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.
JUNEAU, Alaska (AP) — Alaska would have roughly a 25 percent equity share in a major liquefied natural gas project under a bill advanced by the Senate Finance Committee.
The rewritten bill sets a tax rate at 13 percent of the gross value at the point of production beginning in 2022. That with royalty determines the state's equity share.
The bill would have the Alaska Gasline Development Corp. carry the state's interest in liquefaction and marine terminal facilities, rather than creating a new subsidiary to do that as Gov. Sean Parnell proposed.
Sixteen percent of all natural gas used in Europe flows through Ukraine, and the country's pipelines handle at least half of all of the Russian gas that moves on to customers elsewhere in the continent, FuelFix reports.
Rice Energy Inc., a gas company operating in Pennsylvania's Marcellus Shale that only went public two months ago, has seen its shares slide after it posted a loss in the 4th quarter and reduced its production forecast, Reuters reports.
The Environmental Protection Agency has announced that the deadline for compliance with the 2013 Renewable Fuel Standard – which mandated the blending of 16.55 billion gallons of biofuels into U.S. transportation fuels – will now be 30 days after the long-delayed publication of the final rule on the 2014 standard, Platts reports.
In Pittsburgh, street action appeared to outweigh the testimony inside the Environmental Protection Agency hearing on its rule limiting carbon emissions from existing power plants, as thousands of coal miners rallied against the measure, faced off by a smaller number of climate activists, E&E reports.
The Department of Energy has granted Oregon LNG a 20-year conditional permit to export natural gas to countries that don’t have free trade agreements with the U.S., now it’s up to the Federal Energy Regulatory Commission to approve plans for construction of facilities, FuelFix reports.
A project in Freeport, Texas to export liquefied natural gas – which already has a permit from the Department of Energy – has now won approval from the Federal Energy Regulatory Commission to start construction, The Hill reports.
Word that a refinery in Coffeyville, Kansas might be shut for up to four weeks following a fire Tuesday has sent crude prices plummeting. Benchmark West Texas Intermediate dropped $2.10 to settle at $98.17 a barrel on the New York Mercantile Exchange Thursday, while in London Brent crude fell 49 cents to $106.02, Reuters reports.
Tax incentives for drilling and capital expenditures mean drillers active in the shale boom are deferring paying billions in income taxes, according to the group Taxpayers for Common Sense, The Wall Street Journal reports.
Hundreds rallied in Boston Wednesday to express their opposition to a Kinder Morgan natural gas pipeline proposed to run through northwest Massachusetts, urging Gov. Deval Patrick to pull his support from it, The Associated Press reports.
Increasing taxes on certain forms of energy -– gasoline, in particular -– would encourage people to use cleaner fuel more efficiently, offering health benefits and a leg up in the fight against climate change, according to the International Monetary Fund and its president Christine Lagarde, National Journal reports.
Apache Corp., whose second quarter profit of $505 million was half the amount it earned a year earlier, said Thursday it might look to sell off its international assets to concentrate on drilling in U.S. shale, and that it was already trying to find a buyer for its stake in a Canadian natural gas project, and alternative financing for one in Australia, The Wall Street Journal reports.