BP plc completed a landmark transaction with Russian oil giant OAO Rosneft, which gives the London-based major a 20% stake in what now is the world’s largest publicly traded oil company. BP is using some of the proceeds to buy up to $8 billion of its shares over the next 12-18 months. BP agreed to sell its half-stake in Russian explorer TNK-BP to Rosneft for $17.1 billion in a cash-and-stock transaction, which gave it a 12.84% stake in the company (see NGI, Oct. 29, 2012). BP already held 1.25%, and it used $4.8 billion of the cash it received to buy another 5.66% stake. Rosneft bought the other half of TNK-BP from Alpha Group Consortium. In total, Rosneft’s transactions are worth an estimated $55 billion.
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Articles from Landmark
BP Completes Landmark Rosneft Tie-Up
BP plc on Thursday completed a landmark transaction with Russian oil giant OAO Rosneft, which gives the London-based major a 20% stake in what now is the world’s largest publicly traded oil company.
March 22, 2013
West Virginia Supreme Court Rules Against Landowners
The West Virginia Supreme Court of Appeals has ruled that state law doesn’t give landowners the right to seek judicial review of well permits issued by the Department of Environmental Protection (DEP). However, the appeals court urged lawmakers to consider changing the law to give landowners more say.
November 29, 2012
Chesapeake to Renegotiate 4,400-Plus New York Natural Gas Leases
In a landmark agreement announced Thursday, a drilling unit of Chesapeake Energy Corp. will allow more than 4,400 New York landowners locked into natural gas leases the opportunity to renegotiate their contracts, said New York Attorney General Eric T. Schneiderman.
June 15, 2012
Texas Court Decision ‘Benefit’ to Shale Producers
A landmark ruling by the Texas Supreme Court last month that landowners own groundwater “in place” will benefit shale producers by facilitating the sale of the water, according to Kathleen Hartnett White, a distinguished senior fellow and director at the Texas Public Policy Foundation in Austin, TX.
March 19, 2012
Texas Court Decision ‘Benefit’ to Shale Producers
A landmark ruling by the Texas Supreme Court last month that landowners own groundwater “in place” will benefit shale producers by facilitating the sale of the water, according to Kathleen Hartnett White, a distinguished senior fellow and director at the Texas Public Policy Foundation in Austin, TX.
March 16, 2012
West Virginia Governor Signs Marcellus Reform Bill
West Virginia Gov. Earl Ray Tomblin signed a landmark Marcellus Shale regulatory reform bill — also known as the Natural Gas Horizontal Wells Control Act — into law on Thursday.
December 27, 2011
West Virginia Approves Landmark Marcellus Bill
The West Virginia legislature has overwhelmingly approved a landmark Marcellus Shale regulatory reform bill, but advocates for the shale gas industry, surface owners’ rights and the environment told NGI the bill isn’t all they had hoped for.
December 19, 2011
Marcellus Bill Passes West Virginia Legislature in Landslide
The West Virginia legislature overwhelmingly approved a landmark Marcellus Shale regulatory reform bill on Wednesday, opening a new chapter for natural gas development in the state.
December 15, 2011
Marcellus Bill Passes West Virginia Legislature in Landslide
The West Virginia legislature overwhelmingly approved a landmark Marcellus Shale regulatory reform bill on Wednesday, opening a new chapter for natural gas development in the state.
December 15, 2011
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