World of Oil ///

Keystone gets go-ahead The US State Department gave TransCanada the green light to begin building facilities for the Keystone pipeline at the border of the US and Canada, construction will begin on the pipe in the second quarter of 2008. Iranian offshore production passes record Iran increased crude production from its offshore oil fields to 723,000 bpd in March, beating the previous record of 716,000 bpd reached four years ago. New Zealand to remove tax loophole The New Zealand government announced that it is nearing a resolution for a legislative loophole that causes it to miss out on significant tax revenue from the production of oil and gas. “Under current law, New Zealand petroleum miners can offset their expenditure in other countries against the revenue from their New Zealand operations,” said Finance Minister Michael Cullen and Revenue Minister Peter Dunne in a statement.

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