November 3rd, 2007:

King Abdullah of Saudi Arabia. The soaring oil price was the perfect way to remind the West of his country’s importance

4 November 2007

As the price of crude hits new highs, Sylvia Pfeifer looks behind the scenes to discover where the market will end up once the speculative froth has washed away

Some of the City’s biggest hitters made their way to Buckingham Palace last Tuesday. The occasion: a state banquet in honour of King Abdullah of Saudi Arabia.

On the royal guest list were Jeroen van der Veer, the chief executive of oil giant Royal Dutch Shell, Sir Michael Bishop of BMI and Dick Olver of BAE Systems, the defence giant. read more

With crude prices at a high, investors are starting to take notice of this booming region

November 4, 2007
Clare Francis

THE oil price powered to new highs last week, hitting $96 a barrel on Thursday, and many analysts believe it could breach the $100 barrier this week.

However, now may not be the best time to bet directly on the oil price. Many analysts think it is just a short-term spike.

Goldman Sachs, an investment bank, recommended last week that investors take profits from oil because it expects the price to fall back to about $80 early next year. read more

04.11.2007

THE multibillion-dollar OKLNG project has been described as a strategic investment that will enable the country to monetize its gas, reduce flaring and make gas contribute to the national income, Mr. Basil Omiyi, Managing Director/Country Chairman of Shell Companies in Nigeria, SCiN, stated this in Abeokuta, Wednesday October 30, during a courtesy call on the Governor of Ogun State, Otunba Gbenga Daniel.

He said his company partnered with other top players in the oil industry on the project because of its belief in Nigeria as a long-term investment destination. “Shell has played a pivotal role in the oil and gas industry in Nigeria, we are happy to pioneer the OKLNG project which, will no doubt, contribute immensely to the growth of the country’s national income,” he told his host. He said Ogun State as the host community will benefit more as investors will now see the OK Free Trade Zone, where the OKLNG project is situated, as an investment destination of choice. read more

3 Nov 2007, 1656 hrs IST, REUTERS
 
LAGOS: Nigeria plans to stop cash call payments to the five majors pumping the bulk of its oil output and instead wants them to raise money from international finance markets, President Umaru Yar’Adua has said. He did not give a timeframe.

Nigeria’s oil industry is currently dependent on cash call payments to function and changing the financing arrangements would require the legal structure of the sector to be reformed.

Yar’Adua came to power in May and his government in August announced a restructuring of the oil industry, saying it would take six months to complete. “Part of the reasons why we are restructuring our oil sector is to free the resources that we pay the oil companies under joint venture agreements for critical areas like power, education and health,” Yar’Adua was quoted as saying in a statement issued by his office late on Friday. read more

By Patrick McGreevy, Los Angeles Times Staff Writer
November 3, 2007

SACRAMENTO — An energy company has agreed to pay a $15,000 fine to a state ethics watchdog agency for failing to properly disclose spending $5 million to defeat a ballot measure last year that would have taxed crude-oil production in California, officials said Friday.

Aera Energy LLC admitted it missed deadlines for electronically filing public disclosures of three contributions to fight Proposition 87 on the November 2006 state ballot, according to a proposed agreement with the state Fair Political Practices Commission. read more

By STEVE QUINN
ASSOCIATED PRESS WRITER

JUNEAU, Alaska — If oil companies want to continue taking Alaska’s oil, state officials say they need to up the ante.

In fact, Gov. Sarah Palin wants 25 percent off the top of all profits the companies make in Alaska, up from 22.5 percent and the second hike in as many years. In a special legislative session, oil giants are warning lawmakers that another increase will make the business climate look unstable.

But after Western oil companies have been effectively kicked out of Venezuela and Russia, these could just be hollow arguments. read more

By Damian Reece, City Editor and Robert Winnett
Last Updated: 3:07am GMT 03/11/2007

Fears of more turmoil hitting global stock markets grew last night after it emerged that Citigroup, the world’s biggest bank, has called an emergency board meeting for this weekend amid fears of escalating bad debts.

The subprime crisis
Citigroup is seen as a bellwether for the health of the financial system but has been rocked in recent days over concerns that its exposure to America’s sub-prime mortgage crisis is bigger than previously thought. News of the board meeting came after the US stock market closed so investors could not react immediately.
 
The emergency at Citigroup follows the run on the British bank Northern Rock which fell victim to the global credit crunch in September. read more

The Wall Street Journal: Arctic Thaw Defrosts a Sea Treaty

By NICK TIMIRAOS
November 3, 2007

The Senate moved closer to ratifying a sweeping international treaty that governs every aspect of maritime law, from ocean shipping to deep-sea mining. A 17-4 panel vote sent the Law of the Sea Treaty to the full Senate, where it must win a two-thirds vote for ratification.

The treaty enjoys an odd mix of support from the Bush administration, top diplomats and military leaders, the oil industry and environmentalists. But it is opposed by conservatives who worry it would undermine U.S. sovereignty, and Senate critics repeatedly have blocked the 25-year-old treaty, to which 155 nations have signed on. read more

By ISABEL ORDONEZ
November 3, 2007; Page A3

As the last major oil company to post third-quarter earnings, Chevron Corp. echoed the theme of rising crude prices biting into profits as refining margins fall.

Chevron, the second-largest U.S. oil company by stock-market value, said profit fell 26% in the quarter as it was unable to recover its higher refining costs at the gasoline pump.

“Earnings declined due mainly to weak refining and marketing conditions in the United States,” said Chairman and Chief Executive Dave O’Reilly. “Margins were squeezed as escalating costs for crude-oil feedstocks could not be fully recovered in a U.S. marketplace that was well-supplied with gasoline and other refined products.” read more

By THE ASSOCIATED PRESS
Published: November 3, 2007
Filed at 2:06 a.m. ET

SAN RAMON, Calif. (AP) — Chevron Corp. third-quarter profit slid 26 percent, the steepest decline in five years as the energy market’s unpredictable pendulum swung against the second-largest U.S. oil company and most of its peers.

The San Ramon-based company said Friday that it made $3.72 billion, or $1.75 per share, in the three months ended in September, down from net income of $5.02 billion, or $2.29 per share, at the same time last year. read more

By Pat Boyle
Saturday November 03 2007

Shell E&P Ireland, the operator of the Corrib gas development project has announced its intention to start exploration drilling in the Rockall basin in the first half of 2008.

The Rockall basin lies approximately 130km north west of the Donegal coast and as it lies within Irish territorial waters, it is not part of the disputed territory which is the subject of a three way claim by the UK, Denmark, and Ireland. Negotiations have been taking place over the last couple of days between representatives of the three to resolve the disputed claims to mineral rights. read more

Web posted at: 11/3/2007 7:44:18
Source ::: Reuters

ABUJA • Royal Dutch Shell is preparing for tough talks with Nigeria in a review of multi-billion dollar offshore oil contracts, a top executive told said yesterday.

The government of President Umaru Yar’Adua has put its largest investors on notice that it wants a greater share of the profit from fields in deep water, which will account for a third of supply from Africa’s top producer by the end of next year.

Chima Ibeneche, managing director of Shell’s offshore division in Nigeria, said in an interview that he was not surprised by the announcement because there was an option for a review in 2008 written into some of the contracts. read more