Shares of the West Coast oil refiner Tesoro Corporation (TSO) react positively to a weekend Barron’s article, which reported that the company “may have pulled off the acquisition of the year” when it acquired a large California refinery from BP for $1.175 billion in August. Investors pushed the shares up by about 10 percent afterwards, but they still are attractive, trading at 6.8 times the projected 2012 profit of $5.84 per share.
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Petrobras (PBR) is searching for a partner to invest in its American offshore deepwater oil fields, which implies that the Brazilian company might have found a method by which to extract oil from the ‘difficult’ site in the Gulf of Mexico. In addition, this news could benefit National Oilwell Varco, Inc. (NOV), which has been purchasing companies that produce parts for FPSO vessels that Petrobras has deployed off both Brazil and West Africa.
A joint venture that is led by Apache Corporation (APA) has found natural gas off the coast of Kenya, which fuels hopes the nation might possess commercial reserves, after big finds in adjacent Tanzania and nearby Mozambique. The Mbawa-1 exploration is expected to strike a net gas column of 52 meters. The bore is still drilling towards a planned depth of 3,275 meters, with a secondary target reservoir near its path.
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