Archive | Oil & Gas

Eni Profit Rises 7% as Higher Oil Prices Counter Lost Output

 Eni SpA, Italy’s largest oil producer, reported better-than-estimated third-quarter earnings as higher oil prices countered lower production from Libya. Adjusted net income rose 7 percent to 1.8 billion euros ($2.5 billion) from 1.7 billion euros a year earlier, the company said in a statement. That beat the 1.5 billion-euro average estimate of 15 analysts surveyed […]

Conoco earnings fall on Libyan instability

ConocoPhillips, the third-biggest US oil company by market capitalisation, reported a 16 per cent drop in third-quarter earnings, citing a range of factors, including suspended operations in Libya and offshore China. The company, which next year will split its exploration and production and its refining operations into two separate companies, on Wednesday reported earnings of […]

BP plans return to Libya oil exploration

BP Plc said on Tuesday it wanted to return to Libya and resume oil and gas exploration work, which it halted earlier this year due to the uprising against Muammar Gaddafi’s rule. London-based BP has no oil and gas production in Libya and in February was preparing for the start of exploratory drilling in western […]

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AMEC talks to Libya on oil, reconstruction

 British engineering firm AMEC is ready to move workers back into Libya as its new rulers attempt to restore oil production and rebuild the conflict-torn country’s infrastructure, AMEC’s chief executive said. Foreign firms evacuated expatriate employees from the north African country as it descended into civil war in late February. The end of fighting last […]

Heritage Oil strikes $20m Libya deal

Heritage Oil, the FTSE 250 oil and gas explorer, has made a push into Libya in the hope of winning oil and gas licences when they are distributed by the new regime. The group on Tuesday announced that it had bought a 51 per cent stake in a small Libyan oilfield service provider called Sahara […]