NEW YORK (AP) — Exxon Mobil said Friday that it will wind down a drilling project in Russia in compliance with U.S. sanctions, but said it received a license to keep working beyond the sanctions' deadline in order to complete the work.
U.S. sanctions against Russia over its involvement in the Ukraine require the removal of U.S. workers on projects in the Russian Arctic and other select locations by September 26.
U.S. oil prices eased off again on speculation over future action by the Federal Reserve to increase interest rates. West Texas Intermediate crude for October delivery was 21 cents lower to $92.86 a barrel in electronic trading on the Nymex, while in London November Brent gained 1 cent to $97.71, Bloomberg reports.
Western sanctions over the Ukraine crisis will likely put the brakes on a joint drilling project between Exxon Mobile and Rosneft in the Kara Sea, Russia’s natural resources minister said Friday, Reuters reports.
Exxon subsidiary XTO Energy will pick up 17,800 net acres in the Permian Basin in Texas and Linn Energy will get interest in about 500 net acres near Bakersfield, Calif., under an asset swap announced by the firms Thursday, The Wall Street Journal reports.
Bakken Shale giant Continental – with Jack Stark newly promoted as president and COO -- told analysts Thursday that the South Central Oklahoma Oil Play, or SCOOP, could hold as much as 3.6 billion barrels of oil and gas equivalent, The Financial Times reports.
EDINBURGH, Scotland (AP) — Scottish voters have rejected independence, deciding to remain part of the United Kingdom after a historic referendum that shook the country to its core.
The decision prevented a rupture of a 307-year union with England, bringing a huge sigh of relief to the British political establishment. Scots voted 55 percent to 45 percent Thursday against independence in a vote that saw an unprecedented turnout.
A majority of voters did not embrace Scottish First Minister Alex Salmond's impassioned plea to launch a new state, choosing instead the security offered by remaining in the United Kingdom.
NEW ORLEANS (AP) — A federal appeals court in New Orleans has upheld a federal safety board's right to investigate the role of Transocean Deepwater Drilling Corp. in the 2010 Gulf of Mexico oil disaster.
Transocean owned the Deepwater Horizon rig that was drilling for BP PLC at its Macondo well, about 50 miles off the Louisiana coast when an explosion killed 11 workers and led to the nation's worst offshore oil spill.
The company had challenged the authority of the U.S. Chemical Safety and Hazard Investigation Board, often referred to as CSB, to do the investigation.
With a push from the strong dollar – trading at a six-year high against the Japanese yen – alongside increasing supplies, oil tumbled Thursday. West Texas Intermediate crude for October delivery dropped $1.35, or 1.4 percent, to $93.07 a barrel on the Nymex, while in London November Brent lost 1.3 percent, or $1.27 to settle at $97.70, Bloomberg reports.
If Republicans win control of the Senate in November elections, Sen. Mitch McConnell, R-Ky., who’d be in line to become Majority Leader, has promised “the Keystone pipeline will be voted on the floor,” The Hill reports.
From its present estimate of $5.4 billion, the cost of building the long-delayed Keystone XL pipeline could end up at $10 billion, CEO Russ Girling told The Wall Street Journal in an interview, six years after the company first submitted its permit application for the project.
Following six months of negotiations with its suppliers, Baker Hughes says starting Wednesday it will list all of the individual chemicals it uses for fracking on the industry website FracFocus, although it won’t provide information about the proportions used in its cocktails, FuelFix reports.
Enbridge Inc. anticipates it will receive approval from the State Department in mid-2015 to push capacity on its cross-border Alberta Clipper pipeline up to 800,000 barrels a day, a top executive told investors in Toronto Tuesday, The Wall Street Journal reports.
Pipeline operator Enterprise Products Partners says it’s acquiring Oiltanking Partners in a two-step, $5.8 billion dollar deal that will strengthen its midstream business, The Wall Street Journal reports, noting that the move will leave Enterprise well positioned if the U.S. shifts its ban on crude exports.
An unexpected report of lower crude stockpiles last week pushed oil up Wednesday, while an announcement from Saudi Arabia of a drop in its official price fuelled bearish sentiment. U.S. benchmark crude gained 43 cents to settle at $90.73 a barrel on the Nymex, while in London Brent crude finished down 51 cents to $94.16, Reuters reports.
A judge’s decision that Broomfield’s fracking ban doesn’t apply to Sovereign Operating Co. because of an earlier memorandum of understanding between the company and the community is a “victory for certainty and clarity,” the Colorado Oil & Gas Association said, according to the Denver Business Journal.
Virginia will appoint an energy efficiency officer to cut power consumption in state facilities by 15 percent over the next two years, according to Gov. Terry McAuliffe’s extensive four year plan released Wednesday, the Daily Press reports.
Mike Bloomquist, the lead counsel for the GOP majority on the House Energy and Commerce Committee, is leaving to work for lobbying firm Kountoupes Denham, with panel chair Rep. Fred Upton, R-Mich., thanking him for his contributions, The Hill reports.
“The Polar Vortex Review,” a report from the North American Electric Reliability Corp., found that last winter’s extreme cold triggered multiple equipment failures at generating stations, at one point forcing the shutdown of more than 17,700 megawatts of capacity, according to E&E.
An archive search has turned up details of Mitch McConnell’s fight against siting a coal processing facility on the Louisville riverfront back when the Republican Senator was Jefferson County Judge-Executive in the mid 1980s, The Hazard-Herald reports.