Business News » crude oil

BP with last attempt to rescue the arctic deal with Rosneft

viliyana89 — Mon, 16 May 2011 17:42:46 +0000

BP makes last attempt to save the deal with Rosneft, before the proposed exchange of shares amounting to $ 16 billion in Russian state oil giant to expire at midnight Monday. The British oil group in talks with Rosneft and the Russian oligarchs of TNK-BP, a partnership association with BP, which according to current arrangements have exclusive rights to the operations of BP in Russia, in order to achieve profitable for all three sides compromise. The potential purchase of Alfa-Access-Renova (AAR) – a subsidiary through which private Russian investors hold their shares in TNK-BP, is one of the solutions discussed, indicate sources familiar with the negotiations. The court earlier this month, proposed by BP exchange of shares for $ 16 billion to Rosneft can be achieved, but only if the BP allow TNK-BP to participate in any plans for the Exploration of the Arctic with Rosneft. The exchange of shares must also be substantially restructured and, as the shares of both companies must remain in trust fund. The court decision is a victory for AAR, which tried to block the alliance between BP and Rosneft, arguing that such a transaction violates the agreement of the shareholders of TNK-BP. In a statement, Rosneft said he did not want TNK-BP as a partner in any operations in the Arctic. Russian oil giant fears it will not have access to technical expertise of BP, if the alliance is structured in TNK-BP.
Buying the AAR is one way to remedy the situation. Last month, BP and Rosneft offered $ 27 billion for the shares of AAR, but the proposal was rejected by Russian oligarchs who insist on $ 35 billion, mostly in cash but in shares of BP. This proposal was rejected by the British group.

USA initiated sanctions against state-owned Libyan companies

viliyana89 — Wed, 16 Mar 2011 09:01:23 +0000

The United States announced that it would introduce unilateral sanctions against 16 Libyan state-owned enterprises, including the Libyan oil company, state funds and banks and the national airline of Libya, news agencies reported. The sanctions provide freezing of their assets in the U.S. and prohibiting Americans to do business with those companies.
The penalties are imposed on the Foreign Minister Moussa Kusan whose assets are frozen in the U.S.
On 25th February the U.S. unilaterally imposed a series of financial sanctions against the government of Libyan leader Muammar Gaddafi, but that protect assets belonging to the people of Libya. Sanctions were imposed on Qaddafi and several members of his family. The crisis in Libya is still growing and the countries from G-8 got decision to make no-fly zone in the sky of the country. The forces of Muammar Gaddafi are fighting with the opposition and now are controlling more than a half from the country.

Lukoil will search for crude oil the sea shelf of Romania

viliyana89 — Thu, 24 Feb 2011 23:09:28 +0000

A consortium of companies Lukoil Overseas (100% subsidiary of Russian Lukoil) and Vanco International signed a concession agreement for oil exploration and development of two blocks in the Romanian sector in the Black Sea shelf. This statement said the Russian oil company Lukoil. Lukoil Overseas has a 80 percent stake in the project and the participation of Vanco International is 20%. Concession rights for oil demand and upstream development consortium has received after the auction on the Romanian side in the summer of 2010, specified by Lukoil. These two blocks are located in the Black Sea off the coast of Romania from 60 to 100 km. The total area of licensed stations is about 2000 square meters, and their depth from 90 to 1000 m. The closest location to the marine areas is the town of Sulina. The management of new projects in Romania, Lukoil Overseas will open an office in the country, supplemented by the parent. The total area of two licensed marine area is about 2000 sq. km, the concession was obtained after auction won.

Crude oil companies stopped their work in Libya

viliyana89 — Mon, 21 Feb 2011 19:09:04 +0000

Wintershall, the division exploration of crude oil and gas fields of BASF, is preparing to terminate their operations in Libya and to evacuate foreign employees of the company because of escalating violence in the third-largest crude oil producer in Africa, Reuters reported. Wintershall has announced that the suspended oil production in Libya amounted to 100 thousand barrels per day (bpd). Other companies, including Royal Dutch Shell and OMV, also said it evacuated its foreign staff. The Norwegian Statoil, the Austrian OMV and the Anglo-Dutch Dutch Shell started evacuation after it became clear that hundreds of anti-government demonstrators were killed in the second largest Libyan city Benghazi. On Sunday, protests erupted in the capital Tripoli. The decision of Wintershall significantly reduced production in Libya, most of which is exported to Europe. After Nigeria, Angola and Libya is the third largest producer in Africa with production of around 1.6 million bpd. Most of Libya’s oil fields are located in the east, south of Benghazi, which today is under the control of forces loyal to the ruling party of 42 years of Colonel Muammar Gaddafi. The British BP, which does not develop crude oil fields in Libya, but builds oil rig in the Libyan shelf in the Mediterranean, also ceased operations.
As new information to the Russian Interfax news agency Gazprom has also decided to recall its officials in Libya. This morning by Gazprom said it would not withdraw its employees from the country. According to information from the Italian energy company Eni media in recent times has also decided to withdraw its employees from Libya.

