FTSE 250-listed oil and gas exploration group Cairn Energy narrowed its pre-tax loss from continuing operations to 194.2m dollars in the year ended December 31st from 1.2bn dollars one year earlier, a preliminary results announcement has shown. [19 Mar '13]
BP announced that at the 'core' level - excluding production from its TNK-BP joint venture - it only replaced 6 per cent of the reserves which it tapped last year. That is an unusually low figure for an oil major and reflects the slow pace of its recovery. Nevertheless, some analysts point out that one must look at the five year average for that ratio. As well, the figure was hit by several extraordinary factors, including a big drop in the price of natural gas as a result of [10 Mar '13]
Vast reserves of oil and gas have been found off the coast of Lebanon which could transform the power and energy politics of the region, The Times reports. The discovery has drawn a "stampede" of global oil companies. Spectrum Geo, a British surveyor, has identified offshore deposits that would make the country one of the biggest natural gas producers in the Mediterranean, dwarfing recent finds in Israel and Cyprus. It is now mapping the Bekaa Valley, a mountainous area in t [4 Mar '13]
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