Energy Headlines

US refiners shun call for new refineries

President Bush's call for the construction of refineries on closed military bases will go unanswered without additional incentives, leaving the United States increasingly dependent on imports, oil executives and analysts said this week.

Foreign competition boosting oil reserve prices

Major international oil companies face competition from Chinese, Indian and other state-owned oil companies, inflating costs for reserves already boosted by record oil prices and tight foreign government controls, according to industry experts.

Global energy market seen in tight balance

The price of a barrel of crude oil jumped to record levels this week, and top executives and regulators in the energy sector agreed that the surge has been driven by fundamentals -- not speculation.

Chevron could close Unocal deal by Aug.

Chevron Corp. is hurrying to complete its $16 billion acquisition of Unocal Corp. as soon as August, a top Chevron executive said on Wednesday, even as a Chinese company decided to make a competing bid.

Oil to stay above $50 through 2006-EIA

Global oil prices will remain higher than $50 on average for the next 18 months, said Guy Caruso, head of the U.S. Energy Information Administration at a Reuters Energy Summit on Wednesday.

Shell Canada: more gas in North America

Shell Canada Ltd. is confident that there is much more natural gas to be found onshore in North America, Shell Canada's Chief Executive Clive Mather said on Wednesday.

Chevron eyeing Libya's second bidding round

Chevron Corp. is still keen on Libya and is considering participating in the second round of bidding for exploration blocks since U.S. sanctions were eased last year, a top executive said on Wednesday.

Devon says to weigh new share buyback

Independent oil and gas producer Devon Energy will decide later this year whether to launch a new share buyback program and expects to raise its dividend next year, Chairman and Chief Executive Officer Larry Nichols said on Wednesday.

EnCana stock ignores storage unit - CEO

EnCana Corp. added its gas storage business to a long list of asset sales because the value is not recognized in the stock price of North America's biggest natural gas producer, its chief executive said on Wednesday.

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