GE buys company for support of crude oil wells for 2.8 billion USD

viliyana89 — Sun, 13 Feb 2011 04:15:56 +0000

The division of the crude oil and gas of General Electric has agreed to purchase the business of maintaining of their oil wells of John Wood Group for the sum of 2,8 billion dollars, announced yesterday by GE. The deal, which must be approved by the shareholders of Wood Group is expected to be completed later this year. It is the latest of a series of acquisitions for General Electric, through which the company aims to enter the growing market for drilling and transport equipment. In December, GE announced that it bought for 1.3 billion dollars British Wellstream Holdings, which manufactures equipment for deep pumping oil to shore. This division of Wood Group manufactures electric submersible pumps, control systems pressure in wells and systems. The market for pumps, submersible, will surely expand as companies try to extract more oil from existing fields, said John Krenitski, vice president of GE and CEO of its electricity business. The acquisition gives GE access to the rapidly growing market for equipment for extracting crude oil from fields developed. It also extends the company’s product range to include non-conventional products. According to Krenitski currently two thirds of world oil production comes from giant fields in which companies have access to only one third of the deposits.
“With underwater electric pumps can be produced more of these fields,” he said. During the last year the division maintenance of oil wells in Wood Group has generated nearly 950 million dollars in revenue and profit before taxes, interest and amortization of 166 million GE expects revenue in 2011 to reach 1.1 billion dollars.

CNOOC buys part from the US crude oil field for 1 billion USD

viliyana89 — Sun, 10 Oct 2010 22:06:36 +0000

The Chinese crude oil company CNOOC has reached an agreement to purchase a 33% share in the field of oil and gas in South Texas from Chesapeake Energy Corporation for 1.08 billion dollars, announced the Air Force. Analysts said the deal could mark the beginning of a series of acquisitions abroad by CNOOC, which seeks to meet its targeted growth objectives. In 2005, the Chinese company withdrew its bid worth 18.5 billion dollars for the California-based energy firm Unocal because of opposition from the politicians. Many in the U.S. then expressed concerns about the sale of strategic assets in China. The current deal would give CNOOC a 33% share in the deposit of the Chesapeake, which has an area of 600 thousand acres. The transaction is expected to be completed by the end of this year. For its part, the Norwegian oil company Statoil announced a joint venture with Canada’s Talisman Energy, which will buy 97 thousand acres of deposit of 1.325 billion dollars.
The company invested large amount of money in new fields in already felt economy development.

Brazilian Petrobras is planning to sell shares for 64.5 billions USD

viliyana89 — Mon, 06 Sep 2010 04:07:51 +0000

The Brazilian state oil company Petrobras plans to sell new shares worth up to 64.5 billion dollars, which will be one of the largest offerings in the history of capital markets, Reuters reported. Goal is to raise funds for its investment plan for the study of oil reserves. The company will offer preferential 1.59 billion new shares and 2.17 billion new ordinary shares. Based on the closing price of the shares on Thursday, the company will raise 39.2 billion dollars of common shares and another 25.4 billion dollars of preferential. Petrobras plans to determine share price on September 23rd. The investment plan for the company’s demand for oil at sea is worth 224 billion dollars is five years, is expected to become one of Brazil’s biggest exporters of oil. The goal is to raise funds for its investment plan for the study of oil reserves. Among the main objectives of the business managers of the company is undoubtedly acquiring deposits and deposits in the North Atlantic. There BP lost their positions, and for Petrobras is a chance that the geographical expansion.
Such moves are pretty dangerous in the years of unstable economy, but in any case would have responded positively to the Brazilian economy

BP may lose its approvement for crude oil extraction in USA

viliyana89 — Sun, 01 Aug 2010 11:31:43 +0000

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.
The bill includes tax environment than $ 2 a barrel until 2021, which is expected to be raised 5.3 billion dollars over five years.

Venezuela proved its plans for nationalization of crude oil industry

viliyana89 — Sun, 27 Jun 2010 10:08:10 +0000

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.”
PDVSA also announced it reached an agreement for oil services in the U.S. energy giant Schlumberger. In recent years the government of Chavez has nationalized many companies and other parts of the oil industry in an attempt to identify the “oil independence”.

Venezuela nationalized US Crude Oil Company

viliyana89 — Wed, 23 Jun 2010 12:03:04 +0000

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.
Currently, it is necessary to deal with difficult situation in the country, whose economy is presented worst in Latin America this year.