Private equity firm Riverstone Holdings is selling US-based oil and gas exploration company Rock Oil. In an update on the London Stock Exchange (LSE), energy-sector-focused Riverstone said it expects the sale of Rock Oil to SM Energy to generate gross cash proceeds of $237million. Denver-headquartered SM Energy said the purchase price was $980million.
Oil at $35 a barrel is neither too high nor too low but just right to make shares of US explorers worth buying, according to Goldman Sachs.
The debate on whether to pursue unconventional sources continues to rumble on, with SNP members narrowly rejecting a bid to toughen up the party’s stance on fracking amid calls for an outright ban.
Top shale oil producer Pioneer Natural Resources has found an unusual way to both save water and cut costs for its wells: tapping the treated runoff from toilets, sinks and showers in west Texas. Pioneer has signed an 11-year, $117 million deal with the city of Odessa, Texas that will guarantee it access to millions of gallons of treated municipal wastewater each day, for use in nearby oilfields. Deliveries of the so-called effluent, are expected to start at the end of the year. As crude oil has slid to its lowest level in six years -currently about $40 a barrel - oil and gas companies pumping from shale rock have tried to cut every unnecessary penny from their operations. Water acquisition and transportation can be up to 10 percent of the cost of drilling and fracking a well, according to consulting firm IHS.
What a curious document it is, the Commons energy and climate change committee’s report titled The Impact of Shale Gas on Energy Markets.
A NEW study carried out at the University of Leicester reveals that an alternative to oil could be found in ancient sea deposits dating from 300million years ago.