Showing posts with label crude oil prices. Show all posts
Showing posts with label crude oil prices. Show all posts

Thursday, May 28, 2009

$20 Billion of Oil and Gas Deals Currently on the Market

28 May 2009 16:00 Africa/Lagos


$20 Billion of Oil and Gas Deals Currently on the Market

Derrick Petroleum Services Completes Special M&A Study

HOUSTON, May 28/PRNewswire/ -- Derrick Petroleum Services ("Derrick") has completed a comprehensive study of the Top 1000 global oil and gas companies and identified in excess of $20 billion of oil and gas assets currently for sale worldwide, consisting of 69 separately announced transactions. The study focuses on deals with an estimated value greater than $10 million.

North America leads the inventory with over $9 billion (or roughly 45% of value); followed by Africa (22%) with the North Sea, Rest of Europe, South America, Asia, Australia and Middle East rounding out the pack with deals valued at between $500 million to $1.5 billion.

In North America, the most prized deal is the multi-billion dollar interest Devon Energy is offering in its four discoveries (Kaskida, Cascade, Jack and St. Malo) in the emerging Lower tertiary trend in the deepwater Gulf of Mexico. Onshore resource style plays (shale gas and oilsands) remain quite active. Notably, Shell and EnCana are looking for a partner to develop 30,000 acres of exploration leases in the Haynesville shale gas play of north Louisiana and east Texas. In Canada, UTS Energy rejected the revised $677 million cash bid by Total E&P Canada in April as inadequate and continues working with its financial advisors, RBC Capital and TD Securities, to maximize shareholder value. UTS Energy has 1.7 billion barrels of net contingent bitumen resources in the Athabasca Oil Sands area of Alberta.

Internationally, Africa is exciting with numerous deals. In Ghana, two partners have put interests on the market in the world class offshore Jubilee field (estimated 1.2 billion barrels equivalent of gross recoverable reserves). Other deals are available in Uganda, Angola, Kenya, Egypt, Cote D'Ivoire, Nigeria, Gabon, Cameroon and Namibia. In other parts of the world, significant deals in play include development projects in the Kurdistan region of Iraq, which now has an improving political and security environment. In Indonesia, BP is seeking to harvest its 46% interest in the prolific Offshore North West Java block, which includes 670 producing wells, 170 platforms and 1,600 km of subsea pipelines. Chevron has retained Scotia Waterous to sell its interest in 13 separate concessions in the Austral and Nequen basins of Argentina which were producing nearly 4,500 b/d of gross oil and 54 MMcf/d of gross gas in late 2008. In Australia, Woodside Petroleum has put its Otway project, offshore Victoria, on the market.

"Due primarily to the whipsaw in oil and gas prices over the past 12 months, our analysis highlights an unusually high quality and diverse set of world class opportunities, particularly for well-heeled buyers seeking long term assets in early stage development," according to Yashodeep Deodhar, CEO of Derrick Petroleum Services. "These are not distressed assets put on the market by distressed companies. Quite the contrary, we have identified numerous opportunities by first class operators who are simply managing their forward risk profiles and laying off a portion of development capital. We foresee the recent trend of national oil companies (NOCs) and government backed oil companies dominating the buy side to continue."

In completing the study, Derrick also reviewed past M&A activity and trends. "In contrast to the first half of 2008 where seven of the top ten buyers were western companies; so far this year, only three of ten buyers are western. Buyers of significant deals have recently been mostly NOCs and government-backed companies such as IPIC (Abu Dhabi), CNPC (China), KNOC (Korea) and Ecopetrol (Colombia)," according to Deodhar.

"In addition to tracking deal activity, value trends regionally and globally, and deals in play, we also continuously monitor companies with financial dry powder and a desire to do more deals. Currently, notables on this list include Norway's StatoilHydro, Colombia's Ecopetrol, China's Sinopec, France's Total, United States' Apache Corporation and Canada's Talisman Energy. These companies alone have over $20 billion of capability," concludes Deodhar.

Derrick Petroleum Services is an independent oil and gas research and consulting firm. Its team of twenty analysts maintains Upstream Oil and Gas activity databases for a global client base. The Company's databases have worldwide coverage, with special emphasis on emerging plays and international transactions. The Company maintains sales offices in Houston and London.

For more information:

Additional information regarding Derrick Petroleum Services and its products is available on the Company's website at http://www.derrickpetroleum.com.

For further details of the study, kindly email info@derrickpetroleum.com.


