Russian oil companies plan to expand the use of hydraulic fracturing and horizontal drilling in new oil and gas wells this year. TNK-BP will use the techniques in nearly half of its new wells, Bloomberg reports.
A group of minority shareholders in TNK-BP, a Anglo-Russian oil company, have applied to withdraw from a $3.2 billion damages settlement against oil company BP, stemming from the company's attempts to partner with Russian oil firm Rosneft, Reuters reports.
The Russian oil giant Rosneft's recent $61 billion acquisition of TNK-BP from private investors effectively reverses the country's progress toward privatization, and places the burden on Russian taxpayers, Bloomberg reports.
Ratings agency Moody's on Wednesday placed Rosneft and TNK-BP on review for downgrade following Rosneft's agreement to buy the joint venture between BP and a group of Russian oligarchs.
State-owned Rosneft on Monday unveiled a deal to buy TNK-BP, Russia's third-largest oil producer. It is buying the 50 percent stake of British oil company BP for $17.1 billion in cash and a 12.84 percent share of Rosneft. It is buying the other half for $28 billion from a group of Russian billionaires.
MOSCOW (AP) — Russian state-owned oil giant Rosneft strengthened its hold on the country's lucrative oil industry when it sealed a deal Monday to buy TNK-BP, the 50-50 joint venture between BP, the British energy country, and a group of Russian oil oligarchs.
An agreement by the Environmental Protection Agency on standards for Argentinian biofuel makers to get credits in the U.S. could be a significant step toward opening the American market to imports, Reuters reports.
Ethanol stocks last week hit a two-year high of more than 20.6 million barrels, according to data from the Energy Information Administration, which said the rise came despite production inching down by 1,000 barrels a day, Platts reports.
Stung by lower oil and gasoline prices and raking in less from asset sales, Hess Corp. lost $8 million in the fourth quarter, compared to a profit of more than $1.9 billion in the period a year earlier, The Wall Street Journal reports.
Despite the Obama administration opening up the Atlantic to drilling in its proposed five-year leasing plan, major new projects are unlikely to proceed as long as oil prices remain under $50 a barrel, E&E reports.
The U.S. saw 4,850 megawatts of wind capacity added in 2014, more than four times the amount installed a year earlier, according to statistics from the trade group the American Wind Energy Association, which noted that much of the growth came in Texas, Bloomberg reports.
Releasing data on animal feeding operations to environmental groups under a Freedom of Information Act request didn’t harm the farmers involved, according to a ruling from federal Judge Ann Montgomery in Minnesota, who on Tuesday dismissed a motion for a summary judgment in the case, E&E reports.
Opower, which works with utilities to get reductions in customers’ energy use, has found that there is a drop during the Super Bowl, and in its Outlier blog presents the theory that watching TV in groups rather than as individuals is partly responsible, The Washington Post reports.
Climate modeling isn’t biased toward making links between human activity and climate change, according to a study published in the journal Nature online Wednesday, although researchers did find that studying 62-year trends – rather than 15-year periods -- gave a more accurate portrayal of mankind’s impact, the Los Angeles Times reports.
A laboratory complex set up by Southern California Edison in 2009 to keep the utility at the forefront of new developments in grid and energy technology gets results that gives the firm’s Advanced Technology Division an impact beyond its $19 million annual budget, Reuters reports.