Europe, Middle East and Africa Oil and Gas Correspondent
Tom's Feed
May 3, 2012

BG wary on gas sales to Argentina after YPF seizure

LONDON, May 3 (Reuters) – UK-based BG Group said it
would review all Argentine bidders’ creditworthiness before
selling them gas, after the nationalisation of energy company
YPF raised the risks of doing business there.

Despite its huge oil and gas reserves, Argentina is reliant
on imported liquefied natural gas (LNG) to meet its energy
needs, but credit ratings agency Moody’s said the seizure of a
51 percent stake in YPF from Spain’s Repsol
announced last month made Argentina a more risky place to do
business.

May 3, 2012

BG to sell Comgas to Cosan for $1.8 bln

LONDON May 3 (Reuters) – British gas and oil producer BG
Group Plc said it had agreed to sell its Brazilian gas
distribution business Comgas to Cosan for $1.8
billion as it unveiled soaring first quarter profits on the back
of higher oil prices and production.

BG is selling its 60 percent stake in Comgas as part of a $5
billion disposal programme to channel resources from downstream
distribution and power generation assets into more lucrative
upstream oil and gas production projects.

May 1, 2012

BP profit falls as oil spill costs still weigh

LONDON (Reuters) – Oil producer BP Plc (BP.L: Quote, Profile, Research) reported a bigger-than-expected 13 percent drop in underlying quarterly profit, as production fell after the group was forced to sell fields to pay for the Gulf of Mexico disaster, offsetting an increase in crude prices.

BP said on Tuesday output would continue to decline in the second quarter as it unveiled plans to sell a number of mature fields in the Gulf.

May 1, 2012

BP profits fall, plans Gulf of Mexico sales

LONDON (Reuters) – Oil producer BP (BP.L: Quote, Profile, Research, Stock Buzz) reported a bigger-than-expected drop in profits on Tuesday, despite an increase in crude prices, as production fell after it was forced to sell fields to pay for the Gulf of Mexico oil spill.

London-based BP added it would continue its disposal program, putting some smaller fields in the Gulf of Mexico on the block. A spokesman said the group was not pulling back from the area but was seeking to focus on larger fields there.

Apr 30, 2012

Companies plan for two-speed Europe

LONDON (Reuters) – Companies are planning for a two speed Europe, devising strategies to take advantage of growth in the northern part of the continent while plotting more corporate austerity for the moribund south.

Dismal overall European sales were a recurring theme among big U.S. and European companies reporting first quarter results in the past fortnight.

Apr 27, 2012

Analysis: Companies plan for two-speed Europe

LONDON (Reuters) – Companies are planning for a two speed Europe, devising strategies to take advantage of growth in the northern part of the continent while plotting more corporate austerity for the moribund south.

Dismal overall European sales were a recurring theme among big U.S. and European companies reporting first quarter results in the past fortnight.

Apr 27, 2012

Companies plan for two-speed Europe

LONDON (Reuters) – Companies are planning for a two speed Europe, devising strategies to take advantage of growth in the northern part of the continent while plotting more corporate austerity for the moribund south.

Dismal overall European sales were a recurring theme among big U.S. and European companies reporting first quarter results in the past fortnight.

Apr 27, 2012

Slower China economy a worry for Western firms

BOSTON/LONDON (Reuters) – As China’s economy cools, some big U.S. and European companies are losing what had been one of their surest growth bets.

Caterpillar Inc (CAT.N: Quote, Profile, Research), 3M Co (MMM.N: Quote, Profile, Research), United Technologies Corp (UTX.N: Quote, Profile, Research) and ABB Ltd (ABBN.VX: Quote, Profile, Research) are among the manufacturers that have reported weak performances in China in the first quarter, as economic growth slowed to a near three-year-low.

Apr 26, 2012

Analysis: Slower China economy a worry for Western firms

BOSTON/LONDON (Reuters) – As China’s economy cools, some big U.S. and European companies are losing what had been one of their surest growth bets.

Caterpillar Inc (CAT.N: Quote, Profile, Research, Stock Buzz), 3M Co (MMM.N: Quote, Profile, Research, Stock Buzz), United Technologies Corp (UTX.N: Quote, Profile, Research, Stock Buzz) and ABB Ltd (ABBN.VX: Quote, Profile, Research, Stock Buzz) are among the manufacturers that have reported weak performances in China in the first quarter, as economic growth slowed to a near three-year-low.

Apr 26, 2012

Shell bullish on China shale gas

LONDON, April 26 (Reuters) – Royal Dutch Shell gave
a bullish outlook for the development of shale gas in China on
Thursday, saying the Anglo-Dutch oil major’s drilling there
suggested vast resources could be unlocked at a relatively low
cost.

Chief Financial Officer Simon Henry said Shell had not yet
determined the cost of producing shale gas in China but that it
would probably be within the $2 to $6 per million British
thermal units (Btu) seen in North America, a level that would be
competitive with alternative gas sources.

    • About Tom

      "Tom leads our coverage of the oil and gas industry in Europe, the Middle East and Africa and is also author of 'Spills & Spin: The Inside Story of BP'. A former oil broker who turned to journalism 12 years ago, he is regularly interviewed on CNBC and other TV and radio stations on energy matters. Tom has reported from over twenty countries including Iran, Iraq, India, Pakistan, Tanzania, the U.S. and Russia. As Europe, Middle East and Africa Oil & Gas Correspondent, he has chartered the rise in oil prices to record levels, interviewed oil ministers and the CEOs of ..."
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