Rosneft's market value prices its oil and gas reserves at $33 a barrel, the 4th lowest amongst the world biggest oil producers, information accumulated by Bloomberg.
That's 60 % below the $13.2 average price BP got for fields sold past year holding 1.7 billion barrels, according to bank DnB NOR ASA.
The CEO of the largest offshore oil and gas firm by capacity, of China named Cnooc Ltd. stated on Monday that the operations of Pan American Energy LLC will remain firm in the times to come even as BP PLC (BP) is selling off most of its stake in the South America-based oil and Gas Company. BP is doing that for helping out to cover the cost of the U. K. firm's oil spill in the Gulf of Mexico.
On Wednesday a federal panel of Scientists reported that BP officials and the contractors of the company who were aboard the rig Named Deepwater Horizon in the Mexican Gulf ,did not pay heed to the warning signs given clearly regarding the dangerous condition of the Macondo well before the well blew apart in the month of April.
Some of the most important news of the oil market is given below. Oil prices had it nearly two-week low with apprehension that there will be less demand for oil in China as the country will step up its monetary measure for cooling its economy.
According to a panel of investigator BP did not show operating discipline before the blow out of its well.