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Latest Energy News | World News

  • Oil Majors Falling Out Favor With This Hedgefund Boss

    Published: 26 May 2015

     Huge oil companies, among the largest businesses in the world, don’t excite hedge fund manager Jim Chanos because today they have to work harder and more inefficiently than ever to bring their products to market. “[W]e’re just seeing that … these guys like Exxon and Chevron and Royal Dutch Shell are simply replacing $20 [per barrel] oil with $80 oil,” Chanos said May 24 on the PBS television program “Wall Street Week.” “So high return-on-capital businesses are becoming more mundane return-on-capital businesses.” Related: Why Tesla’s Battery’s Won’t Work For Rooftop Solar This isn't surprising, as the average global price of oil…

  • Macedonia Caught In East-West Pipeline Tug-Of-War

    Published: 26 May 2015

    The tiny Balkan state of Macedonia can now join neighboring Greece as a pawn in the tug-of-war between Moscow and the West on developing alternative routes for delivering Russian gas to its customers in Europe. At least that’s how the Kremlin views the situation. The country of 2 million, once a part of Yugoslavia, is likely to be part of Russia’s latest plan to build a pipeline in order to ship gas from state-run Gazprom to Europe by bypassing Ukraine and avoid a recurrence of supply disruptions that already have occurred in the past nine years. Related: Israel Refuses To Pay…

  • Iran Wants To Overcome Differences With Saudi-Arabia

    Published: 25 May 2015

    Iran’s oil minister, Bijan Zanganeh, says that despite their general differences over Islam and specific quarrel over Yemen, his country and Saudi Arabia have more in common than may be immediately evident.Zanganeh said he hopes to meet with Saudi Oil Minister Ali al-Naimi on the sidelines of OPEC’s June 5 meeting at the cartel’s headquarters to discuss how to overcome their discord, according to a report on May 24 by Iran’s Mehr news service.Iran, a predominantly Shi’a Muslim state, has long been at odds with the Sunni royal family in Saudi Arabia. Both countries are fighting what many observers are…

  • This African Country Sees A Nuclear Future

    Published: 25 May 2015

    The 2011 meltdown at Japan’s Fukushima nuclear power plant has had a chilling effect on the global nuclear power industry, and has forced a rethink of nuclear power even in nations that have relied heavily on it for decades.Germany, for example, having long been a major user of emission-free nuclear power, recently has reverted to a greater reliance on one of the oldest power-generating fuels: coal. And France, which has relied on nuclear energy for 75 percent of its electricity is hoping to reduce this reliance as many of its reactors age.South Africa, on the other hand, is going against…

  • Israel Refuses To Pay Old Oil Debt To Iran

    Published: 22 May 2015

    Israel is refusing to comply with an order by a Swiss court that it pay $1.1 billion that it has owed to Tehran since before Iran’s 1979 Islamic revolution for its share of a jointly owned oil pipeline.“Without referring to the matter at hand, we’ll note that according to the Trading with the Enemy Act it is forbidden to transfer money to the enemy, including the Iranian national oil company,” the Israeli Finance Ministry said in a statement.The complex dispute stems from 1968, when Shah Reza Pahlavi ruled Iran. The Eilat Ashkelon Pipeline Co. (EAPC) was created as a joint…

  • These Factors Could Push Oil Prices Higher

    Published: 22 May 2015

    Oil prices rose slightly last week on a variety of news, the most important being word that U.S. inventories have declined further, as well as stronger data on manufacturing in China and military gains by the Islamic militant group ISIS in Iraq.Perhaps the most important reason that crude oil may trade higher is that in the United States oil inventories fell by 2.67 million barrels for the third straight week, according to a May 20 report by the U.S. Energy Information Administration. US oil production also declined to under 9.3 million barrels a day, its lowest since early February.The recent…

  • Texas Showing Signs Of Low Oil Price Pressure

    Published: 22 May 2015

    The Texas RRC is out with their latest Oil and Gas Production Data. Looks like oil production has leveled out with March production pretty much level with February. All RRC data is through March 2015.I always show the last 6 months or the RRC data in order to get a pretty good indication of which way data production is moving. From the data you can see that December was a very good month but January was just awful. February was a lot better and March was about the same as February.(Click image to enlarge) The chart above was created by…

  • Shell CEO Defiant On Arctic Drilling

    Published: 21 May 2015

    Royal Dutch Shell CEO Ben van Beurden says that whereas the Anglo-Dutch company is aware of the dangers that fossil fuels pose to the environment, it is also realistic and therefore determined to press ahead with plans to drill for energy in the Arctic. Addressing shareholders at Shell’s annual shareholder meeting in The Hague, Netherlands, on May 20, van Beurden scorned environmentalists’ outcry for individuals and institutions to divest their portfolios of companies that deal in fossil fuels. That won’t be possible until reliable alternatives are readily available, he said. Related: M&A To Take Front Seat In Oil Industry “That particular…

  • Transocean Settles For $211 Million In Deepwater Horizon Spill

    Published: 21 May 2015

    The three companies with official responsibility for the 2010 Gulf of Mexico disaster have reached settlements with individuals, businesses and with one another for the worst oil spill in U.S. history. Transocean Ltd., which owned the Deepwater Horizon offshore drilling rig, settled for $211.7 million with victims of the spill on May 20. At the same time, BP, which leased the rig, settled with Transocean and Halliburton, the rig’s cement contractor. Related: Why Shale Gas Producers Could Rebound First The Deepwater Horizon, which was drilling at BP’s Macondo well, off the coast of Louisiana, exploded on April 20, 2010, killing 11…

  • BP Seeks Partner To Explore Waters Off Southern Australia

    Published: 20 May 2015

    While Royal Dutch Shell is determined to explore the Arctic for energy, rival BP is looking south, proceeding with its plan, expected to cost more than US$1 billion, to explore in the Great Australian Bight, the open bay off the continent’s southern coast.Because of the persistently low price of oil, BP has reduced exploration in some areas, but Bryan Ritchie, BP’s director of exploration for Asia-Pacific, said in Melbourne on May 18 that it chose to move ahead with its work off Australia because of the potential financial payoff.But to keep drilling costs under control, Ritchie said, the British energy…