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.
Sandia Corp. is alleged to have used federal funds to plan a campaign to lobby Washington to extend its contract to manage Sandia National Laboratories, according to an Energy Department Inspector General report obtained by E&E through the Freedom of Information Act.
An Air Force contract on energy savings that costs $19 million may not be giving the military its money’s worth, according to a report from the Pentagon’s Inspector General, the Air Force Times reports.
People living near the decommissioned Weatherspoon power plant in North Carolina may be pleased that Duke Energy is planning to remove coal ash that has been sitting in the area for decades, but there's concern about where the ash will be stored, The Fayetteville Observer reports.
Driller Linn Energy says it has finalized deals with private equity firms for $1.5 billion to fund acquisitions and development, even as it is selling off its last position in the Permian Basin for $281 million, FuelFix reports.
Many of the loans that banks have issued to oil and gas producers are being flagged as substandard, according to warnings from regulators like the Federal Reserve and the Federal Deposit Insurance Corporation, The Wall Street Journal reports.