Europe, Middle East and Africa Oil and Gas Correspondent
Tom's Feed
May 22, 2012

Shell set for wait to secure $2 bln Cove bid

LONDON, May 22 (Reuters) – Royal Dutch Shell is
likely to have to wait to secure its $2 billion takeover of Cove
Energy as shareholders in the Mozambique-focused target
company look for potential counter-bidder Thailand’s PTT to show
its hand.

Some Cove investors said on Tuesday they expected Shell to
extend the tender period for its 220 pence a share offer, as
they said they would not offer their shares ahead of the 1200
GMT, May 23 deadline Shell has set for acceptances.

May 22, 2012

What’s a fair day’s pay for a British CEO?

LONDON, May 22 (Reuters) – To the directors of London-listed
oil services group Petrofac Ltd, a proposed “value
creation plan” seemed an appropriate way to reward executives
for success. Nearly a third of non-management shareholders
didn’t agree.

Put forward at the group’s annual shareholders’ meeting
earlier this month, the company’s plan could lead to top brass,
excluding the CEO, earning additional bonuses which could be
worth up to 10 times their base salaries.

May 20, 2012

East Africa to join world gas giants

LONDON, May 20 (Reuters) – To East Africa’s assets of
spectacular wildlife, abundant land and shimmering beaches you
can now add gas – so much gas it could transform global energy
flows along with some of the world’s poorest countries.

Finds announced just last week off Tanzania and Mozambique
are estimated to hold enough gas to supply France, Germany,
Britain and Italy for at least a year – possibly much more.

May 15, 2012

New Anadarko find may stoke battle for partner Cove

LONDON, May 15 (Reuters) – U.S. explorer Anadarko Petroleum
Corp has discovered a major new gas field offshore
Mozambique in a move that could stoke a bid battle for one of
its partners, Cove Energy.

Anadarko said on Tuesday the Golfinho discovery in northern
Mozambique may hold more than 20 trillion cubic feet (Tcf) of
gas, and would underpin a plan to develop a world class
liquefied natural gas export operation in Mozambique.

May 11, 2012

Qatar buys ‘major’ stake in oil giant Shell

LONDON, May 11 (Reuters) – Gas-rich Qatar is ploughing more
of its commodity wealth back into the sector with the purchase
of a major stake in Royal Dutch Shell while also
reportedly eyeing a chunk of Italian oil major ENI.

A Shell spokeswoman confirmed the purchase while declining
to detail its size but the Middle East Economic Survey (MEES)
reported earlier that Qatar’s sovereign wealth fund (QIA) was
looking at a 3-5 percent stake.

May 8, 2012

Insight: When the Exxon way stops working

London (Reuters) – When Exxon boss Rex Tillerson walked into a meeting with the President of Ghana on the sidelines of the United Nations General Assembly, he thought he was set to strike a deal with an important new oil producing nation.

Instead Tillerson – who had flown into town aboard an executive jet bigger than those used by many heads of state – was rebuffed by an irritated John Atta Mills, who had expected to be wooed rather than given a tough contract to rubber-stamp.

May 8, 2012

When the Exxon way stops working

London, May 8 (Reuters) – When Exxon boss Rex Tillerson
walked into a meeting with the President of Ghana on the
sidelines of the United Nations General Assembly, he thought he
was set to strike a deal with an important new oil producing
nation.

Instead Tillerson – who had flown into town aboard an
executive jet bigger than those used by many heads of state -
was rebuffed by an irritated John Atta Mills, who had expected
to be wooed rather than given a tough contract to rubber-stamp.

May 7, 2012

Analysis: Investor protest votes on pay here to stay

LONDON (Reuters) – Company directors will remain under pressure from shareholders over executive pay long after the market downturn ends and lawmakers stop the heckling that has helped prompt votes against remuneration policies at this year’s annual meetings.

Investors and directors say the days of shareholders rubber-stamping company resolutions at Annual General Meetings (AGMs) is over and directors will have to get used to investors being more vocal on many areas of company business.

May 7, 2012

Investor protest votes on pay here to stay

LONDON, May 4 (Reuters) – Company directors will remain
under pressure from shareholders over executive pay long after
the market downturn ends and lawmakers stop the heckling that
has helped prompt votes against remuneration policies at this
year’s annual meetings.

Investors and directors say the days of shareholders
rubber-stamping company resolutions at Annual General Meetings

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.

    • 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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