4 Energy Stock Stories To Kick Off the Weekend

Royal Dutch Shell (NYSE:RDSA): Closing price $64.17

Shell is thinking about a further reduction in its oil output in the eastern Niger Delta, at which decades of spills and oil thefts have negatively impacted the region’s environment, along with reputation of the company. Meanwhile, the government of Nigeria wants more of its oil and gas to be owned either by the state oil concern or local firms, generating fears among foreign oil majors that they could lose smaller assets for nothing if they don’t sell soon, according to industry experts. On Friday, Shell’s Nigerian subsidiary, the Shell Petroleum Development Co. of Nigeria Ltd., announced a strategic review of its business, saying that it would get advice from its international and Nigerian partners about the future of the 28 leases that produce approximately 750,000 barrels a day of oil.

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RDSA

Petroleo Brasilero – Petrobras (NYSE:PBR): Closing price $13.80

Petrobras is searching out partners with which to divide the cost of projects ranging from northeastern Brazil to Angola. This month, the company said that it is pursuing ventures with China Petroleum & Chemical Corp., or Sinopec, and GS Energy, so as to build refineries to supply Brazil’s soaring fuel demand. Also, Petrobras divested one-half of its African assets to Grupo BTG Pactual for $1.5 billion. The state-run producer will spend $237 billion in the five years ending in 2017. However, investments are set to accelerate as it develops the ultra-deepwater Libra field, which was Brazil’s largest find, together with blocks it acquired in the May licensing round.

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PBR

General Electric Company (NYSE:GE): Closing price $23.38

GE and Symbion Power Tanzania have reached a co-operation accord to develop a 400-megawatt gas-fired power plant in Tanzania, which is a project that could assuage power shortages in East Africa’s second biggest economy. Tanzania calculates that it has 41.7 trillion cubic feet of recoverable natural gas reserves, but not much of it pumped out, while constant energy shortages that cause frequent power blackout are deterring economic growth. The proposed power facility is to be built in southern Tanzania’s Mtwara region, and will also include a transmission line to Songea, which is a city several hundred miles away, close to Lake Malawi.

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GE

BP (NYSE:BP): Closing price $41.73

On Friday, the oil and gas major BP called for an independent inquiry concerning the process employed to compensate people for losses connected with the 2010 Deepwater Horizon oil spill, following reports that a lawyer working for the claims administrator had been suspended for alleged misconduct. ‪In a statement, BP said that “We are very concerned about these allegations. Only a comprehensive and independent investigation will ensure the integrity of the claims process.”

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BP

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