What

The oil and natural gas industry in New York State is “imperiled” and “in crisis” because of the ongoing delay over whether to allow hydraulic fracturing (fracking) in the state, according to a letter sent Monday to Gov. Andrew Cuomo by the Independent Oil & Gas Association of New York (IOGA).

Natural gas liquids (NGL) account for a significant portion of what many international organizations refer to as “oil production” from the United States, according to analysts from the Brookings Institution.

Natural gas liquids (NGL) account for a significant portion of what many international organizations refer to as “oil production” from the United States, according to analysts from the Brookings Institution.

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.

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.

The House Natural Resources Committee sent a letter to the Interior Department Thursday expressing concern about the scientific integrity of and the imposition of what it said were arbitrary deadlines on a decision to potentially list the sage grouse under the Endangered Species Act (ESA)

Despite the threat of legal action from Gov. John Hickenlooper, the city council of Fort Collins, CO, has adopted a resolution banning hydraulic fracturing (fracking) within city limits.

Hess Corp., which is facing a shareholder revolt for a perceived lack of focus and crony-heavy board, on Monday said it would become a pure-play exploration and production (E&P) company. The plan involves fully exiting the downstream business, selling Bakken Shale midstream, and bringing aboard six new independent directors.

Acknowledging that the boom in natural gas has led to cleaner-burning power and greater energy independence in the United States, President Obama Tuesday in his first State of the Union Address of his second term vowed to cut red tape to speed up the permitting process for new oil and gas permits on public lands.