20121126 1122 Global Markets & Energy Related News.

GLOBAL MARKETS-Asian shares edge higher on hopes for Greek deal
TOKYO, Nov 26 (Reuters) - Asian shares rose on the hope Greece can avoid a near-term bankruptcy, with euro-zone finance ministers meeting later in the day, but a regional Spanish vote favouring separatist parties clouded Madrid's push for fiscal austerity.
"If there really is an agreement on Greece today, the euro could rise above $1.3 against the dollar and 107 against the yen," Masafumi Yamamoto, chief FX strategist at Barclays in Tokyo, said in a research note.

FOREX-Euro supported on Greek hopes; yen stuck in doldrums
SYDNEY, Nov 26 (Reuters) - The euro started the week near one-month highs against the dollar, having staged an impressive rally on hopes that Greece will finally secure more emergency loans to keep it afloat.
"There is optimism around in regards to the euro area's ability to achieve a deal on Greece," said Emma Lawson, senior currency strategist at the National Australia Bank, adding further upside in euro/dollar was likely.

OIL - Oil rises on Egypt violence, euro zone optimism
NEW YORK, Nov 23 (Reuters) - Oil rose in thin holiday trade on Friday as fresh protests in Egypt once again stoked supply concerns, with additional support coming from optimism about talks on releasing aid to Greece.
"It looks like there's some strength in the oil market today on the back of high hopes on a stronger (European Union)," said  Carl Larry, president of Oil Outlooks and Opinions LLC.

'Fiscal cliff' talks stalled for now but progress possible
WASHINGTON, Nov 25 (Reuters) - U.S. lawmakers have made little progress in the past 10 days toward a compromise to avoid the harsh tax increases and government spending cuts scheduled for Jan. 1, a senior Democratic senator said on Sunday.
The United States is on course to slash its budget deficit nearly in half next year. Closing the gap that quickly, which in Washington is referred to as going over a "fiscal cliff," could easily trigger a recession.

Pemex makes light crude discovery in southern Mexico
 MEXICO CITY, Nov 25 (Reuters) - Mexico on Sunday announced the discovery of light crude oil in an onshore well in the southern state of Tabasco, the country's third light crude find since August.
The oil, which lies at a depth of 6 km (3.7 miles) in the Navegante-1 well, has proven, probable, and possible reserves (3P) of up to 500 million barrels of crude oil equivalent (MMBoe), according to the state oil monopoly Pemex. Pemex, which began drilling in Navegante-1 in April 2011, said it plans to begin production on the new find next month.

BP to restructure oil production unit-sources
LONDON, Nov 23 (Reuters) - BP is planning to announce a reorganisation of its oil and gas production operations, three sources familiar with the matter said, the second significant restructuring of its main cash generator since the Gulf of Mexico oil spill.
The latest changes will undo some of the measures Chief Executive Bob Dudley imposed in 2010 and are partly intended to free him up from close oversight of day-to-day operations so he can help chart BP's recovery from the disaster which killed 11 men and spilled 5 million barrels of crude into the sea.

Enbridge, shippers at odds over "air barrel" relief
CALGARY, Alberta, Nov 23 (Reuters) - Enbridge Inc and its crude oil pipeline customers are battling over a plan by the company to try to cut the over-booking of capacity on the massive export network that has played a role in the deep discounting of Canadian crude prices.
The dispute is the latest symptom of an oil pipeline network running ever closer to capacity as production from the Canadian oil sands and North Dakota Bakken surges and expansion plans get bogged down by regulatory delays and environmental opposition.

Alberta, Quebec to study rerouting Canadian crude eastward
HALIFAX, Nova Scotia, Nov 23 (Reuters) - Alberta, Canada's oil-producing heartland, and Quebec's separatist government will study the benefits of shipping the western province's crude to refineries in Quebec, a shift that could help cut the industry's dependence on the U.S. market.
The development is a shift from previous comments by Quebec officials that had cast doubt on the energy industry's quickly evolving plans to get oil sands-derived crude to Eastern Canadian refineries, which now handle mostly imported oil that arrives at a much higher price.

Norway will not seek oil in Lofoten before 2013 polls -minister
 OSLO, Nov 23 (Reuters) - Norway's environmentally sensitive Lofoten archipelago will stay shut to oil exploration at least until elections next year, although a study shows drilling is unlikely to harm fisheries there, the oil minister said.
Oil companies, including Statoil have been calling on the government to open new areas for petroleum exploration as mature fields in the North Sea become depleted.

Desire says report confirms Falklands potential
LONDON, Nov 23 (Reuters) - British oil explorer Desire Petroleum said the findings of a third person report confirmed the potential of its controversial discoveries offshore the Falklands.
The chance of commercial development at its Sea Lion complex in the North Falkland basin was estimated to be 80 percent, the report by energy consultancy Senergy found, although it was a much lower 25 percent for the gas condensate discovery at its Liz complex.

Total picks four bidders for TIGF gas network-sources
LONDON/PARIS, Nov 23 (Reuters) - French oil company Total has chosen four bidders for its TIGF gas network and storage business in southwest France, worth an estimated 2.5 billion euros ($3.2 billion), three sources familiar with the matter said.
French insurer AXA's private-equity arm, EDF's nuclear fund, French state bank Caisse des Depots (CDC) and Spanish utility Enagas lead four consortia which will take part in a second round of the auction, the sources said.