Energy Business Review: Shell Bids At Colombian Auction, Rosneft Buys Interest In BP

Royal Dutch Shell (NYSE:RDS.A)(NYSE:RDS.B) is among the top bidders at Colombia’s first government auction of oil and natural gas blocks in the past two years. Oil production has increased by 72 percent since 2007 in Colombia, as it tries to grow its reserves by around $2.6 billion to ensure that output will continue rising after improved security brought record international investment.

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Rosneft Oil Co. (RNFTF.PK) has officially offered BP (NYSE:BP) $28 billion in cash and stock to acquire its interest in TNK-BP, according to The Financial Times. BP would receive between $15 billion and $20 billion in cash plus a stake in Rosneft of between 10 and 20 percent. Just earlier in the week, Rosneft agreed to purchase the 50 percent interest in TNK-BP held by four billionaires in Russia, but on Thursday they waived their right to bid for BP’s investment after failing to raise the cash.

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