Rumors that have been circulating in some media outlets concerning Libya having a stake in BP (NYSE:BP) were shot down on the government website, where they denied any stake in the company or any other international energy firm.
The statement said, "We deny emphatically statements carried by some news outlets abroad about investment in BP or other foreign oil firms via the purchase of stakes in their share capital, including Italian ENI."
The speculation probably originated from statements made by chief of Libya's National Oil Co, Chokri Ghanem, when he mentioned BP at the time would be a good investment for anyone.
Ghanem at the time had qualified that statement by saying he was speaking generally and not specifically, which some media outlets refused to believe.
Some politicians with agendas could have kept this story alive as well, especially those trying to keep the idea in the mind of the public that BP had influenced the release of the Lockerbie bomber, when all parties accused of the assertion have categorically denied it.
Showing posts with label Eni SpA. Show all posts
Showing posts with label Eni SpA. Show all posts
Wednesday, September 8, 2010
Thursday, September 2, 2010
Transocean (NYSE:RIG) Moves Oil Rig, Jobs, Out of Gulf
One of the oil rigs left with nothing to do in the Gulf of Mexico because of the Obama administration moratorium on deepwater drilling, has been moved by Transocean (NYSE:RIG) - along with the jobs it would have provided - to Nigeria.
The rig is contracted out to ENI from Italy, which left the region last week.
Thousands of jobs are at stake as the oil moratorium continues to take its toll on oil workers and those who serve the industry.
A federal judge allowed the lawsuit against the moratorium to go forward today, saying the second moratorium was in essence no different from the first, and based on no new data.
Protests are spreading across the nation, beginning in Texas, as the oil industry and oil workers express their outrage toward the Obama administration for refusing to halt the moratorium, even after a federal judge had said they had to after the first moratorium.
That led to the disingenuous second moratorium, which the judge ruled on Wednesday.
The rig is contracted out to ENI from Italy, which left the region last week.
Thousands of jobs are at stake as the oil moratorium continues to take its toll on oil workers and those who serve the industry.
A federal judge allowed the lawsuit against the moratorium to go forward today, saying the second moratorium was in essence no different from the first, and based on no new data.
Protests are spreading across the nation, beginning in Texas, as the oil industry and oil workers express their outrage toward the Obama administration for refusing to halt the moratorium, even after a federal judge had said they had to after the first moratorium.
That led to the disingenuous second moratorium, which the judge ruled on Wednesday.
Wednesday, September 1, 2010
Halliburton (NYSE:HAL) Lands Iraqi Contract with Eni (NYSE:E)
Halliburton (NYSE:HAL) won a contract in Iraq from Eni (NYSE:E), an Italy-based energy company. The oil giant will work on the Zubair field in the southern part of Iraq.
According to Halliburton, they've already begun working on the wells, which including the testing of 20 of them for the purpose of increasing oil production at them.
Based on a confidentiality clause in the contract, details of the contract can't be revealed, although Halliburton did say is was a "multimillion dollar" deal.
In a statement, Halliburton Chairman and CEO David Lesar said, "Halliburton has made a strategic investment in our Iraqi infrastructure and the award of this contract, coupled with the recent letter of intent awarded by Shell and its partners, demonstrates that we have the technology and people in place to deliver in Iraq."
Earlier in August Halliburton said they also made a deal with a consortium led by Shell (NYSE:RDS-A) to help develop the Majnoon oil field, also in southern Iraq.
According to Halliburton, they've already begun working on the wells, which including the testing of 20 of them for the purpose of increasing oil production at them.
Based on a confidentiality clause in the contract, details of the contract can't be revealed, although Halliburton did say is was a "multimillion dollar" deal.
In a statement, Halliburton Chairman and CEO David Lesar said, "Halliburton has made a strategic investment in our Iraqi infrastructure and the award of this contract, coupled with the recent letter of intent awarded by Shell and its partners, demonstrates that we have the technology and people in place to deliver in Iraq."
Earlier in August Halliburton said they also made a deal with a consortium led by Shell (NYSE:RDS-A) to help develop the Majnoon oil field, also in southern Iraq.
Monday, July 19, 2010
Transocean (NYSE:RIG) Reduces Rig Rate for BHP (NYSE:BHP), Shell (NYSE:RDSA)
Transocean (NYSE:RIG) came to an agreement late last week with Royal Dutch Shell (NYSE:RDS-A) and BHP Billiton Ltd. (NYSE:BHP) to reduce the day rate on oil rigs operating in the Gulf of Mexico, in light of the misguided moratorium by the Obama administration.
The two companies will pay what is described as a "special standby rate that is lower than the regular contract day rate." As a result, the two companies won't be allowed to declare "force majeure," and instead will have their contracts extended by one day for each day they aren't allowed to drill in the Gulf because of the moratorium.
Force majeure allows companies from having to fulfill their contract obligations under extreme circumstances like faced in the Gulf oil spill.
On the part of BHP, if they aren't able to secure a drilling permit after November 30, when the moratorium ends, they can end the contract or continue paying the special rate. When operations resume, Shell and BHP will begin paying the regular rates again.
Eni SpA (NYSE: E) and Chevron Corp. (NYSE:CVX) have already declared force majeure on several rigs on drillships provided by Transocean.
The two companies will pay what is described as a "special standby rate that is lower than the regular contract day rate." As a result, the two companies won't be allowed to declare "force majeure," and instead will have their contracts extended by one day for each day they aren't allowed to drill in the Gulf because of the moratorium.
Force majeure allows companies from having to fulfill their contract obligations under extreme circumstances like faced in the Gulf oil spill.
On the part of BHP, if they aren't able to secure a drilling permit after November 30, when the moratorium ends, they can end the contract or continue paying the special rate. When operations resume, Shell and BHP will begin paying the regular rates again.
Eni SpA (NYSE: E) and Chevron Corp. (NYSE:CVX) have already declared force majeure on several rigs on drillships provided by Transocean.
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