Irish Oil Basins May Sustain Local Demand

Ireland may be importing all of its oil requirements at the moment, but with six oil basins lined up for exploration and development, the country may soon wean itself from foreign oil dependence by at least 70 percent. This positive news was disclosed by Tony O’Reilly, Providence Resources CEO. He said that the country could become a significant oil and gas producer and that Providence aims to...
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Petrobas Opts for Selective Oil Investment in Brazil Round

Many are skeptical about Petrobas’ capacity to invest in oil exploration in Brazil, which is set to auction offshore oil fields this coming May. The state-run oil company has significantly large liabilities, leaving the company with limited funds for the forthcoming bidding rounds. Petrobas is neck-deep in debt as it spent more than $90 billion of borrowed funds for deepwater oil exploration...
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Current Oil Prices may Fall with Successful US Oil Exploration

With the successful oil exploration of the United States in its own land, the current oil price trend is moving in a downward direction, even though the risk of outward shocks is still present, according to Nouriel Roubini, an economist based in New York. During the Middle East Hedge Funds summit, the economist said that, while there is a low possibility for surplus inventories of crude in the...
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Goldman Sachs Predicts Strong Oil Exploration this 2013

Banking giant Goldman Sachs said that this year will be another great year of growth in the activities of the oil exploration industry. According to a recent note of industry analyst Michael Rae, the appetite for oil exploration among petroleum giants has been strong since 2009, when the crude prices per barrel have started to consistently increase. The analyst said that this has led to a rise...
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Current Gas Prices in Southern California to Rise with Refinery Problems

Gasoline prices in Southern California may increase after the shutting down of two refineries in the region, warns an analyst of the industry. The retail price of gasoline is expected to rise 15 cents per gallon by the end of this week, said Bob Van der Valk. The most recent average price of regular gas in San Diego was $3.67 per gallon, a rate that is higher by 2 cents compared to last week,...
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