BP Gulf Settlement Approved, Apache & Chevron Partner in Canadian Deal: Energy Business Review

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An oil well owned by Newfield Exploration Co. (NYSE:NFX) that went out of control late Friday night five miles west of Watford City, North Dakota, was plugged early Sunday evening. Spokesperson Keith Schmidt said that a crew from Wild Well Control was able to install a temporary plug at the well, ceasing all flow of fluids. Control of the well was lost when a workover rig crew attempted to bring it from hydraulic fracturing stages into oil production.

On Friday, a United States judge gave final approval to BP’s (NYSE:BP) resolution with individuals and businesses who lost money and property in the 2010 Gulf of Mexico oil spill. However, the decision addressed only the settlement of economic and property damage claims, but not a separate medical benefits resolution for cleanup workers and others who said that the spill made them sick. The company has calculated that it will shell out $7.8 billion to settle in excess of 100,000 claims in the class action litigation.

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Rosneft Oil Co. (RNFTF.PK) has signed loan agreements for $16.8 billion to pay for its purchase of TNK-BP. The Russian oil major will borrow $4.1 billion for five years and $12.7 billion for two years from a group of international lenders. The cash will pay for BP’s 50 percent interest in Russia’s third- largest oil producer, according to a Rosneft statement on Monday.

Apache Corporation (NYSE:APA) and Chevron Corporation (NYSE:CVX) reported Monday in regards to a deal that will give Chevron two shale-gas fields in Western Canada and a facility through which to export output to Asia. Financials of the transaction were not disclosed. More specifically, Apache and Chevron’s Canadian subsidiaries acquired two companies involved in the projects, EnCana Corp and EOG Resources, and each will own one half of a pipeline, a planned liquefied-natural-gas export terminal, and 644,000 acres in northern British Columbia.

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