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

Shell to buy Cove Energy for $1.6 bln

LONDON, Feb 22 (Reuters) – Royal Dutch Shell Plc
has made an agreed 992.4 million pounds ($1.6 billion)
bid for Mozambique-focused Cove Energy, offering a full price to
open up a new gas frontier for the Anglo-Dutch oil major in East
Africa.

Shell has offered 195 pence per share in cash, which Cove’s
directors said on Wednesday they would recommend to
shareholders.

Feb 20, 2012

Exxon tempers European shale gas enthusiasm

LONDON, Feb 20 (Reuters) – U.S. oil group Exxon Mobil
sought to cool predictions of a European shale gas
revolution, saying commercial production was at least five years
away and dismissed forecasts offered by other industry players
as “highly speculative”.

Kevin Biddle, Exxon’s exploration director for Europe, also
downplayed the prospects for Poland — believed by many to have
the continent’s largest reserves — leading the shale gas
charge, saying on Monday that Germany was more likely to be the
first shale gas producer.

Feb 17, 2012

BP oil spill litigation comes to court

LONDON/WASHINGTON (Reuters) – BP (BP.L: Quote, Profile, Research) and its Gulf of Mexico Macondo well partners and contractors face tens of billions of dollars of possible damages and liabilities from the historic oil spill, in a major legal battle due to kick off in New Orleans on February 27.

The following are possible outcomes from the litigation.

BP SETTLES ALL CASES AGAINST IT

BP has said it is keen to settle the claims ahead of the start of hearings. This could prevent some of the dirty laundry associated with the spill from being aired in a courtroom as well as spare BP and its partners lengthy and costly litigation.

Feb 9, 2012

BG slashes shale drilling in weak gas price world

LONDON, Feb 9 (Reuters) – Gas producer BG Group
is to cut back shale gas drilling activity by almost 80 percent
because weak gas prices are making its relatively low-grade
reserves uneconomic.

The move, announced along with a 40 percent rise in fourth
quarter profits on strong oil prices and a lower tax rate, will
mean its 2015 output will be some 110,000 barrels of oil
equivalent per day lower than earlier indicated.

Feb 9, 2012

BG Group sees strong growth as profits soar

LONDON, Feb 9 (Reuters) – British gas producer BG
Group predicted continued strong growth in production and
earnings as it unveiled a forecast-beating 40 percent rise in
underlying fourth-quarter profit, helped by higher oil prices
and a lower-than-expected tax rate.

BG again raised the profit and production outlook for its
liquefied natural gas (LNG) sales division on Thursday, helped
by strong demand in Asia as economies expand rapidly and as the
Japanese nuclear accident at Fukishima last year prompts a shift
to gas-fired power generation.

Feb 7, 2012

BP squares up for oil spill lawsuits

LONDON (Reuters) – BP ratcheted up the rhetoric around multi-billion dollar claims from the Gulf oil spill by warning it would “vigorously” contest lawsuits over one of the world’s worst environmental disasters.

While reiterating BP’s “bias for settling” at hearings scheduled later this month, CEO Bob Dudley said he would only do so “on fair and reasonable terms.”

Feb 7, 2012

BP preparing ‘vigorously’ for oil spill lawsuits

LONDON, Feb 6 (Reuters) – BP said it was
preparing “vigorously” for lawsuits related to its Gulf of
Mexico oil spill, which are due to start later this month, as it
unveiled a rise in fourth-quarter earnings boosted by higher oil
prices and one-off gains.

Chief Executive Bob Dudley said on Tuesday BP was ready to
settle on “fair and reasonable terms” but added he was also
ready to fight.

Feb 2, 2012

Shell eyes big growth, but at big cost

LONDON, Feb 2 (Reuters) – Royal Dutch Shell
said it was targeting aggressive growth in the coming years,
with the start-up of big new projects and higher investments set
to drive a 50 percent rise in cashflow and a 25 percent rise in
oil and gas production.

However, weaker-than-expected results for the fourth
quarter, partly due to dismal industry-wide refining margins,
and an anaemic dividend hike, raised the question of whether
Shell was simply running faster to stand still, with investments
offering ever-dwindling returns.

Feb 2, 2012

Shell eyes aggressive growth in cashflow, output

LONDON, Feb 2 (Reuters) – Royal Dutch Shell
said it was targeting aggressive growth in the coming years,
with the startup of big new projects and higher investments in
exploration set to drive a 50 percent rise in cashflow and a 25
percent rise in oil and gas production.

The bullish outlook came as Europe’s largest oil company by
market capitalization unveiled weaker-than-forecast fourth
quarter profits, after dismal industry-wide refining margins
sent the crude processing division into a loss.

Feb 1, 2012

Insight: Oil industry sees no threat from electric car

LONDON (Reuters) – The biggest oil companies in the world have calculated that few, if any, of today’s drivers will see electric cars outnumber gasoline and diesel models in their lifetimes.

While politicians and green lobby groups insist the future of transport is electric, in the past two months BP and Exxon have released data which points to electric cars making up only 4-5 percent of all cars globally in 20-30 years.

    • 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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