Premier Oil starting Vietnam, Indonesia production 2011

UK oil and gas explorer Premier Oil PLC (PMO.L) is reported to start production at the 25,000 barrels per day (bpd) Chim Sao oilfield offshore Vietnam in July 2011.

GRNO Reports Morgan Stanley Forecasts 2010 Oil to Reach $95 per Barrel

Green Oasis Environmental Inc. (PINKSHEETS: GRNO) announced that Morgan Stanley has provided a 2010 West Texas Intermediate oil forecast of $95 per barrel by December 2010.

Alaska North Slope oil decline to slow

On Tuesday, the state officials reports that the aged oil basin on Alaska’s North Slope, the site of the United States’ largest oilfields, will see production decline but at a slower rate over future decades.
The press release is quoted as saying:

Since North Slope production hit its peak of slightly over 2 million barrels per day [...]

Xtreme Oil and Gas, Inc. Completes Form 10 Filing

Xtreme Oil and Gas, Inc. (PINKSHEETS: XTOG) reported the Company has filed the Form 10 with the Securities and Exchange Commission (SEC).

Magnum Hunter acquires Triad Energy

Magnum Hunter Resources Corporation (NYSE Amex: MHR) (NYSE Amex: MHR-PC) reported that the Company has closed on the previously announced acquisition of privately-held Triad Energy Corporation and affiliates, an Appalachian Basin focused energy company.

Venezuela:Development plan for Orinoco oil belt

It is reported that Venezuela has launched a massive endeavor to develop the nation’s vast Orinoco heavy crude oil belt, considered one of the largest in the world, that is slated to add 2.1 million barrels per day of new production.
The press release is quoted as saying:
Venezuela will receive a combined total of almost $6 [...]

Nigeria plans to sell oilfield assets this year

The Financial Times reported on Tuesday that Nigeria plans to sell oilfield assets this year containing as much as 2 billion barrels of reserves either relinquished by Western firms or unsold in three previous bidding rounds.

Iran’s Azadegan oil field output at 40,000 bpd

On Wednesday, it was reported that the daily output at Iran’s Azadegan oil field has reached 40,000 barrels per day (bpd) and will soon hit 50,000 bpd.

Crude ends down 8 percent in Jan

On Friday, U.S. crude futures ended down, raking up the biggest monthly percentage loss since December 2008.

US Govt’s plan to drill off Virginia delayed

The federal government’s controversial decision to allow oil and gas drilling off Virginia’s coast is reported to be delayed.
The press release is quoted as saying:
The federal government’s current five-year drilling plan, which was drawn up under the Bush administration, calls for leasing almost 3 million acres in a triangular area located about 50 miles off [...]