Europe, Middle East and Africa Oil and Gas Correspondent
Tom's Feed
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.

Feb 1, 2012

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.

Feb 1, 2012

INSIGHT Oil industry sees no threat from electric car

LONDON, Jan 29 (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.

Jan 31, 2012

GE sees more casualties in wind and solar

FLORENCE (Reuters) – General Electric Co. expects increased competition and a reduction in subsidies by cash-strapped governments to lead to more companies exiting the wind and solar power businesses, but the industrial behemoth still sees growing long-term demand.

“There’s going to be a lot of casualties in the wind and solar businesses, there already are in solar,” John Krenicki, who leads GE’s energy division, told Reuters in an interview on Monday.

Jan 27, 2012

BP fails to shift $15 bln oil spill costs onto Transocean

LONDON, Jan 27 (Reuters) – Oil giant BP has
lost its attempt to shift over $15 billion of costs related to
the Gulf of Mexico oil spill onto contractor Transocean
, increasing the possibility BP may have to foot the
entire $42 billion clean up bill.

A U.S. federal judge on Thursday said BP must uphold a
clause in its contract with Transocean Ltd that would shield the
Swiss-based driller from compensatory damage claims related to
the 2010 disaster.

Jan 23, 2012

BP and EU lobbied U.S. on Iran sanctions – sources

LONDON, Jan 23 (Reuters) – BP Plc, the British
government and the European Union lobbied U.S. lawmakers to have
a BP-led project exempted from proposed new U.S. sanctions which
seek to stop Western companies doing business with Iran, sources
close to the matter said.

U.S. lawmakers are mulling new sanctions to constrict the
funding that Western nations suspect Iran is using to develop
nuclear weapons.

Jan 20, 2012

Kentz appoints new CEO, ups 2011 guidance

LONDON, Jan 20 – (Reuters) – Oil industry engineering
and construction provider Kentz named a new chief
executive on Friday and told investors 2011 results would be
slightly ahead of market expectations.

The company said chief operating officer Christian Brown
would replace Chief Executive Hugh O’Donnell as of Feb. 1, who
grew the group from a small Irish-based group to a $830 million
international player over the past 12 years.

Jan 19, 2012

BP seen agreeing $20-25 bln oil spill settlement

LONDON (Reuters) – BP (BP.L: Quote, Profile, Research) is likely to agree to pay the U.S. Department of Justice $20-$25 billion to settle all charges around the Gulf of Mexico oil spill, according to a leading analyst, a prediction that is at least twice what the company has set aside.

Martijn Rats, head of European oil research at Morgan Stanley, said he saw a 70-80 percent chance that the two sides would agree a deal on civil and criminal charges surrounding the 2010 disaster sometime between BP’s full year results on February 7, and the scheduled start of legal hearings in New Orleans on February 27.

    • 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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