TNK-BP

Oil

Rosneft takes control of Itera for $2.9B

Source: 
The New York Times

Rosneft announced a plan to buy the remaining 49 percent of Itera Oil and Gas Company, taking full control of the company for $2.9 billion, The New York Times reports.

Oil

Russian official reassures TNK-BP shareholders

MOSCOW (AP) — Russia's deputy prime minister said Thursday that Rosneft's CEO has assured him the interests of disgruntled minority shareholders in oil firm TNK-BP would be respected.

Oil

BP replacement cost profits more than triple

LONDON (AP) — BP's sale of its Russian joint venture helped boost its first-quarter replacement cost profits to $16.5 billion, more than triple the $4.7 billion for the same period last year.

Oil

BP announces $8 billion share buyback

LONDON (AP) — Oil company BP said Friday it will buy back $8 billion of shares using money it earned by selling its stake in Russian producer TNK-BP.

Russia expanding fracking, horizontal drilling in new wells

Source: 
Bloomberg

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.

Oil

Minority TNK-BP shareholders withdraw from BP damage suit

Source: 
Reuters

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.

Oil

Putin reverses Russian privatization with TNK-BP purchase

Source: 
Bloomberg

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.

Oil

Moody's places Rosneft, TNK-BP on downgrade watch

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.

Oil

TNK-BP stake sale helps BP cover Gulf spill costs

Source: 
RigZone

BP should be able to meet any further legal costs associated with the 2010 Gulf oil spill after selling its 50 percent stake in TNK-BP for $28 billion in cash and Rosneft shares, RigZone reports.

Oil

Russia's Rosneft buys out TNK-BP

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.

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