

Output averaged 30.02 million barrels a day, according to
the survey of oil companies, producers and analysts. The 10
members of OPEC with production quotas, all except Angola and
Iraq, increased shipments by 95,000 barrels to 26.51 million
barrels a day.


Read more at Bloomberg Energy News

Australian Shares Gain, Led by BHP Billiton, Rio; Wesfarmers, Coles Drop

(Bloomberg) -- Australian stocks advanced, led by BHP
Billiton Ltd. and Woodside Petroleum Ltd. after metals prices rose
and oil climbed to a 10-month high.

Wesfarmers Ltd., Australia's biggest home improvement chain,
fell after it agreed to buy retailer Coles Group Ltd. for A$20.7
billion ($17.7 billion) in the nation's biggest ever takeover.


Read more at Bloomberg Stocks News

Australian Shares Rise, Led by BHP, Rio Tinto on Higher Metals, Oil Prices

(Bloomberg) -- Australian stocks gained for a second
day. BHP Billiton Ltd., Rio Tinto Group and Woodside Petroleum Ltd.
climbed along with the price of commodities such as copper, zinc
and crude oil.

The S&P/ASX 200 gained 10.30, or 0.2 percent, to 6275.90 at
10:11 a.m. in Sydney. About the same number of shares rose and
fell. The index is set to decline 1.7 percent this week.


Read more at Bloomberg Stocks News

MISC, LNG Carrier, Postpones $750 Million Bond Sale on `Market Volatility'

(Bloomberg) -- MISC Bhd., the world's biggest owner
of liquefied natural gas tankers, postponed a planned dollar-
denominated bond sale because of fluctuations in debt yields
sparked by losses linked to U.S. subprime mortgages.

Kuala Lumpur-based MISC, a unit of Malaysian state-owned oil
company Petroliam Nasional Bhd., hired Citigroup Inc. and
Deutsche Bank AG to sell $750 million of 10-year bonds, an e-mail
sent to investors earlier this week showed.


Read more at Bloomberg Emerging Markets News

Crude Oil Falls as Supply Concerns Ease After Nigerian Strike Is Settled

(Bloomberg) -- Crude oil fell in New York after a
strike in Nigeria was settled, easing concerns about supply
disruptions from Africa's biggest oil producer.

Labor unions called off the four-day strike after the
government said it will restrict domestic fuel price rises and
review the sale of two state-owned oil refineries, Lumumba
Okugbawa, deputy general secretary of the Petroleum & Natural Gas
Senior Staff Association of Nigeria, said June 23.


Read more at Bloomberg Commodities News

Malaysian Oil Pipeline Owner Plans Stake Sale to Middle Eastern Investors

(Bloomberg) -- Trans-Peninsula Petroleum Sdn., the
developer of a $7 billion pipeline across Malaysia, is in talks
to sell some of the venture to Middle Eastern oil producers to
help them bypass one of the world's busiest trade routes.

Overseas oil companies may own 70 percent and local
investors 30 percent, Syed Izhar, deputy chairman of Trans-
Peninsula, said in a telephone interview in Kuala Lumpur. Foreign
investors will have a bigger stake because they will be the
pipeline's users, he said.


Read more at Bloomberg Energy News

Brazil's Bovespa Gains on U.S. Sales, Led by Petrobras; Bancolombia Rises

(Bloomberg) -- Brazil's main stock index gained for
the third time in four days, boosted by a report that retail sales
in the U.S., the South American country's biggest trade partner,
rose the most in a year in May.

The Bovespa index of the most-traded stocks on the Sao Paulo
exchange rose 634.06, or 1.2 percent, to 52,431.20 as of 12:40 p.m.
New York time, after a 1.9 percent loss yesterday. Petroleo
Brasileiro SA, the state-controlled oil company, led the gain.


Read more at Bloomberg Stocks News