The British oil company BP could not get in the future to permit oil production in the U.S. coast, provides an energy bill passed yesterday by the lower house of U.S. Congress. The reason for this may be the low level of safety in the company led to the spill in the Gulf of Mexico,. The measure is far from becoming law and is not yet considered by the Senate. However, so called. Miller Amendment puts pressure on BP, which is a magnifying glass by legislators who wish to punish for safety problems. The Senate, in turn, discussed his reform package, which does not include an explicit ban on production by BP. The measure may ultimately fall within the law during the final negotiations between the two chambers of Congress, but under most lobbyists is unlikely. Amendment is part of wider legislation on drilling, which was approved by 209 votes against 193. It provides new safety standards for offshore production, including independent certification of equipment, more thorough inspections and tougher penalties for breaches of safety.
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Venezuela announced on Friday that U.S. Helmerich & Payne Inc. (H & P) is the only one of 33 oil companies operating in the country which has refused to renegotiate prices. Of the 32 companies with which the terms were renegotiated 18 are foreign and 14 – local businesses. “Although the meetings with representatives and heads of Helmerich for nearly a year because of their strong position was not possible to reach an agreement,” said a statement from state oil company Petroleos de Venezuela (PDVSA). Socialist government of President Hugo Chavez announced last week its plans for the nationalization of unused oil platforms Helmerich 11th and start extracting oil. These platforms are out of service more than a year. Helmerich stopped them because Venezuela’s PDVSA owed 43 billion dollars of work done. Since based in Tulsa, Oklahoma company said it wanted to pay them before they put them back. Helmerich also expected to resolve disputes with foreign PDVSA, some of which are related to the January devaluation of local currency – Bolivar. The foreign ministry of the United States be involved in the dispute on Friday urging the Government of Venezuela to compensate the U.S. oil companies if they decide to nationalize part of their facilities. Simply urged them to compensate the owners of oil wells if they undertake such a step, “said Marc Tounar, spokesman for the ministry. PDVSA said that “does not accept the statement made by the spokespersons of the American Empire, which once again is trying to complicate relations with our partners.”
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Venezuela will nationalize the oil platforms owned by U.S. company Helmerich and Payne, said. President Hugo Chavez has become the country’s energy sector nationalization of a substantial part of his “revolution”. Acquire state assets in telecommunications, power distribution, production of steel and banking industries. 11 platforms do not work for months because of a dispute concerning outstanding payments amounting to 49 million dollars from the state company PDVSA. Oil Minister Rafael Ramirez of Venezuela said on Wednesday that the platforms are nationalize to be returned to production. He stated that companies which refuse to launch its service platforms involved in a conspiracy to weaken the government of Chavez. “There is a group of owners of the platforms, which declined to discuss fees and services to PDVSA and preferred to keep the equipment in storage for a year. This is the case with the U.S. multinational company Helmerich and Payne “, said Ramirez told reporters. In September the country will hold elections for a legislative body, and Chavez usually take radical steps in the campaign, said Thursday.
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The British oil company BP took responsibility for the crisis in the oil patch in the Gulf of Mexico and will pay all expenses necessary to clean the oil spill, world agencies reported. The company management expects that the liquidation of stain will take two to three months. According to U.S. experts cleaning may cost about $ 3 billion. U.S. President Barack Obama has promised that the government will do everything in its power to address oil spills in the Gulf of Mexico. Obama visited Louisiana to inspect the activities address the spill and warned of the danger of an unprecedented ecological disaster. He blamed the disaster began on April 20, oil company BP, which owns the sunken oil platforms, and said that she will have to pay. However, U.S. federal law limits the liability of the company in case of an oil spill to $ 75 million addition, giant British undertook to “cover all legal claims for compensation for damages and losses incurred. As examples indicating loss of property of people and trade losses. Among the first victims of oil stain, which is approaching the coast of Louisiana and Alabama were local fishermen.
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Russia and Norway have decided its biggest problem in bilateral relations – the border in the Barents Sea and Arctic Ocean, Itar-Tass, reported Radio, because of disputed Arctic border the two countries which are the largest energy suppliers in Europe not yet developed its coastal sea areas where there are deposits of oil and natural gas. “We found a solution to the most complicated problem in bilateral relations over which we have worked over 40 years,” said Norwegian Prime Minister Jens Stoltenberg in a joint press conference with Russian President Dmitry Medvedev in Oslo. The disputed area 175 sq. km area is shared between Norway and Russia equally. The border line is balanced and satisfies both parties, said Stoltenberg. In his negotiations have been completed and will be a signed agreement.
