Bloomberg reported that OAO Rosneft’s $55 billion takeover of TNK-BP will make it bigger than Exxon Mobil, as the Soviet-era wells allow it to pump almost 5% of the world’s oil.
A brief overview of oil price developments, supply and demand and significant market movers.
The Wall Street Journal reported that Russia's Rosneft (LSE:ROSN) is set to buy a 50 percent stake in TNK-BP Ltd. from BP plc (LSE:BP) for about $25 billion. It is also looking to buy out BP's partners for up to $28 billion, and has signed a preliminary agreement to that effect.
After BP-Rosneft deal falls through, Exxon score a major coup with partnership that grants them access to untapped reserves that could top 110 billion barrels of oil equivalent.
Clearly Monday was not particularly good news for oil companies. With futures settling below $90 per barrel, ($87.81 when Benchmark went to proofing) the industry is seeing the lowest prices since February.
TNK-BP currently in search for top-notch experts to fill vacant positions due to withdrawal of experts by BP. For full story, click here
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