Energy

Cnooc to Buy 50% of Argentina Crude Exporter Bridas Corp. for $3.1 Billion Cnooc Ltd., China’s biggest offshore oil explorer, said it will invest $3.1 billion for a 50 percent share of Bridas Corporation, giving it a stake in Argentina’s largest oil exporter.

Oil Falls After in New York U.S. Consumer Sentiment Unexpectedly Declines Crude oil declined for the first time in three days after a report showed that confidence among U.S. consumers unexpectedly dropped this month.

Cnooc May Soon Announce Progress of Its Overseas Expansion, Cooperation Cnooc Ltd., China’s biggest offshore oil explorer, may announce information about the progress of overseas cooperation “very soon,” said Chairman Fu Chengyu.

IEA Raises 2010 Crude Oil Demand Estimate on Developing Economies, China The International Energy Agency raised its forecast for global oil demand this year for a second month as fuel consumption in Asia rises more than expected.

Shell Said to Shut Hydrocracker After Fault as German Outages Deepen Royal Dutch Shell Plc stopped a diesel unit at its Godorf oil refinery in Germany after a leak, two people familiar with the situation said, curbing supplies at a time of mounting maintenance shutdowns.

Conoco Proposes $13 Billion Development for Ekofisk South, Eldfisk Fields ConocoPhillips, the third-largest U.S. oil company, proposed development plans for the North Sea Eldfisk and Ekofisk South fields offshore Norway valued at as much as $13 billion to prolong their production lives.

OPEC to Keep Quota Unchanged With Oil Above $80, Survey of Analysts Shows OPEC will maintain existing production quotas next week as prices hold above $80 a barrel and the group awaits further confirmation of a recovery in demand, according to a Bloomberg News survey.