AMSTERDAM - Royal Dutch Shell PLC and its Canadian partner Nexen Inc. announced Friday they have made a significant discovery of oil 25,000 feet below the surface in the Gulf of Mexico.
Shell and Nexen said the deposits were found at the Appomattox prospect in the Mississippi Canyon of the gulf, an area where other rich deposits were discovered last year.
"Well results have exceeded our pre-drill expectations," Nexen said in a statement from Calgary, Alberta.
Maaliskuu 2010
Shell makes deep oil strike in Gulf of Mexico
Hedge Fund Managers are Back
John Paulson became a billionaire in 2007 shorting the lowliest tranches of subprime mortgages. Last year, he told investors in a letter in January, he made billions more buying the same, not to mention bonds issued by troubled auto lender GMAC and loans from deals turned precarious, like the $48 billion buyout of power producer TXU. His net worth: $12 billion.
Investing In Mother Russia
As the R in BRIC, the acronym created to describe the next "big" global economies, Russia is often the least talked about and least invested in. Rightfully so, the Russian economy ranks as one of the most corrupt nations. Low innovation scores, swinging commodity prices and heavy government intervention make it a less than "ideal" investing situation. However, the risk to rewards ratio may be returning to the investors favor.
A Modern Russia
U.K. Won’t Delay Hedge Fund Rules Long, Lawmakers Say
March 18 (Bloomberg) -- Hedge fund and private equity rules haven't been dealt a lethal blow by delays requested by U.K. Prime Minister Gordon Brown, according to the European Union lawmaker sponsoring the proposals.
Challenging Nokia In India
In two years Micromax made its mark in the Indian mobile handset market dominated by Nokia. Now it's ready to take on the leader.
Four years after it was first recommended, mobile number portability still remains a paper concept. Yet for over nine months Saurabh Raina, a 43-year-old employee with a switchgear manufacturer from Bhopal, has chosen the best monthly plans on offer across six different GSM operators while he can be reached on the same number he has had for over seven years.
Panama Canal vows to stick with toll increases
The administrator of the Panama Canal has defended the waterway's recent programme of toll increases despite complaints that they are aggravating the shipping market crisis.
How Asian Economies Can Compete And Grow
The Asian economies have performed relatively well during the first global recession since World War II. This performance was partially a result of Asian governments' fiscal and monetary stimulus packages that offset the fall off in Asian exports to markets such as North America and Europe.
Finnish Papermakers, Trade Crippled as Ports Idled
March 4 (Bloomberg) -- Finnish port workers began an open- ended strike today, halting most foreign trade and forcing Europe's two biggest papermakers to begin idling production.
About 3,400 stevedores walked out this morning in an effort to win better severance pay for workers who lose their jobs, the Helsinki-based Transport Workers Union said.
Amassing Billions On Your Own Steam
It's one thing to build a tidy business with the backing of a wealthy father or uncle--quite another to make it on your own steam and with little help from professional investors and lenders. People do it, though. So the question is: How?
Energy shortages threaten Africa growth-UK minister
LONDON (Reuters) - Africa's economic growth could be held back for another generation unless global investors help the world's poorest continent to improve its unreliable energy networks, a British minister said on Thursday.
International Development Minister Gareth Thomas said power shortages are Africa's biggest barrier to growth and could undo decades of work to help it to compete in world markets.
ASSETS IN GOOD HANDS.
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