Europe, Middle East and Africa Oil and Gas Correspondent
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Nov 15, 2011

BG Group names CEO candidates

LONDON, Nov 15 (Reuters) – British gas producer BG
Group Plc kicked off the race to succeed Chief Executive
Frank Chapman on Tuesday, naming three executives who it said
were being considered for the top job, while adding an external
hire was also possible.

Chapman, who has helped build BG from a UK-focussed player
into a $74 billion international oil and gas giant, will step
down before the end of 2013, the group said.

Nov 11, 2011

Exxon signs Kurd deals; Baghdad issues warning

LONDON/BAGHDAD (Reuters) – Exxon Mobil (XOM.N: Quote, Profile, Research) has signed oil and gas exploration deals with Iraq’s Kurdistan, an adviser to the Kurdish government said on Friday, in a bold step that prompted warnings from Baghdad that the move could jeopardise the company’s future in the country.

A senior Iraqi oil official said the central government knew that Exxon was in talks to explore in the region and had warned that any deal with the Kurdish Regional Government (KRG) could result in the termination of Exxon’s deal to develop the giant West Qurna field.

Nov 11, 2011

Exxon signs Kurd deals, Baghdad warns

LONDON/BAGHDAD, Nov 11 (Reuters) – Exxon Mobil
has signed oil and gas exploration deals with Iraq’s Kurdistan,
an adviser to the Kurdish government said on Friday, despite a
series of warnings from Baghdad that the move could jeopardise
other major projects.

A senior Iraqi oil official said Iraq’s central government
had been aware that Exxon was in talks to explore in the Kurdish
region and the company had been warned that any deal with the
KRG could result in the termination of its deal to develop the
giant West Qurna oilfield.

Nov 7, 2011

Failed BP deal renews pressure on CEO Dudley

LONDON, Nov 7 (Reuters) – The collapse of BP’s
planned sale of a $7 billion stake in an Argentinean unit is
Chief Executive Bob Dudley’s second failed multi-billion dollar
deal this year and has renewed investor concerns about his
vaunted turnaround of the group.

Dudley hinted last month that the oil giant could lift its
dividend next February, saying the group had reached a “turning
point” after its Gulf of Mexico oil spill. But the failed deal
now puts a question mark over those plans.

Nov 6, 2011

BP’s $7 bln S. America stake sale collapses

HONG KONG/LONDON Nov 6 (Reuters) – BP’s plan to sell
a stake in its South American unit for $7 billion (4 billion
pounds) has collapsed, potentially trimming the oil major’s cash
flow and making it harder to raise its payout to shareholders.

China’s biggest offshore oil producer CNOOC Ltd
said on Sunday its 50 percent-owned unit Bridas Energy Holdings
has terminated a deal to buy BP’s stake in Argentina-based oil
and gas group Pan American Energy LLC (PAE).

Nov 6, 2011

BP’s $7 billion South America stake sale collapses

HONG KONG/LONDON (Reuters) – BP’s (BP.L: Quote, Profile, Research, Stock Buzz) plan to sell a stake in its South American unit for $7 billion (4 billion pounds) has collapsed, potentially trimming the oil major’s cash flow and making it harder to raise its payout to shareholders.

China’s biggest offshore oil producer CNOOC Ltd (0883.HK: Quote, Profile, Research, Stock Buzz) said Sunday its 50 percent-owned unit Bridas Energy Holdings has terminated a deal to buy BP’s stake in Argentina-based oil and gas group Pan American Energy LLC BPPAE.UL (PAE).

Oct 27, 2011

Shell, Exxon profits swell on higher crude price

LONDON/HOUSTON (Reuters) – Oil giants Exxon Mobil Corp (XOM.N: Quote, Profile, Research, Stock Buzz) and Royal Dutch Shell Plc (RDSa.L: Quote, Profile, Research, Stock Buzz) said their profits jumped more than 40 percent in the third quarter as higher energy prices offset declines in their output.

Oil prices have sagged from their May peaks, but still remain well above the 2010 levels. Recent optimism that the global economy may be recovering has sent crude prices climbing 20 percent this month.

Oct 27, 2011

Shell, Statoil profits soar on higher oil

LONDON, Oct 27 (Reuters) – Royal Dutch Shell Plc
and Norway’s Statoil reported big jumps in profits on Thursday,
driven mainly by higher oil and gas prices with help from
increased production.

Shell, Europe’s largest oil company by market
capitalisation, said its underlying current cost of supply (CCS)
net income in the third quarter, excluding one-offs, soared 42
percent to $7.0 billion.

Oct 25, 2011

BP management calls for lawsuit against BP-sources

MOSCOW/LONDON, Oct 25 (Reuters) – Management at
Anglo-Russian oil firm TNK-BP Ltd has asked its board of
directors to sue shareholder BP for billions of dollars
in damages over BP’s failed alliance with state-controlled rival
oil firm Rosneft , sources said on Tuesday.

The move, revealed on the day both BP and TNK-BP announced
their third-quarter results, threatens to add to the legal
pressures already piling up on BP following its attempt to
partner Rosneft in exploring for oil in the Arctic.

Oct 25, 2011

BP turns a corner after Gulf blowout

LONDON (Reuters) – BP (BP.L: Quote, Profile, Research, Stock Buzz) has turned a corner after the Gulf of Mexico disaster, its chief executive said on Tuesday, predicting the British oil firm would now return to output and cashflow growth and rejecting calls for a fundamental restructuring of the group.

Europe’s second-largest oil group by market capitalization said its cashflow would be 50 percent higher by 2014 and it could restart a program of share buybacks and from next year begin to pay investors higher dividends.

    • 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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