Sector Update: Energy


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Energy issues are broadly mixed before the bell, while oil prices are falling amid renewed concerns about Europe's sovereign debt situation. BP plc ( BP ) was told by the U.S. Department of Justice that its probation for violating a plea deal over the 2005 Texas City refinery will not be revoked. Instead, the company will be given another 18 months to completed safety reviews and upgrades at the refinery. The energy group's new CEO Robert Dudley takes on his post this Friday. Equatorial Guinea's minister delegate for mines Gabriel Obiang Lima said the country has signed five oil concessions deals including two with Russia's Gazprom Neft, the oil arm of Gazprom OAO (GAZP). The country also signed a deal with privately held Swiss mining group Glencore International AG. Equatorial Guinea expects oil production to increase by over 10,000 barrels a day within the next two years as offshore developments operated by Noble Energy Inc ( NBL ) become ready. Brent crude is down 0.5% at $78.19 a barrel on NYMEX.

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This article appears in: Investing Commodities
Referenced Stocks: BP , NBL

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