The latest round of sanctions against Russia over its actions in Ukraine have major energy companies -- including BP and Total -- thinking again about the way they do business with Moscow, The New York Times reports.
Major oil companies including Chevron, BP and Total are cutting or delaying expensive megaprojects because costs are outstripping expected return, and they’re trading blame with oilfield services companies about what’s causing the cost inflation, The New York Times reports.
PARIS (AP) — French energy company Total SA is hooking up with Russia's largest private oil company to explore and develop a huge Siberian shale oil field, despite Western sanctions and anger over the Kremlin's role in Ukraine's crisis.
The deal signed Friday with Russia's Lukoil draws new attention to French economic ties with Russia, and the French government's reluctance to punish Moscow too heavily.
Total says in a statement that the two will set up a joint venture to develop the Bazhenov oil formation in western Siberia, believed to hold some of the world's largest shale oil deposits. It says Lukoil will have 51 percent of the venture and Total 49 percent.
French oil giant Total says it is setting a 2017 start date for the Kaombo ultradeepwater project off Angola after finding a way to slash the projected cost by $4 billion, down to $16 billion, The New York Times reports.
YANGON, Myanmar (AP) — Major oil companies including Total, Chevron, Woodside Energy and Shell have won bids for offshore oil and gas exploration blocks off Myanmar's western and southern coasts, the country's Energy Ministry said Wednesday.
An announcement on the ministry's website said 13 oil companies won bids to explore in 10 shallow water blocks and 10 deep water blocks in the Gulf of Martaban and Tanintharyi, off the western state of Rakhine.
At last weeks CERAWeek summit in Houston, executives from large companies including Chevron and Total urged oil suppliers to show restraint in the costs of new development, warning increasing extraction costs will not be sustainable for long, FuelFix reports.
LONDON (AP) — France's Total has agreed to explore for shale gas in Britain, making it the first major oil company to enter the country's market in the face of widely publicized environmental protests.
Total SA, Europe's third-largest oil producer, said Monday it acquired a 40 percent interest in two exploration licenses in eastern Britain.
Environmental activists oppose the extraction of fuel from shale, known as hydraulic fracturing, or fracking, saying it contaminates ground water. The process injects hundreds of thousands of gallons of water laced with chemicals into the ground to shatter the rock and free the gas.
PARIS (AP) — The French oil conglomerate Total will explore for shale gas in Britain, joining a boom that has overhauled world energy markets.
Total said Monday it has acquired a 40 percent interest in two British exploration licenses, both in eastern Britain, becoming the major stakeholder. The next biggest partner, at 17.5 percent, is the Dart Energy Europe subsidiary GP Energy Limited.
Poland and Britain are the only countries in Europe actively exploring for shale gas. Other countries have been hesitant, fearing the environmental repercussions. Extracting fuel from shale can require hundreds of thousands of gallons of water, and chemicals forced into the ground to shatter the rock and free the gas, a process known as hydraulic fracturing, or fracking.
The Environmental Protection Agency has sent its suggested blending mandate for the long-delayed 2014 Renewable Fuel Standard to the Office of Management and Budget without dropping hints about what’s in the proposal, which will now be reviewed by the White House and other federal agencies, and Platts suggests a final decision may not even be made public until after the November election.
Even with Russia sending a convoy of trucks into Ukraine Friday, oil prices continued to decline as there’s been no evidence of any disruption in supply. U.S. benchmark crude for October delivery slipped 31 cents to settle at $93.65 a barrel on the Nymex, a drop of 3.9 percent on the week, while in London Brent crude ended 34 cents lower at $102.29, Reuters reports.
The non-profit group Sky Truth has created a global interactive map displaying natural gas flaring – in the U.S. showing concentrated activity in the Bakken, Eagle Ford and Marcellus Shale plays -- while environmental advocate Earthworks has released a report entitled Up in Flames that contains extensive statistics, stating, for example, that flaring in the Bakken increased five-fold between 2010 and 2013, according to National Journal.
Approval for power transmission projects like Gateway West and the TransWest Express is taking the federal government far too long, Wyoming Infrastructure Authority chairman Mike Easley told Energy Secretary Ernest Moniz Thursday, The Associated Press reports.
California territory in “severe” drought dropped slightly to 97.5 percent this week due to above normal rainfall in the south, but that hasn’t helped boost low reservoir levels, the Los Angeles Times reports.
Lawyers for the Kurdistan Regional Government appeared before U.S. District Judge Gray Miller Friday, asking him to throw out a previous order from a magistrate -- which had been issued at the behest of the Iraqi government -- allowing U.S. marshals to seize any crude unloaded from a tanker that's been anchored off Galveston for weeks, FuelFix reports.
According to filings with the Federal Election Commission this week, NextGen Climate Action Committee took in $8 million in July but $7.5 million of that came from founder Tom Steyer, Politico reports.
The California Senate approved and sent to Governor Jerry Brown a bill to streamline the solar permit process, intended to make it easier and quicker for homeowners to get solar power installations up and running, according to LBReport.com.
A burdensome approval process and delays in the city’s Department of Water and Power in getting customers hooked up to the grid is putting a damper on solar power installations in L.A., the Los Angeles Times reports.