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Brent hits six month low
Brent crude plunged to a six-month trough below $99 a barrel on Tuesday in a two-session drop of more than $10, after a US credit downgrade intensified fears about a global slowdown in demand for energy, sending commodities markets tumbling | Upstream Online
Vietnam awards a US$1.3bn power plant contract to Chinese consortium
State utility Vietnam Electricity (EVN) group has awarded a US$1.3bn EPC contract to a consortium of Chinese companies. The Chengda-Dec-Swpedi-Zepc consortium will the 1245MW Duyen Hai 3 coal-fired power plant in Tra Vinh province, 250km south of Ho Chi Minh City, the official Vietnam News Agency said | IFANDP
Iran will need around US$40bn this year to boost the development of oil and gas fields it shares with neighbouring countries, according to newly-appointed Oil Minister Rostam Qasemi | IFANDP
Kosmos committed to developing local expertise
Jubilee oil partner Kosmos Energy says it is committed to helping develop the expertise of local businesses in the country to support its operations | Reporting Oil and Gas
Total cheers Barents gas hitFrench Supermajor Total has made a giant gas discovery during drilling of a wildcat well in the Barents Sea | Upstream Online
Iran gets $1.4bn India pay
Iran has received €1 billion ($1.42 billion) from India in the last 10 days for oil exports, as the two countries seek to end a sanctions-related problem which has held up the payments for months, an Iranian deputy oil minister said on Monday | Upstream Online
Iran makes new '$133bn' gas find
Iran has discovered a gas field with 495 billion cubic metres of gas that it estimates is worth $133 billion, Deputy Oil Minister Ahmad Qalebani told a news conference on Monday | Upstream Online
Range Successfully Drills First Development Well in Trinidad
Range announced that in the two months since completing its Trinidad acquisition, the Company has successfully drilled its first development well on the Mome Diablo Block | Rigzone
Statoil makes North Sea discovery with 200-400 MMboe potential
Statoil ASA and partners Petoro AS, Det norske oljeselskap ASA and Lundi Norway AS have made a high-impact oil discovery on the Aldous Major South prospect (pl 265) in the North Sea | World Oil
Argentina 'postpones bid round'
Argentina has postponed the auction of exploration rights to 32 offshore oil blocs that had been scheduled for this week, citing the tumult on world markets, a source at state oil company Enarsa said | Upstream Online
SUMMARY
Today, the Oil price is headed south; in the same direction with the world's mainstream markets. Deals are being done everywhere; rigs being deployed, new oil and gas finds ...; it seems Iran has taken the limelight in today's pick. Generally the world economy seems to be in a bad state with talk of a possible recession in the US. There is also talk of an oil price of $50 per barrel if the US situation does not improve. The BRICS and other emergent economies in the developing world will surely look more attractive than they have been in the past. My suggestion is that energy and global markets should look towards Africa for some respite, seriously.
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