Rosneft Oil On Moody’s Review List, Transocean General Counsel Resigns: Energy Biz Update
Moody’s has Rosneft Oil Co. (RNFTF.PK) on review for a downgrade, prior to a more intense evaluation of the structure and financing of the company’s $55 billion purchase of TNK-BP in part from BP (NYSE:BP). For his part, Rosneft Chief Executive Igor Sechin has not provided financing details nor much guidance on his firm’s performance.
Talisman Energy (NYSE:TLM) will move ahead with its $2.56 billion MonArb redevelopment project in the United Kingdom North Sea, subsequent to winning final regulator approval for the project. MonArb is targeted at the output of an additional 100 million barrels of energy equivalent from the existing Arbroath, Arkwright, Brechin, Carnoustie, Montrose, and Wood fields by the year 2016.
Shares of Transocean (NYSE:RIG) moved down on the day following Wednesday night’s news that the firm’s general counsel stepped down with no reason given. Analysts at Simmons said that the event is “not a welcome headline given the company’s ongoing legal issues particularly in the U.S.”
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