bp plc-spons adr (BP) Snapshot

A class action lawsuit has been filed against Statoil, Dutch Shell and BP in connection with recent suspicions of oil price manipulation. A group of 19 landowners in Louisiana are suing the three companies for USD 500 million for losses incurred by the price manipulation.

Reliance Industries Limited and its partners BP and NIKO announced a significant gas and condensate discovery in the KG D6 block off the eastern coast of India. The KGD6-MJ1 well was drilled in a water depth of 1,024 metres - and to a total depth of 4,509 metres - to explore the prospectivity of a Mesozoic Synrift Clastic reservoir lying over 2,000 metres below the already producing reservoirs in the D1-D3 gas fields. Formation evaluation indicates a gross gas and condensate column in the well of about 155 metres in the Mesozoic reservoirs. In the drill stem test, the well flowed 30.6 million standard cubic feet per day (mmscfd) and liquid rate of 2,121 barrels a day with a choke of 36/64" with a flowing bottom hole pressure of 8461 psia suggesting good flow potential. Well flow rates during such tests are limited by the rig and well test equipment configuration. The discovery, named `D-55', has been notified to the Government of India (GoI) and the Management Committee of the block. This discovery is expected to add to the hydrocarbon resources in the KG D6 block. Appraisal will now commence to better define the scale and quality of the field.

PetroChina Co. Ltd. (SEHK:857) is seeking acquisition opportunities. PetroChina will seek to increase cooperation with companies including Exxon Mobil Corporation (NYSE:XOM), BP plc (LSE:BP) and Royal Dutch Shell plc (LSE:RDSA) as it looks to add overseas resources. PetroChina will also seek to work with Eni SpA (BIT:ENI) and Chevron Corporation (NYSE:CVX) as its makes expansion abroad a priority, Chairman Zhou Jiping told Bloomberg. The cooperation could involve teaming up to make acquisitions or joint exploration activities, Mao Zefeng, PetroChina’s spokesman said after the press conference. As of May 23, 2013, PetroChina share fell 2.2% to HKD 9.5 in Hong Kong.