Mexicos Oil Output Drops, Reliance Announces Plans On Purchase From Chevron

"Oil Falls for the First Time in Four Days on Signs Recession Is Deepening"
Crude oil fell for the first time in four days on concern energy demand will decline, after the U.S. economy contracted faster than anticipated....Complete Story


"Reliance Plans to Acquire Remaining Stake in Petroleum Unit From Chevron"
Reliance Industries Ltd., owner of the world’s largest refining complex, plans to acquire the remaining shares of unit Reliance Petroleum Ltd., after the stock dropped 54 percent in the past year....Complete Story

"Obama Budget Hits Oil and Gas Companies with New Fees,Taxes"
The Obama administration Thursday proposed raising at least $31.5 billion over 10 years from oil and gas companies, reflecting a repeal of tax breaks for domestic production and new charges on oil and gas production in the Gulf of Mexico....Complete Story

"Mexico's Oil Challenge Rises with New Output Drop"
Doubts are growing that Mexico can halt a four year decline in crude oil production after its January oil output slumped to a more than 13 year low, due to bureaucratic delays and technical challenges....Complete Story

Crude Oil Industry Headlines News

"US Pres. Vows to Break 'Addiction' to Foreign Oil, Increase Domestic Production"
US President Barack Obama spared no time in stepping up to energy issues, posting an energy agenda on the administration's new White House website on the day of his inauguration....Complete Story

"ExxonMobil Notifies ANP of Offshore Brazil Oil Discovery"
The Brazilian unit of global oil titan ExxonMobil notified Brazil's National Petroleum Agency that it has discovered oil in the BM-S-22 offshore block....Complete Story

"Shell UK Extends Alliance Contract with Foster Wheeler for 2 More Years"
Foster Wheeler has been awarded a two-year extension of its existing alliance contract with Shell for the provision of basic design, engineering, procurement and construction management services in the UK....Complete Story

"NPD Grants Drilling Permit to ExxonMobil for Wellbore 15/6-10"
The Norwegian Petroleum Directorate has granted ExxonMobil E&P Norway a drilling permit for wellbore 15/6-10, which will be drilled from the Bredford Dolphin semisub....Complete Story