BP production up 11 percent
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Oil major BP&#39;s BP.L oil and gas production has risen 11 percent in the third quarter from a year earlier, with sharply rising Russian output counteracting falls elsewhere, as oil prices soared to new highs.
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RIYADH: Saudi Arabia will increase oil production capacity to 11 million barrels per day (bpd) within weeks in a bid to curb record prices, Oil Minister Ali Al Nuaimi said yesterday.
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Chevron and its partners have successfully extracted oil from a test well in the deep waters of the Gulf of Mexico, an achievement that could be the biggest breakthrough in domestic oil supplies since the opening of the Alaskan pipeline.
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LONDON  - British energy giant BP PLC said Wednesday that oil and gas production rose four per cent in the fourth quarter of 2004, largely due to higher output from Russia, but added that higher taxes there would take a chunk out of earnings.
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The Organization of Petroleum Exporting Countries boosted crude-oil production 1.2 percent in August, reaching a 25-year high for a second month in an attempt to pull prices back from records, a Bloomberg survey showed.
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Corning Inc., the specialty glass maker, said that its fourth-quarter profit rose 11 percent, topping expectations.
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BP Plc BP.L will be able to restart   105,000 barrels per day of oil production from the eastern side   of Prudhoe Bay within "a few weeks" after Alaska regulators   approved on Friday the oil major's plan to connect the field to   the nearby Endicott pipeline.
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OPEC responded to recent high oil prices yesterday by raising its output quotas by 1 million barrels per day (bpd) of crude, effective from 1 November, a move analysts said was largely cosmetic in light of its current overproduction.
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Anheuser-Busch Cos Inc  said on  Wednesday quarterly profit rose nearly 11 percent as the  nation's largest brewer sold more beer at higher prices.
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BP Plc&#39;s oil and gas production rose 11 percent on the year in the third quarter but analysts expect strong earnings for the quarter to be mainly due to runaway oil prices rather than BP&#39;s record in finding oil.
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British energy giant BP said that overall production of its oil products during the third quarter was expected to rise by 11 percent from the equivalent figure last year, helped by its Russian operations.
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Crude oil futures rose above $42 a barrel Wednesday after government data showed an increase in US fuel supplies. Traders were also focused on an upcoming OPEC meeting at which the group could trim output in response to falling prices.
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JEDDAH, 29 September 2004 - With oil prices soaring to record highs, Saudi Arabia announced yesterday it would increase its production capacity to 11 million barrels per day (bpd) within weeks in a bid to curb the prices.
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Independent oil and gas producer Devon Energy Corp.  said on Friday it expects fourth-quarter production to rise 7 percent from the year-ago level to about 57 million barrels of oil equivalent (boe).
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Saudi Arabia, the world&#39;s largest oil exporter, is to raise production from 9.5 million barrels a day to 11 million barrels in an attempt to rein in prices that have topped US$50 a barrel.
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High oil and gas prices and bigger profit margins in refining helped BP PLC drive up third-quarter earnings by 53 percent, the company said Tuesday.
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BP said that second-quarter profit rose on the sale of the Coryton refinery in Britain and the West Texas pipeline in the United States to Occidental Petroleum.