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.
In a video recorded for release at the U.N. Climate Summit, Britain’s Prince Charles said the issue was the greatest challenge facing mankind, and there’s no time to delay in dealing with it, The Telegraph reports.
Researchers at the main campus of the University of Illinois, who are studying the impact climate change may have on food crops in the future, are seeing some potential problems, The New York Times reports.
Tracking how much condensate is being exported, or even how much is being produced, is difficult because agencies don’t have standard definitions to go by, Energy Information Administration chief Adam Sieminski said Monday, Platts reports.
An increase in a Chinese manufacturing gauge beyond analysts’ expectations sent oil higher early Tuesday. West Texas Intermediate crude for November delivery gained 61 cents to $91.48 a barrel in electronic trading on the Nymex, while in London Brent was 40 cents higher at $97.37, Bloomberg reports.
A decision on lowering OPEC’s output target won’t be made until ministers gather in Vienna in November, despite comments from the group’s Secretary General last week that a cut will likely be coming, the energy minister for United Arab Emirates said Tuesday, Bloomberg reports.
Chevron has hired an investment banking firm to see if buyers may be interested in acquiring its operations in Hawaii, including the Kapolei refinery that’s one of five the company operates domestically, FuelFix reports.
Trustees for the Port of Galveston have inked an agreement to set aside 185 acres on Pelican Island for NextDecade for six months in exchange for $100,000, as the company explores whether it’s feasible to build a facility there for LNG exports, FuelFix reports.
NASA ozone mapping has shown that particulates from smoke generated by half a dozen wildfires burning in northern California has travelled into the airspace of Nevada, Utah, Arizona, Illinois, Indiana and Michigan, even reaching Canada, the Los Angeles Times reports.
Russia had been maneuvering to fill the gap when Germany retreated from developing nuclear power plants in Europe in the wake of the Fukushima disaster, but the effort has been stalled by sanctions imposed over the Ukraine crisis, The Wall Street Journal reports.