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.
Transportation Secretary Anthony Foxx on Wednesday will announce new rules covering oil train safety, sources told The Wall Street Journal, which says the plan has railroads concerned about possible speed restrictions and oil companies worried about limits on tank car volumes.
ABB, the Swiss engineering group, has posted a 17 percent drop in second quarter net profit, a bigger loss than expected, dragged down by delays to solar power and offshore wind projects which have hurt the company’s power systems unit, Reuters reports.
Major electricity providers -- including Florida Power & Light and Duke Energy -- have been presenting testimony to the Florida Public Service Commission this week in support of their request to cut back on energy efficiency programs, a move opposed by conservationists, The News Service of Florida reports.
Environmentalists concerned about fish kills at the Indian Point nuclear plant on New York’s Hudson River are raising just a few of the questions being discussed as the state’s Department of Environmental Conservation opened hearings on renewing water quality permits for the facility, The New York Times reports.
Changes the Department of Energy is proposing to the way LNG export permits are handled will cause more delays and “regulatory uncertainty,” according to comments the American Petroleum Institute filed with DOE, FuelFix reports.
Federal Energy Regulatory Commission approval for construction of LNG export facilities in Cameron Parish, Louisiana is being challenged by groups including the Sierra Club, which are asking the FERC for more environmental analysis, Platts reports.
The city of Wichita Falls is mixing treated wastewater with lake water to guarantee a continued flow into the taps of residents, but they are turning up their noses at the idea of drinking it, Reuters reports.
By the end of 2014 General Electric hopes to produce systems that generate electricity using a solid oxide fuel cell, now that it has opened a testing and research facility for the process in upstate New York, Bloomberg reports.
A full range of Defense Department operations -– from planning to training and infrastructure -– are affected by climate change, which officials are trying to counter with a pro-active approach to the situation, Deputy Assistant Secretary of Defense Daniel Chiu told lawmakers at a hearing Tuesday.