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Biggest Oil Producers, BP and Shell Post Big Profits
BP PLC and Royal Dutch Shell PLC, Europe’s two biggest oil producers, posted forecast-busting first-quarter earnings on Tuesday thanks to record crude oil prices that are expected to bolster profits across the industry.
The combined profits of $17 billion reignited calls for a windfall tax on oil profits as consumers struggle to pay for food and [...]
Exxon Profit Slips As Production Falls
Exxon Mobil profit slipped about 1 percent in the second quarter, disappointing analysts as higher exploration and production costs, and lower oil and gas production offset big earnings in the refining and marketing end of the business.
Though the $10.26 billion in profit was the fourth-largest quarterly profit for a public company in U.S. history, Exxon’s [...]
BP to lose 20 bn dlr oil field amid Russian crackdown
BP’s Russian venture TNK-BP is likely to lose its licence for the $20-illion Kovykta gas field although Moscow could prefer to postpone the tough action until after the G8 Summit and its landmark economic forum. A natural resources ministry commission should annul BP’s permit for the $18 billion Kovykta field at its meeting on [...]
Russian expand influence in the oil and gas industry
A Siberian court Monday threw a lawsuit outside classified by the local subsidiary company of the PLC of BP above the quantity of gas which it produces, opening the manner so that the regulators draw the licence with the layer from giant gas of Kovykta of the company.
Analysts have called the case symptomatic of a [...]
Altered Picture for Big Oil Reserves Three Years After Shell
As a crystal ball into the energy industry’s prospects, proved crude-oil and natural-gas reserves aren’t as clear as they used to be, at least not for the biggest oil companies.
While energy investors still look to the annual computation of these hydrocarbons in the ground for all energy companies, Wall Street’s assessment of Exxon Mobil Corp. [...]
ONGC Mittal Energy to sign accord for Turkmenistan block
The Oil and Natural Gas Corporation Mittal Energy Limited (OMEL) is in an advanced stage of signing a farm-out agreement for an exploration block in Turkmenistan. It has also bid for an offshore block in Trinidad and Tobago and is looking for opportunities in Kazakhstan, Azerbaijan and Indonesia.
ONGC chairman R.S. Sharma said negotiations on the [...]
Soaring costs take shine off oil bonanza
The cost of building and developing offshore oil and gas projects has risen by more than 50 per cent over the past few years, one of the world’s leading energy consultancies has warned. The huge surge in cost has been overshadowed by the record profits the oil majors have generated in recent years.
Last week, ExxonMobil, [...]
Downhole Products Wins Azerbaijan Contract from BP
Downhole Products Plc, a manufacturer of specialist oilfield equipment for the international upstream oil and gas industries, said that it has been awarded a contract by BP Exploration (Caspian Sea) Ltd to provide a comprehensive range of specialist casing and cementing accessories for use in the Azerbaijan sector of the Caspian Sea.
The five-year contract, [...]
Russia defends its gas honor
This year has been the most eventful for Russia’s energy policies since the break-up of the Soviet Union.
Moscow has convinced everyone that the many years of subsidized gas prices for neighboring economies are becoming a thing of the past and that it is firmly determined to defend the position of its energy industry on the [...]
