Russian investigators are seeking 190billion rubles ($4.75billion) from arrested businessman Vladimir Evtushenkov’s AFK Sistema and an affiliated unit for “illegal” gains relating to oil producer OAO Bashneft.
The European Union has abandoned a plan to label oil sands as highly polluting. A directive from the EU’s Fuel Quality Directive had planned to force energy suppliers to reduce the carbon intensity of their products.
German oil and gas producer Wintershall has awarded FMC Technologies its first subsea contract for the Maria development in the North Sea. The contract is worth $280 million and will be completed by FMCs subsidiary FMC Kongsberg Subsea AS.
The investigation into last year's Arctic 30 protest has been closed.
When UK Prime Minister Tony Blair became the first leader of a major economy to meet Russia’s new president in March 2000, Vladimir Putin couldn’t have been more gracious. Accompanied by their wives, Putin showed Blair around the Hermitage museum in his hometown of St. Petersburg. At the Mariinsky Theater, they watched an operatic version of “War and Peace.” Blair praised Putin for seeking to modernize his economy and make it more open to foreign investment. Putin the week before had mentioned the idea of Russia joining the North Atlantic Treaty Organization.
The arrest of one of Russia’s oldest billionaires is sending shivers down the backs of business owners already reeling from US and European sanctions over President Vladimir Putin’s policies in Ukraine. A decade after Mikhail Khodorkovsky’s imprisonment led to Russia’s largest nationalization since the Soviet era, the prosecution of Vladimir Evtushenkov, 65, may prod businesses to pull even more money out of an economy on the verge of recession and relocate abroad, Alexander Shokhin, who lobbies on behalf of the country’s largest companies as head of the Russian Union of Industrialists & Entrepreneurs, said yesterday. Evtushenkov was charged with money-laundering and placed under house arrest two days ago, triggering a sell-off in shares of his companies, including AFK Sistema, and slicing his net worth by a third, to $4.5billion, according to the Bloomberg Billionaires Index. Evtushenkov denies the charges. The case against Evtushenkov stems from a probe into the alleged theft of shares in oil assets in the central region of Bashkortostan that Sistema acquired in 2009, according to investigators.
Chief operating officer Roddy James said: “N-Sea has evolved considerably in the short time since we established our presence within the UK.
The arrest of a Russian billionaire has sent shares in his holding company into a tailspin.
Nearly 200 Aberdeenshire jobs are facing the axe under plans by French energy service giant Technip to shut down its offshore wind division.
Oil and gas companies are predicting an 18% drop in investments in Norway next year, a bigger decline than factored in by the central bank in June and adding to pressure on interest rates.
An Aberdeenshire-based marine equipment specialist has exceeded its turnover target less than a year after setting-up its Norwegian base.
OAO Rosneft’s Russian oil output has declined to the lowest level since the acquisition of TNK-BP made it the world’s largest traded oil producer last year.
In the midst of a suburban sprawl halfway between the Eiffel Tower and Paris’s busy Orly airport, a drilling crew works night and day burrowing deep into the Earth’s crust in search of underground heat.
National Grid is to pay mothballed plants to be online this winter to prevent power cuts, it has said.
Statoil has teamed up with DNV GL to develop a level of industry standardisation aimed at the subsea industry.
UK onshore explorer IGas Energy is one step closer to becoming the country’s largest licence holder for fracking in the UK.
The Norwegian Petroleum Directorate has granted Lundin Norway a drilling permit for its latest well in a series of wildcat finds.
An independent Scotland will negotiate to claw back “substantial” historic oil revenues in order to ensure it can maintain decommissioning tax credits promised by the UK Government, an expert has claimed.
The Scottish independence campaign has received “a body blow” with new figures showing tax receipts from North Sea oil and gas have dropped by almost a fifth, Treasury Secretary Danny Alexander said.
A wildcat well on the Heimdalshø prospect in the Norwegian North Sea has proved dry, its operator Det Norske has reported.
Lundin Norge has completed the drilling of its second appraisal well south of the Edvard Grieg field in the Central North Sea.
When the world’s largest working advanced digestion plant opened last month, it showed the power- hungry process of treating waste in the $360billion water industry can be self-sufficient in terms of energy use.
Repsol SA has dropped a plan to buy all of Talisman Energy Inc., and is instead weighing the purchase of some of the Canadian company’s shale assets, people with knowledge of the matter said.
UK oil and gas production is on track this year to be the best year in more than a decade despite a fall in North Sea output in the three months to June compared to the prior quarter.
Oil giant Talisman Sinopec has launched a legal challenge against Health and Safety Executive criticism of one of its platforms.