OAO Rosneft has given BP plc until Monday (May 16) to negotiate an acceptable alternative to their historic share swap agreement announced in January. The “groundbreaking strategic alliance” to explore Russia’s largely unexplored Arctic region, considered key to BP CEO Bob Dudley’s plan to right the company, would give state-controlled Rosneft around 5% of BP’s ordinary voting shares in exchange for BP receiving 9.5% of Rosneft shares (see NGI, Jan. 17). However, BP already had joint venture (JV) exploration agreements with Alfa-Access-Renova (AAR), a Russian oligarch consortium, in TNK-BP. The group of Russian billionaires disputed the Rosneft alliance, and in March an arbitration tribunal extended an injunction of the agreement (see NGI, March 28). AAR in essence won its case before the tribunal, which said it would allow BP to move forward with the Rosneft share swap only if it agreed to cede its Arctic JV to TNK-BP.
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BP Pressured to Resolve Rosneft Dispute
Russia’s leading producer, OAO Rosneft, has given BP plc until next Monday to negotiate an acceptable alternative to their historic share swap agreement announced in January, which in total is estimated to be worth about $16 billion.
Republican Senator Seeks Hold on Dodd-Frank Reform Law
A Republican proposal to place the reforms under the Dodd-Frank Wall Street Reform Act on hold until foreign regulators implement comparable regulations has come under fire at the Commodity Futures Trading Commission (CFTC).
Republican Senator Seeks Hold on Dodd-Frank Reform Law
A Republican proposal to place the reforms under the Dodd-Frank Wall Street Reform Act on hold until foreign regulators implement comparable regulations came under fire at the Commodity Futures Trading Commission (CFTC).
Cornell Professor Challenges Shale ‘Myths’
Universities should be working to answer outstanding questions about shale development, but until they do the practice should proceed cautiously, if it proceeds at all, a Cornell University professor told students in Pittsburgh on March 18.
Freeze on Marcellus Permits Approved by Maryland House
The Maryland House of Delegates has approved a bill that would freeze the permitting of Marcellus Shale drilling until 2013 while state agencies review the results of various studies into Marcellus development and hydraulic fracturing (hydrofracking), including a major study being performed by the U.S. Environmental Protection Agency (EPA).
Freeze on Marcellus Permits Approved by Maryland House
The Maryland House of Delegates has approved a bill that would freeze the permitting of Marcellus Shale drilling until 2013 while state agencies review the results of various studies into Marcellus development and hydraulic fracturing (hydrofracking), including a major study being performed by the U.S. Environmental Protection Agency (see Shale Daily, Feb. 24).
Cornell Professor Challenges Shale ‘Myths’
Universities should be working to answer outstanding questions about shale development, but until they do the practice should proceed cautiously, if it proceeds at all, a Cornell University professor told students in Pittsburgh on Friday.
Louisiana Horizontal Well Owners Dodge Tax Bullet
An initiative to tax the horizontal segments of natural gas wells was stopped in its tracks by Louisiana House and Senate committees Monday when lawmakers refused to go along with the idea promoted by the Louisiana Tax Commission.
Quebec Places Restrictions on Hydraulic Fracturing
The government of Quebec announced Tuesday that hydraulic fracturing could continue in the province for exploration purposes only, after the release of a much anticipated report that urged further study of the practice.
