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.
Sen. Tom Udall, D-N.M., announced Friday that the Frank R. Lautenberg Chemical Safety for the 21st Century Act has acquired two more co-sponsors, bringing the total of backers for the measure to reform the Toxic Substances Control Act to a filibuster-proof 60, National Journal reports.
Fourteen senators from both sides of the aisle, many from ethanol-producing states, went to the White House Thursday to tell chief of staff Denis McDonough that the Environmental Protection Agency should make a bold move when it finalizes three years’ worth of blending mandates under the Renewable Fuel Standard next month, The Hill reports.
Control of Miller Energy Resources Inc. will be handed over to an affiliate of Apollo Global Management LLC and J.P. Morgan Chase unit Highbridge, under an agreement in place as the Texas-based Alaska driller filed for Chapter 11 bankruptcy protection, The Wall Street Journal reports.
A sharp drop in the overall U.S. rig count—to levels not seen since 2002—sent oil prices rebounding Friday. West Texas Intermediate Crude for November delivery jumped 80 cents, or 1.8 percent, to settle at $45.54 a barrel on the Nymex, while in London, Brent gained 44 cents to $48.13, Marketwatch reports.
SolarCity says it plans to start producing a panel with an output of 22 percent—which it touts as a 40-percent improvement in efficiency—at its Silicon Valley factory this month, The New York Times reports.
“Storage is the solution” to integrating solar energy into the grid, SunPower Corp. CEO Tom Werner told E&E in an interview, adding that he thought the utility industry and the grid would be transformed within a decade.
The International Energy Agency expects the growth of the renewable energy sector to level off, meaning it will fall short of what’s needed “to meet ambitious climate change mitigation goals,” the agency's renewable chief told The Washington Post.