Total boosts cash flow, production up 4%
Total said it has increased its cash flow by 13% in the third quarter despite an almost 30% reduction in European refining margins and flat Brent prices.
finance
Sinopec profit jumps sixfold as refining overpowers oil rout
China Petroleum & Chemical Corp.’s third-quarter profit rose sixfold as refining gains helped overcome deepening losses from oil and gas production.
Russia after sale of stake in oil giant Rosneft to “real investors”
Russia's government wants to sell a stake in oil giant Rosneft to "real investors" but may force the firm to buy its own shares to prop up the country's budget.
Technip beats estimates, plans growth in North Sea investments
Technip raised its full-year objectives for the year for its subsea division as the firm reported both revenue and profit for the third quarter.
Statoil touted as potential bidder for Xcite’s Bentley field
Norwegian oil and gas giant Statoil has been touted as a potential bidder for troubled Xcite Energy’s Bentley field in the North Sea.
Amec Foster Wheeler to take £100m out of cost base after restructuring
Amec Foster Wheeler has made changing to its business with four market-based lines including oil and gas, power, mining and environment and infrastructure.
What we know so far: Xcite Energy in distress
Xcite Energy is facing liquidation after bondholders rejected a debt for equity swap.
Xcite mess shows liquidity crisis coming to pass, energy finance expert says
Energy finance expert Colin Welsh said yesterday that the disarray at Xcite Energy was part of the impending North Sea liquidity crisis he warned of earlier this year.
Brexit may be Scotland’s chance to steal London finance crown
For all the uncertainty Scotland faces with the cloud of Britain’s exit from the European Union, there could yet be a silver lining, according to U.K. lawmaker Mark Garnier.
Aberdeen Asset Management marks flotation milestone
The stock market flotation of Aberdeen Asset Management “only seems like yesterday” – although the firm has just celebrated 25 years of being a listed company.
Former Russian finance minister in talks of return to help economy
Former Russian Finance Minister and investor favorite Alexei Kudrin is in talks with Vladimir Putin and other top officials about returning to a senior post to help deal with worsening economic troubles, according to three people familiar with the discussions. Kudrin has met privately with the Russian president and Prime Minister Dmitry Medvedev as recently as last week to discuss the plans, though no formal offer has yet been made, the people said. The talks are the most advanced since Kudrin, widely respected by investors for his fiscal discipline and commitment to market reforms, quit as finance minister in 2011, the people said. A decision could come early next year, they said.
Finance chief resigns from High Arctic Energy
High Arctic Energy Services sad its chief financial officer has stepped down from the business. Ken Olson will remain with the firm until his replacement has been appointed.
In hunt for missing billions, Buhari targets Nigeria Oil Company
As oil minister during military rule in the 1970s, Muhammadu Buhari oversaw the birth of the Nigerian National Petroleum Corp. Now, as democratically elected president, he intends to break up the opaque bureaucracy, which manages the oil assets of Africa’s biggest crude producer, to ensure taxpayers get their fair share. History isn’t on his side. “No Nigerian leader, including Buhari himself from the 1980s, has managed to sanitize the oil sector,” said Philippe de Pontet, head of the Africa practice at the Eurasia Group in New York. “Buhari’s challenge is not only to depoliticize NNPC but to disentangle its vested interests and its rogue commercial operations, which won’t be easy.”
GDF Suez appoints new finance officer
GDF Suez has revealed it has appointed a new finance chief as it plans asset sales of up to $3.6billion within the next few years. Judith Hartmann, the former chief financial officer at publishing firm Bertelsmann, will take up the role.
Seadrill acquires new vessel
Seadrill has taken ownership of an ultra deepwater drillship in a $456million deal with Ship Finance. The West Polaris was acquired by Ship Finance in 2008 and chartered to Seadrill with purchase options commencing in 2012.