Total S.A. (NYSE:TOT) reaches a deal with the government of Bulgaria to explore for natural gas and oil in the deepwater Khan Asparuh block which covers more than 5,560 square miles in the Black Sea, near the border with Romania. Currently, Bulgaria imports all its gas from Russia, but is trying to diversify supplies; the country now spends as much as $1.75 billion annually on gas imports.
Petrobras (NYSE:PBR) anticipated that it will bring the first of its new refineries online in November of 2014, as a part of investing some $71.6 billion in its downstream operations through the year 2016. The expenditures are part of the firm’s $237 billion spending plan for 2012 to 2016.
Another huge headache for BP (NYSE:BP), as it now reports that the size of its gasoline recall is more than twice as large as the previously reported figure at 4.7 million gallons, which were distributed as far as southern Indiana and Ohio. The formulation mishap has led to about 9,600 claims from motorists trying to get back money spent for car repairs. The average cost to drain the fuel tank and clean the fuel system is between $300 and $1,200.
North Dakota’s oil boom is outstripping the domestic pipeline network, as Statoil ASA (NYSE:STO) reports that it is leasing more than 1,000 railroad cars to transport crude oil from fields in North Dakota to refiners across North America. The rail transit will help Statoil receive a higher price for its Bakken and Three Forks oil, which currently trades at $5 to $20 discounts because of limited transport capacity.
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