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Oil rigs in US extend record as Eagle Ford drilling surges

Rigs targeting oil in the U.S. jumped to a record as energy producers used the most in a year to drill for crude in Texas’s Eagle Ford shale formation. Oil rigs increased by 14 to 1,487, the highest level since Baker Hughes split the oil and gas counts in 1987, data posted on the company’s […]  More »

Total plans to drill for shale gas with Sinopec in China

Total SA plans to seek shale gas with China Petroleum & Chemical Corp. by drilling in Anhui province, moving the third-largest European oil company closer to exploiting Chinese reserves that are the world’s biggest. Total and Sinopec, as the Chinese refiner is known, will search for gas in the 4,000 square-kilometer (1,500 square mile) Xuancheng […]  More »

Woodside misses deadline on Israeli gas deal as talks continue

Woodside Petroleum, Australia’s second-largest oil producer, missed its target for completing a deal to buy a stake in a natural gas project in Israel, 15 months after signing an initial accord.  More »

Petrobras spending on Pasadena refinery snares Brazil finance minister in scandal

Brazil’s top finance official is being roped into a growing scandal over Petroleo Brasileiro SA’s $1.19 billion purchase of a Texas plant, the latest in a string of troubles plaguing the company’s money-losing refining unit.  More »

Occidental’s $8 billion deal stalled by Muslim Brotherhood row

Occidental Petroleum Corp., seeking to raise as much as $8 billion by selling a stake in itsMiddle East business, said a political dispute in the region is complicating plans to sell to a single investor group.  More »

Rising utility costs lingering after winter’s chill fades

U.S. consumers got a glimpse of rising future utility bills during the winter as coal- and nuclear-plant shutdowns boosted reliance on natural gas.  More »

Kremlin partnership places BP at risk in Russia crisis

No business has as much at stake as BP Plc, as the crisis in the West’s relations with Russia escalates.  More »

Investigators complete report on Quebec oil-train disaster

Quebec police have finished and filed with authorities their investigation into the Lac-Megantic train disaster that killed 47 people and prompted backlash against the growing practice of transporting crude oil by rail.  More »

Billionaire sought by US holds key to Putin gas cash

A detained billionaire who made a fortune as a middleman in Russia’s murky gas trade with Ukraine may hold the key for U.S. lawmakers seeking harsher sanctions against President Vladimir Putin’s inner circle.  More »

Judge rules Anadarko emails don’t show fault in Gulf oil spill

Anadarko Petroleum Corp. (APC) officials urged BP Plc to drill deeper into the Gulf of Mexico well that caused the worst offshore oil spill in U.S. history even after BP warned that doing so would be unsafe.  More »

Private equity shifts shale strategy as land grab ends

For KKR & Co. (KKR) and Apollo Global Management LLC (APO), leaders of the biggest shale-field buyouts, the difference between failure and success may come down to 93 days.  More »

BP ends renewables energy target after $8.3B spend

BP Plc, recovering from an oil spill that may cost it as much as $42 billion, said it hasn’t set a new target for investing in renewable energy after funneling $8.3 billion into the business.  More »
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