Gazprom offered to buy 100% of Azerbaijan’s natural gas exports for resale to Europe. It will be interesting to see if Azerbaijan will comply. Natural gas futures fluctuated in response to Hurricane Gustav’s threatening track through the Gulf of Mexico over the weekend. For more natural gas market news, visit here
Falling natural gas prices are a boon to oil sands operators, if the prices remain low in the upcoming months. For more heavy oil market news, click this link
Iranian officials said that the country has around 85 billion barrels of recoverable heavy oil. Mohammad-Ali Emadi, director of research and development at the National Iranian Oil Company (NIOC), said: Iran has more than 85 billion barrels of recoverable heavy oil. For more heavy oil news, click here
If you have been following the business pages lately, you have likely seen reports about the new United States Geological Survey report that has come up with a mean estimate of “1,670 trillion cubic feet of natural gas” in the Arctic Ocean. Additionally, the mean estimates predict “90 billion barrels of oil” and “44 billion barrels of natural gas liquids” undiscovered.
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