Chavez to head Citgo after execs arrested

Asdrubal Chavez, a cousin of the late former president of Venezuela, has been named acting president and chief executive officer of Citgo Petroleum Corp. a week after the arrests of his predecessor and five other company executives on charges of corruption.  Source: News


MARKET WATCH: NYMEX oil holds above $57/bbl before OPEC meeting

The light, sweet crude oil contract for January delivery settled above $57/bbl Nov. 29, dropping modestly before members of the Organization of Petroleum Exporting Countries met Nov. 30 in Vienna. Brent crude oil for January also fell but still settled above $63/bbl. Source: News


AWE reports Waitsia-4 gas well flows at record Australian rate

AWE Ltd.’s final well in the current appraisal and development program in Waitsia natural gas field in Western Australia’s onshore Perth basin has tested at one of the highest flow rates in Australian history. Source: News


Rosneft, Pertamina form Tuban joint venture

Rosneft and Pertamina have formed PT Pertamina Rosneft Pengolahan dan Petrokimia to develop their joint venture refinery and petrochemical project in East Java, Indonesia. Source: News