LONDON, Dec 19 (Reuters) – Shares in Kurdistan-focused
oil explorer Gulf Keystone Petroleum soared on Monday
following a report that U.S. oil major Exxon Mobil Corp
was mulling a takeover bid at five times the company’s closing
share price on Friday.
The Independent on Sunday newspaper reported that Exxon is
considering making an estimated 800 pence per share bid for
Britain’s Gulf Keystone, which has made huge oil finds in the
semi-autonomous Kurdistan region of Iraq. The reported bid
values Gulf Keystone at around 7 billion pounds ($10.9 billion).
LONDON, Dec 12 (Reuters) – Chinese state-controlled
Sinochem and UK-listed explorer Gulfsands Petroleum
have shut down their oil operations in Syria following
European Union sanctions related to the crackdown on the
uprising against the rule of President Bashar al-Assad,
Although China has resisted sanctions on Syria, Sinochem is
bound by EU sanctions since it bought its interest in the Syrian
fields by taking over UK-listed Emerald Energy, through which it
still owns the assets, a Gulfsands spokesman said on Monday.
LONDON, Dec 9 (Reuters) – Chinese oil companies are
changing their approach to investing in oil and gas projects
overseas, placing more emphasis on community development and
less on Beijing’s political goals.
Over the past decade, China’s state-controlled energy giants
have been the most prolific buyers of oil and gas companies and
fields internationally, spurred by a government policy to secure
resources to fuel the country’s economic boom.
ALMATY/DOHA (Reuters) – Kazakhstan is poised next week to acquire 10 percent of Karachaganak, ending a long dispute with the foreign owners of a field that contributes half of the country’s gas and ensuring the state now owns part of every big energy project on its soil.
Two sources close to the negotiations told Reuters on Friday that Kazakhstan would pay $1 billion in cash and drop legal claims against the operators of the gas and oil field in order to earn its stake in a consortium led by BG Group (BG.L: Quote, Profile, Research, Stock Buzz) and Eni (ENI.MI: Quote, Profile, Research, Stock Buzz).
DOHA, Dec 8 (Reuters) – Big oil and gas companies say
their increasing dominance of shale gas exploration will bring
improved drilling practices and should end the safety lapses
that have led to environmental opposition to the fast-growing,
multi-billion dollar industry.
Cases of water contamination and the leakage of flammable
methane gas into homes are due to occasionally shoddy activities
by some of the small players, who developed the industry over
the past decade, rather than fundamental problems with shale gas
drilling, some industry executives said.
DOHA, Dec 8 (Reuters) – PetroChina said a
new shale gas find in Sichuan province would be difficult to
convert to commercial production because Chinese geological
conditions were more difficult than in the United States where
the industry developed.
“We have made a discovery already. The problem is how to
make the production stable, how to increase the production, this
needs technology,” Zhou Jiping vice-Chairman & President,
PetroChina told a press conference at the sidelines of the World
Petroleum Congress in Doha.
DOHA, Dec 7 (Reuters) – French oil major Total
said it could build a pipeline from South Sudan to
Uganda that would continue to Kenya’s coast, potentially solving
the fledgling state’s headache about how to export its oil.
Total Christophe de Margerie said his company had proposed
to Uganda that a pipeline that is planned to bring Ugandan oil
to a Kenyan port be built so it could be extended to South
DOHA, Dec 7 (Reuters) – China is set for a shale gas
revolution which will surpass that seen in the United States,
the chairman of Sinopec, the country’s second-largest oil
company, said a day after Reuters revealed Royal Dutch Shell Plc
had begun shale gas production in China.
Fu Chengyu, chairman of state-controlled China Petroleum &
Chemical Corp (Sinopec) , said it
could take five to 10 years but that China’s output would exceed
that of the United States.
DOHA, Dec 6 (Reuters) – Royal Dutch Shell Plc has
found shale gas in China, a development that could cap imports
in a market natural gas producers are hoping will drive demand.
An official with Shell’s partner, PetroChina, a
unit of the country’s top energy group, state-owned CNPC, said
drilling results from two wells Shell drilled had been positive.
DOHA (Reuters) – The Chief Executive of AMEC Plc (AMEC.L: Quote, Profile, Research) said global economic weakness means the British engineering group may be better off preserving cash rather than hiking the dividend, as some analysts have predicted it would do.
AMEC, which provides engineering and construction services to the energy industry, is riding high in part due to the boom of oil and gas investment prompted by strong prices.