Drilling

Oil

Investors cheer RWE's plan to sell oil, gas unit

BERLIN (AP) — Shares in German energy company RWE AG are rising after it announced plans to sell its oil & gas exploration and production division to an investment vehicle linked to a Russian billionaire.

RWE said Sunday it plans to sell its RWE Dea unit to LetterOne Group, an international investment arm of Mikhail Fridman's Alfa Group. The deal values the business at about 5.1 billion euros ($7.1 billion); the two sides have yet to conclude a sale agreement, which would require approval by several countries' authorities.

Oil

Investor pressure for returns could dent the oil industry's future

Source: 
FuelFix

Investor pressure on oil companies to increase their returns could hurt the industry over the long haul by hampering their ability to hunt for hydrocarbons, FuelFix reports.

Oil

Hunt on again for western Colorado oil shale

Source: 
The Daily Sentinel

Exxon Mobil is resuming its attempts to extract oil shale crude in Colorado, and the Bureau of Land Management has given the nod to some of the company's development plans, The Daily Sentinel in Grand Junction reports. 

Oil

Germany's RWE to sell oil production unit to LetterOne Group

BERLIN (AP) — Germany energy company RWE AG says it plans to sell its oil and gas exploration and production division to LetterOne Group in a deal valuing the business at about 5.1 billion euros ($7.1 billion).

RWE announced last year it had decided to abandon crude oil and natural gas production and was considering options for selling the RWE Dea AG unit. It said then the move would remove pressure on future capital spending and improve its financial situation.

Oil

Illinois county to vote over fracking prospects

VIENNA, Ill. (AP) — Officials in southern Illinois' Johnson County will soon learn where their constituents stand on fracking, as voters will signal whether the county should resist efforts to use the contentious extraction method to get at any oil or gas that may be trapped deep underground.

The question of whether to oppose possible efforts to bring hydraulic fracturing to the county has hijacked the County Commission meetings for months and pitted neighbors against one another. And whatever voters decide Tuesday, the issue isn't likely to go away anytime soon.

Oil

US rig count up 17 to 1,809

HOUSTON (AP) — Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. increased by 17 this week to 1,809.

The Houston firm said in its weekly report Friday that 1,461 rigs were exploring for oil and 344 for gas. Four were listed as miscellaneous. A year ago there were 1,776 active rigs.

Oil

Agreement to lift BP's contract ban ends some litigation

Source: 
FuelFix

BP is dropping its legal action against the Environmental Protection Agency in exchange for the EPA's dropping its ban on the company taking on government contracts, according to FuelFix, which reports that the full text of the deal agreement runs to 53 pages.

Oil

Green groups warn of quake risks if fracking takes off in California

Source: 
FuelFix

A coalition of environmental groups is warning that any fracking boom in the Monterey Shale could pose an earthquake risk for California, FuelFix reports.

Oil

Shell plan to boost returns: Cut spending, sell assets

Source: 
Reuters

Royal Dutch Shell says it will slash spending on exploration and production in the Americas and may sell off more shale assets, Reuters reports.

Oil

NM land grant group in court to fight drilling alongside local officials

Source: 
The Santa Fe New Mexican

The Mora Land Grant association is now participating in the legal fight between SWEPI LP, a Texas subsidiary of Royal Dutch Shell, and Mora County over the local ordinance barring oil and gas drilling, The Santa Fe New Mexican reports.

Pages

Subscribe to Drilling