This tag is associated with 6 posts

BP, Total Writing Off Oil Assets In Libya Because Of The Continuous Conflict

Originally posted on Eyes on Europe & Middle East News:
Libya has become a major headache for European oil companies as a four-year conflict forced BP to join Total in writing off millions of dollars in investments in the North African country. BP on Tuesday the 28th of July said it had taken an impairment…

China Postpones Deal On Russia’s Alati Gas Pipeline Due To Economic Slowdown

The signing of the gas supply contract with China via the Altai pipeline, known as Power of Siberia 2, is being postponed for an indefinite period, Vedomosti newspaper reports. The Russian news agency cited two federal officials explaining that China is reviewing its energy needs due to the economic slowdown. The move is a significant blow to Russia as back … Continue reading

Russia’s St. Petersburg International Economic Forum Sees Contracts Worth $5.4 Billion

The number of contracts signed during the International Economic Forum in St. Petersburg in Russia completely refutes the picture of Russia’s economic isolation as 205 deals estimated at $5.4 billion were signed.  Let’s look at the numbers closer to get a better overview of the forum. 2015 205 contracts valued at around $5.4 billion vs. 2014 … Continue reading

BP Says Plans To Invest $12 Billion In Egypt Gas Fields

British energy giant BP said on Friday that it had reached an agreement with its partners to invest around $12 billion on gas fields in Egypt, Reuters reported. The investment will be on the West Nile Delta (WND) in a project aimed at developing 5 trillion cubic feet of gas resources and 55 million barrels of condensates, according to the … Continue reading

​BP Considering Investing More In Russia – CEO

Oil giant BP is going to continue its 25-year cooperation with Russia, and is considering additional investment despite sanctions and low oil prices, said the company’s CEO Bob Dudley. “We have a long-term strategy In Russia, and it has always been so. This year marks 25 years of our work in Russia,” he said. “Our … Continue reading

Plunging Oil Prices Force Oil Majors To Cut Billions In Spending

The world’s leading oil companies are reported to be planning a $28 billion cut in capital spending by 2017 to keep debt at a sustainable level at a time when oil prices continue to fall. Investment in exploration and development of oil and gas fields could drop by 20 percent by 2017 compared to last … Continue reading

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