Per:
Yashodeep Deodhar
CEO
Derrick Petroleum Services
info@derrickpetroleum.com


Source: Derrick Petroleum Services

Per: Yashodeep Deodhar, CEO, Derrick Petroleum Services, info@derrickpetroleum.com; Media Contact: Brian Lidsky, Vice President - North American Sales, Tel: +1-832-715-3539

27 May 2009
11:00 Bristow Acquires 42.5% of Lider, Brazil's Largest Helicopter Services Company
26 May 2009
13:00 TED Conferences Announces 25 TED Fellows for TEDGlobal in Oxford
22 May 2009
15:31 New Initiative Poised To Reduce Maternal Mortality Rates By More Than 25 Percent
13:58 China Dominates the Global Aluminium Industry
12:00 Bristow Group Announces Preferred Dividend



Wednesday, March 4, 2009

Addax Petroleum Announces Record Results for 2008

4 Mar 2009 16:08 Africa/Lagos

Addax Petroleum Announces Record Results for 2008

CALGARY, Canada, March 4/PRNewswire-FirstCall/ --



- 41 per cent increase in Funds Flow From Operations to US$1,850 million
- 63 per cent increase in Net Income to US$784 million
- 8 per cent increase in Production to 136.5 Mbbl/d
- 20 per cent increase in Proved plus Probable Reserves to 536.7 MMbbl




Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation") (TSX:AXC and LSE:AXC), today announced its results for the year ended December 31, 2008. The financial results are prepared in accordance with Canadian GAAP and the reporting currency is US dollars.


A conference call will be held for analysts and investors today Wednesday, March 4, 2009 at 11:00 a.m. Eastern Time / 4:00 p.m. London, U.K. Time. Full details can be found at the end of this announcement.


CEO's Comment


Commenting today, Addax Petroleum's President and Chief Executive Officer, Jean Claude Gandur, said: "I take great pleasure to report that Addax Petroleum's 2008 performance has resulted in another year of record operational performance, robust reserves growth and a significant increase in our prospective oil resources. Despite a challenging environment in the fourth quarter of 2008, Addax Petroleum achieved record production of 142.5 Mbbl/d in the quarter and ended the year with a significant discovery at the Njaba prospect. We advanced our early entrant position in the rapidly developing Kurdistan Region of Iraq through the completion of a 30 Mbbl/d facility which is expected to translate into first commercial oil production later this year. In recognition of the current challenging environment, we have undertaken an aggressive cost control program and are prudently managing our business to protect our balance sheet and maintain ongoing liquidity. Addax Petroleum has operated successfully in previous low oil price environments similar to the one we are currently experiencing today and is positioning itself to do so again. I would like to thank our employees, management, board of directors, business partners and shareholders for their support and contribution to Addax Petroleum's outstanding performance in 2008."

- Petroleum sales before royalties in 2008 amounted to US$4,607 million,an increase of 35 per cent over petroleum sales before royalties of US$3,412 million in 2007.

The increase in petroleum sales before royalties was primarily driven by a 29 per cent increase in average crude oil sales price in 2008 to US$94.38 per barrel (/bbl)as compared to US$72.94/bbl realized in 2007 and an increase of 8 per cent in the
average gross working interest oil production. The Corporation experienced a build up of crude oil inventory in the fourth quarter of approximately 540 Mbbl (equivalent to approximately 5.9 Mbbl/d) as production volumes exceeded sales volumes. This crude oil inventory is expected to decline in the first half of 2009.

- Funds Flow From Operations for the fourth quarter of 2008 decreased 26 per cent to US$318 million (US$2.03 per basic share) compared to US$428 million (US$2.75 per basic share) in the fourth quarter of 2007.

On an annual basis, Funds Flow From Operations for 2008 increased 41 per cent to US$1,850 million (US$11.86 per basic share) compared to US$1,313 million (US$8.45 per basic share) in 2007.

- Net Income for the fourth quarter of 2008 decreased 98 per cent to US$3 million (US$0.02 per basic share) compared to US$180 million (US$1.16 per basic share) in the fourth quarter of 2007. On an annual basis, Net Income for 2008 increased 63 per cent to US$784 million (US$5.03 per basic share) compared to US$482 million (US$3.10 per basic share) in 2007.

