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.
Brent crude for December extended its rebound to rise 34 cents to $86.16 a barrel as Goldman Sachs speculated that the recent steep drop in price was excessive. West Texas Intermediate gained 5 cents to settle at $82.75 a barrel, Bloomberg reports.
Officials from several OPEC members outside the Persian Gulf are calling for a reduction in production in response to falling oil prices, as Saudi Arabia and other Gulf states seek to keep the ceiling high, The Wall Street Journal reports.
Russian President Vladimir Putin warned that the global economy could collapse if the price of oil stays near $80 a barrel for an extended period but downplayed arguments that low prices will significantly devalue Russia's currency, Business Insider reports.
As global oil prices trend downward, 80 of the oil industry's largest crude oil tankers are headed for Chinese ports, marking the largest number of shipments in nine months and indicating China may be boosting purchases, Bloomberg reports.
An Environmental Protection Agency study has found that neonicotinoid pesticides, linked to the death of bees and other insect pollinators, have had little effect to boost the size of soybean yields, The Globe and Mail reports.
Energy Secretary Ernest Moniz praised Abengoa's new plant-waste biofuels plant in Kansas as the future of the ethanol production, as it doesn't force competition between ethanol producers and food suppliers, The Associated Press reports.
The Environmental Protection Agency has approved a greenhouse gas permit for Natgasoline's proposed methanol plant in Beaumont, Texas, ending the final regulatory hurdle for the project that could cost as much as $1.8 billion, the Beaumont Enterprise reports.
Entergy officials estimated that the cost to decommission the Vermont Yankee nuclear plant will be $1.24 billion, and the company has about half the needed value in its decommission fund, The Associated Press reports.