MARKETS: Senator says BP memo shows oil companies try to keep supplies down, prices high

WASHINGTON (AFX) – An internal BP PLC memorandum obtained by a Senate panel investigating gasoline price spikes across the US shows that oil companies believe it is advantageous to depress stocks in order to raise prices, according to Democratic Senator Carl Levin. An 11-month investigation by the Senate Governmental Affairs Committee’s Permanent Subcommittee on Investigations,...

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SRI LANKA: CPC to resume upstream activities in India

The Ceylon Petroleum Corporation intends to resume oil exploration off the north-west coast in waters near India this year. “We are likely to go for open bidding before the end of the year for blocks off the west coast,” chairman Daham Wimalasena told the Sunday Times. The last time the CPC went prospecting for oil...

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THAILAND: Australia’s Carnarvon announces results of Wichian Buri oil field tests

Australia’s Carnarvon Petroleum NL has released the results of recent well tests at Thailand’s onshore Wichian Buri oil field. In March, it carried out tests to determine the potential for increasing oil production from the wells drilled last year. The wells have not achieved their anticipated potential and tests were carried out to gain an...

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