Royal Bank of Scotland Threatened by Anonymous Hacker Group

-  Royal Bank of Scotland Threatened by Anonymous Hacker Group



Jul 14, 2011

Royal Bank of Scotland (NYSE:RBS) has been threatened with cyber-attacks by the Anonymous hacker collective for lending financial support to oil projects in Canada, accruing to a report in the Independent this morning. Oil giants Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) are also said to be on the "hit list" of companies to be targeted by Anonymous.

Royal Bank of Scotland is currently below its 50-day moving average (MA) of $13.04 and below its 200-day MA of $13.60. In the last five trading sessions, the 50-day MA has fallen 1.13% while the 200-day MA has slid 0.43%.

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ConocoPhillips to Divide into Two Companies

- ConocoPhillips to Divide into Two Companies

Thursday, July 14, 2011
ConocoPhillips

Consistent with ConocoPhillips' previously stated strategies and focus on value creation for its shareholders, ConocoPhillips' board of directors has approved pursuing the separation of the company's Refining & Marketing and Exploration & Production businesses into two stand-alone, publicly traded corporations via a tax-free spin of the refining and marketing business to ConocoPhillips shareholders.

Following the completion of the proposed separation, ConocoPhillips will be a large and geographically diverse pure-play exploration and production company with strong returns and investment opportunities. The company's strategy of enhancing returns on capital through developing new resources, growing reserves and production per share, continuing the asset sale program and increasing shareholder distributions will not change.

As a separate company, the Refining and Marketing business of ConocoPhillips will be a leading pure-play independent refiner with a competitive and diverse set of assets. In addition to executing the company's initiatives to improve downstream returns through portfolio rationalization and other operating efficiencies, the new downstream company will be able to further position its portfolio by pursuing transactions and investments across the value chain. Under the contemplated plan, both companies will be well positioned with financial strength and flexibility and experienced management teams committed to continued value creation.

"Consistent with our strategy to create industry-leading shareholder value, we have concluded that two independent companies focused on their respective industries will be better positioned to pursue their individually focused business strategies," said Jim Mulva, chairman and chief executive officer. "Both companies will continue to benefit from the size and scale of their significant high-quality asset bases and free cash flow generation, allowing them to invest and create shareholder value in a changing environment."

The separation of the companies is expected to be completed in the first half of 2012. Upon completion of the separation, Mulva intends to retire. Until that point, he will continue to serve as ConocoPhillips' CEO and lead the separation efforts. The work to determine the detailed allocation of assets and liabilities, the management and governance of the companies, and the mechanics of completing the separation will begin immediately. Further details will be disclosed as they are determined over the next several months.

The contemplated separation of ConocoPhillips into two companies does not require a shareholder vote. The separation is subject to market conditions, customary regulatory approvals, the receipt of an affirmative IRS ruling, the execution of separation and intercompany agreements, and final board approval.

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Lukoil, Partners Award Deal to Drill 23 Iraq Wells -Source

- Lukoil, Partners Award Deal to Drill 23 Iraq Wells -Source

Thursday, July 14, 2011
Dow Jones Newswires
LONDON
by Hassan Hafidh

Lukoil and its partners have awarded a deal to a "known" service company to drill some 23 new wells at Iraq's supergiant West Qurna Phase 2, a person familiar with the project said Thursday.

"The central contracts committee at the Iraqi Oil Ministry is studying the contract and we expect them to take a decision shortly," the person told Dow Jones Newswires.

Along with Norway's Statoil and Iraq's state South Oil Co., Lukoil is expected to award four other major deals in August to help develop the 12.9-billion-barrel field located in Basra governorate in southern Iraq.

The four contracts include a crude processing facility, a 126-megawatt power station, an export pipeline linking the field with a tank farm in Tuba near Iraq's southern export terminals, and six large storage tanks, the person said, adding the largest contract would be the crude processing facility.

The person said that Lukoil has shortlisted five oil services companies for this plant--Saipem, SNC-Lavalin Group, Punj Lloyd, Globalstroy-Engineering and South Korea's Samsung Engineering.

For the power station the Russian supermajor has received offers from a number of companies such as Petrofac and Greece's ENKA, the person said.

The contracts are part of an initial development plan to start production from the untapped oil field, set by Lukoil and Statoil and approved by Iraq's Oil Ministry last year. They are expected to help production at the field hit 150,000 barrels of oil a day in 2013, the person said.

Lukoil and Statoil were awarded a 20-year service contract for West Qurna Phase 2 in Iraq's second licensing round held in December 2009. The companies promised to get the southern field pumping at a rate of 1.8 million barrels a day for payment of $1.15 a barrel.

The development project is one of several that Iraq awarded last year with the ambitious objective of expanding its oil production capacity to 12 million barrels a day by 2017. But Iraq's oil minister said last month that Baghdad was considering scaling down this goal and could renegotiate deals.

Copyright (c) 2011 Dow Jones & Company, Inc.

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Lundin Spins Bit Offshore Malaysia

- Lundin Spins Bit Offshore Malaysia

Thursday, July 14, 2011
Lundin Petroleum AB

Lundin has commenced the drilling of the Cempulut prospect located in Block SB303, offshore Sabah in East Malaysia.

The main objective of the well is to test a large shallow late Miocene carbonate reef with a crestal seismic amplitude anomaly.

The planned total depth is 1,031 meters subsea and the well will be drilled using the jack-up drilling rig Offshore Courageous. The well is expected to take approximately 30 days.

Lundin Petroleum holds 75 percent interest in SB303 through its subsidiary Lundin Malaysia BV. Lundin Malaysia BV operates 6 Blocks in Malaysia, namely PM308A, PM308B, PM307, SB303, SB307 and SB308.

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