Exxon Explores Off South Africa, Eni’s Libya Investment: Energy Business Review
Exxon Mobil Corporation (NYSE:XOM) revealed on Monday that its affiliate, ExxonMobil Exploration and Production South Africa Limited, will commence exploration activities offshore South Africa in the near term. The affiliate made an arrangement with Impact Africa Limited, a subsidiary of Impact Oil & Gas Limited, to purchase a 75 percent participating interest in the Tugela South Exploration Right and will become operator.
The Italian energy firm Eni (NYSE:E) said on Sunday that it will invest $8 billion in Libya during the next 10 years in which to develop its production activities as well as conduct more exploration there. The announcement was made subsequent to its Chief Executive Paolo Scaroni’s presentation of the plan to Libyan Prime Minister Ali Zeidan and Petroleum Minister Abdelbari al-Arusi at a meeting in Tripoli. Presently, Eni is the largest foreign energy group in Libya.
Are these stocks a buy or sell? Let us help you decide. Check out our Stock Picker Newsletter now.
Cheniere Energy Partners (AMEX:CQP) reported Monday that its subsidiary, Sabine Pass Liquefaction, will divest 91,250,000 MMBtu of LNG annually plus 13,500,000 MMBTU of seasonal LNG volumes to Total Gas & Power North America (NYSE:TOT) upon the commencement of train five operations. These volumes represent about 2 million tons per annum of the approximately 4.5 mtpa of nominal capacity of train five which are being developed at Sabine Liquefaction.
Laredo Petroleum Holdings (NYSE:LPI) announced Monday that its board okayed a $725 million capital budget for next year, excluding acquisitions. The firm’s 2013 capital program is mostly concentrated on the continued delineation and development of around 142,000 net acres in its core Garden City area of the Permian Basin where it has identified four stacked shale zones that contain proven horizontal development potential.
Investing Insights: Can NRG Energy Electrify Your Portfolio?