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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 [...]
BP Plc.’s Russian joint venture TNK-BP lost
BP’s JV in Russia loses appeal against withdrawal of license.
A judge with the court of arbitration in Irkoutsk, which covers the Siberian area is where the field is localised, said that it gave a verdict to the costume of jet outside TNK-BP seeking to retain the authorities to countermand the licence. The judge said that [...]
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 [...]
Russian Regulator Says Some Oil, Mining Companies Overstating Reserves
Some foreign oil, gas and mining companies operating in Russia have been making money by overstating their reserves to boost their share price, the deputy head of Russia’s environmental watchdog agency said Thursday.
Oleg Mitvol called upon the economic security department of the Federal Security Service – the KGB’s main successor – to review certain foreign [...]
Gref warns against Gazprom industrial grab in Russia
Russian Economy Minister German Gref warned the government to curb gas-export monopoly OAO Gazprom’s expansion into other industries, saying it could „throw the country back many years.”
Russia shouldn’t „go to extremes,” using Gazprom assets to buy controlling stakes in companies in all sectors of the economy, Gref told a conference in Krasnoyarsk, Siberia today. „If [...]
Gazprom Says New Deals for Sale of Gas to Belarus, Ukraine Will Prevent Disruptions to Europe
Russia’s OAO Gazprom sought to assure jittery Europeans on Friday that new deals for the sale of natural gas to Belarus and Ukraine would prevent any more disruptions to western Europe.
But European Union Energy Commissioner Andris Piebalgs said the continent should steel itself for future disruptions regardless.
Gazprom’s deputy Chief Executive Alexander Medvedev was asked whether [...]
Gazprom Gains Control of Giant Energy Project
Gazprom, the Russian energy monopoly, bought control of the world’s largest combined oil and natural gas development on Thursday after a highly publicized campaign of pressure on its foreign operator, Royal Dutch Shell.
Shell’s sale of 50 percent plus one share followed months of accusations against the project by a Russian environmental regulator — a problem [...]
