LONDON Tullow Oil is to take a $1.5 billion (1.15 billion pounds) writedown after cutting its long-term oil price assumptions by $10 to $65 a barrel, a downgrade to reserves in Ghana and disappointing exploration wells, the company said on Wednesday.
LONDON Premier Oil is set to buy North Sea assets from BP and increase its stake in the Tolmount gas project, funded by a $500 million (379.97 million pounds) rights issue, but faces opposition from hedge fund ARCM, which vowed to fight the plans.
* Coming up: U.S. EIA inventory data at 1530 GMT
(Updates prices, adds Aramco trading)
LONDON More than half of the value of Africa-focused Tullow Oil was wiped out on Monday as Chief Executive Officer Paul McDade stepped down and the oil producer scrapped its dividend after failing to meet production targets due to weak performance by flagship assets in Ghana.
By Shadia Nasralla, Olesya Astakhova and Bozorgmehr Sharafedin
By Shadia Nasralla, Olesya Astakhova and Bozorgmehr
* OPEC+ seeks additional cuts of more than 400,000 bpd
MOSCOW/VIENNA OPEC and its allies led by Russia are gearing up to approve deeper oil production cuts this week to prevent a new glut and a collapse on oil prices with OPEC member Iraq saying the move was supported by key members.
LONDON Bids for North Sea oil and gas firm Siccar Point, backed by private equity groups Blackstone and Blue Water Energy, came in at between $1.2 billion and just under $2 billion, according to three industry sources.