As rumors circulated that ExxonMobil might attempt a takeover of Anadarko Petroleum Corp., the independent oil and gas producer's stock price rose 4.2 percent to a new high of $108.32, Bloomberg reports.
UNITED NATIONS (AP) — Vietnam's U.N. ambassador urged China on Tuesday to withdraw its oil rig and more than 100 ships from the South China Sea to create "an environment" for negotiations on the disputed waters.
But Ambassador Le Hoai Trung said in an interview with The Associated Press that Beijing refuses to engage in dialogue and insists there is no dispute, claiming the area around the rig belongs to China.
The escalation in tensions is the most serious in years between Vietnam and its massive northern neighbor, which claims nearly all of the South China Sea.
GENEVA (AP) — An agreement announced Wednesday between a London-based oil company and a wildlife protection group could prevent oil drilling in a national park in Africa where 200 endangered mountain gorillas live.
A joint statement by SOCO International PLC and Switzerland-based WWF said there will be no exploratory drilling in Congo's Virunga National Park, which is Africa's oldest, unless the government and the U.N. cultural agency UNESCO agree it would not threaten the park's world heritage status.
As part of the understanding, SOCO agreed to suspend exploration once it finishes seismic testing on Lake Edward and WWF pledged to drop a complaint that the oil company violates good-practice business guidelines set out by the Organization for Economic Cooperation and Development.
WASHINGTON (AP) — The Federal Aviation Administration said Tuesday it has granted the first permission for commercial drone flights over land, the latest effort by the agency to show it is loosening restrictions on commercial uses of the unmanned aircraft.
Drone maker AeroVironment of Monrovia, California, and BP energy corporation have been given permission to use a Puma drone to survey pipelines, roads and equipment at Prudhoe Bay in Alaska, the agency said. The first flight took place on Sunday.
Made by AeroVironment, the Puma is a small, hand-launched craft about 4 1/2 feet long and with a 9-foot wingspan. It was initially designed for military use.
In paper submitted to the United Nations, China blamed Vietnam as the aggressor in the nations' dispute over a Chinese oil rig in the South China Sea, though China hopes to avoid an multilateral agreement to resolve the issue, The Wall Street Journal reports.
UNITED NATIONS (AP) — China took its dispute with Vietnam over its deployment of an oil rig in contested waters to the United Nations on Monday, accusing Hanoi of infringing on its sovereignty and illegally disrupting a Chinese company's drilling operation.
China's deputy ambassador Wang Min sent a "position paper" on the rig's operation in the South China Sea to Secretary-General Ban Ki-moon on Monday and asked the U.N. chief to circulate it to the 193 members of the General Assembly.
OKLAHOMA CITY (AP) — Chesapeake Energy Corp. said its board has approved a previously announced plan to spin off its oilfield services business into a separate, publicly traded company.
The Oklahoma City-based oil and natural gas producer said Monday that the new company will be called Seventy Seven Energy Inc.
To separate the companies, Chesapeake shareholders will receive one share of Seventy Seven Energy for every 14 shares of Chesapeake stock they own as of June 19. No fractional shares of Seventy Seven Energy will be issued. Instead shareholders entitled to one will receive cash instead. The distribution is expected to happen June 30, after the market closes.
Anadarko Petroleum Corp.’s operation in the Eagle Ford Shale has really taken off, a company official told the UBS Oil and Gas Conference recently, as the company has drilled more than a thousand wells in the play very quickly, and is averaging adding a new one every day, FuelFix reports.
The deadlines for meeting the goals in the Environmental Protection Agency’s Clean Power Plan don’t represent a glide path, but “a cliff,” an executive with a Phoenix-area utility told the Federal Energy Regulatory Commission during a regional meeting intended to gather feedback, E&E reports.
Moves to develop carbon capture technology would get a boost from legislation introduced Thursday by Sens. Heidi Heitkamp, D-N.D., and Tim Kaine, D-Va., which designates more Energy Department funding for research and also offers incentives for those who adopt so-called “clean coal” technology, The Hill reports.
Three senior House Republicans, including Energy and Commerce chair Rep. Fred Upton, have sent a letter to Energy Secretary Ernest Moniz, demanding to know whether his department was planning any use for Yucca Mountain other than accepting nuclear waste, E&E reports.
Fracking opponents have filed a petition with Gov. Jerry Brown, D-Calif., demanding that he ban hydraulic fracturing in the state because of the threat the practice poses to health and safety, The Hill reports.
The cleanup costs to states for abandoned wells – a burden they’re not well equipped to take on – could skyrocket as lower oil prices take some of the steam out of the shale drilling boom, The Wall Street Journal reports.
A natural Pacific Ocean cooling cycle has helped to keep global warming in check over the past decade, say researchers writing in the journal Science, but they warn that warming is likely to accelerate again once the cycle finishes, Reuters reports.
Sen. Jim Inhofe, R-Okla., chair of the Environment and Public Works Committee, threw a snowball at the Senate's presiding officer as he gave a speech criticizing what he called the “hysteria” over climate change, National Journal reports.
The letters sent to universities by Rep. Raul Grijalva, D-Ariz., the ranking member on the House Natural Resources Committee, asking about funding sources for researchers’ climate studies, has generated criticism and protest from academics, National Journal reports.
Jim Gordon, president of the stalled offshore project Cape Wind, has offered praise for the push to get a wind power coalition off the ground, and also backed a measure introduced in the state legislature that would require utilities to buy certain quantities of wind and hydropower, WWLP reports.