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Posts from ‘January, 2006’

Reuters: Chevron says Gorgon partners secure new acreage

Tuesday 31 January 2006, 11:41pm EST SYDNEY, Jan 31 (Reuters) – Chevron Corp. (CVX.N: Quote, Profile, Research) said on Tuesday it had been awarded new oil and gas exploration acreage in the Carnarvon Basin off the northwest coast of Australia, adjacent to its existing Gorgon gas field development. Chevron will operate the W05-16 block with […]

AFX News Limited: Shell, Chevron, Exxon expand Gorgon exploration area off Australia

01.31.2006, 01:05 AM SYDNEY (AFX) – Partners in the Greater Gorgon gas project in the Carnarvon Basin, off northwestern Australia, have expanded their exploration area in the basin, Shell Development Australia said. The Royal Dutch Shell unit said the partners have been awarded exploration rights to offshore block WA-374-P, covering 2,650 square kilometers. Shell will […]

The Times: Mystery of £400,000 ransom as oil hostages are released

By Jonathan Clayton and Simon de Bruxelles NIGERIAN separatist rebels yesterday released a British security contractor and three foreign oil workers taken hostage in Nigeria almost three weeks ago, but immediately vowed a fresh wave of attacks in the lawless, but oil-rich Delta area. Nigel Watson-Clark, a former paratrooper employed by the British company Ecodrill […]

Daily Telegraph: Emerald oil

(Filed: 31/01/2006) Some may detect a whiff of Compton Mackenzie's Whisky Galore about the suggestion that fuel smugglers have helped to drive three of the world's biggest oil companies out of Northern Ireland. Esso, BP and Shell have all passed their filling stations in the province to franchisees. One reason for this, according to Ray […]

Daily Telegraph: Exxon profits shoot up 42pc to world record of $36bn

By Roland Gribben (Filed: 31/01/2006) Exxon Mobil got the oil companies' profit season underway in spectacular fashion yesterday by announcing a 42pc jump in full-year net income to $36.1billion (£20.3billion). The world's biggest oil and gas business set a new world record in corporate profits on the back of surging prices and attracted more criticism […]

Daily Telegraph: IRA fuel smuggling 'drove oil giants to abandon Ulster'

By Tom Peterkin, Ireland Correspondent (Filed: 31/01/2006) Fuel smuggling by the IRA has contributed to major oil companies pulling out of Northern Ireland, it was claimed yesterday. Esso, BP and Shell no longer directly own filling stations in Ulster, where police believe cross-border fuel smuggling and illegal selling of treated diesel is rife. Less than […]

The Independent: Market Report: Prospect of bumper profits lifts the oil giants

By Andrew Dewson Published: 31 January 2006 It is arguably the biggest week for results of the year so far and the market spent most of yesterday placing bets on who the winners and losers are likely to be. And it doesn't take a post-graduate finance degree to work out that Royal Dutch Shell is […]

The New York Times: Oil Holds Above $68 as Iran Clouds High OPEC Output

By REUTERS Published: January 31, 2006 Filed at 2:18 a.m. ET SINGAPORE (Reuters) – Oil prices held steady above $68 on Tuesday as international pressure grew on fourth-largest exporter Iran over its nuclear program, overshadowing an expected OPEC decision to maintain output near a 25-year high. U.S. light crude (CLc1) edged 3 cents up at […]

The New York Times: Oil Giants Seen in Nigeria for Long Haul

By THE ASSOCIATED PRESS Published: January 31, 2006 Filed at 12:55 a.m. ET LAGOS, Nigeria (AP) — Oil giants are likely to continue investing billions of dollars in Nigeria, even though a rash of recent militia attacks and kidnappings could mean violence is on the rise. The past two months have seen militias blow up […]

Financial Times: Surprise at first rating for Nigeria

By Joanna Chung in London Published: January 31 2006 Fitch Ratings surprised some bond market participants yesterday by assigning Nigeria its first credit rating – at only three notches below investment grade. The long-term debt rating of BB- puts the government debt of the oil-rich country, on a par, among others, with Turkey, Ukraine, Serbia, […]

Financial Times: Energy groups caught in delta conflict

By Dino Mahtani in Lagos Published: January 31 2006 02:00 | Last updated: January 31 2006 02:00 An escalation of violence in Nigeria's turbulent oil-producing delta region has left multinational oil companies wondering how sustainable their presence is in Africa's biggest oil producer. In spite of the release of four foreign hostages who were abducted […]

Financial Times: Lukoil optimistic on Iraq

By Carola Hoyos Published: January 31 2006 Lukoil, Russia's biggest oil company, is on the verge of reopening negotiations with Iraq on the Arab country's most lucrative oil development contract. Leonid Fedun, Lukoil's vice-president, said: “This year we will be able to start specific negotiations to develop fields.” He added: “2006 for us is the […]

Financial Times: ONGC to buy stake in Brazil oilfield

By Khozem Merchant in Mumbai Published: January 31 2006 India’s state-owned Oil and Natural Gas Corporation has agreed to pay $1.4bn to buy ExxonMobil’s 30 per cent stake in a field in Brazil’s Campos Basin, securing its first asset in the region after a string of setbacks. ONGC officials say its offer has been approved […]

Financial Times: Nigerian militants free kidnapped oil workers

By Dino Mahtani in Lagos Published: January 31 2006 02:00 Nigerian ethnic militants released four expatriate oil workers yesterday, ending a 19-day hostage crisis amid renewed threats on oil facilities in the world's eighth largest exporter. The hostages were abducted from an offshore oilfield in the turbulent Niger Delta region among a wave of attacks […]