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Monday, March 4, 4:41 PM BP, which lost its first deal to drill for oil in Russia's Arctic to Exxon (XOM), tried to negotiate a new deal with Rosneft and was again beaten to the punch by XOM in winning access to the Arctic Laptev Sea fields, Reuters reports. BP thus has been left a bystander in the rush for Arctic deals, and all but five of 30 Arctic license areas held by Rosneft have been parceled out in ventures with other firms. 4 Comments [Energy, Global & FX]
Wednesday, October 3, 2012, 2:41 PM Brazilian utility stocks come under pressure following a local report that companies failing to renew expiring contracts, which carry stricter government rules aimed at cutting costs, will be barred from participating in future auctions for licenses. Decliners include Cemig (CIG -4%), which also is downgraded by Barclays; ELP -1.1%, EBR -2.9%, ENI -1.5%. Comment! [Energy, Global & FX, On the Move]
Thursday, July 26, 2012, 12:36 PM Chile's energy holding company Enersis (ENI -11.4%) plans to conduct a capital increase for up to $8B, it says in a filing with local regulators. ENI's owner, Spain's Endesa, will subscribe to the capital increase with $4.86B in non-monetary assets. Shares are downgraded to Neutral from Buy at Citigroup. Comment! [Energy, Quick Ideas, On the Move]
Wednesday, August 24, 2011, 5:54 PM Given the risks of a correction in oil prices - considerable, in light of the weakening economy - Liam Denning observes that better value can be found in the stocks of major oil producers than in crude itself. XOM, ENI and TOT, for example, are valued lower now than they were at the end of 2008, while Brent crude has more than doubled. Comment! [Energy, Commodities, Global & FX]
Friday, August 12, 2011, 2:15 PM Big Q2 drops in oil production at more than 20 major oil companies are startling, even accounting for lost Libyan production, Deutsche Bank says, and are not likely to be offset by unconventional deepwater or shale E&P projects, except at XOM, OXY and MRO. Wall Street will need to ratchet down its estimates, and oil prices could rise to $120/barrel. 2 Comments [Energy, Commodities, Global & FX]
Monday, January 3, 2011, 3:25 PM More than a dozen oil companies will be allowed to bypass new environmental reviews for deepwater projects halted by a temporary drilling ban, the Interior Department says. The companies, which include CVX, CIE, ENI, HES, MRO, STO and NE, were in the process of drilling wells when the ban was instituted. Crude futures trim gains, closing +0.2% to $91.55. Comment!
Tuesday, September 29, 2009, 3:48 PM Analysts are skeptical of reports CNOOC (CEO) is bidding for a 6B-barrel, $30B stake in Nigeria's oil fields. A direct sale by the government would be highly disruptive to the block, of which Western majors (RDS.A, CVX, XOM, COP, TOT, ENI) already own 50%. And if CNOOC is planning to turn directly to its rivals, what might they be willing to sell? Comment!
Monday, December 8, 2008, 8:35 AM Libya's state-run National Oil Co. plans to acquire an up-to 10% stake in Italian oil and gas company Eni (ENI), and might seek a spot on its board. The cash-rich former Italian colony plans to use the downturn to build stakes in Italy's top firms. Comment!

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