- Capital expenditures, excluding corporate and acquisition costs, totaled US$521 million in the fourth quarter of 2008 and were comprised of US$406 million for development and US$115 million for exploration and appraisal activities. Capital expenditures, excluding corporate and acquisition costs, increased by 56 per cent to US$1,694 million in 2008 from US$1,088 million in 2007. Development capital expenditures totaled US$1,376 million in 2008, an increase of 67 per cent over development capital expenditure of US$822 million in 2007. Exploration and appraisal capital expenditures totaled US$318 million in 2008, a 20 per cent increase over exploration and appraisal capital expenditures of US$266 million in 2007.

- Corporate and acquisition costs associated with new business activities were US$82 million in 2008 as compared to US$84 million in 2007. New business activities included the acquisition of four new exploration license areas for the Corporation's property portfolio, the increase of the Corporation's working interest in one exploration license area and the commencement of an integrated gas utilization project in Nigeria.

- Bank debt increased in 2008 by US$250 million to US$1,200 million and is currently drawn under two facilities that consist of a US$1.6 billion senior secured reducing revolving borrowing base facility (of which US$1.3 billion can be drawn as debt) and a US$500 million senior unsecured revolving facility that was entered into during the year.

- Average gross working interest oil production in 2008 was 136,450 bbl/d, an increase of approximately 8 per cent over the 2007 average production of 125,940bbl/d. Average oil production for 2008 included 107,980 bbl/d from Nigeria and 28,470 bbl/d from Gabon.

- Total gross working interest proved plus probable reserves, as evaluated in accordance with National Instrument 51-101 by Netherland, Sewell & Associates("NSAI") as at December 31, 2008, increased by approximately 20 per cent to 536.7 MMbbl from 446.7 MMbbl as at December 31, 2007. The Corporation did not make reserves acquisitions or disposals during the year and the 2008 reserve additions arose primarily from the Corporation's operational activity, including extensions and discoveries. Proved reserves decreased by 8 per cent in the same period as NSAI has not assigned proved reserves to wells without production test results. Addax Management elected not to test the Kita Marine appraisal wells in 2008, where 34.0 MMbbl of proved plus probable (2P) reserves were added during the year, given Addax Petroleum had previously tested the initial discovery in 2007 and has adequate data to submit a Field Development Plan to the Government. Similarly, 42.0 MMbbl of 2P
reserves were added from the Njaba well but there were no proved (1P) reserves booked due to the fact that the well was drilled late in the year and had not been production tested within the year. Management expects a portion of these reserves to be reclassified as 1P reserves through additional drilling in 2009.

- The Corporation's overall 2008 reserves replacement ratio was 281 per cent. The reserves replacement ratio is calculated by dividing the gross working interest 2P reserve additions of 140.0 MMbbl (before deduction of 2008 production of 49.9 MMbbl) by the 2008 production.

- Development project highlights in 2008 include:

Nigeria

- drilled 12 successful new development wells offshore, 10 in OML123 and two in OML126, all of which were placed on production during the year;

- drilled two successful new development wells onshore in OML124, all of which were placed on production during the year;

- initial production from the Inagha field in OML123; and,

- ongoing full field development at the Adanga North Horst field in OML123 and at the Okwori field in OML126.


Dividends


The Corporation declared and paid aggregate dividends in 2008 of CDN$0 .40 per share. A dividend of CDN$0.10 per share was declared on March 3, 2009, payable on April 2, 2009 to shareholders of record on March 19, 2009. In accordance with Canada Revenue Agency Guidelines, dividends paid by the Corporation during the period are eligible dividends.


Recent Developments


In January 2009, the Corporation announced a significant discovery from the Njaba 2 well in the eastern part of the OML124 license area in Nigeria. The discovery resulted in Addax Petroleum booking 42.0 MMbbl of probable reserves from this well as at December 31, 2008.


In January 2009, the Corporation commenced production from the Ebouri field in the Etame Marin license area, offshore Gabon.


In February 2009, the operator completed drilling the North Etame exploration well in the Corporation's Etame Marin license area offshore Gabon. The well encountered lower than anticipated hydrocarbons, was water bearing and is expected to be plugged and abandoned.


2009 Outlook & Capital Budget


For 2009, Addax Petroleum has budgeted total capital expenditures of approximately US$1.6 billion (excluding acquisitions), which are expected to result in total production averaging between 140 Mbbl/d to 145 Mbbl/d from its Nigeria and Gabon operations. This budget is consistent with the Corporation's philosophy of funding capital expenditures from internally generated cash flow and has been determined using the average Brent Crude price of US$60/bbl. Should the prevailing Brent Crude price continue to be below US$60/bbl for the balance of 2009, Addax Petroleum intends, and has the flexibility, to reduce its capital expenditures such that total capital expenditures continue to be funded by internally generated cash flow. An average Brent Crude price of US$40/bbl would result in a reduction of capital expenditures to approximately US$1 billion and the associated reduced drilling and facilities expenditures would result in Addax Petroleum's total production for 2009 averaging between 132 Mbbl/d and 137 Mbbl/d.


