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 GOP chorus denouncing the Environmental Protection Agency move to lower the ozone standard was joined by House Majority Leader Rep. Kevin McCarthy, R-Calif., senior figures on the House Energy and Commerce Committee, as well as Sen. John Thune, R-S.D., who is chairman of the Republican Senate caucus, The Hill reports.
Ahead of the OPEC meeting in Vienna, oil prices recovered Wednesday from earlier drops triggered by word of a greater-than-expected increase in U.S. crude inventories as well as a comment from Saudi Arabia's oil minister that there would be no need for a production cut. West Texas Intermediate crude for January delivery slipped just 3 cents to $74.06 a barrel on the Nymex, while in London Brent was 5 cents lower to $78.28, Bloomberg reports.
Freeport LNG has closed on financing deals – from Japanese sources -- for two of three planned liquefaction trains at its export facility, and should begin construction on its plant in Quintana, Texas this week, with operation projected to start in 2018, FuelFix reports.
Uranium prices are on track for an 18 percent increase in 2014, which would be the first annual gain for the energy commodity in four years and make it the best performing category in the sector, Bloomberg reports.
Nearly all of the claims dealt with through the settlement process after the 2010 BP Gulf of Mexico spill were handled correctly, according to a third party audit released Tuesday by claims administrator Patrick Juneau, The Times-Picayune reports.
The legal fight over the Environmental Protection Agency’s Waters of the U.S. rule could revolve around what’s meant by the words “adjacent” and “neighboring,” as well as how the regulation defines a flood plain, E&E reports.
After a shareholder lawsuit filed to stop the $2.86 billion merger announced in June between C&J Energy Services and the fracking business of Nabors Industries, a judge in Delaware Tuesday ordered a 30-day suspension to allow for competing offers, but C&J said it would appeal, FuelFix reports.
Oncor’s proposal to install battery storage across the grid in Texas is coming in for criticism from a state lawmaker – Republican State Sen. Troy Fraser said his support for the $5.2 billion project came before he realized an increase in transmission rates would be part of the package, The Dallas Morning News reports.
Speaking about the failure of Google’s renewable energy project RE<C, two engineers, writing in IEE Spectrum recently, said trying to fight climate change using only existing technologies like wind and solar energy won’t work, Fox News reports.