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Afghanistan expects to begin the first commercial oil production in its history in a little under two months. The country's mining minister, Wahidullah Shahrani, has told the ABC processing will start at the Amu Darya basin in Afghanistan's north in July. The project is operated by the China National Petroleum Corporation and is expected to eventually supply Afghanistan with its domestic energy needs so it can stop importing oil. Mr Shahrani is in Australia for talks with Government officials and to attend mining development conferences in Sydney next week.

Some of the world's biggest oil companies may have a new mess on their hands. The European Commission raided the offices of Shell, BP and Norway's Statoil this week as part of an investigation into suspected attempts to manipulate global oil prices spanning more than a decade. None of the companies have been accused of wrongdoing, but the controversy has brought back memories of the Libor rate-rigging scandal that rocked the financial world last year.

How long will the shale boom last? ODNR official sees ‘beginning of a historic era’ for oil and gas; other observers aren’t sure By Dan Gearino and Spencer Hunt Friday May 17, 2013 3:32 AM Oil and gas companies nearly doubled their production from Ohio’s Utica shale last year, part of an energy surge that is still in its early stages and whose potential is far from clear. The companies extracted 635,896 barrels of oil and 12.8 billion cubic feet of gas from the Utica in 2012, which is a year-over-year increase of 93 percent and 87 percent, respectively, according...

<p>NEW YORK (AP) -- A controversial oil pipeline to the U.S. Gulf Coast "absolutely needs to go ahead," Canada's prime minister said Thursday, and he warned that the oil will be transported through America one way or another.</p> <p>Stephen Harper addressed the Keystone XL project, a flashpoint in the debate over climate change, during a visit to New York City. The long-delayed project carrying oil from Canada's tar sands would need approval from the State Department, and Harper's remarks - with the U.S. ambassador to Canada, David Jacobson, in the audience - were meant to apply some pressure.</p>

It’s Not The End Of OPEC…But Might As Well Be Matt InsleyMay 17, 2013If you could safely turn $8 dollars into $40, would you? What about turning $800 into $4,000? Same question, right? If you answered yes to those questions, which I’m sure you did, then you’re already onboard with half of today’s energy story. That is, most American shale oil wells are set to payout at the odds above. You see, the average shale oil well costs anywhere from $5-10 million to drill, complete and put into production – let’s call that $8 million in total upfront cost. Once...

In case you were wondering whether there was really an oil Renaissance happening in Texas, the state has 838 drilling rigs – about 47 percent of all U.S. rigs and 26 percent of drilling rigs worldwide. The Texas rigs are mostly operating in five fields across the state, according to the latest Baker Hughes Rig Count. The Permian Basin in West Texas has 397 rigs, the Eagle Ford in South Texas has 234, the Granite Wash in the Panhandle has 44, the Barnett Shale in North Texas has 31 and the Haynesville Shale in East Texas has 19. Our neighbors...

EOG Resources, the company with the most acreage in the Eagle Ford Shale, reported its first-quarter earnings recently. And basically, EOG is making a lot of money in South Texas. Mark Papa, CEO and board chairman of EOG, said the Eagle Ford continues to surprise “in an upside manner.” EOG’s U.S. crude oil production increased 24,200 barrels per day over the fourth quarter of 2012, mostly thanks to the Eagle Ford. The company is getting a rate of return on its South Texas wells greater than 100 percent. During the first three months of the year, EOG completed 27 “monster...

The price of a gallon of gasoline hit a shocking level overnight. In the Twin Cities, several chain gas stations -- mostly in the outer ring -- raised their prices to between $4.09 and $4.19 a gallon. That's about 20 cents more overnight, 60 cents in the last two weeks, and $1.20 since January. At many stations, prices rose into the $4 range yesterday afternoon, then fell overnight into the $3.90 area. What's going on here?

CARACAS — Venezuela in 2012 became a net importer of gasoline as a result of escalating problems at its refineries and increasing demand for fuel in its internal market, joining a growing list of countries that struggle with fuel supplies despite ample oil reserves. The OPEC nation exported 30,000 barrels per day (bpd) of gasoline and naphtha last year, according to state oil company PDVSA's annual report. But it imported an average of 66,300 bpd of the same fuels from the United States alone, according to U.S. Energy Department data.

The head of the International Energy Agency on Tuesday urged the United States to decide quickly to allow crude exports, or the industry will find ways to get around restrictions. The Export Administration Act of 1979 banned the sale of U.S. crude abroad, except to Canada and Mexico, but the shale energy boom has since turned the North American energy market upside down in just a few years. U.S. oil production is now rising steeply, having been falling for decades, prompting some to say shipments abroad should be considered. "The answers have to be given by the U.S. government. I...

The surge in oil production in the U.S. and Canada and shrinking oil consumption in the developed world is transforming the global oil market. The threat of chronic oil shortages is all but gone, U.S. dependence on Middle Eastern oil will continue to dwindle, and oil will increasingly flow to the developing economies of Asia, according to a five-year outlook published Tuesday by... International Energy Agency. The changes will have ‘‘significant consequences for the global economy and oil security,’’ the IEA says. The report paints a picture of a