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.
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.
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.
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.
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.
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.
The vision for Virginia’s energy future, to be made public by Gov. Terry McAuliffe Wednesday, will review the costs and benefits to the state from the Environmental Protection Agency’s rule to limit carbon emissions from existing power plants, E&E reports.
The Environmental Protection Agency, which hasn’t updated the list of chemicals it regulates at sewage plants in more than three decades, doesn’t target some 300 labelled as hazardous under the Resource Conservation and Recovery Act, a report from the EPA Inspector General says, according to The Hill.
Positive consumer spending data helped push oil prices higher early Tuesday, although benchmark crude is looking likely to rack up its largest quarterly drop in some two and a-half years. U.S. prices were 19 cents higher to $94.76 a barrel in electronic trading on the Nymex, while in London Brent gained 32 cents to $97.52, Reuters reports.
Energy market monitor Genscape has been tracking the tanker Polar Discovery, which could hold up to 784,000 barrels of crude, as it heads from Alaska to Yeosu, South Korea, FuelFix reports, having determined from a ConocoPhillips spokesman that the company has made a rare deal to sell a cargo of North Slope crude in Asia in the fourth quarter.
The U.S. imported 569,000 more barrels of crude in July than it did in June, according to data from the Energy Information Administration, which said the figures were still lower than in 2013 and also noted that for the first time, none of the imports came from Nigeria, Platts reports.
Oilfield services giant Schlumberger is having around 20 mid-level and senior managers leave Russia, people familiar with the matter told Bloomberg, in the wake of Western sanctions imposed over the Ukraine crisis.
The partnership between Qatar and Exxon Mobil in plans to export liquefied natural gas from the Golden Pass terminal in Texas is part of the Gulf nation’s strategy to maintain its status as a major player in the industry globally into the future, The New York Times reports.