Noble Energy will pay about $2.1 billion for Rosetta Resources in an all-stock deal that gives the oil and gas company access to two massive Texas shale formations.
Assets belonging to Rosetta Resources Inc. include about 50,000 net acres in the Eagle Ford Shale and another 56,000 acres in the Permian Basin. The deal will immediately boost its per-share production and earnings at Noble Energy Inc., the company said Monday.
The Obama administration on Monday granted conditional approval to Shell Gulf of Mexico Inc.'s revised exploration plan in the Chukchi Sea off the coast of Alaska.
The Bureau of Ocean Energy Management's approval of the plan is contingent on the company obtaining permits from appropriate state and federal agencies and waiting for Endangered Species Act opinions to be issued before commencing drilling.
The company's updated plan proposes drilling six offshore wells with two drilling units, and could begin drilling this summer.
“We have taken a thoughtful approach to carefully considering potential exploration in the Chukchi Sea, recognizing the significant environmental, social and ecological resources in the region and establishing high standards for the protection of this critical ecosystem, our Arctic communities, and the subsistence needs and cultural traditions of Alaska Natives,” BOEM Director Abigail Ross Hopper said in a statement.
Signs that U.S. crude production could be ramping up again -– like a rise in the rig count in the Permian Basin –- were pressuring oil prices early Monday. U.S. benchmark crude was 35 cents lower to $59.04 a barrel in electronic trading on the Nymex, while in London Brent fell 44 cents to $64.95, Reuters reports.
A Michigan state lawmaker has introduced legislation to keep sensitive information about oil and gas pipelines, high-powered electrical lines and other critical energy infrastructure out of terrorists' hands, the Detroit Free-Press reports.
Brent crude ended its month-long string of winning weeks Friday, losing 15 cents to finish at $65.39 - down 1.6 percent for the week. West Texas Intermediate gained 45 cents, settling at $59.39, its eighth straight week of gains. Reuters reports that worries about global oversupply put pressure on Brent, while the storm approaching the East Coast and the April jobs report helped WTI.
Plants would no longer be exempt from air pollution regulations when they’re starting up, shutting down or malfunctioning, under a new regulation from the Environmental Protection Agency, The Hill reports.
A series of major energy and environmental regulations will be published by federal agencies between June and August, including the Environmental Protection Agency’s rules limiting power plant carbon emissions, the Interior Department’s rule protecting streams from mountaintop removal coal mining, and the Obama administration strategy for cutting methane emissions, The Hill reports.
A group of senators - 17 Democrats and Independent Bernie Sanders - has written to Interior Secretary Sally Jewell, asking her to stop Royal Dutch Shell or anyone else from drilling in the Arctic, Reuters reports.
The reaction in Washington to this week’s oil spill off the coast of Santa Barbara has been muted, National Journal reports, despite wishes expressed by environmentalists that the incident generate backing for policies moving the country away from fossil fuels.
A website set up by Sens. James Lankford, R-Okla., and Heidi Heitkamp, D-N.D., to collect grievances about federal regulation and bureaucracy has received complaints about a wide variety of the Environmental Protection Agency’s pending regulations, E&E reports.
Mississippi electric power cooperatives are backing away from a deal in which they would take 15 percent ownership of the Kemper County coal plant that will use carbon capture technology, because they said the power it generates would end up being too expensive, E&E reports.
A stronger dollar combined with the drop of only 1 oil rig in Baker Hughes’ weekly count sent crude prices sliding Friday. Benchmark West Texas Intermediate crude lost 1.6 percent, or $1, to settle at $59.72 a barrel on the Nymex, while in London, Brent was $1.17 , or 1.8 percent, lower, at $65.37, The Wall Street Journal reports.
Standard & Poor’s thinks oil companies that have managed to survive the slide in crude prices by borrowing more money may start running into trouble in the coming months, particularly if the price stays in the $50 range, FuelFix reports.
A new analysis concludes that wells in Mountrail and McKenzie counties in North Dakota’s Bakken Shale are productive enough to remain profitable even with oil prices around $60 a barrel, FuelFix reports.
With oil prices dramatically lower than a year ago, AAA predicts that more than 37 million people will travel more than 50 miles over the Memorial Day weekend - the most since 2005, The New York Times reports.