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Latest Energy News | World News

  • Iran Says Budget Adjusting To Low Oil Prices

    Published: 27 April 2015

    Iranian President Hassan Rouhani says the persistently low price of oil and Western sanctions are no longer putting pressure on his country’s budget because Tehran is now relying less on such revenues than ever before in its history.Only four months ago, Rouhani said the low price of oil in particular would put “short-term pressure” on Iran’s budget. Since late June 2014, the average global price of crude has plummeted from more than $100 per barrel to around $60 today.At the same time, under the sanctions, imposed because of Tehran’s nuclear research, Iran now produces no more than an estimated 2.7…

  • China Grabbing Up Assets In This Key Resource Area

    Published: 27 April 2015

    The Philippines is urging fellow Southeast Asian nations to resist what it called China’s effort to control all of the much-disputed, energy-rich South China Sea, parts of which are claimed by five other nations in the region.Philippine Foreign Minister Albert Del Rosario told a meeting of the Association of Southeast Asian Nations (ASEAN) on April 26 that Beijing is “poised to consolidate de facto control of the South China Sea. He said the significance of this move is “urgent and far-reaching, going beyond the region to encompass the global community.”China says it historically has had sovereignty over 90 percent of…

  • BP To Sell Off Major North Sea Asset As Part Of Survival Strategy

    Published: 24 April 2015

    BP, which owns about one-third of one of the biggest gas pipelines in the UK, is selling that stake for $486 million, giving the investment firm Antin Infrastructure Partners nearly complete ownership of the conduit.This keeps BP active in its program for 2014 and 2015 to dispose of assets in an effort to raise $10 billion in cash to keep it strong during the current period of low energy prices. The sale of the pipeline, known as the Central Area Transmission system (CATS), is expected to close by year’s end.BP now owns 36.22 percent of CATS, a system that combines…

  • Exxon Mobil To Pay $5 Million-Plus For Arkansas Spill

    Published: 24 April 2015

    Exxon Mobil Corp.’s agreement in federal court to pay more than $5 million over its 2013 pipeline spill in Mayflower, Ark., isn’t enough for the town’s residents, nor does it satisfy state fish and game officials.The energy giant agreed April 22 in a US District Court in Little Rock to pay $5.07 million to settle claims that it violated state environmental laws as well as the federal Clean Water Act on March 29, 2013, when its Pegasus pipeline broke open about 25 miles north of Little Rock, spilling more than 3,000 barrels of crude oil into a Mayflower neighborhood.The oil…

  • Low Oil Prices Limit Iraq’s Output Growth

    Published: 23 April 2015

    Iraq, still reeling from the US invasion and now fighting ISIS, has been trying to increase its oil output, but two energy giants, Britain’s BP and Russia’s state-owned Lukoil, say the persistent low price of oil has limited the country’s wealth, making it difficult to attract international oil companies to help it produce its most valuable commodity. Michael Townshend, BP’s regional president for the Middle East, says his company’s plan to achieve its production goals relies entirely on the Baghdad government’s approval of its investment plans. Likewise, Gati Al-Jebouri, the senior vice president of Lukoil Overseas, expects a “significant reduction”…

  • Are Oklahoma’s Quakes Caused By Wastewater Disposal?

    Published: 22 April 2015

    No matter what other problems may or may not be linked to hydraulic fracturing, or fracking, the disposal of wastewater from oil and gas drilling almost certainly is primarily responsible for the recent spate of earthquakes in Oklahoma, normally a seismologically quiet state. That’s the conclusion of a report issued April 21 by the Oklahoma Geological Survey (OGS), in which the state geologist Richard D. Andrews and Dr. Austen Holland, the state seismologist, said the rate of earthquakes near major oil and gas drilling operations that produce large amounts of wastewater demonstrate that the quakes “are very unlikely to represent…

  • Will Solar Be The Kiss Of Death For Coal?

    Published: 22 April 2015

    For the past few years, it has been assumed that natural gas is the enemy of coal, at least in the United States, where low natural gas prices have eroded market share from thermal coal producers. Now, a new adversary is emerging for coal. It comes from silicon wafers, the material used to make solar panels.According to a post in Saturday's Quartz, a digital news outlet, a small research facility in Bedford, Massachusetts is helping to perfect a new technique for making silicon wafers, and if successful, it could reduce the cost of solar by 20 percent in the next…

  • Gas Flaring Could End By 2030

    Published: 21 April 2015

    Ten energy companies, nine oil-producing countries and six independent development institutions have jointly committed to ending the practice of gas flaring at oil wells no later than 2030. UN Secretary-General Ban Ki-moon and Jim Yong Kim, president of the World Bank, announced the initiative – the Zero Routine Flaring by 2030 initiative – on April 19 during the annual spring meetings of the World Bank and the International Monetary Fund in Washington. The organizers of the initiative say about 140 billion cubic meters of this gas, a byproduct of oil drilling, is “flared,” or burned off, at thousands of oil…

  • Russian Spin Doctors In Full Flow Over GDP Drop

    Published: 21 April 2015

    A day after his deputy said Russia’s economy is showing signs of recovery, Russian Prime Minister Dmitry Medvedev followed up with word that low oil prices and Western sanctions have led to a 2 percent drop in his country’s gross domestic product (GDP) in the first quarter of this year. On April 20, Deputy Prime Minister Arkady Dvorkovich told Bloomberg TV at the World Economic Forum on East Asia in Jakarta, that Russia’s aforementioned recovery is due, at least in part, to its reduced dependence on oil. “Oil prices are not as important to the Russian economy as before,” Dvorkovich…

  • No Empty Threats From Argentina In Falkland Oil Dispute

    Published: 20 April 2015

    Argentina wasn’t joking when it said it would sue to prevent foreign energy companies for drilling off the Falkland Islands. On April 2 – the 33rd anniversary of the start of Argentina’s 10-week Falklands War with Britain – two British energy companies announced they’d found oil and gas off the South Atlantic islands off Argentina. Almost as expected, the Foreign Ministry in Buenos Aires immediately threatened a lawsuit. The discovery at the Zebedee well, situated about 200 miles north of the Falklands, was announced April 2 by Britain’s Premier Oil Plc. and Falkland Oil and Gas Ltd. It was the…