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.
Proposals to tighten safety standards for crude carried by rail were published in the Federal Register Friday by the Pipeline and Hazardous Materials Safety Administration, kicking off a period for public comment that will run for 60 days, The Hill reports.
Environmental groups have submitted a petition to the U.S. Court of Appeals for the District of Columbia Circuit, charging an Environmental Protection Agency rule that sets a new deadline for states to submit plans to reduce fine particle pollution violates the Clean Air Act and asking for a review, E&E reports.
With a glut in the Atlantic basin and weaker demand, crude oil Friday dropped to its lowest settlements in months in New York and London despite continued crises in the Middle East and Ukraine. U.S. benchmark crude for September delivery finished the week more than 4 percent lower, falling 29 cents to close at $97.88 a barrel on the Nymex, its lowest settlement since February, while Brent crude tumbled $1.18 to $104.84, Reuters reports.
Although Libyan ports and oilfields have been reopening, sending oil prices tumbling globally, analysts warn that the worst violence to wrack the country since its 2011 civil war shows little sign of abating and the oil industry there remains at risk, The Wall Street Journal reports.
The three West Coast governors, all Democrats -- Jerry Brown of California, Jay Inslee of Washington and John Kitzhaber of Oregon -- have sent a letter to Interior Secretary Sally Jewell, expressing their opposition to including any oil or gas lease sales from their area in her department’s updated plan for the Outer Continental Shelf, The Associated Press reports.
Opening up more areas to offshore drilling -- including parts of the Pacific -- would generate around $160 billion over a period of less than 20 years, according to more than 160 Republican Congressmen who sent a letter to Interior Secretary Sally Jewell about her department’s updated plan for the Outer Continental Shelf, The Hill reports.
The latest round of sanctions against Russia over its policy in Ukraine, which would require permits for exporting oil technology to Moscow, poses a problem for Exxon Mobil, which has plans to drill for oil in partnership with state-owned Rosneft in the Arctic and elsewhere, National Journal reports.
The cost of battery technology will have to come down by more than half, but Tesla Motors chief Elon Musk – speaking to investors during a week when he announced partnership with Panasonic to build a battery gigafactory -- is confident that will happen and electric vehicles will achieve price parity with those running on gasoline within 10 years, E&E reports.
Kinder Morgan affiliate El Paso Natural Gas Co. has already begun engineering work on $529 million worth of upgrades to its pipeline system in the Southwest which will enable it to deliver promised natural gas to Mexico, agreed in a 21-year deal signed with the country’s electricity commission, FuelFix reports.
The BNSF Railway is some 811,000 short tons behind on coal deliveries to the Sherco power plant northwest of Minneapolis, Xcel Energy has told the Surface Transportation Board, warning that if the plant runs out of coal it will stop producing electricity, Platts reports.