Drilling

Oil

Amid takeover whispers, Anadarko reaches new stock high

Source: 
Bloomberg

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.

Oil

Federal stats show energy-producing states leading economic growth

Source: 
FuelFix

New data released by the Bureau of Economic Analysis shows that a number of energy-producing states were among the leaders in state gross domestic product growth last year, FuelFix reports.

Oil

Vietnam urges China to withdraw oil drilling rig

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.

Oil

Oil company, group agree on Congo park plan

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.

Oil

FAA OKs commercial drone flights over land

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.

Oil

China seeks UN aid in ending rig dispute with Vietnam

Source: 
The Wall Street Journal

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.

Oil

China takes dispute with Vietnam to UN

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.

Chesapeake Energy board approves spinoff

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.

Oil

Moody's projects continued gas and oil growth through 2015

Source: 
FuelFix

Moody's Investors Service projected that the oil and natural gas sectors would see continued growth through 2015 unless crude prices drop to $80 per barrel, FuelFix reports.

Oil

Anadarko bringing a new well online every day in Eagle Ford

Source: 
FuelFix

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.

Pages

Subscribe to Drilling