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

Sep 23, 2011

Doubts raised about giant shale gas find in England

LONDON (Reuters) – Experts have cast doubt on claims of a giant shale gas find in northwest England, leaving opponents to accuse the company behind it of painting an excessively rosy picture to win political support for the controversial project.

Cuadrilla Resources is owned by Australian drilling company AJ Lucas and private equity firm Riverstone, and has former BP Chief Executive John Browne on its board, said on Wednesday it had found 200 trillion cubic feet of gas in place at its licenses in Lancashire.

Sep 23, 2011

Doubts raised about giant UK shale gas find

LONDON, Sept 23 (Reuters) – Experts have cast doubt on
claims of a giant shale gas find in northwest England, leaving
opponents to accuse the company behind it of painting an
excessively rosy picture to win political support for the
controversial project.

Cuadrilla Resources is owned by Australian drilling company
AJ Lucas and private equity firm Riverstone, and has former BP
Chief Executive John Browne on its board, said on Wednesday it
had found 200 trillion cubic feet of gas in place at its
licences in Lancashire.

Sep 16, 2011

BP oil spill report may prompt over $30 bln pay-out

LONDON (Reuters) – Findings of the second major investigation by the U.S. government into the 2010 Gulf of Mexico oil spill, may press BP into putting over $30 billion on the table to quickly settle its outstanding legal headaches.

The joint Coast Guard and Bureau of Ocean Energy Management, Regulation and Enforcement probe into the Macondo well blow-out which led to the death of 11 men and the biggest offshore oil spill in U.S. history, put most of the blame on BP

Sep 16, 2011

Analysis – BP spill report may prompt over $30 billion pay-out

LONDON (Reuters) – Findings of the second major investigation by the U.S. government into the 2010 Gulf of Mexico oil spill, may press BP into putting over $30 billion (19 billion pounds) on the table to quickly settle its outstanding legal headaches.

The joint Coast Guard and Bureau of Ocean Energy Management, Regulation and Enforcement probe into the Macondo well blow-out which led to the death of 11 men and the biggest offshore oil spill in U.S. history, put most of the blame on BP.

    • 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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