International

China’s Sinopec International Petroleum Exploration & Production Corp. (SIPC) is investing $2.2 billion with Devon Energy Corp. in exchange for one-third of Devon’s interest in five new venture plays, the Oklahoma City-based independent said Tuesday.

Endeavour International Corp. last Wednesday said it had terminated purchase and sale agreements with SM Energy Co. and other minority owners to buy a 42,000-acre leasehold and associated pipeline assets in McKean and Potter counties in northern Pennsylvania. SM Energy Co. responded with a threat of legal action.

Houston-based Cameron International Corp., which manufactured the blowout preventer used for the doomed deepwater Macondo oil well, on Friday agreed to pay operator BP plc $250 million to settle claims relating to the disaster.

SM Energy Co. intends “to pursue any and all legal remedies” arising from Endeavour International Corp.’s decision to terminate agreements to buy a 42,000-acre leasehold and associated pipeline assets in McKean and Potter counties in northern Pennsylvania, the Denver-based company said.

Endeavour International Corp. on Wednesday said it has terminated purchase and sale agreements with SM Energy Co. and other minority owners to buy a 42,000-acre leasehold and associated pipeline assets in McKean and Potter counties in northern Pennsylvania.

The International Swaps and Derivatives Association (ISDA) and the Securities Industry and Financial Markets Association (SIFMA) have filed a legal challenge to the Commodity Futures Trading Commission’s (CFTC) controversial final rule on position limits.

The International Swaps and Derivatives Association (ISDA) and the Securities Industry and Financial Markets Association (SIFMA) have filed a legal challenge to the Commodity Futures Trading Commission’s (CFTC) controversial final rule on position limits.

Shale development and rising oil prices are pushing up domestic demand for oilfield chemicals at a rate of more than 8% a year, according to new research by The Freedonia Group Inc. By 2015 the U.S. market for chemicals should reach $13.6 billion, the Cleveland-based industry analyst said.

The International Energy Agency (IEA) warned last week that irreversible climate change will occur if bold actions are not taken worldwide within the next five years, but the agency’s chief economist said he’s not optimistic that leaders will make the sacrifices necessary.