Tullow Promises Drill Results, Cameron Partners With Schlumberger: Energy Biz Wrap

New York State Attorney General Eric Schneiderman launches an inquiry into the Long Island Power Authority and Consolidated Edison (NYSE:CE) in regards to the utilities’ preparedness and response to Sandy, according to an inside source. Schneiderman’s office subpoenaed both utilities on Wednesday, asking for details concerning their emergency plans and also their handling of the storm that knocked out power to millions of New Yorkers.

Are these stocks a buy or sell? Let us help you decide. Check out our Wall St. Cheat Sheet Stock Picker Newsletter now >>

The United Kingdom’s Tullow Oil (TUWOY.PK)(TUWLF.PK) is poised to release a number of significant drill results before the year’s end, as the firm follows its exploration strategy despite the fact that it is now a major oil producer. Reports from the company’s wells should include those from Guyane and Kenya. On Wednesday Tullow released guidance that annual average output would be in-line with its estimate of between 80,000 and 84,000 barrels of oil equivalent per day, following a year in which it develop a program to stimulate output at a key field in Ghana.

Cameron International Corporation (NYSE:CAM) and Schlumberger Limited (NYSE:SLB) reported Thursday that they have formed the joint venture OneSubsea”, through which to manufacture and develop  systems, products, and services for the subsea oil and gas market. The new entity will supply a step change in reservoir recovery for the subsea oil and gas industry, via integration and optimization of the whole production system over the life of the field. Cameron and Schlumberger have 60:40 respective ownership of the joint venture, with the deal subject to the usual regulatory approvals and closing conditions.

Don’t Miss: Are Hedge Funds Still Interested in Gold?