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The Rosebank offshore project in a remote and technically challenging region of the British North Sea, will receive billions of dollars from Chevron (NYSE:CVX) for development. The United Kingdom announced tax changes that should encourage investment in the area three months ago, and now CVK will move to begin the allocation of the main engineering and design contracts for Rosebank.
Investing Insights: Market Recap: Oil SPIKES, Stocks SINK, Alcoa INITIATES Earnings.
ExxonMobil (NYSE:XOM) reports that its Esso Angola division has initiated oil production from the Kizomba Satellites project located offshore Angola. The beginning phase of the project is expected to produce 100,000 barrels of oil per day and also to recover approximately 250 million barrels from the Mavacola and Clochas fields.
Patriot Coal (NYSE:PCX) has confirmed an earlier report that it has filed for Chapter 11 bankruptcy protection. Shares imploded in regular trading and continue to fall after hours. The firm intends to continue mining operations and shipments to customers in an ordinary manner while it goes through reorganization, and has received a commitment for $802 million in debtor-in-possession financing. Shares of Arch Coal (NYSE:ACI), and Alpha Natural Resources (NYSE:ANR) took a beating in sympathy.
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