Regulatory Filings


This announcement coincides with the filing with the Canadian and U.K. securities regulatory authorities of Addax Petroleum's Audited Consolidated Financial Statements for the year ended December 31, 2008 and related Management's Discussion and Analysis, as well as Addax Petroleum's Annual Information Form including the Corporation's Statement of Reserves Data and Other Information, Report of the Independent Qualified Reserves Evaluator and Report of Management and Directors. Copies of these documents may be obtained via http://www.sedar.com, http://www.londonstockexchange.com and the Corporation's website, http://www.addaxpetroleum.com.


Analyst Conference Call


Financial analysts are invited to participate in a conference call today Wednesday, March, 4, 2009 at 11:00 a.m. Eastern Time / 4:00 p.m. London, U.K. time with Mr. Jean Claude Gandur, President and Chief Executive Officer, Mr. Michael Ebsary, Chief Financial Officer and Mr. James Pearce, Chief Operating Officer. The media and shareholders may participate on a listen only basis. To participate in the conference call, please dial one of the following:



Toronto: 416-644-3420
Toll-free (Canada and the US): 1-800-731-5319
Toll-free (UK): 00-800-2288-3501
Toll-free (Switzerland): 00-800-2288-3501




A replay of the call will be available at +1-(416)-640-1917 or +1-(877)-289-8525, passcode 21296229 followed by the number sign until Wednesday, March 18, 2009.





Capital Markets Day


Addax Petroleum will host a Capital Markets Day presentation to financial analysts and investors on Monday, March 23, 2009 in London, UK and Tuesday, March 24, 2008 in Toronto, Canada. The Corporation's senior management team will discuss the Corporation's most recent operating results and expectations regarding future operations. A live webcast of the presentations will be made available and the Capital Markets Day presentation materials will be available on the Corporation's website at http://www.addaxpetroleum.com prior to the event. Interested attendees are encouraged to contact any of the individuals listed at the end of this announcement in order to register in advance.


Reader Advisory Regarding Forward-Looking Information


Certain statements contained in this news release, including statements related to future capital expenditures, business strategy and goals, future commodity prices, reserves and resources estimates, drilling plans, development plans and schedules, future seismic activity, production levels and sources of growth thereof, results of exploration activities and dates that areas may come on-stream, royalties payable, contingent liabilities and statements that contain words such as "may", "will", "would ", "could", "should", "anticipate", "believe", "intend", "expect", "plan", "estimate", "budget", "outlook", "propose", "project", and statements relating to matters that are not historical fact constitute forward-looking information within the meaning of applicable Canadian securities legislation.


Forward-looking information is subject to known and unknown risks and uncertainties attendant with oil and gas operations, and other factors, which include, but are not limited to: imprecision of reserves and resources estimates; ultimate recovery of reserves; commodity prices; general economic, market and business conditions; industry capacity; competitive action by other companies; refining and market margins; the ability to produce and transport crude oil and natural gas to markets; weather and climate conditions; results of exploration and development drilling and other related activities; fluctuation in interest rates and foreign currency exchange rates; ability of suppliers to meet commitments; actions by governmental authorities, including increases in taxes; decisions or approvals of administrative tribunals; changes in environmental and other regulations; international political events; and expected rates of return. More specifically, production may be affected by exploration success, start-up timing and success, facility reliability, reservoir performance and natural decline rates, water handling and drilling progress. Capital expenditures may be affected by cost pressures associated with new capital projects, including labour and material supply, project management, drilling rig rates and availability and seismic costs.

The Corporation's actual results could differ materially from those anticipated in these forward-looking statements if the assumptions underlying them prove incorrect, or if one or more of the uncertainties or risks described above materializes. Risk factors are discussed in greater detail in filings made by Addax Petroleum with the Canadian provincial securities commissions.


Readers are strongly cautioned that the above list of factors affecting forward-looking information is not exhaustive. Further, forward- looking statements are made as at the date they are given and, except as required by applicable law, Addax Petroleum does not intend, and does not assume any obligation, to update any forward-looking statements, whether as a result of new information or otherwise. The forward-looking statements contained in this new release are expressly qualified by this advisory.


