THE LONDON TIMES: Need to Know: Global Business Briefing: “Shell, the UK oil giant, has halted 140,000 barrels of daily production at its Draugen field in the North Sea because stormy weather is hampering platform repair work.” (ShellNews.net) 11 Jan 05

January 11, 2005

Edited by Joe Bolger and Tom Roundell

NATURAL RESOURCES

Shares in Abbot, the oil drilling contractor, slid almost 12 per cent after it gave warning that next year’s profits would be hit by reduced North Sea activity and the weak US dollar.

India’s state-run Oil and Natural Gas Corporation said it had government approval to bid for some assets of Yukos, the beleaguered Russian group.

Shell, the UK oil giant, has halted 140,000 barrels of daily production at its Draugen field in the North Sea because stormy weather is hampering platform repair work.

African Eagle Resources shares rose 7 per cent after it said that 11 out of 17 holes in preliminary drilling at its Igurubi project had intersected gold.

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