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.
A market-based approach for cutting vehicles’ greenhouse gas emissions—which could include mileage-based driver fees or emissions trading—is the goal as Connecticut, Delaware, New York, Rhode Island, Vermont, and the District of Columbia announced an agreement to work together on the issue, Reuters reports.
The last group of creditors has signed onto the Chapter 11 bankruptcy plan from Energy Future Holdings, and the company plans to lay out the settlement plan before a federal judge Wednesday, Reuters reports.
The Carbon Tracker Initiative warned Tuesday that fossil fuel companies could face $2.2 trillion in stranded assets over the next decade if policy changes fueled by climate change fears make their planned oil and natural gas projects uneconomic, Platts reports.
Oil prices jumped more than 2.5 percent Tuesday on fears that escalating Middle East tensions—after Turkey shot down a Russian warplane—would disrupt supplies. U.S. benchmark crude for January delivery gained $1.12, or 2.7 percent, to settle at $42.87 on the Nymex, while in London, Brent was $1.29 higher to $46.12, The Wall Street Journal reports.
The paperwork for the Northeast Energy Direct project—Kinder Morgan's $5 billion pipeline to move natural gas from the Marcellus Shale to the Northeast—has advanced from pre-filing to full application status at the Federal Energy Regulatory Commission, E&E reports.
The U.S. Chamber of Commerce and other industry groups warn that if the 9th Circuit Court of Appeals doesn't overturn the ruling last December that Teck Metals may be responsible for the cost of cleaning up contamination drifting from its smelter in British Columbia, it could cause “massive liability,” E&E reports.
The Interior Department’s decision to include North Myrtle Beach in studies to determine whether wind leases should be sold off the South Carolina coast has the head of the local Chamber of Commerce excited, The State reports.
Eighty-eight House members, nearly all Republicans, are asking Appropriations Committee Chairman Hal Rogers, R-Ky, to make defunding the Environmental Protection Agency’s new water rule a top priority, The Hill reports.