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BP closes out 2013 with deepwater finds in Gulf of Mexico and offshore Angola; new activity offshore Brazil

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Earlier in December, Cobalt International Energy announced a significant discovery at its Lontra well in the pre-salt play offshore Angola, in which BP holds a 30% interest. While further appraisal drilling will be required to determine the ultimate size of the Lontra field, it is clear that Lontra is a discovery on a global scale.

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IEA: non-OPEC oil supply tops 43 mb/d for first time in decades; global demand to reach 92.4 mb/d in 2014

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The International Energy Agency’s (IEA’s) Oil Market Report (OMR) for December raised the estimate of global oil demand for 2013 by 130,000 barrels per day (130 kb/d) to 91.2 Global demand is now seen advancing by 1.2 Global demand is now seen advancing by 1.2 Global oil supplies increased by 310 kb/d in November to 92.3

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BP takes delivery of 6 new LNG tankers

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BP is taking delivery of six new, state-of-the-art liquefied natural gas (LNG) tankers to support its expanding global LNG portfolio, and to respond to growing demand for lower-carbon energy sources around the world. BP also participates in LNG projects in Australia, UAE, Indonesia, Trinidad and Angola.

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GECF: more than a quarter of 2050 natural gas supply untapped

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According to the latest available figures from the GECF Global Gas Outlook 2050, natural gas production in the Central Asian Republic is set to increase by 78% to reach the level of more than 141 billion cubic metres (bcm) by 2050, at a remarkable annual growth rate of 1.9%.

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IEA March Oil Market Report revises 2015 demand forecast upward

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out in the second quarter of 2014, global oil demand growth has since steadily risen, with year?on?year mb/d, bringing global demand to an average 93.5 mb/d, bringing global demand to an average 93.5 Global supply rose by 1.3 mb/d, as losses in Libya and Iraq offset higher supply from Saudi Arabia, Iran and Angola.

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Chevron announces $32.7B capital and exploratory budget for 2012; LNG and deepwater investments propel a step change

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Major capital investments include developments in Australia, the deepwater Gulf of Mexico, Nigeria, Angola and China. Angola: Angola LNG and development of Mafumeira Sul. Global exploration funding is expected to be $3 billion in 2012. Global exploration funding is expected to be $3 billion in 2012.

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GE study finds 5% of worlds natural gas production wasted per year by flaring

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A newly released GE study — Flare Gas Reduction: Recent Global Trends and Policy Considerations —estimates that 5% of the world’s natural gas production is wasted by burning or “flaring” unused gas each year, despite some progress on the flaring issue. It will help slow global warming while also saving scarce natural resources.

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