BP Optimistic About Oil Supplies In The NE, Murphy Confident On Africa: Energy Biz Wrap

According to BP (NYSE:BP) Chief Executive Bob Dudley, stocks of fuel to the northeastern United States ought to quickly recover following Hurricane Sandy, saying that “It has disrupted logistics, but there is an efficient infrastructure… It will bounce back quickly… I don’t think the disruption will be long-lasting.” Although BP has no refineries in the area, but it does operate supply infrastructure there.

Murphy Oil Corporation (NYSE:MUR) appears confident that it could conclude an offshore production sharing contract with Equatorial Guinea by early next year. The firm already produces African oil from its offshore Azurite field in the Republic of Congo, and currently awaits the settlement of a maritime border dispute between Cameroon and Equatorial Guinea in regards to its Ntem field.

Are these stocks a buy or sell? Let us help you decide. Check out our Wall St. Cheat Sheet Stock Picker Newsletter now >>

It appears that Nuclear power plants located in the eastern United States have passed the readiness test forced upon them by Hurricane Sandy, as three New York-area reactors were safely shut down and a fourth, which is Exelon Corporation’s (NYSE:EXC) Oyster Creek, is on alert from water intake problems. The firm reports that there was “no challenge to plant safety equipment and no threat to the public health or safety.”

TransAtlantic Petroleum (AMEX:TAT) reports that its Goksu-3H exploration well, which represents its first horizontal producing well in Turkey, was recently completed and began flowing naturally on October 22nd. According to TransAtlantic’s third quarter operational update, oil and natural gas sales averaged 4,168 barrels of energy equivalent per day, and during the quarter, it spudded nine gross wells, completed 17 gross wells and conducted fracs in 10 well bores.

Don’t Miss: BP: Don’t Worry, East Coasters!