Aiming to take advantage of the attractive valuations of oil and natural gas companies, Reliance Industries Ltd reportedly plans to use its record cash reserves to target opportunities in Canada. “Reliance has a strong balance sheet and sustained earning base to pursue (overseas) growth opportunities,” Chairman Mukesh Ambani said on the weekend, after the refiner and [...]
1. Exxon Mobil The biggest natural gas producer is also the country’s biggest oil company and one of the most profitable corporations in the world. Exxon has operations in every continent but Antarctica. Its oil and gas operations range across several states, from Pennsylvania to Colorado, and it also has wells in the Gulf of [...]
Rejecting what it called an “inaccurate and misleading article,” Chesapeake Energy Corporation struck back at the New York Times. In this past Sunday’s edition, the Times accused the Chesapeake of exaggerating the productivity of shale gas wells and industry reserve estimates of future well performance. Aubrey K. McClendon, Chesapeake’s Chief Executive Officer, commented, “Chesapeake stands [...]
TNK-BP Ltd is expected to close a deal to acquire a 45% stake in an oil and natural gas deposit in Brazil’s Solimoes region from Petra Energia SA within one month, according to the company’s Deputy CEO Maxim Barsky. Subject to close of the deal, TNK-BP, which is a Russian joint venture of BP Plc, [...]
BP PLC and ConocoPhillips have abandoned plans to build a $35 billion Alaskan natural gas pipeline. After three years and $165 million in development costs, the pipeline project dubbed “Denali,” threw in the towel, a victim to low gas prices as a result of the surging shale gas production in Texas, Louisiana, Pennsylvania and other [...]
Russia’s Lukoil is scouting for oil and natural gas investments in U.S. shale fields, said its president, Vagit Alekperov. “If we are lucky in identifying a good partner, we are ready to be actively involved in the U.S.,” said Alekperov. Alekperov said he wants to be able to apply those techniques to oil-rich shale deposits in Russia. Lukoil is already experimenting in the Bazhenov formation in West Siberia, [...]
In the shale gas industry, there may be no “sure thing” but an effective partnership and some patience can sometimes lead to a big payoff. Just ask Al Holcomb, Vice President of Strategic Planning at Lewis Energy Group, who spoke about his company’s operations at the Eagle Ford play in south Texas, which was much [...]
BP Plc has announced the sale of its natural gas business in Western Canada and properties in Texas and Egypt to Apache Corp as part of a $7 billion deal to raise funds to cover costs related to the oil spill in the Gulf of Mexico. Apache will acquire assets in Alberta and British Columbia [...]
UK super major BP Plc. intends to make a deal with privately held Lewis Energy Group for the expansion of its U.S. shale-gas operations, as per news published in upstreamonline.com. The transaction value of this deal is expected to be worth $150 million to $200 million. BP will acquire a 50% stake in 80,000 acres [...]
