Europe, Middle East and Africa Oil and Gas Correspondent
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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.

Oct 18, 2011

BP gets $4 billion from Anadarko for oil spill costs

LONDON (Reuters) – Anadarko Petroleum Corp will pay BP Plc $4 billion toward clean-up and victim compensation for the Gulf of Mexico oil spill. The amount is less than BP might have won in court, but it softens the blow of overall spill-related costs to the British group.

As part of the settlement announced on Monday, Anadarko also said it will no longer pursue allegations of gross negligence against BP. It is unclear what impact this development will have on the remainder of the morass of litigation pending in federal court in New Orleans, legal experts said.

Oct 17, 2011

BP and Anadarko agree $4 billion oil spill settlement

LONDON (Reuters)- – Oil giant BP and Anadarko, its partner in the well which caused the Gulf of Mexico oil spill, have agreed a settlement on cleanup costs whereby Andarko will pay BP $4 billion — less than half the amount it may have been forced to pay in court.

BP said Monday that as part of the deal, Anadarko will no longer pursue its allegations of gross negligence against BP and that the deal excludes possible government fines the parties may have to pay.

Oct 14, 2011

Exclusive: Forbes urges UK to act on Berezovsky comments

LONDON (Reuters) – Forbes magazine has urged British authorities to take action against Russian tycoon Boris Berezovsky in relation to comments made in court that appear to be at odds with a statement he gave in a libel action against Forbes a decade ago.

“We’re disappointed but not surprised by Mr Berezovsky’s admission,” Kai Falkenberg, Editorial Counsel for Forbes, told Reuters in an emailed statement.

Oct 14, 2011

Forbes urges UK to act on Berezovsky comments

LONDON, Oct 14 (Reuters) – Forbes magazine has urged British
authorities to take action against Russian tycoon Boris
Berezovsky in relation to comments made in court that appear to
be at odds with a statement he gave in a libel action against
Forbes a decade ago.

“We’re disappointed but not surprised by Mr Berezovsky’s
admission,” Kai Falkenberg, Editorial Counsel for Forbes, told
Reuters in an emailed statement.

Oct 13, 2011

BP gets nod for £4.5 billion North Sea project

LONDON (Reuters) – Britain has given BP (BP.L: Quote, Profile, Research) the go-ahead for a 4.5 billion pound North Sea oil and gas project that confirms interest in the region despite tax rises and could slow the decline in output there.

BP and its partners on the project, Shell (RDSa.L: Quote, Profile, Research), ConocoPhillips (COP.N: Quote, Profile, Research) and Chevron (CVX.N: Quote, Profile, Research), will now enter the second phase of the Clair Ridge project, the development of a field west of the remote Scottish Shetland Islands.

Oct 13, 2011

BP gets UK nod for 4.5 bln stg North Sea project

LONDON, Oct 13 (Reuters) – Britain has given BP the
go-ahead for a 4.5 billion pound ($7 billion) North Sea oil and
gas project that confirms interest in the region despite tax
rises and could slow the decline in output there.

BP and its partners on the project, Shell ,
ConocoPhillips and Chevron , will now enter the
second phase of the Clair Ridge project, the development of a
field west of the remote Scottish Shetland Islands.

Oct 11, 2011

Western oil groups eye Myanmar changes cautiously

LONDON, Oct 11 (Reuters) – International energy groups say
recent signs of political change in autocratic Myanmar are
unlikely to lead to a rapid expansion of their activities in the
country, which holds valuable reserves of oil and gas.

Christophe de Margerie, Chief Executive of France’s Total SA
, said his company, which has a project in the former
British colony, would like to play a bigger role in the country,
formerly known as Burma, but had to see concrete signs of
increased democratisation before this was possible.

    • 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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