TOP NEWS PICK : MAY 18, 2011

CLICK ON THE LINKS FOR FULL STORIES

BP sells stake in Poole Harbour oilfield to Perenco

BP has sold its 68% stake in western Europe's biggest onshore oilfield - in Poole Harbour, Dorset - to Anglo-French firm Perenco for £375m ($610m) | BBC

Dudley and BP set for tough questions

Bob Dudley faces some difficult questioning from shareholders in the coming weeks after BP’s failure to complete the proposed alliance with Rosneft. | Financial Times

Canada output falls as wildfires rage

Canadian oil production cuts could more than double over the next few days as companies move to protect employees and property from wildfires raging through northern Alberta and cope with the shutdown of a key pipeline. | Upstream Online

Crude oil prices rebound Tuesday

NEW YORK, May 17 (UPI) -- Crude oil prices moved close to $98 per barrel Tuesday in New York as oil prices rebounded modestly from nearly two weeks of declines. | UPI.com

Oil up on soft dollar

US oil rebounded more than a $1 to $98 a barrel today, after two straight sessions of declines, as a surprise drop in gasoline stocks allayed concerns about weaker demand ahead of the peak driving season. | Upstream Online

Half PetroChina oil from overseas by 2015

PetroChina aims to produce 3.16 billion barrels of oil equivalent by 2015, with half coming from existing overseas projects, company chairman Jiang Jiemin has told a news conference. | Upstream Online

US: Senate blocks bill to halt tax breaks for five oil giants

Procedural vote ends Democratic bid to repeal $2 billion a year in benefits as pump prices soar | Ohio.com

Shell CEO Stresses Interest in Russian Arctic

LONDON—Royal Dutch Shell PLC has made "no secret" of its interest in developing the hydrocarbon resources in the Russian Arctic, but its preference remains for investment on a project-by-project. | WSJ

Private equity broadens interest in oil, gas industry

The amount of private equity moving into the US oil and gas sector has risen dramatically over the past year, drawn by a long-term bet on rising commodity prices and heightened demand for energy infrastructure. This is according to PwC, the consultancy, which put out a report on US energy sector deals on Tuesday. | Financial Times

BG makes Kenyan splash

BG Group and other players have inked production sharing contracts for exploration work off Kenya in what appears to be the UK major’s debut play in the East African country. | Upstream Online

Obama Feels The Heat of $100 Oil and Opens New Drilling Areas

Ferocious views on $100-a-barrel oil ($97 today) are making giant waves in public discourse. | Forbes