Word: repsol
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...barrel rate sought by oil executives. Chevron, which had negotiated for a year to develop Iraq's second-biggest field, West Qurna, pulled out of the deal on Tuesday, saying it had not met the company's "standard investment criteria." French giant Total and Spain's Repsol also withdrew after failing to secure a better deal from the Iraqis, leaving Baghdad high and dry. "[The Iraqis] approached this auction with a bit of arrogance," Younsi says. "They thought oil companies would do absolutely anything to get into Iraq...
...Spanish energy company Repsol-YPF has entered into a production-sharing agreement with Cupet and is scheduled to start drilling the first real well in the EEZ next year. Other international firms, including Norway's StatoilHidro and India's Oil & Natural Gas Corp., are part of the Repsol-led consortium. Venezuela's state-run Petroleos de Venezuela is considered a lesser player because it has little deep-water drilling experience. (China is also interested but so far only involved in onshore drilling in Cuba.) Cuba is now in important negotiations with Brazil's Petrobras, which just made its own multibillion...
...Sponsorship by oil companies has aroused controversy at schools such as the University of California, Berkeley over whether the gifts might bias research. Hogan said the Shell gift would avoid that issue because much of Harvard’s funding in this area comes from other sources, such as Repsol YPF and the Apache Corporation, oil and gas companies with “a very different set of immediate interests.” “If you had all of the funding coming from a single source, that would be,” he paused, “interesting...
...measure calls for U.S. sanctions on foreign companies that invest more than $20 million a year in Iran's energy sector, and last week Royal Dutch Shell admitted that could put in jeopardy its projected $10 billion investment in an Iranian gas field in cooperation with Spain's Repsol. Shell Chief Executive Jeroen van der Veer said, "I would like to emphasize that we have here quite a dilemma. This is Iran. They are the number two in oil and gas reserves in the world.... But we have all the short-term political concerns...
...Vienna. Iran's state-owned oil company, which controls the world's second-largest oil and natural-gas reserves, is auctioning 17 oil blocks that could attract nearly $600 million in foreign investment. Norway's Statoil ASA, Russia's OAO Lukoil Austria's OMV AG, and Spain's Repsol SA were involved in the two-day conference in Vienna, where the tenders are being presented. According to Nozari, Iran needs about $94 billion of foreign investment by 2014 to bolster oil and gas production, especially because its current output is dropping by some 7% every year due to depletion...