EnCana Corp, Canada’s biggest energy company, is going to buck the trend in the oil industry of mergers, and split into two separate oil and natural gas firms in an effort to wring out more value with crude prices at record highs.
The new oil firm, worth about a third of the enterprise value, will operate […]

Alaska could revoke leases for oil fields like Prudhoe Bay if top energy companies refuse to participate in a government natural gas pipeline plan, the Governor Sarah Palin has said. Exxon Mobil Corp, BP and ConocoPhillips together control more than 35 trillion cubic feet of known gas reserves on the Alaska North Slope.
But the companies […]

Brazil says it has found another “elephant.” This time it is a huge natural gas field called, Jupiter, which could match the recently discovered Tupi oil field in size. The field has been found a short distance off Rio de Janeiro’s coastline.
While not providing any specific details on the size of the new reserve, Petrobras […]

The US state of Alaska has received five natural gas pipeline applications, including one unexpected bid from a Chinese energy titan.
The state also received an alternative proposal from Conoco Phillips that didn’t meet the state’s application criteria. The other two oil giants operating on the North Slope, BP and Exxon Mobil, submitted nothing.
Gov. Sarah Palin […]

BP agreed last night to pay $303m to settle charges that it had manipulated the propane gas market in the United States.
BP was charged last year with price-rigging by cornering the propane market during illegal energy trading in 2004. A Department of Justice lawsuit alleged that one trader told another: “Dude, you’re the […]