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Energy Blast – June 12, 2012

Reuters reports on uncertain times for BP shareholders as the oil major braces for the bill resulting from the Deepwater Horizon spill.  The company is apparently hoping for less than $15 billion to settle all criminal and civil penalties – but reports have suggested the Department of Justice may exact $25 billion.  Despite its wrangles with AAR, ‘BP should not yet give up on Russia. It has the deepest experience of any oil major in one of the world’s best remaining hydrocarbon territories – a competitive advantage’, says the FT.  This article suggests that despite many years of negotiations, Gazprom Neft may abandon its plans to purchase a stake in ENI’s Libyan Elephant field.  London-based buyout group Apax has signed a $1 billion deal to buy oil and gas software specialist Paradigm.