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.
North Dakota and the Midwest shipped out an average of 732,000 barrels of crude per day in January, according to monthly statistics on crude-by-rail movements released for the first time Tuesday by the Energy Information Administration, The Hill reports.
Republicans may be urging states to turn their backs on Environmental Protection Agency rules limiting power plant carbon emissions, but Democratic Gov. Jay Nixon is gearing Missouri up to cooperate, going so far as to send officials to an EPA “policy academy” on ways to meet the new standards, the Springfield News-Leader reports.
New driller Independence Resources Management LLC -- which intends to focus on unconventional shale plays in places like the Anadarko Basin – is getting $500 million in backing from private equity firm Warburg Pincus, the Houston Business Journal reports.
Even with solar installations of their own, most customers would be better off financially staying connected to the grid, according to a study in the journal Energy Policy, The Washington Post reports.
An amended lawsuit filed by Petrobras investors in New York last week claims that auditor PricewaterhouseCoopers ignored "obvious red flags" that should have tipped it to a fraud and money laundering scheme, Bloomberg reports.