- BP will intercept leaking well in 7-10 days – Argus

- US fights reversal of offshore drilling ban – FT

- Total moves into Canada’s oil sands – FT

- New company plans to drill for Falklands oil – FT

- Chesapeake Energy Seeks Asian Investors for U.S. Gas Projects – WSJ

- BP to Resist Early Notice Of Asset Sales – WSJ [And more] Read more

The set of small oil and gas advisory groups bought up by investment banks in recent years continue to do well for their owners.

BP’s hire of Standard Chartered to help sell $10-$20bn of upstream assets has much to do with Martin Lovegrove, the veteran oil and gas banker whose boutique, Harrison Lovegrove was purchased by StanChart in 2007. Read more

When BP finally resummes dividend payments after the 2010 moratorium how much can cash are shareholders expect to receive?

The answer, via the dividend swaps market, is a lot less than the 56 cents (or 14 cents a quarter) BP has paid for the past couple of years. Read more

With BP planning $10bn of “non core” asset sales many of its rivals are likely to be licking their lips.

The question is, what counts as “non core”?

The BP golden rule

For BP, as for many of the majors, a logical first step would be to put its low growth European and US downstream operations on the block.

The problem is that there are very few buyers, meaning the company would struggle to derive value from a sale, let alone be able to find a willing buyer. Read more

- China to step up deep water exploration – FT

- UK investors sanguine on BP’s predicament – FT Read more

Oil retreated below the $60 a barrel mark on Friday as crude’s recent weakness slump continued unabated.

A mildly bullish mid-term outlook from the International Energy Agency did little to lift sentiment.

The IEA, the energy watchdog of the developed world, said it expected global oil demand to rise by 1.7 per cent next year as economic activity is rekindled, with demand coming mainly from developing economies.

Wednesday’s US inventories data showing large increases gasoline and distillate inventories continued to drag on the market. Read more

Oil tumbled to a five-week low on Monday as last week’s parade of negative news, notably the US jobless rate hitting its highest level in 26 years, continued to eat away investor enthusiasm for commodities.

Data last week showing Eurozone unemployment rose to a ten year high further undermined the idea of a swift global economic recovery, with confidence in the market also knocked by the revelation that the large spike in oil seen last Tuesday was the work of unauthorised positions taken by a trader at the brokerage PVMRead more

Oil slipped further on Friday amid light trading as bleak US jobs data continued to weigh on the market.

Crude dropped almost 4 per cent on Thursday after closely watched non-farm payrolls data showed the jobless rate in the world’s largest economy hit a 26-year high, dashing latent hopes that commodities would continue to rally on the back of a sharp global economy. Read more

Oil fell on Thursday as the market continued to digest US government data showing a large increase in petrol stocks, increasing worries that consumer demand was flagging and the energy markets had been overbought.

Crude sagged as investors across most asset classes adopted defensive stances after closely-watched US non-farm payrolls data showed unemployment in the world’s leading economy fell more than expected. Read more

Oil hit an eight month high on Tuesday and was on track to post its largest quarterly gain since 1990 as optimism for an economic recovery rather than clear news flow continued to drive crude prices.

The energy market defied predications of a quiet US holiday trading period as US crude again broke through the $72 a barrel level, adding to a 3.7 per cent rise in the previous session. Read more