TOP NEWS PICK : MAY 16, 2011

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Oil is exhaustible – Ghana Minister

Alhaji Issahaque Salia, Upper West Regional Minister has observed that Ghana’s oil and gas find is exhaustible and should therefore be utilised judiciously for the growth of the economy. | Ghana Business News

 

BP receives approval for blocks in Brazil

BP has received final approval to complete the purchase of ten exploration and production blocks in Brazil from Devon Energy. | Energyme.com 

ConocoPhillips Raises Concerns Over Un-American Tax Proposals

ConocoPhillips is making significant progress on its plan to deliver long-term value, the company said last week at its Annual Meeting of Shareholders. | Oil Voice

 

Nigerian Content to boost Gas Revolution projects-FG …Act will not indigenize foreign assets

The federal government has announced that the progress being recorded in the implementation of the Nigerian Oil and Gas Industry Content Development Act 2010 will ensure the successful execution of the Gas Industrial Revolution. | Vanguard

 

Moody’s downgrades Tepco – bailout not enough

The news last week that the Japanese government was close to agreeing a bailout plan for Tepco, the electricity company that owns the Fukushima nuclear plant, should have come as a relief for the company and its debt holders. | Financial Times

 

Defective Flow Metres on FPSO could shortchange Ghana; Oil Expert

The devices used to independently monitor how much crude oil is produced from the Jubilee Field are said to have become defective. | Myjoyonline

Shell signs Taiwan LNG deal

Shell is set to become one of Taiwan’s main liquefied natural gas suppliers after the company signed a 20-year deal with the state-owned CPC corporation. | Upstream Online

Oil Drops on Economy Risk; BofA’s Blanch Sees Demand Destruction

Oil dropped for the first day in three in New York after President Barack Obama said failure to raise the U.S. debt ceiling may unravel global finances and threaten growth in the world’s biggest crude consumer. | Bloomberg

Obama seeks more US oil drilling

US President Barack Obama, under pressure from Republicans and the public to bring down gasoline prices, announced new measures on Saturday to expand domestic oil production in Alaska and the Gulf of Mexico. | Upstream Online

Iran replaces Oil Minister

Iranian President Mahmoud Ahmadinejad dismissed oil minister Masoud Mirkazemi on Saturday in a move that could see energy minister Majid Namjou temporarily preside over Opec. | Upstream Online

Oil falls to below $99 as US dollar rallies

SINGAPORE – Oil prices fell below $99 a barrel Monday in Asia as crude became more expensive for investors with other currencies amid a U.S. dollar rally. | Associated Press

BP in last-ditch bid to save Arctic ambition

BP was locked in last-ditch talks to keep its Arctic ambitions alive before a proposed $16bn (£9.9bn) share swap with Rosneft, the Russian state oil champion, lapses at midnight on Monday. | Financial Times

Inflation feared as Indian oil firms raise petrol prices

(NEW DELHI) India's state-run oil companies raised petrol prices by about 8.6 per cent or five rupees (S$0.14) a litre from yesterday, a record hike that will fuel inflation in Asia's third-largest economy. | The Business Times

Israeli delegation in Egypt for gas price talks

Egyptian daily "Al Masry Al-Youm" reports that a high-level Israeli delegation, headed by Prime Minister Benjamin Netanyahu advisor Yitzhak Molkho, opened talks with Egyptian officials on Thursday on the price of natural gas and other issues. | Globes