BP Relies on Russia for Higher Production
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BP Plc&#39;s oil and gas production rose 11 percent on the year in the third quarter but analysts expect strong earnings for the quarter to be mainly due to runaway oil prices rather than BP&#39;s record in finding oil.
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BP, the worldâs second-biggest oil company, said production over the third quarter would be about 3.88 million barrels a day. That was an 11 per cent rise on the same period the year before and was helped
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BP Plc&#39;s Russian venture is likely to  lose its license for the giant Kovykta gas field on Friday,  although Moscow could postpone the tough action until after the  G8 Summit and its landmark economic forum.
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BP PLC said Friday it has agreed to sell its stake in a giant Siberian gas field project to state-controlled gas monopoly OAO Gazprom &#151; a widely expected move that comes as the Kremlin tightens its hold on the world's biggest oil and gas industry.
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China lent Russia $6 billion to help the  Kremlin renationalize the key unit of oil major YUKOS,  officials said on Tuesday, underpinning oil-hungry Beijing's  efforts to tap into Russia's huge energy business.
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British energy giant BP has said that it expects to resume full production by the end of October of 400,000 barrels of oil a day from Prudhoe Bay, the biggest US oil field.
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MOSCOW. June 20 (Interfax) - Russian and Lithuanian experts have acknowledged the ecological safety of the D-6 oil platform at the Kravtsovskoye field, which is being developed by Lukoil- Kaliningradmorneft.
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Russia said Thursday that China Petroleum &amp; Chemical Corp., Asia&#39;s biggest oil refiner, may join Royal Dutch/Shell Group&#39;s Sakhalin-2 project in the Pacific and buy liquefied natural gas from the venture&#39;s offshore fields.
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US oil firm ConocoPhillips (COP.N: Quote, Profile, Research) will be able to add 10 percent of Russian major LUKOIL&#39;s (LKOH.RTS: Quote, Profile, Research) total reserves to its books after it completes buying a 10 percent stake
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The Russian LUKoil is ready to invest another US$400 million in the Bulgarian-based petrochemical plant, LUKoil-Neftochim Burgas by 2012, to double the present-day total, said Vaghit Alekperov, LUKoil ...
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Russiaâs strategy to secure a monopoly for Gazprom on exports to Asia is threatening an important investment by BP.
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THE UAE and Kuwait plan to increase oil production capacity by nearly 3,00,000 bpd and 2,00,000 bpd respectively in the short term in a bid to stabilise the market, which has been rocked by high oil prices touching $53 per barrel prior to the week end.
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British energy giant BP said that it expected to resume full production by the end of October of 400,000 barrels of oil a day from Prudhoe Bay, the biggest US oil field.
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BP is pledging millions of dollars to Georgia as part of the construction of the Baku-Tbilisi-Ceyhan (BTC) pipeline, Prime Minister Zurab Jvania and the oil giant revealed.
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BP's  giant oil field in Alaska  could return to full production by January after the company  fixes pipeline corrosion that triggered multiple leaks on the  tundra, the U.S. government said Tuesday.
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ConocoPhillips said it probably will add the equivalent of 800 million barrels of oil to its proved reserves after its $1.99 billion investment in OAO Lukoil, Russia&#39;s biggest oil company, and a planned increase in the stake.
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MOSCOW : Russia moved to bolster its role in the strategic energy sector as gas giant Gazprom said it would acquire state oil firm Rosneft, handing the government control of the world&#39;s largest gas producer.