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 would limit the amount of mercury, dioxins, acid gas and other substances used in the process of making bricks and clay, under a prospective rule published in the Federal Register that is open for public comment for 60 days, The Hill reports.
Michael Goggin at the American Wind Energy Association is warning that the North American Electric Reliability Corp.’s decision to hire Energy Ventures Analysis Inc. to review the Environmental Protection Agency’s Clean Power Plan risks its credibility given what he calls the firm’s “stark bias” against the proposal, but NERC is defending its selection, citing its long track record with the firm and its transparent analysis process, E&E reports.
The failure of past drilling projects offshore Cuba will likely signal a cautious approach to the prospect from major oil companies despite the thaw in relations between Washington and Havana, FuelFix reports.
Uncertainty over crude oil prices -– presently at five-year lows -– has prompted Chevron to put an indefinite hold on its Arctic drilling plans in Canada, the company told regulators Wednesday, The Wall Street Journal reports.
Marathon Oil Corp. has trimmed its budget by about a fifth – cutting around $1 billion from 2014 spending levels – citing the “continuing dynamic change in crude oil markets” and the impact that is having on oilfield services, FuelFix reports.
Word that oil companies are trimming their plans for future exploration and production gave a boost to oil prices early Thursday, on the back of a hike the day before. U.S. benchmark crude for January delivery had gained $1.83 to $58.30 a barrel in electronic trading on the Nymex, while in London February Brent was up $2.09 at $63.27, Reuters reports.
Rice Energy has raised about $412 million from its initial public offering of shares in Rice Midstream Partners, less than the $500 million it expected, in large part because the crash in oil prices has brought down prices for energy stocks generally, analysts told the Pittsburgh Tribune-Review.
Three Democratic lawmakers -- Sens. Elizabeth Warren and Ed Markey of Massachusetts, and Tammy Baldwin of Wisconsin – have sent a letter to President Obama warning of their concerns over the Trans-Pacific Partnership, a prospective trade pact with Asia, The Washington Post reports.
At least five power plant operators have signalled they’ll be bringing plants back on line or boosting their generating capacity following creation of a new capacity zone in southern New York, according to the New York Independent System Operator, Platts reports.