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Posts from ‘January, 2009’

Woodside Says Full-Year Profit to Be Cut by Charges

Jan. 22 (Bloomberg) — Woodside Petroleum Ltd., Australia’s second-largest oil and gas producer, said full-year profit will be cut by about A$430 million ($283 million) of charges for foreign exchange losses, a suspended project and a tax provision.

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Woodside Q4 output up 28 pct, sees higher profit

Woodside, 34 percent owned by Royal Dutch Shell (RDSa.L), said reported net profit in 2008 would be between A$1.75 billion ($1.1 billion) and A$1.8 billion, about 70-75 percent higher than the previous year.

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Shell looks to expand retail footprint in India

Royal Dutch Shell has announced plans to expand its retail presence in India in 2009, as the Indian government plans to introduce a market-led pricing regime for petrol and diesel, according to PetrolWorld.

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Exxon to acquire Shell?

Shell is down 35 % in the last 6 months while Chevron and BP are about 30% down. Shares in many other oil firms that rushed to expand over the last few years are down even more.

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Lay-offs at Motiva project while construction continues

According to Verna Rutherford of Motiva, changes are being implemented to assure tighter control of costs on the $7 billion refinery expansion project that began December 2007. Demand for Motiva’s products is down, and with lower demand, margins are also down, making tight cost control essential.

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Oil stocks dive on falling demand worries

Shell fell 3.4 per cent as HSBC analysts predicted it was in for a cash squeeze. It said that its operating cashflow would fall by about 16 per cent from last year of $7 billion while its capital expenditure would rise by $3 billion, giving it negative cash flow this year and next, although it said that its strong balance sheet should be able to take the strain and it maintained an “overweight” advice on the shares.

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White House may put hold on offshore drilling plan

Separately, the Interior official said the department’s plan to develop oil shale fields in the western United States may also be stopped by Obama’s order.

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Tanker damaged in Nigeria attack

Militants from Nigeria’s Niger Delta region have attacked a tanker carrying thousands of tonnes of diesel and kidnapped a Romanian crew member.

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Shell Buys 10% Of Arrow’s Singapore Unit For US$66M

MELBOURNE (Dow Jones)–Arrow Energy Ltd. (AOE.AU) said Wednesday that Royal Dutch Shell PLC (RDSA) had bought a 10% stake in its Singapore unit, Arrow International Pte., for US$66 million as part of a previously announced deal.

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As Gazprom stares into the abyss, oil companies get ready to do business

For much of the past decade, oil and gas-consuming nations have watched the National Oil Companies (NOCs) of Opec and Russia grow fat and confident as their incomes doubled and tripled. With such bounty they could pay their own bills and hire the best engineers. They could dispense with brash expat oilmen and their snooty wives and from Bolivia to Venezuela via Siberia, the Western multinationals were given the boot. There have been expropriations, bullying, harassment and the shredding of contracts.

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