De Margerie News
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The fastest revenue growth in the oil industry is putting Papua New Guinea’s Oil Search Ltd. in line for another record -- Asia’s largest energy takeover.
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Enron Corp.’s 2001 collapse revealed the extent of its manipulation of spot gas prices. Twelve years later, European Union regulators may discover energy traders never learned the lessons of the scandal.
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Total SA’s chief executive officer said he would be “very surprised” if a European investigation uncovered price-fixing in the crude and oil-products markets.
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The European oil price-fixing probe expanded as Neste Oil Oyj, Finland’s only refiner, said it was asked to provide information regarding potential manipulation of global crude and biofuel markets.
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Total SA plans to drill more than 60 wells this year as the third-biggest European oil company seeks to increase the size of its discoveries and expand output.
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Total SA, Europe’s third-largest oil producer, reported a 7 percent decline in earnings as output fell and weakening fuel demand pushed down the price of crude.
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Total SA, Europe’s third-biggest oil company, expects to meet its output targets as new multibillion dollar projects come online and reverse earlier declines.
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Total SA plans to increase security at its oil and gas fields in countries such as Algeria as a consequence of last week’s deadly hostage siege, Chief Executive Officer Christophe de Margerie said.
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Abu Dhabi, with most of the crude in the United Arab Emirates, will raise output capacity to 3.5 million barrels a day to supply foreign buyers and feed an expanded local refinery, the head of the state oil company said.
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Total SA Chief Executive Officer Christophe de Margerie will appear in Paris court on Jan. 21 to fight charges he participated in the scandal stemming from the United Nations oil-for-food relief program.
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