BP (NYSE:BP) is said to be nearing a deal with the government of Iraq to reduce the final output goal for the huge Rumaila oilfield to between 1.8 million and 2.2 million barrels per diem. Officials from BP, along with Iraq’s government-run South Oil Company and its Oil Ministry, have been in discussions for the past four months, evaluating the former’s proposals to lower the target of 2.85 million barrels a day to which they agreed in 2009.
Encana Corporation (NYSE:ECA) moves the expected startup of its Deep Panuke natural gas project off Nova Scotia into the first half of next year, according to the company on Thursday. The initial gas from the 300 million cubic foot per day project has been anticipated by the end of this year, but spokesman Jay Averill said that the delay won’t affect the firm’s expectation of flat overall natural gas production in 2013.
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Ecopetrol (NYSE:EC) of Colombia partners with Anadarko Petroleum Corporation (NYSE:APC) in search of oil deposits in the Caribbean Sea off Colombia. The latter will own 50 percent of rights in the Fuerte Norte and Fuerte Sur blocks in Colombian territory. The parties also received a government concession to explore for oil in the Purple Angel block. Ecopetrol supplied no financial details.
Chief Executive Officer Greg Garland said to reporters on Thursday that Phillips 66 (NYSE:PSX) will probably divest its 71,000 barrels-per-day Whitegate refinery in Cork, along with its interest in the 200,000 barrels-per-day Melaka refinery in Malaysia, as the refining assets are not core to his firm’s business plans. However, Garland added that the company intends to retain stakes in the refineries it owns in the United Kingdom and Central Europe.