US supermajor ConocoPhillips, citing a steep decline in oil and gas prices, said it will cut 4% of its workforce and sees big writedowns on some of its exploration and production assets.
The cut will trim about about 1,300 jobs worldwide. The company also set its 2009 capital expenditures at $12.5 billion, a budget the company said was ample enough to fund large development projects but down from a projected $20 billion in spending for 2008. Conoco said the drop in oil and gas prices will affect its year-end reserves. Shares of Conoco fell nearly 3% in extended trading. On a year-over-year basis, crude oil prices fell more than 50%, while natural gas prices tumbled 25%.
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Sunday, January 18, 2009
Iraq eyeing new Syria export route
Iraq is planning to build a new pipeline to pump natural gas to Syria, part of its efforts to develop new oil and gas export routes, the Iraqi Oil Ministry said.
Oil Minister Hussain Al Shahristani met Syrian ambassador Nawaf Aboud Al Shaikh Faris in Baghdad to discuss co-operation in oil and gas between countries that have restored diplomatic ties in recent years after a decades-long freeze. "The Iraqi oil ministry is preparing the requirements to fulfill the project of transporting gas from the Akkas field to Syria," ministry spokesman Asim Jihad quoted Al Shahristani as saying. He said the ministry has already reached an agreement with a firm specialising in constructing gas pipelines to work on the project, although he did not name the firm. He also said Iraq and Syria have plans to reopen a long-shut oil pipeline to pump Iraqi crude to the Syrian port of Banias.
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Oil Minister Hussain Al Shahristani met Syrian ambassador Nawaf Aboud Al Shaikh Faris in Baghdad to discuss co-operation in oil and gas between countries that have restored diplomatic ties in recent years after a decades-long freeze. "The Iraqi oil ministry is preparing the requirements to fulfill the project of transporting gas from the Akkas field to Syria," ministry spokesman Asim Jihad quoted Al Shahristani as saying. He said the ministry has already reached an agreement with a firm specialising in constructing gas pipelines to work on the project, although he did not name the firm. He also said Iraq and Syria have plans to reopen a long-shut oil pipeline to pump Iraqi crude to the Syrian port of Banias.
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'Hebei Spirit' Two released on bail, rally cancelled
News has been received from Korea that the ‘Hebei Two’, Captain Jasprit Chawla and Chief Officer Syam Chetan, have been released from jail on bail, pending the final decision by the Supreme Court.
Bail was set at $ 10,000 for each officer. The treatment of the Hebei Two brought together global shipping associations and unions which planned to host a rally in London to protest against the treatment of Captain Chawla and Chief Officer Chetan. In view of the release of the Hebei Two, the trade associations and unions have agreed to cancel the rally, which was originally scheduled for January 23 in London. V.Ships’ Senior Management, which employs the two men, expressed its gratitude to the Korean Government for taking the first positive steps in resolving the case.
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Bail was set at $ 10,000 for each officer. The treatment of the Hebei Two brought together global shipping associations and unions which planned to host a rally in London to protest against the treatment of Captain Chawla and Chief Officer Chetan. In view of the release of the Hebei Two, the trade associations and unions have agreed to cancel the rally, which was originally scheduled for January 23 in London. V.Ships’ Senior Management, which employs the two men, expressed its gratitude to the Korean Government for taking the first positive steps in resolving the case.
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