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Latest Energy News | World News

  • Iranian Oil Minister Talking Up A Big Return To The Oil Markets

    Published: 03 August 2015

    Once international sanctions on Iran are lifted, the country will be able to increase its production of crude oil to pre-sanctions levels – by 500,000 barrels per day within a week, and by more than 1 million barrels per day within a month, Oil Minister Bijan Zanganeh says. “Some of the most effective sanctions [against Iran] with regards to the oil industry were those that targeted aspects such as sales, volumes, shipment, insurance and the transfer of money,” the minister said the night of July 1 on Iranian state television. “If those issues are resolved, Iran will regain the market…

  • TEPCO Officials to be Tried for Role in Fukushima Meltdown

    Published: 03 August 2015

    A Japanese citizens’ judicial committee has overruled government prosecutors and forced them to bring three former executives of the Tokyo Electric Power Co. (TEPCO) to trial on charges of criminal negligence for their inability to prevent the 2011 nuclear disaster at the Fukushima Daiichi nuclear power plant. But it appears unlikely that the defendants can be convicted. The decision by the panel of 22 anonymous citizens, was reached July 17 but not announced until July 31. It overrules two previous decisions by the Tokyo prosecutors not to indict the former executives. The defendants are Tsunehisa Katsumata, 75, chairman of Tokyo…

  • Layoffs Surge As Oil Price Outlook Remains Sober

    Published: 31 July 2015

    Lately the leaders of some of the world’s biggest energy companies have been saying oil prices will remain depressed for some time – perhaps for the next five years – and now they’ve decided to cut their costs in the most painful way possible: massive job cuts.Royal Dutch Shell announced July 30 that it expects to eliminate 6,500 positions. The announcement came the same day it reported that earnings in the second quarter were $3.4 billion, 33 percent lower than the $5.1 billion it made during the same period of 2014.The same day, the British utility Centrica said it plans…

  • Pipeline Attack Highlights Payment Problems In Iraqi Kurdistan

    Published: 31 July 2015

    The Norwegian oil company DNO says the bombing of a pipeline from Iraq to Turkey didn’t interrupt production at its key Tawke field in Iraqi Kurdistan because workers were able to divert the crude to local customers.The attack in Turkey’s southeastern province of Sirnak halted the flow of oil northern Iraq along the pipeline from Kirkuk in northern Iraq to Ceyhan, a port city on Turkey’s Mediterranean coast, Turkish Energy Minister Taner Yildiz said July 29.But output from the Tawke field “continued uninterrupted during this week’s shutdown of the Kerkuk-Ceyhan pipeline in Turkey, given the flexibility to redirect volumes from…

  • UPS Goes Big on Renewable Fuels

    Published: 30 July 2015

    UPS, a shipping company that relies heavily on its boxy brown trucks, says it plans to buy up to 46 million gallons of renewable diesel fuel during the next three years in an effort to replace 12 percent of the fossil fuels. The company, which announced the initiative on July 29, says the fuels it plans to procure from three producers are made from several organic-based sources, including animal fats and other waste oils, including palm oil. They also are virtually chemical twins of oil-based diesel and so can be used interchangeably with them both in pipeline and in engines.…

  • Could The New Air China Direct Cargo Route Be A Game Changer For Canada?

    Published: 30 July 2015

    Air China Cargo is about to begin the first direct freighter service linking China with Canada, a route that will link Shanghai with Edmonton and a second important North American oil city, Dallas. “This will be the first freighter route between Mainland China and Alberta, and is a key step in connecting two economies with high-growth momentum,” Air China Cargo Vice President Patrick Yu said. “The market demand for direct cargo services between Asia and Canada has been growing, and our brand new route will help build important trade links between the two regions." Edmonton Mayor Don Iveson agreed. “This…

  • Oil Majors Resigned To Lower Oil Price Environment

    Published: 29 July 2015

    The leaders of BP appear to have joined their counterparts at Royal Dutch Shell in concluding that oil prices will stay low for longer than anyone had previously expected. BP’s outlook springs from the second-quarter beating it reported July 28. The British energy major reported a loss replacement cost, or a loss in net income, of $6.27 billion, a far cry from the $3.18 billion profit it recorded in the same period of 2014. Much of that, of course, can be attributed to the huge costs arising from the 2010 Deepwater Horizon spill in the Gulf of Mexico, which so…

  • China Looking To Nuclear For Its Energy Future

    Published: 29 July 2015

    The disaster at Japan’s Fukushima Daiichi nuclear power plant in 2011 has prompted world leaders to slow or even suspend reliance on that source of energy. That’s left an open field for China to become one of the world’s top producers of nuclear power. As the traditional leaders in nuclear power have stagnated since the accident, in the same period China has added 10 new reactors capable of more than 10 gigawatts of generating capacity, according to the U.S. Energy Information Administration (EIA). China now relies on nuclear power for a little more than 2 percent of its power generation.…

  • Lawsuit Filed By Chinese NGO Against ConocoPhillips And CNOOC

    Published: 28 July 2015

    For the first time, a Chinese court has agreed to hear a lawsuit filed by a private public-interest group against two of the country’s energy giants, ConocoPhillips China and China National Offshore Oil Corp. (CNOOC), over oil spills in the country's waters four years ago. On Jan. 1, China changed its Environmental Protection Law to allow such cases involving accusations of pollution by non-governmental organizations (NGOs) as long as they are registered and can demonstrate that they have been actively concerned with environmental issues for five years before their suits are filed. The Maritime Court in Qingdao in northeastern China…

  • Canadian-Malaysian LNG Terminal Project To Begin This Year

    Published: 28 July 2015

    A group formed by the Malaysian energy company Petronas is all but certain to begin building a US$36 billion liquid natural gas (LNG) export terminal on Canada’s Pacific coast by year’s end, according to British Columbia’s finance minister, Michael de Jong. “The construction will begin soon ... this fall, de Jong said July 27 at a press briefing in Putrajaya, Malaysia, after meeting with the country’s prime minister, Datuk Seri Najib Tun Razak. “All other prerequisites have been dealt with.” All other prerequisites except for one, actually. De Jong said the deal still needs the formal environmental blessing of Canada’s…

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