Non-GAAP Measures


Addax Petroleum defines "Funds Flow From Operations" or "FFFO" as net cash from operating activities before changes in non-cash working capital. Management believes that in addition to net income, FFFO is a useful measure as it demonstrates Addax Petroleum's ability to generate the cash necessary to repay debt or fund future growth through capital investment. Addax Petroleum also assesses its performance utilizing Operating Netbacks which it defines as the per barrel pre-tax profit margin associated with the production and sale of crude oil and is calculated as the average realized sales price less royalties and operating expenses, on a per barrel basis. FFFO and Operating Netback are not recognized measures under Canadian GAAP. Readers are cautioned that these measures should not be construed as an alternative to net income or cash flow from operating activities determined in accordance with Canadian GAAP or as an indication of Addax Petroleum's performance. Addax Petroleum's method of calculating these measures may differ from other companies and accordingly, it may not be comparable to measures used by other companies.


For further information: Mr. Michael Ebsary, Chief Financial Officer, Tel.: +41(0)22-702-94-03, michael.ebsary@addaxpetroleum.com; Mr. Craig Kelly, Investor Relations, Tel.: +41(0)22-702-95-68, craig.kelly@addaxpetroleum.com; Mr. Chad O'Hare, Investor Relations, Tel.: +41(0)22-702-94-10, chad.o'hare@addaxpetroleum.com; Ms. Marie-Gabrielle Cajoly, Press Relations, Tel.: +41(0)22-702-94-44, marie-gabrielle.cajoly@addaxpetroleum.com; Mr. Nick Cowling, Press Relations, Tel.: +1-416-934-80-11, nick.cowling@cossette.com; Mr. Mark Antelme, Press Relations, Tel.: +44(0)20-3178-6242, mark.antelme@pelhampr.com


Source: Addax Petroleum Corporation

For further information: Mr. Michael Ebsary, Chief Financial Officer, Tel.: +41(0)22-702-94-03, michael.ebsary@addaxpetroleum.com; Mr. Craig Kelly, Investor Relations, Tel.: +41(0)22-702-95-68, craig.kelly@addaxpetroleum.com; Mr. Chad O'Hare, Investor Relations, Tel.: +41(0)22-702-94-10, chad.o'hare@addaxpetroleum.com; Ms. Marie-Gabrielle Cajoly, Press Relations, Tel.: +41(0)22-702-94-44, marie-gabrielle.cajoly@addaxpetroleum.com; Mr. Nick Cowling, Press Relations, Tel.: +1-416-934-80-11, nick.cowling@cossette.com; Mr. Mark Antelme, Press Relations, Tel.: +44(0)20-3178-6242, mark.antelme@pelhampr.com


N.B:
PLEASE, CLICK ON THE NEWS RELEASE FROM ADDAX PETROLEUM CORPORATION BELOW FOR THE FULL DETAILS OF THIS REPORT.



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Thursday, November 27, 2008

Crude Rallies By More Than 10%

Crude Rallies By More Than 10%

November 24, 2008



11/24/08 With stock markets rallying on the US government's rescue of Citigroup combined with OPEC announcing the need for further crude output cuts, front month crude prices rallied this session to trade at levels well above $55.


Saturday, September 13, 2008

Oil Prices Dip Below $100... Briefly

Oil Prices Dip Below $100... Briefly

September 12, 2008



09/12/08 Continued worries over a weakening global economy leading to a decrease in demand finally sent oil prices just below the $100 per barrel mark this past trading session.


Wednesday, August 20, 2008

Malcolm Wicks visit to Nigeria

20 Aug 2008 17:22 Africa/Lagos


Malcolm Wicks visit to Nigeria

London, 20 August/GNN/ --

DEPARTMENT FOR BUSINESS, ENTERPRISE AND REGULATORY REFORM News Release
(2008/178) issued by The Government News Network on 20 August 2008
UK Energy Minister, Malcolm Wicks, has visited Nigeria this week following
HE President Yar'Adua's London meeting with the Prime Minister in June,
where energy was a key theme of their discussion.

Whilst there he met with Nigerian energy ministers and visited the Delta to
gain an understanding of the situation in Nigeria first hand.

Speaking in Nigeria, Wicks said:

"I came here to continue discussions with my Nigerian counterparts and to
understand more about the energy challenges in Nigeria. The UK is keen to see
whether our energy experience can help the Nigerian Government to implement
their far reaching energy sector reforms.

