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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 [...]
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, [...]
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 [...]
Russians Buy Control of Oil Field
Gazprom, the Russian energy monopoly, bought control of the world’s largest combined oil and natural gas development 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 [...]
Get Ready to Guzzle Energy
xxonMobil (NYSE: XOM) weighed in recently with its annual Outlook for Energy. With crude prices continuing to inch their way northward, it seems that some takeaways from company’s newest outlook, along with some thoughts on the ExxonMobil itself, might be of value to Foolish investors.
FACTBOX-Russia’s Sakhalin oil, gas projects
The Sakhalin oil and gas projects are potentially among the most ambitious of the 21st century, tapping billions of barrels of reserves in seas that freeze for up to six months.
Following are details of some of the main projects.
The Exxon Mobil-led project, which Russian officials say could cost $17 billion, ranks with Saudi Arabia’s Haradh [...]
