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Tullow owns 27% of the French Guiana project, with Northern Petroleum, down 5% at 30.5p, holding a 1.25% stake.
Cracking processes break the complex, organic molecules found in petroleum down into simpler, more useful byproducts and can be achieved by applying heat, steam, heavy pressure, or a chemical catalyst to the oil.
A rare exception is hydrodynamic trapping, in which high water saturation of low-permeability sediments reduces hydrocarbon permeability to near zero, resulting in a water block and an accumulation of petroleum down the structural dip of a sedimentary bed below the water in the sedimentary formation.
But that was before gasoline inventories surged to one of the highest levels in years, the result of a spring refining blitz and an economic slowdown that, in the last month, has driven American demand for petroleum down 4percentt compared with the same period last year.
The Keystone XL pipeline would transport petroleum down the middle of the United States, from its extraction point in the tar sands of Alberta, Canada, to the Texas Gulf Coast, where it would be refined and/or shipped overseas.
Other actively traded issues included Ala Moana Hawaii, up to 2; Phillips Petroleum, down 1/2 to 12 1/8; Eastman Kodak, unchanged at 48 1/8, and CSX, down at 31 7/8.
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Woodside Petroleum was down.6%.
Last year, American petroleum producers wrote down $177 billion in assets, according to a recent report by IHS Energy.
With increasing depth and temperature, petroleum liquids break down and, finally, only natural gas (methane) remains.
Crude oil and petroleum products are down more than 2.2 million barrels per day over the past four years.
So far, the cartel has been reluctant to officially increase production quotas, for fear that Iraq could soon turn on the pumps and flood world markets with petroleum, driving prices down further.
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