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Latest Energy News | World News

  • Tax Cuts Insufficient To Halt North Sea Job Losses

    Published: 27 March 2015

    The British government’s offer of “bold and immediate measures” for the North Sea energy industry evidently wasn’t enough for some companies groping for ways to cut costs because of the plunge in oil prices and reduced oil and gas reserves in the region. George Osborne, Britain’s Chancellor of the Exchequer, says the country’s 2015 budget will cut tax revenue from North Sea oil from 50 percent to 30 percent to help stave off job cuts. Yet Royal Dutch Shell, the UK’s largest oil company, announced March 26 that it will eliminate 250 staff and contract workers this year to cut…

  • Another Major Getting Out Of The Oil Sands Business

    Published: 27 March 2015

    Dover West Leduc. (Image courtesy of Athabasca Oil) PetroChina (NYSE:PTR), the Asian country’s largest oil major by market value, no longer wants a stake in Canada’s oil sands as the ongoing collapse in crude prices has made the sector less attractive and more costly. In a Thursday filing with the Hong Kong Stock Exchange, the company announced it was “actively engaged” in talks to swap North American assets with international oil companies, acknowledging the negotiations were mostly focused on Canada’s oil sands, which require high crude prices to be profitable.Related: Forget Rig Counts And OPEC, Media Bias Is Driving Oil Down…

  • Duke Energy To Contend $25.1 Million Fine For Soiling Water Resources

    Published: 26 March 2015

    Duke Energy Corp. will appeal a record $25.1 million fine imposed by the state of North Carolina for contaminating groundwater near one of its plants; a penalty that the utility describes as “regulatory overreach.” The North Carolina Department of Environment and Natural Resources (NC DENR) imposed the fine on Duke Energy on March 10 for the poisoning of the water at the utility’s LV Sutton Steam Electric Plant in Wilmington, NC, and plans yet more fines as it looks into possible pollution at other plants. Duke Energy’s North Carolina president, Paul Newton, issued a statement on March 24 saying it…

  • Can China Promise Blue Skies For 2022 Winter Olympics?

    Published: 26 March 2015

    With the 2022 Winter Olympics looming, there are only two significant impediments to China’s efforts to host the Games in Beijing: Almaty, Kazakhstan, and the notorious smog that chokes the Chinese capital. This isn’t the first time China has had to struggle against itself to make sure that an international event isn't overshadowed – literally and figuratively – by nearly impenetrable air pollution. Smog was a significant factor in whether the International Olympic Committee would award the Summer Games to Beijing in 2008, a prize that China eventually won. And last November Beijing hosted the 26th annual summit of the…

  • Airlines Keep Fuel Savings For Themselves

    Published: 25 March 2015

    On Dec. 14, Oilprice.com looked at how the drop in the price of crude was affecting air fares. While motorists were enjoying low pump prices, we found, air travelers were paying the same for a ticket as they were before the oil slump. That was attributed to airlines’ practice of buying backlogs of jet fuel at older, higher prices long before the price of oil started falling, as well as their efforts to reinvest in themselves to improve operations.The conclusion was that for 2015, the price of a barrel of oil would rebound to around $80 per barrel, and that…

  • The Hunt For Fukushima’s Missing Reactor Fuel

    Published: 25 March 2015

    In the same week as Japan unveils its Pacific-Rim-esque anti-tsunami wall public works project, and Japanese government auditors say the operator of the Fukushima Dai-ichi nuclear plant has wasted more than a third of the 190 billion yen ($1.6 billion) in taxpayer money allocated for cleaning up the plant after it was destroyed by a March 2011 earthquake and tsunami; Science Journal reports, Fukushima won't be truly safe until engineers can remove the reactors' nuclear fuel. But first, they have to find it... And so, in February of this year two muon detectors were installed outside the Fukushima Daiichi unit-1…

  • Saudis Up The Pressure On Oil Markets

    Published: 24 March 2015

    This week started badly for oil prices, and the chief culprit seems to be Saudi Arabia and its drive to produce more and more oil. Brent crude, the European benchmark from the North Sea, fell below $55 per barrel on March 23 in London, while WTI, the American light, sweet crude dropped under $46 per barrel in New York. This was no coincidence. The day before, Saudi Oil Minister Ali al-Naimi said his country was now producing about 10 million barrels of crude per day, the most since July when an oil glut more than halved the price of oil…

  • Whiting Forced To Issue Massive Secondary

    Published: 24 March 2015

    Having been exuberantly chased briefly after announcing it was looking for a buyer - fueling further excitement about a low-oil-price-driven Shale firm M&A boom - Whiting Petroleum appears to have found no buyer as it prepares for a massive 35 million share secondary dilution (and almost $2bn of new debt). ...because who doesn't want to buy a company whose valuation is a mere 1043x Fwd P/E... Related: Majors Could Be The Big Winners Of The Oil Price Crash Whiting Petroleum Announces Offering of 35,000,000 Shares of Common Stock Whiting Petroleum Corporation (NYSE: WLL) announced today that it has commenced a registered…

  • Oil Prices Could Crash Hard This Summer

    Published: 23 March 2015

    Less than two weeks ago we warned that based on the current oil production trend, the US may run out of storage for crude as soon as June.This is what we said back in early March when the BTFDers were hoping WTI in the low $40s would never again be seen: Come June, when all available on-land storage is exhausted, each incremental barrel will have to be dumped on the market forcing prices lower and inflicting further pain on the entire US shale complex (just as Q1 results are released which will invariably show huge writedowns as companies will no…

  • January Data From Texas May Show Production Decline Underway

    Published: 23 March 2015

    The Texas Rail Road Commission has released its latest stats with production numbers through January. There is always a delay in these numbers and that is why you see the production graph lines seem to droop toward the recent months. Because of this I post six months data so the data can be compared in order to gain a better insight into which way production is heading. All Texas oil and gas data is through January. The Oil data is in barrels per day and the gas data is in MCF.Texas condensate will likely show a small gain when the…