Analysts favour ExxonMobil split

Chevron said in a regulatory filing that after implementing a restructuring plan last year, about 1100 employees were eligible for severance payments, with the US supermajor adding that it is poised to make a slew of job cuts.

San Ramon, California-based Chevron made a $2 million contribution to five international humanitarian agencies in the hopes of assisting those affected by the devastating cyclone that recently hit Burma.

While US supermajor ExxonMobil, the world’s largest oil and gas company, is recording record profits on high oil prices stateside, its Australian arm isn’t faring as well: Its 2007 earnings fell some AUS$1.5 billion (US$1.4 billion) from 2006.

Oil, natural gas liquids and condensates production on the Norwegian continental shelf in March was 2.5 million standard cubic metres of oil equivalent the Norwegian Petroleum Directorate (NPD) said today.

Norway's Ministry of Petroleum & Energy has unveiled the 18 blocks on offer in this year's Awards in Predefined Areas (APA) round.

Norway's StatoilHydro today began a planned maintenance shutdown of the Snohvit liquefied natural gas and plans to restart the plant in early July.

Brazil aims to bring the potentially massive Carioca field on stream in 2010, President Luiz Inacio Lula da Silva said today, adding that the country wants to join Opec.

The Argentine arm of Brazilian state-run Petrobras reported a higher first-quarter net profit of 192 million pesos ($60.2 million).

Argentina's Mendoza province has handed out 11 exploration blocks, saying that the awards will pump $291 million into the region's economy.

Trinidad and Tobago's state-owned oil company Petrotrin said today that an "illegal industrial action" by its employees had not resulted in shortages and it would be able to satisfy all contractual commitments.

Indonesia plans to boost the country’s ailing oil production to allow it to become self-sufficient by 2010, local media reported.

Japan's Osaka Gas has sealed a six-year deal - starting in April next year - with Australia's North West Shelf Liquefied Natural Gas venture partners for about 500,000 tonnes of LNG per annum.

UK-based BG Group said talks with Australian gas producer and energy retailer Origin Energy were continuing but had so far been inconclusive.

French offshore services giant Bourbon’s first quarter revenues are up 21.4% over the same period last year to €211.7 million ($326.6 million), primarily due to charters in the offshore division and strong growth in Africa.

Norwegian explorer Noreco said today it would redeem a $130 million bond to cut funding costs and agreed with banks to expand an existing reserve lending facility to $325 million.

Anzon Australia’s managing director refutes claims of disappointing reserves results at the Basker Manta Gummy project off Australia as preposterous and remains miffed after Nexus Energy pushed the outfit out of a recently proposed merger.

Swedish explorer PA Resources’ total oil production hit 334,000 barrels last month and hit a record sales price of over $100 per barrel.

Norway’s Reservoir Exploration Technology (RXT) slid deeper into the red in its first quarter results as it was hit by foreign exchange losses, the company said.

New Zealand’s Contact Energy said today that the Maui joint venture led by Shell has shored up 58.4 billion cubic feet (62 petajoule) of Maui natural gas reserves.

UK listed Sound Oil is set to push on with this year's seismic shoot over the Citarum onshore block in Indonesia’s West Java province after its partners in the contract area paid back their default to the tune of $5.864 million plus interest and costs.