"We have discussed Nigeria's oil and gas production, including their
implementation of a recently launched Gas Master Plan and the prospects for
ending gas flaring, the reform and restructuring of the Nigerian National
Petroleum Corporation and the important work of the Nigerian Extractive
Industries Transparency Initiative.

"I support Nigeria's efforts to better use oil and gas revenues which,
together with fiscal discipline and transparency, can make a positive
difference to livelihoods of the Nigerian people.

"The UK and Nigeria have a close relationship on many issues; I hope that
this can be extended to the energy field and that this visit can help to
further strengthen our partnership."

During bilateral discussions, the prospects for increasing oil and gas
production in Nigeria and the need for a strong investment climate to ensure
this potential is realised were discussed.

Also discussed:

* Sustainable development, climate change, the implementation of the clean
development mechanism and carbon capture and storage technologies;
* Energy conservation and efficiency;
* Capacity building to help with implementation of the reforms; and
* Foreign direct investment

The Ministers also talked about UK's experience in working with
International Oil Companies (IOC) and the benefits doing so can provide to
a country. Recognising the need for the Government of Nigeria and the IOCs
to find a fair and equitable solution to funding issues, Wicks said the UK
Government stood ready to support both parties in achieving this.

Notes to editors

1. The UK supports Nigeria in gaining better use of its oil revenues, improving
transparency, and strengthening macro-economic management, including in the
Niger Delta States.

2. Volatility in the crude oil prices poses challenges for Nigeria and other
producing countries. The UK believes that open, transparent markets are the
best way to encourage investment and encourages Nigeria in its efforts to
increase transparency in the energy sector through initiatives such as the
Nigerian Extractive Industries Transparency Initiative.

3. Both the UK and Nigerian Governments are supportive of the producer/consumer
meeting held at Jeddah to discuss energy and its priorities to improve the
functioning of oil markets, investment in new oil production, management of
demand and sharing a vision of the future energy landscape. Only by working
together and sharing experience will we tackle challenges in an effective
and timely way.

4. The Nigerian Ministers that met with UK Energy Minister, Malcolm Wicks,
included the Minister of State for Petroleum, Odien Ajumogobia; the Minister
of State for Energy (Gas), Emmanuel O Odusina; and the Minister of State
for Energy (Power) Mrs Fatima Balaraba Ibrahim.

5. The UK recognises the ambitious programme of reform the Nigerian Government
is taking forward and modernising of the regulatory regime in the energy
sector. The UK has offered support in sharing experience and building capacity
in energy regulation. It is these regulatory frameworks that give the private
sector the confidence to deliver these ambitious plans. Areas for support
could include technical aspects around gas markets and tariffs where the
UK has significant experience. Also, part of a longer term plan to increase
supplies, both countries recognise the current global shortage in skills in
the oil and gas sector and will work together through the International Energy
Forum and OPEC to look at training and building skills across the sector.

6. Both countries will also explore opportunities to manage supply and demand
and conserve energy which contributes not only to increased energy security
but climate security. We will look at existing energy efficiency initiatives
and also at what new technologies might support these endeavours. An
excellent example of where increased energy security and climate change come
together is the new technology on carbon capture and storage and enhanced
oil recovery. Both countries will continue to work together on commercial
opportunities around implementing climate change measures. Key to this is
the clean development mechanism and the UK Government commits to continuing
to support the NNPC in its actions on the mechanism.

7. The Department for Business Enterprise and Regulatory Reform helps UK
business succeed in an increasingly competitive world. It promotes business
growth and a strong enterprise economy, leads the better regulation agenda
and champions free and fair markets. It is the shareholder in a number of
Government-owned assets and it works to secure, clean and competitively
priced energy supplies.

Department for Business, Enterprise & Regulatory Reform
7th Floor, 1 Victoria Street, London SW1H 0ET

Press enquiries +44 (0)20 7215 5954
(Out of hours) +44 (0)20 7215 3234/3505
Public enquiries +44 (0)20 7215 5000
Textphone +44 (0)20 7215 6740 (for those with hearing impairment)
Press Office fax +44 (0)20 7222 4382
www.berr.gov.uk



Source: Department for Business, Enterprise and Regulatory Reform


More Nigerian Report:

19 Aug 2008
13:52
KX-91 Successful in Tank Remediation Project In Nigeria



Tuesday, August 19, 2008

Oil Prices Rise On Geopolitical Tensions



07/28/08 Tensions in Iran and Nigeria assisted in making front month crude oil prices rise at the end of NYMEX floor trading.