Energy Business Review: Mid-East Violence RAISES Oil Stocks, Anadarko In MOZAMBIQUE

Shares of European oil producers with exposure to Libya, Eni S.P.A. (NYSE:E) and Total S.A. (NYSE:TOT), moved a bit higher Wednesday, along with those of Apache Corporation (NYSE:APA), which has significant output in Egypt. However, even with the new violence in the Middle East trumping the news, plus oil inventories in the United States rising, Brent crude rose by 0.2 percent while West Texas futures slipped.

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Anadarko Petroleum Corporation (NYSE:APC) is discussing with Eni a project to construct a liquefied natural gas facility in Mozambique, as part of a plan to jointly develop their recent major gas discoveries off that country’s coast. The high-end forecast for total gas in the Rovuma Basin is nearing 100 trillion cubic feet, as a consortium led by Anadarko plans to transport the gas to shore, at which point it will be liquefied and shipped.

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