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.
Dominion Resources has filed papers with the Federal Energy Regulatory Commission, asking for a start to the review process for the proposed 550-mile natural gas Atlantic Coast Pipeline, The Associated Press reports.
Federal agencies have reduced their greenhouse gas emissions 17 percent compared to levels in 2008, according to the White House Council on Environmental Quality, but they also remain vulnerable to the effects of climate change in different ways, National Journal reports.
As part of their fight to become the top-ranking Democrat on the House Energy and Commerce Committee, Rep. Frank Pallone of New Jersey and Rep Anna Eshoo of California have raised and distributed more than $1.2 million to their colleagues during this election cycle, National Journal reports.
Scientists at the National Institute of Standards and Technology and the National Oceanic and Atmospheric Administration are working on a technique using lasers that would more accurately measure greenhouse gas concentrations, E&E reports.
News of production increases in the U.S. and among OPEC members weighed on oil prices Friday. West Texas Intermediate crude for December delivery finished the Nymex session down 58 cents to $80.54 a barrel, a drop of 12 percent over the whole of October, while in London Brent lost 38 cents to settle at $85.86, Bloomberg reports.
Increased demand is leading SolarWorld Americas to spend $10 million expanding its solar modules plant, and the company announced it will be hiring 200 additional workers as well, The New York Times reports.
To encourage the development of advanced nuclear reactors – anticipated to be more efficient – the Department of Energy is spending $13 million to help major companies including AREVA, GE Hitachi and Westinghouse in their research of the technology, The Hill reports.