Word: bbl
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...stake in the firm. The two companies promptly announced a strategic alliance to develop oil reserves in the Russian Arctic and potentially work together in Iraq. For Jim Mulva, Conoco's president and chief executive, the deal amounted to a coup, giving Conoco access to 8 billion bbl. of proven oil reserves at a relatively modest cost. Lukoil was delighted, too, because it is counting on the Americans to help it extract and market the oil more efficiently. But as Mulva and Lukoil president Vagit Alekperov toasted their accord with champagne, they were careful not to mention the one issue...
...located in remote locations deep in Siberia or above the Arctic Circle. Russia's Minister for Natural Resources, Yuri Trutnev, has cautioned that extracting Russian oil will become increasingly difficult. Nonetheless, the Western oil companies are eager to export Russia's reserves, which are conservatively estimated at 70 billion bbl. - more than double those...
...foothold. All three recently signed preliminary agreements to work with state-controlled Gazprom, an oil-and-gas behemoth in which German power company E.On holds a 6% stake. And there is widespread speculation in Moscow that Sibneft, an oil company with proven reserves of 4 billion bbl., controlled by billionaire Roman Abramovich, could be in play...
...into the difficulties foreign companies typically face in Russia, from a volatile economy to unreliable partners. The company's first foray into the Russian market, in 1997, ended badly after a firm in which it took a 10% stake went bankrupt. At the time, oil was near $10 per bbl., the Russian economy was sliding into crisis, and BP found its stake wasn't big enough to influence management of the company, called Sidanco. BP also ended up at loggerheads with other Russian shareholders at Sidanco, members of the private Alfa investment group headed by billionaire Mikhail Fridman. But Sidanco...
Since then investors and business executives of all stripes have poured into Libya--especially oil executives. Oil accounts for more than 90% of Libya's revenues. At a time when world oil prices are over $50 per bbl., analysts estimate that Libya's known oil reserves hold 30 billion bbl.--more than $1 trillion worth--enough to keep the pumps turning in Libya for decades. What's more, only about 25% of the country has yet been explored. Already this year, some 120 companies have joined Libya's first open bidding process to dig for new oil in 15 areas...