CONOCO SELLS CLAIR: 24%, $3 BLN
ConocoPhillips, the largest U.S. independent oil and gas company, is preparing to auction its 24 percent stake in the Clair oilfield in the United Kingdom, the Financial Times reported on Monday.
The Houston-based company has hired banks to sell its stake in the Clair oilfield in a deal that could fetch between $2 billion and $3 billion, according to the FT report, which cites people familiar with the matter.
Clair oilfield, which was discovered in 1977 and extends over 220 square kilometers (135 square miles), is located in Scottish territorial waters west of the Shetland islands.
The oilfield has an estimated 8 billion barrels of oil, making it the largest hydrocarbon resource in Europe, according to oil major BP Plc's website.
BP, ConocoPhillips, Chevron Corp and Royal Dutch Shell Plc were developing a second phase of the oilfield, known as Clair Ridge, at a cost of 4.5 billion pounds, with production estimated to start in 2016/2017.
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AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.
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FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.