Oil and Gas

Europe’s largest oil company, Royal Dutch Shell, declared its firm intention to acquire the British oil explorer Cove Energy for a tag price close to a £1 billion, official statements from both companies reported on Wednesday, 22nd February. Royal Dutch Shell, through its wholly-owned subsidiary, Shell Exploration and Production (“Shell Bidco”), is offering 195 pence […]

British power company Scottish & Southern Energy (LSE:SSE) struck a deal with Shell Energy Europe for a 10-year supply of gas to commence in 2015. This is the second supply agreement SSE  has contracted for the past year, with the first one with Statoil being agreed in June 2011, which supplied 500 mcm annually for ten […]

Bowleven (LSE:BLVN) shares were steadily rising since the opening of trading fuelled by rumours of a bid by Africa’s independent oil giant Tullow Oil, hitting 86 pence a share at 11:30 GMT. But minutes after that, at exactly 11:40, Dragon Oil broke its silence and told the authorities it is them and not Tullow Oil […]

Europa Oil & Gas (LSE:EOG) announced today that it has had a “significant increase” in first half production and revenues compare to the same period last year. Results are for the period ending December 31, 2012. The Report First half revenues increased 61% to £2.4 million on the combination of increased output and the rise […]

Solo Oil Plc (LSE:SOLO) released an updated drilling report this morning for its Ntorya-1 exploration well.  The Ntorya-1 well is in the Ruvuma Basin in Tanzania. The company announced that the well has been drilled to a depth of 2,500 metres, but without reaching sandstone reservoirs as expected.  A prior drilling report released less than […]

Matra Petroleum (LSE:MTA) announced today that drilling plans for some of its operations will be delayed for 4-6 weeks due to circumstances beyond its own control. Update on Operations The company cited weather conditions, specifically, snow accumulation and spring melting in the area of the Sokolovskoe mining field for potential delays in commissioning and startup […]

BP (LSE:BP.) will have to shoulder compensatory damages claimed by third parties against its’ contractor, Transocean, in relation to the 2010 oil spill incident on the Gulf of Mexico. Judge Carl Barbier of the US District Court in New Orleans ruled yesterday in a 30-page document, that BP is to indemnify Transocean for their part […]

Independent oil exploration company Cove Energy (LSE:COV) has received bidding from BP for a possible takeover. Neither company has released any statements regarding the news. BP is the latest addition to the growing number of companies reported to be interested in acquiring Cove Energy since it opened itself up for a bid on 5 January […]

Dragon Oil (LSE:DGO), the oil and gas company based in Dubai, United Arab Emirates recorded a huge increase in growth for 2011. The company’s production of oil increased to 61,500 barrels of oil per day during the previous year. Remarkably, this represented a 30% increase from 2010. Reasons for Impressive Growth The company’s impressive growth […]

AIM-listed President Petroleum (LSE:PPC) released a statement today estimating 50 million barrels of oil that was not previously accounted for has been discovered at the Pozo Escondido Field in Argentina. Previous figures at PE field indicated that there were only 20 million barrels of cretaceous stacked oil in place. The PEE-1001 well in the Pozo […]