Oil & gas news

An international tribunal has ordered the Russian government to compensate a group of Spanish investors for the losses they suffered when Russia seized the Yukos Oil Company, one of the largest oil and gas companies in the world.

Total has made the final investment decision for the Tempa Rossa field in the Basilicata region of southern Italy.

Technip has reported a 1.3% rise in net profits for Q2 and lower oil prices have yet to take their toll on the company’s outlook for the rest of the year.

Libya’s Deputy Oil Minister, Omar Shakmak has said that he expects the country’s oil production to return to its pre-war levels by October.

Tullow has posted a boosted net profit for the first half of 2012 as a result of a farm-down of the company’s Ugandan assets.

According to the head of a local oil company, European firms will take part in the latest block auction, but companies from the US may wait until further reforms have been made.

US authorities have launched a “multi-week” live drill to test their ability to deal with a major offshore oil spill.

A deal to end the conflict over oil between Sudan and South Sudan could still be a long way off as a recent proposal by South Sudan has been rejected by Khartoum.

Chevron North Sea Ltd has selected WorleyParsons and its INTECSEA subsidiary to execute the FEED for the Facilities associated with Rosebank field, which include an FPSO and subsea infrastructure.

CNOOC has made a bid for Nexen worth US$ 15.1 billion as part of a takeover scheme that has raised questions over the wisdom of selling energy assets to foreign state-run companies.