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Crude Oil fell to just below 85 dollars a barrel during trading on Thursday after the U.S. dollar rose against most major currencies, while investors hesitated on the recovery of the global economy because of debts crisis in Greece. Demand for energy raw materials depends on the condition of the economy and the data in recent days showed that new applications for unemployment benefits in the U.S. have risen unexpectedly, the retail trade in Europe continues to shrink, while the euro zone economic growth is zero in the last quarter of 2009. Energy raw materials cheaper for a second day on Thursday after its price rises above 87 dollars a barrel to 18-month high earlier this week. U.S. light crude for delivery in May fell 49 cents, or 0.6 percent, and ended the session on Thursday at a level of 85.39 dollars a barrel. During today’s electronic trading on the oil market in New York raised its price slightly by 43 cents to 85.82 dollars a barrel. Less-traded oil futures June fell 58 cents, or 0.6 percent, to 86.03 dollars a barrel on Thursday, cited by MarketWatch. The price of energy raw materials fell for a bit to 84.38 dollars a barrel, its lowest level last week. That data also helped the Ministry of Energy of the United States on Wednesday, which showed that crude oil reserves of the largest energy consumer in the world have increased twice more than expected last week.
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The profits of one of the largest oil companies in the world – U.S. Chevron, declined by 37% annually during the last quarter of 2009 This is due to its subsidiaries in the refining of crude oil and marketing activities that go on in loss the end of last year. Poor results of their operations offset a rise in revenue from the sale of crude oil and natural gas, sent Wall Street Journal. Second largest market capitalization of its U.S. oil company after Exxon Mobil, reported a profit of 3.07 billion dollars or 1.53 dollars per share for the three months to the end of December 2009 over the same period of 2008, Chevron had a net profit of 4.9 billion dollars or 2.44 dollars per share. The revenues of oil giant increased by 7.7% yoy to 48.68 billion dollars. The financial results of the California-based company, however, did not respond to the expectations of analysts for earnings per share of 1.70 dollars for the last quarter of 2009. Shares of Chevron risen by 0.2 percent to 73.37 dollars about two and a half hours after the start of today’s session of the New York Stock Exchange.
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The sentiment in the oil market last night were determined mainly by the news that came from Asia. They led to a strengthening of sales and pessimism about the black gold. Major concern was the news that the economic growth of South Korea has slowed down during the last quarter of last year. This is due to problems with exports shrinking demand and reducing government spending. This derail investors and led to a decline of oil prices retreat from 1,3 per cent on yesterday’s closing price on the stock exchange in New York to 74.32 dollars per barrel. It was also deleted all achieved during Monday trade grew by around 1 per cent to 75.26 dollars per barrel. Contribute to negative attitudes and the retreat of the leading stock indexes in Asia. Despite yesterday’s finale of green marketing in the U.S., which brought about the increased minimum measures of U.S. stock market again today, the red color predominates in the Asian region. As a result, the indexes marked the seventh consecutive decline, which had not happened for the past two years, transmit Bloomberg.
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China should take advantage of the shock waves created by the crisis in Dubai to buy gold and oil. Such is the opinion of a senior Chinese official, who cares for the supervision of some of the biggest companies in the Asian country. According to Syaonan Ji, who is chairman of the supervisory board of large companies in the committee for the supervision and administration of state assets (State-Owned Assets Supervision and Administration Commission – SASAC), purchases may be effected by means of foreign exchange reserves of China, transmit Market Watch. “Although it is unclear to what extent the crisis in Dubai will affect local and global economy, it will continue for some time and this may give China investment opportunity to use part of their reserves to buy gold and oil,” said Syaonan today. The Commission, headed Syaonan which is directly subordinate to the State Council of China and is responsible for management of state companies. Therefore, his opinion may be regarded as a signal that such intentions truly are discussed. Commentary is consistent with China’s overall strategy to increase physical stocks of key raw materials such as gold, copper and other commodities.
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The second largest company in the U.S. oil sector Chevron said its profit for the third quarter with 51 percent less than the same period of 2008, bad result is driven by low fuel prices for the period, reported Reuters. Chevron oil company is just another showing a sharp drop in profits after the other giants Exxon Mobil, Shell and PetroChina. The positive financial result of Chevron for the period July-September is the amount of 3.83 billion dollars or 1.92 dollars per share from 7.89 billion dollars or 3.85 dollars per share a year earlier. Excluding one-time revenues profits distributed per share amounted to 1.71 dollars, which is above analysts’ expectations of 1.47 dollars for security.
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