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

Oct 24, 2011

BP investors looking for signs of turnaround

LONDON, Oct 25 (Reuters) – BP Plc will seek to reassure
investors on Tuesday that its turnaround following the Gulf of
Mexico oil spill is on track.

The British oil company is expected to report a 9 percent
fall in third quarter profits as the sale of oil fields to pay
for the Macondo spill hits production and counters the positive
effect of high oil prices.

Oct 24, 2011

Hungary sees Nabucco costs quadrupling, may sue French firm

LONDON, Oct 24 (Reuters) – Hungary’s Minister For National
Development raised doubts about the viability of the Nabucco gas
pipeline on Monday and said he might sue a French utility which
he believed had not paid enough tax.

Tamás Fellegi, who has authority for energy matters, said
Nabucco was in doubt because it had not yet secured a supply of
gas or customers and because the cost of building it was
soaring.

Oct 21, 2011

Oil Majors to report Q3 profit jump, investors eye 2012

LONDON (Reuters) – Investors in the world’s biggest oil companies are expected to look beyond the bumper profits the groups will announce next week on the back of higher oil prices, and seek clues on how the companies can maintain income growth as crude stabilizes.

The five biggest western oil producers by market value — Exxon Mobil Corp (XOM.N: Quote, Profile, Research, Stock Buzz), Royal Dutch Shell Plc (RDSa.L: Quote, Profile, Research, Stock Buzz), Chevron Corp (CVX.N: Quote, Profile, Research, Stock Buzz), BP Plc (BP.L: Quote, Profile, Research, Stock Buzz) and France’s Total SA (TOTF.PA: Quote, Profile, Research, Stock Buzz), known collectively as the supermajors — are expected to announce an average year-on-year rise in net income of around 31 percent, according to analysts forecasts compiled by Reuters.

Oct 21, 2011

Special report: UK freezer fires light up regulation concerns

LONDON (Reuters) – In June, when a fire ripped through a concrete tower block in Bermondsey, a low-income neighborhood in south-east London, residents initially blamed it on a lightning strike. “It was only later we heard the truth on the television,” said Kathy Pullady, who lives across a chipped tile-covered landing from the 17th-floor flat where the blaze took hold.

The London Fire Brigade had in fact been investigating the probable cause of the fire for years. In July it publicly pointed to a faulty fridge-freezer made by Turkish company Arcelik, Europe’s third-largest appliance manufacturer. The fire brigade says timers in certain models of Arcelik fridges have caused at least 20 fires in the UK since 2006. One man has been killed and at least 15 people injured.

Oct 21, 2011

UK freezer fires light up regulation concerns

LONDON, Oct 21 (Reuters) – In June, when a fire ripped
through a concrete tower block in Bermondsey, a low-income
neighbourhood in south-east London, residents initially blamed
it on a lightning strike. “It was only later we heard the truth
on the television,” said Kathy Pullady, who lives across a
chipped tile-covered landing from the 17th-floor flat where the
blaze took hold.

The London Fire Brigade had in fact been investigating the
probable cause of the fire for years. In July it publicly
pointed to a faulty fridge-freezer made by Turkish company
Arcelik, Europe’s third-largest appliance manufacturer. The fire
brigade says timers in certain models of Arcelik fridges have
caused at least 20 fires in the UK since 2006. One man has been
killed and at least 15 people injured.

    • 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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