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BP will begin 42 new global oil production projects over the next five years as oil fields decline, the company said this week.
The schemes, which are spread from Russia to the North Sea, will contribute one million barrels of oil a day by 2015, which amounts to a quarter of BP’s total oil production.
BP, which [...]
Multinational oil companies fight it out over who will win the right to develop Uganda’s oil fields has turned from a tussle into an all out fight with Heritage Oil and Tullow Oil Plc of Ireland, confirmed up to 2 billion barrels and a potential for 6 billion in Uganda’s Albertine region, were ready for [...]
UK chancellor Alistair Darling has offered offshore oil compaines tax perks worth nearly £1bn to encourage them to explore and develop oil and gas finds west of the Shetland Islands.
He announced the extension of the New Field Allowance to £160m per field, a concession so tightly drawn so it can only apply to those in [...]
UK chancellor Alistair Darling has offered offshore oil compaines tax perks worth nearly £1bn to encourage them to explore and develop oil and gas finds west of the Shetland Islands.
He announced the extension of the New Field Allowance to £160m per field, a concession so tightly drawn so it can only apply to those in [...]
Royal Dutch Shell has put Nigerian oil fields worth $5bn up for sale as it seeks to reduce its reliance on the African country, where the government is making it harder for foreign oil companies to do business.
Shell’s relationship with the Nigerian government has become strained, with Shell filing dozens of lawsuits against the national [...]
“Major infrastructure constraints” are one of the key factors at play for foreign oil companies Shell and Petronas face going through the licensing rounds to develop oil fields in Iraq, according to Jonathan Wood, global issues analyst specialising in oil and gas at risk consultancy Control Risks.
A joint venture (JV) between Royal Dutch Shell and [...]
US oil companies were left out in the cold last week regarding the recent Iraq oil auctions, according to a report in the Financial Times, European companies Royal Dutch Shell, Gazprom, and Lukoil, and Asian companies China’s CNPC and Malaysia’s Petronas were the big winners. This was the second auction of Iraq’s oil reserves, and [...]
Iraq’s prime minister urged international oil company executives to look beyond their security fears in the country as they began bidding Friday on the biggest stake in the nation’s energy riches offered in decades. Iraqi officials hope the country’s second oil licensing round, which began under tight security in the Iraqi Oil Ministry’s headquarters, will [...]
In the first international oil auction held last June, widely seen as a failure, the Iraqi government awarded a firm contract to only a consortium of oil companies British Petroleum and the China National Petroleum Co. to further develop the Rumaila field over 20 years. Iraq recently forged an initial agreement with a group comprising [...]
Ecuador’s President Rafael Correa has given foreign oil companies operating in the country a March 2010 deadline to sign new contracts, before he will change the ‘rules of the game and the relationship between the companies and the state’.
Since coming to power, the Ecuadorian president has nationalised the country’s hydrocarbon resources. Consequently, private investment [...]
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Daily oil trading report from ODL MarketsThe price of oil stayed above the $80 level as data showed that net long positions are at their highest levels since January.
The catalysts for the moves up are a weaker dollar, political unrest in Nigeria, and Chinese intention to build up oil reserves. No that oil has traded above, and more importantly stayed [...]
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