May 29th, 2007:

By Marc Wolfensberger

May 29 (Bloomberg) — Iran expects to sign a multibillion- dollar agreement with a foreign partner next month to produce liquefied natural gas, or LNG, from the South Pars field, the world’s biggest gas reservoir.

“We’ve signed the draft contract with a foreign contractor and the main contract will be signed within the next month,” Ali Kheir-Andish, the project director, said today on Shana, the oil ministry press agency, without providing the name of the foreign company. The LNG project, called IRAN LNG, will use gas from phase 12 of South Pars, he said. read more

Associated Press 05.29.07, 4:44 PM ET

Houston-based energy company Ashmore Energy International on Tuesday said it will buy Royal Dutch Shell PLC’s stakes in energy businesses in Brazil and Bolivia, including part of the Bolivia-Brazil natural gas pipeline.

Financial terms of the deal weren’t disclosed, and the transaction requires regulatory approval and consent, AEI said.

AEI already owns stakes in each of the projects from its May 2006 purchase of the Latin American assets of bankrupt U.S. energy company Enron Corp. read more

LONDON, May 29 /PRNewswire-FirstCall/ — Royal Dutch Shell plc (NYSE: RDS.A; NYSE: RDS.B) announces that on 29 May, 2007 it purchased for cancellation 450,000 “A” Shares at a price of 27.61 euros per share. It further announces that on the same date it purchased for cancellation 250,000 “A” Shares at a price of 1874.38 pence per share.

Following the cancellation of these shares, the remaining number of “A” Shares of Royal Dutch Shell plc will be 3,672,100,000. read more

By Kitty Donaldson and Robert Hutton

May 29 (Bloomberg) — Prime Minister Tony Blair, announcing a $900 million contract returning BP Plc to Libya after more than three decades, said British companies will reap “huge” new contracts there because leader Muammar Qaddafi has joined the fight against terrorism.

“The relationship between Britain and Libya has been completely transformed,” Blair said after meeting Qaddafi in Sirte in central Libya today. “We now have very strong cooperation on counterterrorism and defense and the commercial relationship that you can see by this huge investment.” read more

City & Finance
Edited By Manfreda Cavazza
Tuesday 29 May 2007

Article By Sam Fleming

BP’s fading hopes of clinging to its giant Kovykta gas field have been dealt a new blow in the Siberian courts.

A judge threw out a claim brought by a unit of its TNK-BP joint venture, which was seeking to stop the authorities removing its licence to develop the reserve.
Russian regulator Rosnedr said it will now consider stripping TNK-BP of its permit at a meeting on Friday.

Kovykta has become the latest battleground between the Kremlin and foreign oil firms seeking to maintain their rights to exploit Russian resources. read more

Tuesday 29 May 2007
By Andrew Johnson Associate City Editor

BP’S Russian joint venture could lose a licence to operate one of the world’s biggest gasflelds this Friday, it emerged yesterday.

Russian regulators said they would discuss stripping TNK-BP of the licence to work the $20 billion (£10billion) field on June 1.

Their move follows a decision by the arbitration court in the East Siberian city of Irkutsk to throw out a case brought by TNK-BP in an attempt to stop the licence from being revoked. read more

Jakarta (Platts): 29 May 2007

Malaysia’s Petronas and Royal Dutch Shell plan to set up gas stations outside the main Indonesian island of Java this year, a move that could pave the way for their entry into the country’s huge subsidized fuel market.

The two companies, the only foreign players in the Indonesian downstream sector that has long been dominated by state-owned Pertamina, set up retail outlets and began selling high-octane gasoline in late 2005. So far the two have limited themselves to selling 92 and 95 RON gasoline, as the prices of these products are market-determined. Lower-octane gasoline, as also gasoil and kerosene, are all heavily subsidized by the Indonesian government. read more

Tuesday, 29 May 2007 12:28

Oil giant BP is to confirm its return to Libya’s oil and gas fields for the first time in more than 30 years.

A spokesman for Britain’s Prime Minister Tony Blair, who is on a five-day visit to Africa, spoke of BP’s return at a briefing today.

BP has not operated in Libya since 1974, when the oil industry was nationalised.

The group confirmed today it had been in talks with the Libyan government over re-entering the country.

Two years ago rival Royal Dutch Shell announced its return to the country. read more

LONDON (Reuters) – BP said on Tuesday its Russian joint venture TNK-BP will appeal against a decision by a Russian court in a bid to keep the licence for the giant Kovykta gas field.

A judge in a court in Irkutsk, the region in East Siberia where the field is located, said on Monday he had decided to throw out an appeal by TNK-BP , which was seeking to stop the authorities taking away the licence.

“What TNK-BP is saying is we regret the court’s negative decision and the current pressure to withdraw the licence,” said Sheila Williams, a BP spokeswoman. read more

Published: Tuesday, 29 May, 2007, 07:29 AM Doha Time
 
TEHRAN/DUBAI: The US is piling pressure on European banks and energy firms to avoid doing business with Iran, sending a blunt message that reputations are at stake if they do so, officials and analysts said yesterday.

Washington, leading efforts to isolate Iran over its atomic programme, has slapped sanctions on two Iranian banks. UN sanctions have targeted one.

But US arm-twisting may be having a stronger impact, with one bank withdrawing finance for a major gas deal and oil majors rethinking investment. A US official warned multinationals in March to steer clear of Opec’s second biggest producer. read more

Claudia Cattaneo, Financial Post
Published: Tuesday, May 29, 2007

If there is a “hollowing out” trend underway in Canada because of foreign takeovers, it’s only marginally affecting the oilsands industry, arguably the country’s most strategic because it powers the economy.

Despite the recent rush into the sector by foreign companies from countries as diverse as China, Korea, Norway and France, the oilsands are — and are likely to remain — firmly under Canadian control. read more

Published: May 29, 2007

DUBAI, May 28 (DubaiPhotoMedia): Shell, a leading player in the global energy and petrochemicals industry, has announced that it will share its proven community involvement strategies when it participates in the 4th Corporate Social Responsibility (CSR) Summit in Dubai Dusit Hotel on June 24-28, 2007 which is organized by IIR in association with Shell.

The CSR Summit will gather 41 high-profile speakers and companies from 18 countries in three interactive workshops and 23 powerful strategy sessions. “Shell is pleased to be part of the CSR Summit and is looking forward to share and discuss with participants the company’s successful programs that have integrated high-impact social action with long-term company objectives. read more

By ANDREW E. KRAMER
Published: May 29, 2007

MOSCOW, May 28 — The Russian government continued Monday to press its strategy of securing for Gazprom, the state-owned natural gas company, a monopoly on exports to Asia.

In doing so, it is threatening an important investment by a big British rival, BP, with methods similar to those used last fall to force Royal Dutch Shell to sell a controlling stake in another energy development in the Russian Far East, the Sakhalin II project. Gazprom was also the beneficiary in that case. read more