Activist investors Carl Icahn and Corvex Management have joined forces in a campaign to push Permian Basin pure-play Energen to seek a buyer and expressed interest in actually acquiring the company. Icahn says the company's stock is undervalued and could be worth over $100 per share, up from about $70 per share currently.
Appalachia shale producer Rex Energy has filed for Chapter 11 bankruptcy protection after a strategic review and talks with lenders and advisers determined this would be the best course of action. As a result, the company will sell all of its remaining assets, which consisted of 98,000 net acres in the Appalachian Basin as of January.
Minnesota Gov. Mark Dayton has vetoed a bill that would have cleared the path for Enbridge to start construction on its Line 3 crude oil pipeline replacement without approval from the state's Public Utilities Commission. "This bill pre-empts the long-standing PUC process, which has been established in law, and which has been used for years to make those complex and controversial decisions," Dayton said.
UK-based Cuadrilla is planning hydraulic fracturing operations at two wells in Lancashire in northwest England. The company, which is seeking the British government's consent, finished drilling the country's first horizontal shale gas well in April at the Preston New Road exploration site and is nearly finished drilling a second well.
Global Maritime and Unisea have reached a five-year agreement with SolstadFarstad to deliver dynamic positioning software to the Norwegian company, which provides ships to the offshore oil and natural gas industry. The software will make dynamic positioning easier and reduce vessels' downtime, Global Maritime says.
Rosneft has bowed out of the Eurasia oil-exploration project in Kazakhstan, but Shell has joined the effort, says an executive with a Kazakh company involved in the project. Six companies last year signed up for the project, which will involve drilling ultra-deep wells into the Caspian Depression in western Kazakhstan in an effort to find an estimated 60 billion metric tons of oil.
An earthquake shook southwestern Mexico on Sunday, but no major damage was reported. The magnitude 5.2 quake, centered about 18 kilometers southeast of Xalpatlahuac, follows a magnitude 7.2 earthquake in southeastern Mexico in February and two devastating Mexican quakes in September.
Offshore oil drilling is showing some signs of recovery, but the business remains costly and risky when compared with onshore shale drilling, and operators are not yet convinced that offshore efforts make sense, analysts say. Higher oil prices are helping the offshore industry, but a comeback will be evident when more contracts are awarded, the offshore supply deficit becomes clear and investors show stronger interest.
Mubadala Petroleum began drilling an oil well Sunday at the Manora field in the Gulf of Thailand. The well, which will be drilled to a depth of 1,957 meters, is the first of four the UAE-based company plans to drill in the field off Thailand's coast
Angola is reducing tax rates and offering other incentives to encourage investment in marginal oilfields. The country reduced the petroleum production tax from 20% to 10% and the petroleum income tax from 50% to 25%, and it is emphasizing flexibility regarding concession boundaries.