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World Oil Company Updates |
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| Gas prices hit Tullow Oil's year of change |
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| Tullow Oil's "transformational year", which saw the exploration group join the FTSE 100 and discover new oil fields in Africa, ended with a slump in profits because of falling gas prices closer to home. The price of realised gas in the UK fell 19 per cent last year, leading to a 57 per cent fall in pre-tax profits from £263m to £114m in the year to December 31... |
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0 Comments - More Info - Bury Topic: World Oil Company Updates (Source: ft.com)
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| Opec and commodity traders to mull oil price |
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| A closed meeting of big oil companies, Opec and leading commodity exchanges will discuss the upwards spiral of the crude oil price amid mounting concern that the recent surge is not reflecting the slowdown in the global economy. The International Energy Agency (IEA), which will convene the discussion in Paris on Monday, said that it would debate the complex process of price formation. |
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0 Comments - More Info - Bury Topic: World Oil Company Updates (Source: business.timesonline.co.uk)
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| Heritage Oil banks on post listing prospects |
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| Heritage Oil is to list on the main market in London before the end of the month. A notice of intention to list will be issued this week on the proposal that Paul Atherton, the chief financial officer of Heritage, expects to be endorsed overwhelmingly. The oil company has a portfolio of exploration assets in the Middle East and Africa. |
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0 Comments - More Info - Bury Topic: World Oil Company Updates (Source: ft.com)
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| Japanese to refine more oil for China |
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| China National Petroleum Corporation is in talks to buy a 49 per cent stake in a Japanese oil refinery operated by Nippon Oil. It is the first investment in Japan by the Chinese company, which is seeking to overcome a chronic shortage of refining capacity. State-owned CNPC and Nippon Oil signed a letter of intent yesterday during a five-day trip to Japan by Hu Jintao, China's president. |
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0 Comments - More Info - Bury Topic: World Oil Company Updates (Source: ft.com)
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| US oil firms come under pressure |
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| US lawmakers have taken oil giants to task over the industry's huge profits as ordinary Americans struggle with record fuel prices. Executives from five oil companies were forced to explain why they should continue to receive $18bn in tax breaks when they made $138bn profits in 2007. They were also criticised for not investing more in renewable energy. |
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0 Comments - More Info - Bury Topic: World Oil Company Updates (Source: news.bbc.co.uk)
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| BP Shuts Pipeline on Strike, Cutting U.K. Oil Output |
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| Crude oil has surged on the prospect of the pipeline closing. The Forties Pipeline System ships about 700,000 barrels a day from more than 50 fields in the North Sea, which will be forced to close as well. Workers at the Ineos Group Holdings Plc's Grangemouth refinery started a two day strike this morning in a dispute over pensions. About 1,100 workers at the Grangemouth have gone on strike... |
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0 Comments - More Info - Bury Topic: World Oil Company Updates (Source: bloomberg.com)
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| Oil companies may resist calls for renewables |
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| Oil companies are facing more and more calls from shareholders to invest in alternative energy but the companies themselves may lack the profit motive, the entrepreneurial skills or indeed the will to satisfy their demands. Many oil companies say they are better off sticking to what they do best: drilling for oil and gas. They say they are not the best people to develop wind farms, solar cells... |
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0 Comments - More Info - Bury Topic: World Oil Company Updates (Source: reuters.com)
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