Energy Business Recap: Shell MOVES Chukchi Rig, Chesapeake REBOUNDS

Royal Dutch Shell (NYSE:RDSA)(NYSE:RDSB) has had to move its Chukchi Sea rig as a safety maneuver against possible encroaching sea ice, only one day after it began drilling its first well offshore Alaska in the Arctic Ocean in more than 20 years. As it is, Shell’s drilling window in the Sea might last only until late September.

Shares of Chesapeake Energy Corporation (NYSE:CHK) rebound somewhat from the initial news of Plains Exploration & Production Company’s (NYSE:PXP) acquisition of BP Gulf assets, that earlier fueled a 4 percent slide in the former’s shares. It appears that the deal reminded investors of the pressure on gas-exposed exploration and production companies who are struggling to rejig asset portfolios during periods of depressed prices. Since Plains Exploration began its $3.7 billion joint venture with Chesapeake four years ago through which to develop shale gas, prices for natural gas have fallen below $3.

Apache Corporation (NYSE:APA) will plug the Mbawa-1 Kenyan exploration well after finding no commercial quantities of crude or natural gas.

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