Soco International Plc of the UK announced that it will delay its oil exploitation plan at Te Giac Trang (White Rhino) field until mid 2011, one year behind schedule. The Financial Times on March 10 quoted Ed Story, Soco’s president and CEO, saying his company has also decided to cancel its plan for exploration at [...]
How oil refining works
March 14, 2009 by Leave a Comment
Oil is pumped from deep underground and under seas. Once it has been collected, it is transported to a refinery where it is turned into useful products for customers. A barrel of crude oil is 42-gallons. From this, regulations force refineries to turn at least 50 percent into gasoline. Crude oil from each reservoir has [...]
Vietnam Cuts Offer for April-September Bach Ho Oil Exports
January 18, 2009 by Leave a Comment
PV Oil Co., Vietnam’s state-owned oil marketing company, cut its offer price for Bach Ho crude loading from April to September after buyers rejected the initial level, said traders who received the offer. PV Oil Co. reduced its offer to a premium of $5.03 a barrel over its benchmark from $5.16 a barrel, said two [...]