Energy C2C Create 2 Consume

UPDATE 1-BP plans return to Libya oil exploration

LONDON, Oct 25 (Reuters) - BP Plc said on Tuesday it wanted to return to Libya and resume oil and gas exploration work, which it halted earlier this year due to the uprising against Muammar Gaddafi's rule.

London-based BP has no oil and gas production in Libya and in February was preparing for the start of exploratory drilling in western Libya when it suspended the effort due to the revolt against Gaddafi's 42-year reign.

"We are absolutely planning to go back in and all the signals are that people want us to and expect us to come back," BP's Chief Executive Bob Dudley told reporters on Tuesday.

"It's just a matter of time and we'll begin an exploration programme."

The comments suggest BP expects Libya's new rulers will honour its Gaddafi-era exploration agreement in Libya, a $900 million deal signed in 2007 which BP at the time called its largest single exploration commitment.

http://www.reuters.com/article/2011/10/25/bp-libya-idUSL5E7LP2P520111025

Oil in Russia

On August 30th Exxon Mobil struck a deal with Rosneft to explore the same icy blocks of the Arctic Kara Sea that slipped from BP’s grasp when its vaunted tie-up with the Russian state-controlled oil firm collapsed in the spring.

In 2003 Exxon considered buying a large stake in Yukos, then Russia’s largest oil firm.

http://www.economist.com/node/21528304

Shell: 660 Tons Of Oil Remain In Leaking Pipeline In North Sea

Some 660 tons of oil is still inside a leaking Royal Dutch Shell PLC (RDSA, RDSA.LN) pipeline in the U.K. North Sea, the Anglo-Dutch major said Wednesday, explaining that efforts to stop the relatively light flow of crude oil are taking a long time so as to minimize the risk of the remaining oil spilling out.

Shell has been attempting to stop a leaking flowline from its Gannet Alpha platform for the last seven days amid mounting public criticism of its perceived lack of transparency about the spill

Read more: http://www.foxbusiness.com/industries/2011/08/17/shell-660-tons-oil-remain-in-leaking-pipeline-in-north-sea/#ixzz1VNWH93RM