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.
Saying that stiffer safety requirements under consideration are not enough, Sen. Charles Schumer, D-N.Y., has written to the Energy and Transportation Secretaries, demanding that volatile gases get removed from crude before it is transported by rail, FuelFix reports.
Appropriations subcommittee chair Sen. Lamar Alexander, R-Tenn., told members of the Nuclear Regulatory Commission Wednesday that the agency needs to ask for more money to move forward on the planned Yucca Mountain nuclear waste repository, The Hill reports.
Criticizing the management practices of Chemical Safety Board chief Rafael Moure-Eraso, Democratic and Repubican members of the House Oversight and Government Reform Committee are demanding that he resign before his term ends in June, National Journal reports.
Voters in Hermosa Beach have turned thumbs down on a plan to allow oil drilling in a municipal parking lot, which means the California community will have to pay $17.5 million to terminate a contract with E&B Natural Resources, The New York Times reports.
Oil companies from China, Norway, Austria and Dubai – as well as Houston’s Occidental Petroleum – are withdrawing staff and winding down operations in Yemen as unrest in the country escalates, The Wall Street Journal reports.
France’s troubled state-owned nuclear operator Areva has to cut costs and find a way to manage tricky projects that are hurting its bottom line, CEO Philippe Knoche said after the company reported a loss of almost $5.4 billion last year, The New York Times reports.
Did Secretary of State Hillary Clinton's ties to the oil industry affect the State Department's review of the Keystone pipeline? Environmental groups are concerned that her use of private email for official business might make it harder to find out, National Journal reports.
Democratic Gov. Tom Wolf has proposed replacing Pennsylvania’s impact fee – a flat charge on each well drilled – with a severance tax on the value and quantity of the gas extracted, the Pittsburgh Post-Gazette reports.