Business News » petrol

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.

Exxon Mobil announced 28 billion USD investment in 2010

viliyana89 — Wed, 10 Mar 2010 13:08:30 +0000

The U.S. energy giant Exxon Mobil Corp. increase their investments this year by 4% to $ 28 billion, hoping to increase their share of world market for the extraction of natural gas, the company reported, quoted by the agency Reuters. Consumption of natural gas in the world will grow over the next decade, as forecast by the Director-General argued the intention of the American company Tilersan Rex. Currently among the largest projects for exploration and extraction of natural gas deposits are Exxon Mobil in Qatar, and completed the acquisition of U.S. gas company XTO Energy Inc for $ 28 billion. By 2014, Exxon Mobil plans to invest each year between $ 25 and $ 30 billion in this year the company will increase by 3-4 percent yields, but in the long term – an average of 2.3 percent per year.
The main competitor to Gazprom and British Petroleum announced that it had completed a survey of Iraqi treasure in West Cournot, whose reserves are estimated at 8.7 billion barrels, in which Exxon Mobil holds a share of 60%.

Profit colapse of large Petrol Giant

viliyana89 — Fri, 30 Oct 2009 17:15:33 +0000

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.
The Revenues decreased by 41 percent to 46.6 billion light or less than 47 billion expected by the market. After the data the company’s shares fell 0.7 percent to 77.38 dollars. Since the beginning of the year, shares of Chevron were increased by 5%.

The price of crude oil under 72 USD/barel

viliyana89 — Tue, 22 Sep 2009 03:29:33 +0000

Crude oil starts week with new quotes and retreat back again below the level of 72 dollars per barrel. However, movements in the price of black gold remain in a relatively narrow range and it is possible to stabilize the quotations later in the day. The main reason for the fall in oil prices today, analysts estimate is the increase in the rate of the dollar. As a rule, the appreciation of the dollar entails a decline in interest in investing in commodities. For the oil price rises are needed more evidence to show that the global economy is heading towards recovery, reported Bloomberg. Since the beginning of the year so far, oil has risen by 61 percent, but is not yet clear whether the situation improves significantly, the agency adds. This morning, oil contracts with delivery in October cheaper with 0.43 percent at 71.30 dollars a barrel in electronic platform of exchange in New York.
In London, even from the Brent oil price, reduced by 0,6 percent to 70.91 dollars per barrel.

Crude oil stays at about 68 USD/barel

viliyana89 — Thu, 10 Sep 2009 08:57:21 +0000

The price of crude oil continues to trading about 68 dollars a session in a row after opening the Asian markets. The reason for the stabilization of the rate decision is expected in the oil cartel OPEC to alter quotas for oil production further. Currently she is 24.845 million barrels per day.
Recent data from the energy ministry in the United States showed that crude oil stocks are 13 percent more than last year to 343.4 million barrels. Reserves of Diesel and heating oil reached its highest level since 1983 – 163.6 million barrels. The price of U.S. crude for October delivery rose 25 cents to 68.27 as of 8:30 local time on after earlier drop by 0.7 percent to 67.54 dollars. For last week’s contract marked decrease of 6.5%, which was the biggest of the week ended June 10. Brent with delivery in October rose by 50 cents, or 0.8 percent to 67.32 at 8:30 CET.
For last week’s contract was down by 8.2%, which was the biggest such drop since the beginning of the base year.

Oil prices broke a run of falls

viliyana89 — Fri, 28 Aug 2009 10:22:47 +0000

The price of crude oil continued to rise in Asian trade after the adjustment of the GDP of the United States confirmed the initial data (1% decrease), something that most economists did not expect because of its forecast for a decline of 1.5%. U.S. light crude for delivery in October cent increase with 0.7 percent in early Asian trade, having briefly passed over 73.03 dollars a barrel. Consequently, the value of the material gave up 72.55, or by 6 cents above the closing yesterday. Brent with delivery in October fell by 1 cent to 72.50 dollars a barrel in electronic trading on the London Stock Exchange.
Yesterday’s contract rose by 86 cents.

Sudden jump of the Crude Oil price

viliyana89 — Fri, 21 Aug 2009 06:10:17 +0000

The price of crude oil sharply higher yesterday, said that although to a lesser extent, continues today. The value of the raw material exceeds 72 dollars yesterday because of the decline in stocks in the U.S. with 8.4 million barrels, which is the sharp decline in reserves in May 2008, showed data of the energy ministry in the country. The U.S. crude oil with delivery in September rose by 27 cents in early trading today to 72.69 at 9:30 Bulgarian time. Yesterday marked the growth of contact 5.2%, or 3.23 dollars to 72.42 dollars per barrel. Variety Brent with delivery in October traded with reduction of 1 cent in early Asian tagovniya to 74.58 dollars.
Yesterday, the raw material increased by 2.22 dollars or 3.1 percent.

High oil prices threaten world economy

viliyana89 — Wed, 05 Aug 2009 07:03:06 +0000

The world economy can not withstand the high growth of oil prices, says chief economist of the International Energy Agency (MEA) Fatih Birol, cited by Financial Times. In the words of Birol, if the values remain more time above $ 70 per barrel, the economic recovery may be delayed or even stopped. In the first week of August, crude oil prices, variety “Brand”, reached its highest quotation of the beginning of the year – $ 73.75 per barrel, states the British newspaper. Of high prices, according to Birol most will suffer from poor African countries located south of the Sahara desert. It is recommended to increase investment in oil extraction. If the investment for production and prospecting of oil does not continue after a few years the world will have big trouble, chief economist forecasts for MEA. It specifies that the increased demand for oil in China will be the main factor that will affect oil prices because it can lead to higher demand and low supply in the world. And then the battle for economic development will be very cruel, especially in 2011 and 2012, the Birol.
Financial Times recalls that a month ago at the summit of the G8 in Italy, President of France Nicolas Sarkozi and UK Prime Minister Gordon Brown urged energy markets to be more closely monitored. Last week the U.S. Congress started debate on the same topic. According to the British Journal these measures may lead to a fall in prices, but they will most likely remain a long time limit of about $ 70 per barrel. In turn, Fatih Birol said that efforts should be addressed oil speculation is a good step, but it does not lead to a sharp drop in prices. Highest price of crude oil by $ 147 per barrel was reached in July 2008, but by the end of the year fell to $ 40 per barrel.
Francisco Blanch, a commodity analyst at Bank of America, considered the acceptable price range is from $ 70 to $ 80 per barrel. Passed in the range of $ 90 to $ 100 per barrel and China will pass and you will suffer serious shocks to its economy. Blanch said that lower oil prices, kkato and other raw materials and basic foodstuffs were better for the world economy than fiscal incentives to any government.

Price of crude oil continue increasing

viliyana89 — Mon, 27 Jul 2009 08:57:01 +0000

The price of crude oil rose to its highest value for the last 3 weeks due to expectations that rising indexes in Asia would be a precursor to global economic recovery, thus increasing consumption of raw material delivered Bloomberg. The U.S. light crude oil with delivery in September rose by 82 cents or 1.2 percent to 68.87 dollars per barrel in early Asian trade. This is the highest price during the session from July 2nd onwards. A variety of Brent with delivery in September rose by 84 cents or 1.2 percent to 71.16 dollars per barrel in electronic trading on the London Stock Exchange. The price of crude oil is going to increase last weeks, but is far away from the high speculations levels of the beginning of the year.
The OPEC chiefs met some days ago and decided to keep the quoted for production.