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The Ngaere-1 well in the Waihapa-Ngaere area of the Taranaki basin onshore New Zealand reached initial production, Monumental said, taking the results as encouragement to proceed with entry into additional wells in the area.
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Brazil's state-controlled oil producer Petrobras surpassed profit expectations after robust oil production and record exports helped cushion the impact of weaker crude prices.
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WTI jumped 12% Friday as disrupted shipping and supply fears pushed crude toward $100 a barrel.
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Rigzone talks to Rebecca Babin, a senior equity trader for CIBC Private Wealth in New York.
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Maritime traffic in the Strait of Hormuz has ground to a near-complete halt, with no oil shipments going through in the past 24 hours.
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The widening conflict in the Middle East is stoking fears over a global energy crunch.
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'Both companies recognize the challenge of declining production on the NCS in the coming decade'.
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Analysts at BMI, a Fitch Solutions company, revealed that they expect 'significant yet short lived rallies in oil and gas prices'.
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Chevron signed an agreement to supply about 14 petajoules of locally produced natural gas over five years to Horizon Power, a power utility serving Western Australia.
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'At a time of huge global uncertainty, the UK should be making decisions for the long term in the interests of energy security', OEUK CEO David Whitehouse said.
