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.
Senate Foreign Relations Committee Chairman Robert Menendez, D-N.J., said the panel is close to an agreement on a package of measures to deal with the Ukraine crisis, including aid to Kiev and some targeted sanctions, The Hill reports.
Ambassadors from four central European countries have written to House Speaker John Boehner, R-Ohio, and Senate Majority Leader Harry Reid, D-Nev., urging them to move Congress to take action to loosen up natural gas exports in the face of the Ukraine crisis that has the potential to affect their gas supplies, The Hill reports.
The harsh winter of 2014 has seen many consumers slapped with higher electricity bills, but the retirement of coal-fired power plants to comply with new carbon regulations may stretch pocketbooks and power supplies further, The New York Times reports.
A report by grid operator the Electric Reliability Council of Texas says a combination of low temperatures, low wind and high demand nearly caused blackouts in the state on Jan. 6, noting the wholesale price for electricity that day hit the regulatory cap of $5,000 per megawatt hour for the first time, FuelFix reports.
The Ohio Department of Natural Resources ordered Hilcorp Energy Co. to stop drilling operations near Youngstown after three minor earthquakes were felt in the area Monday morning, The Vindicator reports.
Electricity entering California's grid that was generated from solar power hit a high of 4,093 megawatts on Saturday, setting a record for a second day in a row, according to the state's ISO, Reuters reports.
The U.S. Chemical Safety Board said it intends to investigate an incident Monday at a Tesoro Corp. refinery in northern Calif., where two contract workers received hospital treatment for acid burns, the second time in less than a month that has happened, the San Francisco Chronicle reports.
The European Union moved to suspend talks with Russia on plans to move ahead with completion of the South Stream natural gas pipeline and a plan to boost supplies flowing through the Nord Stream pipeline, Reuters reports.