Archive for the ‘petroleum’ Category

Spratlys: China Worried At Nervousness Over Seismic Survey

March 13, 2008

By TERESA CEROJANO,Associated Press Writer 

MANILA, Philippines – China said Thursday it is concerned that controversy over its joint study with the Philippines and Vietnam to find possible petroleum reserves in the disputed South China Sea may harm relations with Manila.
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A Chinese patrol boat.
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Filipino lawmakers have filed several bills in Congress calling for a probe into the Joint Marine Seismic Undertaking to see if it compromised their country’s sovereignty and territorial claims to portions of the Spratly Islands.

The move follows media reports that the agreement covers Philippine territory not even claimed by China, and was allegedly signed in exchange for Chinese loans for overpriced projects.

The three-year seismic survey that ends in June 2008 is intended to detect petroleum reserves in the South China Sea. The possibility of oil and gas revenues is one reason why the remote Spratlys are under such dispute.

Read the rest:
http://malaysia.news.yahoo.com/ap/20080313/tap-as-gen-philippines-china-spratlys-fe2a5de.html

Oil Futures Shoot Past $100 Per Barrel

January 2, 2008

NEW YORK (AP) — Crude oil prices soared to $100 a barrel Wednesday for the first time, reaching that milestone amid an unshakeable view that global demand for oil and petroleum products will outstrip supplies.

Surging economies in China and India fed by oil and gasoline have sent prices soaring over the past year, while tensions in oil producing nations like Nigeria and Iran have increasingly made investors nervous and invited speculators to drive prices even higher.

Violence in Nigeria helped give crude the final push over $100. Bands of armed men invaded Port Harcourt, the center of Nigeria’s oil industry Tuesday