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

Oct 7, 2011

EXCLUSIVE: U.S. diplomat said ex-BP boss’s Turkish partner unethical

LONDON (Reuters) – Mehmet Karamehmet, the controlling shareholder of Genel Energy, the subject of a $2 billion bid from ex-BP boss Tony Hayward’s Vallares Plc, has been accused of unethical business practices, according to Wikileaks.

A U.S. diplomatic cable posted on the site said the U.S. embassy in Ankara had advised U.S. firms not to do business with the Turkish tycoon.

Oct 7, 2011

U.S. diplomat said ex-BP boss’s Turkish partner unethical

LONDON (Reuters) – Mehmet Karamehmet, the controlling shareholder of Genel Energy, the subject of a $2 billion (1 billion pounds) bid from ex-BP boss Tony Hayward’s Vallares Plc, has been accused of unethical business practices, according to WikiLeaks.

A U.S. diplomatic cable posted on the site said the U.S. embassy in Ankara had advised U.S. firms not to do business with the Turkish tycoon.

Oct 6, 2011

BP shares underperform on talk of weak quarterly profits

LONDON (Reuters) – Shares in oil company BP (BP.L: Quote, Profile, Research, Stock Buzz) fell 1 percent on Thursday, underperforming rivals, with two dealers blaming talk that the company had begun telling analysts its quarterly profits would be below their current forecasts.

BP denied giving analysts any such guidance.

“Sounds like net (profit) will be $5 billion at best,” said one dealer, who added that his investment house currently had a $5.3 billion forecast for BP’s third-quarter net replacement cost (RC) profits.

Oct 6, 2011

BP shares underperform on talk of weak Q3 profits

LONDON (Reuters) – Shares in oil company BP (BP.L: Quote, Profile, Research) fell 1 percent on Thursday, underperforming rivals, with two dealers blaming talk that the company had begun telling analysts its quarterly profits would be below their current forecasts.

BP denied giving analysts any such guidance.

“Sounds like net (profit) will be $5 billion (3.2 billion pounds) at best,” said one dealer, who added that his investment house currently had a $5.3 billion forecast for BP’s third-quarter net replacement cost (RC) profits.

Oct 5, 2011

Anadarko boosts Mozambique plans on higher gas reserves

Oct 5 (Reuters) – U.S. explorer Anadarko Petroleum Corp
upped its estimate of the amount of natural gas it has
discovered offshore Mozambique on Wednesday, lifting hopes for
the emergence of East Africa as a major gas exporter.

Anadarko said it believed its fields in the deepwater Rovuma
Basin contained recoverable reserves of at least 10 trillion
cubic feet, up from an earlier estimate of at least 6 Tcf.

Oct 5, 2011

Premier Oil to buy N.Sea player Encore for $340 mln

LONDON, Oct 5 (Reuters) – British oil producer Premier Oil
is to buy North Sea-focused Encore Oil for 221
million pounds ($340 million), continuing its strategy of
expanding by incremental acquisitions rather than concentrating
on high-risk, high-impact exploration.

While the headline price being paid represents a heady $20
per barrel for Encore’s reserves, Chief Financial Officer Tony
Durrant pointed out that the deal included tax losses and
exploration potential.

Sep 28, 2011

BP and oligarchs face off as claim looms

LONDON (Reuters) – BP and its billionaire partners in TNK-BP face off in arbitration on Wednesday, as the UK oil giant refutes claims it broke a shareholder agreement and should pay $4.9 billion (3.1 billion pounds) in damages.

BP prompted the spat with AAR, the consortium of Russian and Russia-connected oligarchs who own half of TNK-BP, by agreeing a share swap and Arctic exploration deal with state-controlled Rosneft.

Sep 28, 2011

BP and oligarchs face off as $4.9 bln claim looms

LONDON, Sept 28 (Reuters) – BP and its billionaire
partners in TNK-BP face off in arbitration on
Wednesday, as the UK oil giant refutes claims it broke a
shareholder agreement and should pay $4.9 billion in damages.

BP prompted the spat with AAR, the consortium of Russian and
Russia-connected oligarchs who own half of TNK-BP, by agreeing a
share swap and Arctic exploration deal with state-controlled
Rosneft.

Sep 27, 2011

BP plans gas pipeline to Europe from Azerbaijan

LONDON, Sept 27 (Reuters) – BP said it was mulling a
pipeline to transport gas from Azerbaijan to Central Europe amid
doubts about the credibility of the pipeline plans currently on
the table.

A BP spokesman said on Tuesday the London-based oil major
and its partners in the Shah Deniz II field — Norway’s Statoil
and Azeri state oil company Socar — could build a pipeline from
Turkey to the Romanian-Hungarian border.

    • 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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