Energy Biz Cheat Sheet: BP Discovers New Oil Source, Shell to Develop Gas-Powered Vehicles
BP (NYSE:BP) says it may have discovered a giant deepwater oil source in the Gulf of Mexico in part of its Mad Dog field that was, until now, untested. Initial reports have total hydrocarbons topping 4 billion barrels of oil equivalent. BP has a 60.5% stake in the Mad Dog field, while minority owners include BHP Billiton (NYSE:BHP) with 23.9% and Chevron (NYSE:CVX) with 15.6%.
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Westport Innovations (NASDAQ:WPRT) has announced a co-marketing program with Shell (RDS.A) to develop a commercial solution to deliver natural gas-powered vehicles in North America.
The SEC has notified Puda Coal (AMEX:PUDA) Chairman Ming Zhao that it plans to seek civil charges against him on allegations that he violated U.S. securities laws.
Petroleum Development (NASDAQ:PETD) has announced its entrance into the Utica Shale play in Southeastern Ohio. The company has lease acquisitions of up to 30,000 net acres in the area.
Encana (NYSE:ECA) has agreed to sell a $590 million interest in its Piceance natural gas assets to a private company.
Forest Oil (NYSE:FST) will spin off its Lone Pine Resources (LPR), declaring a special stock dividend of 70 million shares, about 825 of the outstanding shares of Lone Pine common stock
The EIA is lowering its energy consumption forecast for 2011 and 2012. The agency now expects global oil consumption to grow by about 1.4 million barrels/ day in each year. Despite weaker demand, the EIA’s report doesn’t have gas prices declining.