So much methane leaks from oil and gas production on federal and tribal lands in the United States that any environmental benefits gained from natural gas use are cancelled out. It also costs US taxpayers tens of millions of dollars in royalties.
Argentina has ordered the seizure of assets belonging to foreign drilling companies operating in the vicinity of Falklands / Malvinas Islands, saying they have failed to obtain the necessary permissions from Buenos Aires to conduct exploration.
Over the last two months executives from Royal Dutch Shell and Italian oil major Eni have met Iranian officials in Tehran. This is the first time Western oil firms confirmed talks prior to the expected lifting of Iranian sanctions on June, 30.
A federal judge in Wyoming has put a stay on new rules governing hydraulic fracturing on public lands, just before they were about to come into effect Wednesday. Four states and two industry groups have sued to block the rules as too restrictive.
In May China imported a record 3.92 million metric tons of crude oil from Russia, which is equivalent to 927,000 barrels per day. Russia has become Beijing’s top crude supplier for the first time since October 2005.
High oil prices are not a blessing for Russia, however their current level and the ruble exchange rate are ideal for starting structural reforms, the head of the Presidential Administration Sergey Ivanov said in an interview with the Financial Times.
Obama administration officials proposed tougher fuel efficiency and emissions limits for trucks and buses, responsible for almost a quarter of carbon dioxide emissions on US roads. Compliance costs will be offset by better fuel economy, officials said.
Russian oil major Rosneft and BP have signed final documents on joint work at the Taas-Yuryakh oilfield, one of the largest in Eastern Siberia. Under the agreement, BP will pay an estimated $750 million for a 20 percent stake in the oilfield.
The European decision to freeze Russian assets is a way of putting on pressure, trying to spoil the mood at the St Pete Economic forum; a reminder the EU is in conflict with Russia, says Alexander Mercouris, International Affairs Editor of Russia Insider.
The 19th St. Petersburg International Economic Forum is underway. Despite sanctions, more than 7,000 guests and 1,000 international companies are represented, among them the heads of BP, Royal Dutch Shell and Total. RT will keep you updated.
Moscow has summoned the Belgian ambassador to lodge a protest over the freeze of its state assets. It said that Moscow may consider retaliatory measures against Belgium if the assets are seized, including against Belgium diplomatic property in Russia.