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Latest Energy News | World News

  • Nuclear Fuel Bank In Kazakhstan Will Have Double Role

    Published: 27 August 2015

    Kazakhstan and the International Atomic Energy Agency (IAEA) signed an agreement on Aug. 27 to have the former Soviet republic host the world’s first bank for a nuclear fuel bank that would supply fuel for power generators and help prevent proliferation of nuclear weapons. The pact was signed during a ceremony in Astana, Kazakhstan’s capital, by Kazakh Foreign Minister Erlan Idrisov and Yukiya Amano, the director general of the IAEA, the United Nations’ nuclear regulator. The bank will be under Kazakhstan’s legal jurisdiction, but its management and operations will be run entirely by the U.N. agency. After the deal was…

  • Schlumberger-Cameron Deal Could Benefit The Whole Oil Industry

    Published: 27 August 2015

    A merger of Schlumberger Ltd. and Cameron International Corp., if approved, could mean savings not only for a new company, but also for its customers at a time of low oil prices where every penny seems to count. Schlumberger, the world’s largest oilfield services company, said Aug. 26 that it will pay about $12.71 billion in stock and cash to acquire Cameron, a leader in manufacturing oilfield equipment. Each Cameron shareholder would get 0.716 shares of Schlumberger stock and $14.44 for each Cameron share. The payment for each Cameron stock would be worth 56 percent more than it is worth…

  • Environmental Group Threatens Exxon With Appeal In New Jersey Case

    Published: 26 August 2015

    At least one environmental group is threatening to appeal a judge’s decision approving New Jersey’s settlement of a pollution lawsuit with Exxon Mobil Corp. in which the company would pay the state $225 million, a small fraction of the $8.9 billion that was first sought. A court found on Aug. 25 that Exxon, which owned and operated oil refineries in northern New Jersey near Bayonne, had contaminated the waters, fields and wetlands in the area. The two sides had been litigating the case for 11 years until they agreed on a proposed settlement in February. Environmental groups and their allies…

  • Scottish Green Party Calls For Nationalization Of Oil Industry

    Published: 26 August 2015

    Scotland’s Green Party is proposing that Britain nationalize its oil industry, which it says not only would end dependence on multinational corporations but also create at least 40,000 new jobs. The report, written by industry critic Mika Minio-Paluello, urges a comprehensive change in the United Kingdom’s economic policy by moving away from tax breaks for foreign oil companies, which are meant to stimulate oil production. Instead, it calls for the government to allow individual communities to oversee initiatives in renewable energy, all owned by the public. Scotland’s oil sector has been severely damaged by the 14-month-old plunge in oil prices, and…

  • Iran Prepared To Defend Old Market Share ‘At Any Cost’

    Published: 25 August 2015

    Iran’s oil minister says his country supports calls for an emergency OPEC meeting to explore ways to shore up the price of oil, but even without such an effort, Tehran is willing to regain its market share “at any cost.” Iran once was OPEC’s second-leading producer, after Saudi Arabia, but output has plunged since 2012, when international sanctions forbade any country or energy company to buy, ship, finance and insure its crude because of Tehran’s nuclear program. In 2011, Iran’s output was 3.7 million barrels per day. With the sanctions, production dropped to 1.2 million barrels per day. Iran and…

  • Southern Co. And AGL To Form 2nd Largest U.S Utility

    Published: 25 August 2015

    The merger of Southern Co. and AGL Resources will create a utility with the second largest pool of customers in the United States. Southern, which owns utilities throughout the Southeastern United States, said Aug. 24 that it intends to buy AGL, which specializes in gas, for about $8 billion in a move to increase its gas holdings and provide it with additional revenue. Overall, the deal is valued at $12 billion, including the settling of debts. If approved by regulators, the merger of the two companies, both based in Atlanta, would create an entity with 9 million customers along the…

  • China May Meet Carbon Goals Sooner

    Published: 24 August 2015

    China’s may achieve its goal to stop the growth of its carbon emissions before its deadline of 2030 because the country's discharge of carbon dioxide already may be less than reflected in current estimates, according to a new study. Beijing hasn’t reported on the level of its CO2 emissions for 2014, but outside groups estimate it at between 9 billion and 10 billion metric tons. As China continues to invest in its economy, that figure is expected to grow to as high as 20 billion metric tons. But any estimates of growth are meaningless if they’re based on an inaccurate…

  • U.S Energy Storage Solution Helps Out Asian Diary Production

    Published: 24 August 2015

    South Asia may be the world’s leading producer of milk, but its dairy farmers have to fight hot weather in a region where electric refrigeration is can seldom be relied on. But now a company based both in the United States and in India has come up with a battery that uses heat to keep milk cold. Many farmers in India and Bangladesh transport their milk to small collection centers in their neighboring villages, where it is sold to representatives of large dairies. If the milk spoils before it’s collected, the farmer isn’t paid. And conventional refrigeration isn’t an option…

  • Why $20 Oil Won’t Happen

    Published: 21 August 2015

    Déjà vu As the price of West Texas Intermediate (WTI) retests the $40 per barrel (bbl) mark, some pundits are again calling for WTI to fall to $15 or $20/bbl. The same thing happened earlier in the year when crude prices tested $40. Lots of people predicted $20, the price went to $60, and the $20 crowd went quiet for a while. Well, they are back: Why oil prices could sink to $15 a barrel “There is no evidence whatsoever to suggest we have bottomed. You could have $15 or $20 oil — easily,” influential money manager David Kotok told…

  • BP Not Giving Up On The North Sea Just Yet

    Published: 20 August 2015

    Crude’s continued decline is threatening to make many projects uneconomical for operators. That’s not much of a concern in the short-term given that the world is currently awash in a sea of oil. Over the longer term however, a continued weak oil price environment could lead to a drastic slowdown in exploration and as lack of future supplies. This, in turn, would lead to much higher prices several years down the road. That kind of price volatility is not good for anyone – consumers or producers. It is reassuring then to see that at least a few players in the…

Martin tiller