Europe, Middle East and Africa Oil and Gas Correspondent
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Mar 23, 2012

Toxic pay spotlight shifts beyond bank bosses

LONDON, March 23 (Reuters) – The chief executive squeezed
along the row to a cramped economy-class window seat on an aging
737 flown by one of Italy’s less popular airlines.

He spent the previous hour scanning emails on his BlackBerry
in an airport cafe where all the food came wrapped in
cellophane. The regional airport’s budget doesn’t stretch to the
hospitality lounges usually associated with executive travel.

Mar 21, 2012

Former Russian minister to bid for Petroplus plants

LONDON, March 21 (Reuters) – A former Russian energy
minister is planning to bid for three refineries owned by
bankrupt oil refiner Petroplus, a source close to the matter
said, giving hope to workers who fear refinery shut downs and
potentially dashing rivals’ expectations that industry
overcapacity might be reduced.

Fund Energy, an investment vehicle founded by Igor Yusufov,
who still sits on board of directors of state-controlled
Gazprom, plans to bid for Petroplus refineries at Coryton in
England, Cressier in Switzerland and Ingolstadt in Germany, the
source said.

Mar 16, 2012

Irish oil rush hinges on push into deeper waters

LONDON, March 16 (Reuters) – The euphoria around a
small-to-medium oil discovery off the southwest coast of Ireland
may be overblown but the country could yet become a significant
producer if it can replicate the drilling success in much deeper
waters to the west.

Providence Resources made headlines around the world and
sent its shares soaring on Thursday by announcing that flow
tests on its Barryroe field showed it could yield
“significantly” more that its earlier estimates of 20,000
barrels per day and reserves of 60 million barrels of oil.

Mar 16, 2012

Banks, accountants at risk from Falklands oil spat

LONDON, March 16 (Reuters) – Some of the largest banks
and accounting firms in the world could be at risk of asset
seizures if Argentina makes good on its threat to penalise
companies which work with oil drillers exploring offshore the
Falkland Islands.

On Thursday, Argentine Foreign Minister Hector Timerman said
Argentina planned to take administrative and legal action
against companies providing logistical, financial and legal
support to the search for Falklands oil.

Mar 15, 2012

Shell says was sued for causing climate change

LONDON (Reuters) – Oil giant Royal Dutch Shell Plc said it was sued for causing climate change but that, like some other global warming cases taken against energy companies by environmentalists, the cases were dismissed.

The Anglo-Dutch group said in its annual report, published on Thursday, that, “together with other energy companies” it was subject to climate change litigation taken by parties it did not name.

Mar 6, 2012

BG eyes sale of Queensland LNG stake -sources

SYDNEY/LONDON, March 6 (Reuters) – UK gas producer BG
Group is mulling the sale of a stake in its multi-billion
dollar Queensland natural gas liquefaction facilities, sources
close to the matter said, potentially paving the way for a
restructuring of the region’s LNG business.

BG could sell between 15 and 20 percent of the Queensland
Curtis LNG project (QCLNG) and, based on past transactions,
could raise up to $2 billion from the sale, one source said.

Mar 6, 2012

Bankers hire BP oil spill PR man to boost image

LONDON (Reuters) – Europe’s bankers have hired the man responsible for leading oil giant BP’s public relations campaign during the Gulf of Mexico oil spill as head of the lobby group striving to restore their battered reputation in Europe.

Andrew Gowers has been appointed director of external relations at pan-European lobby group the Association for Financial Markets in Europe (AFME), whose membership includes most of the big U.S. and European banks operating across the continent.

Mar 5, 2012

BP shares lag mkt bets after oil spill deal

LONDON (Reuters) – Shares in BP rose less than some analysts expected on Monday after the oil giant reached a settlement with businesses and individuals affected by the Gulf of Mexico oil spill worth an estimated $7.8 billion.

Investors said the settlement was broadly in line with expectations and reduced legal uncertainty but outstanding legal risks still held back the stock.

Mar 5, 2012

BP seen boosted by oil spill settlement

LONDON (Reuters) – Shares in BP are expected to rise 5-9 percent on Monday after the oil giant reached a settlement with businesses and individuals impacted by the Gulf of Mexico oil spill worth an estimated $7.8 billion.

Some analysts said the expected payout was less than they had forecast, reduced legal uncertainty and suggested the final settlement with BP’s biggest opponent – the U.S. government – would be much lower than the worst case scenario.

Mar 3, 2012

BP’s $7.8 billion deal may speed payments for U.S. spill

NEW YORK/LONDON (Reuters) – The estimated $7.8 billion deal struck by BP Plc with businesses and individuals suing over the massive 2010 Gulf of Mexico oil spill could speed up payments to thousands of claimants and offers lawyers a potential windfall in legal fees.

London-based BP announced the deal on Friday with the Plaintiffs’ Steering Committee (PSC), which represents condominium owners, fishermen, hoteliers, restaurateurs and others who say their livelihoods were damaged by the April 20, 2010 explosion of the Deepwater Horizon drilling rig and subsequent oil spill.

    • 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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