China North East Petroleum Holdings Limited, a pioneer in China’s oilfield drilling and production industry, today announced a spectacular increase in revenue and net income for the third quarter of 2008.

Total sales for the third quarter increased 227% over the same quarter last year to $19.7 million. The jump was due to an increase in crude oil production, and the price received for crude oil from PetroChina (PTR), the company’s sole customer. Crude oil production doubled to 172,730 barrels over the same quarter last year. The production boost was attributed to refracturing improvements, and the implementation of water injection technology, improving the efficiency of existing oil wells, together with the addition of 30 new wells drilled during the third quarter.

Gross profit also soared for the quarter, increasing 241%, to $9.2 million, with net income jumping 229% to $4.0 million.

Quarterly results boosted nine-month sales figures from $11.8 million last

...

Did you know that the Indian government imposes a cess on indigenously produced crude oil? The Oil Industry Development Act, 1974 based on which the cess is being charged, states that “the cess collected under this provision would be made available to the development of petroleum sector”. The cess was introduced to provide financial assistance to state-owned oil companies, and is not applicable to private oil producers.

Since then, the government has collected Rs.74972.36 crore as cess, but only Rs.902

...

As Hurricane Ike took over the Gulf of Mexico, I watched with unusual interest, since I had been scheduled to fly through Houston to give a lecture in Baton Rouge on Friday. We had to cancel that visit to LSU, which left me to contemplate the consequences of Hurricane Ike for oil and gas markets from the comfort of my warm, snug home in San Diego.

Hurricane Ike on Sept. 12. Source: Drudge.

Essentially all of the 1.3 million barrels per day of U.S. crude oil production from the Gulf of Mexico (which accounts for about a quarter of total U.S. production) has been shut in as a result of the storm. When the same thing happened 3 years ago with Hurricane Katrina, the effects turned out to be surprisingly long-lived. Damage to offshore rigs proved costly to repair,

...

It sure doesn't seem like it today, with red ink running in the Street like blood, but check this out ...Amid bluster over energy, Senate cuts a dealOver the summer a group of five GOP and five Democratic senators, dubbed the Gang of 10, hammered out a comprehensive energy proposal. And now, after taking withering heat from both left and right, the idea is gaining support. The proposal contains some items on the Republican wish list, such as opening areas of the Outer Continental Shelf to drilling and boosting nuclear power. The Democrats get incentives for wind, solar, and other renewables along with energy efficiency measures — and pay for much of the projected $84 billion cost by eliminating tax breaks on the oil and gas industry.In other news today ...OPEC consensus building for supply cutConsensus is building within ...

by Menzie Chinn: As I type this post, the President is proposing once again drilling in ANWR, noting the "enormous" benefits. [1] [2] [3] I'd like to just note the analysis his Administration's DoE just published last month. From Analysis of Crude Oil Production in the Arctic National Wildlife Refuge, published May 2008: Summary The opening of the ANWR 1002 Area to oil and natural gas development is projected to increase domestic crude oil production starting in 2018. In the mean ANWR oil resource case, additional oil production resulting from the opening of ANWR reaches 780,000 barrels per day in 2027 and then declines to 710,000 barrels per day in 2030. In the low and high ANWR oil resource cases, additional oil production resulting from the opening of ANWR peaks in 2028 at 510,000 ...