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Iran and world powers near to signing historic nuclear deal

USA’s Secretary of State John Kerry aarives in Geneva ©Getty John Kerry arrives in Geneva Iran and six world powers are scrambling to sign a historic interim deal to rein in the Iranian nuclear programme, even as Israeli prime minister Benjamin Netanyahu tries to scupper the agreement. In what would be the first substantive pact on the issue in many years, foreign ministers from the US, Britain, France and Germany converged on Geneva in a last-minute move to sign a preliminary deal with Iran. Diplomats said the talks had made considerable progress and indicated that an agreement could be reached later on Friday or Saturday, although they stressed that there were still some obstacles. However, even before a deal was announced in Geneva, Mr Netanyahu said Israel “utterly rejects” the agreement being discussed and launched a withering attack of the diplomatic efforts. “Israel is not obliged by this agreement […]

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Iran Talks Strain Mideast Alliances

Israel tried to stave off an emerging agreement between Iran and global powers aimed at preventing Tehran from attaining a nuclear weapon, underlining the chasm that has opened up between the Obama administration and its closest Middle East allies over how to deal with their nemesis. Israeli Prime Minister Benjamin Netanyahu railed against the expected accord in particularly harsh terms Friday, calling on Western allies to “reconsider” after three meetings in two days with Secretary of State John Kerry . President Barack Obama called the Israeli leader in an attempt to calm the furor. “The deal that is being discussed in Geneva right now is a bad deal,” Mr. Netanyahu said in Tel Aviv after meeting with Mr. Kerry. “Iran isn’t even required to take apart even one centrifuge, but the international community is relieving sanctions on Iran.…I urged Secretary Kerry not to rush to sign—to wait, to reconsider. […]

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Netanyahu Attack on Iran Deal Threatens Rift With U.S.

Israeli Prime Minister Benjamin Netanyahu ’s rejection of a potential agreement on Iran’s nuclear program , which he denounced as a “very bad deal,” threatens to ignite the most serious U.S.- Israel dispute in years. His public criticism follows a series of meetings on the topic with U.S. Secretary of State John Kerry , who flew to Geneva today to join talks with Iranian Foreign Minister Mohammad Javad Zarif. They’re seeking to nail down the first step in an accord that would relieve some sanctions against Iran if it curtails certain nuclear activities. The clash over Iran negotiations follows an effort by President Barack Obama to reassure Netanyahu of his support for Israel, including a trip there in March, after a series of disputes. Kerry’s talks with Netanyahu have sought to avoid a blanket rejection of initial moves toward a nuclear pact, which could fuel opponents in the U.S. […]

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Bombings, shootings in Iraq kill 19 people

AP Photo BAGHDAD (AP) — A bomb exploded on a busy street filled with shoppers in northern Iraq, part of a series of attacks that killed at least 19 people Friday, officials said, the latest in a wave of violence roiling the country. The explosion struck a commercial street in Mosul, killing 12 people and wounding 30, police said. Hassan Mahmoud, the owner of an ice cream shop along the street, said he was thrown on the ground by the powerful explosion. “I went outside my shop to see pieces of flesh scattered all around the place with wounded people screaming for help,” Mahmoud said. “The scene was horrific.” Earlier Friday, a bomb exploded just after Friday prayers as Sunni worshippers left the Ali Bin Abi Talib mosque in Baghdad’s western Shurta district. A second bomb, planted further down the street, exploded seconds later as worshippers tried to flee […]

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Libyan army launches push for order in troubled Benghazi

BENGHAZI, Libya (Reuters) – Libyan’s army moved into Benghazi in eastern Libya on Friday, a show of force aimed at restoring order in the country’s second largest city, rocked by almost daily bombings and assassinations. Security in the port city, an important part of Libya’s oil infrastructure, has deteriorated in the past few months with armed militants and radical Islamists roaming unchallenged, highlighting the anarchy in the OPEC producer two years after the fall of Muammar Gaddafi. Most countries have closed their consulates in Benghazi after a series of attacks and some foreign airlines have stopped flying there. The U.S. ambassador was killed in September 2012 during an Islamist assault on the consulate. Stability in the region is key for oil supplies as around 60 percent of oil production comes from the country’s eastern half. Hundreds of armored troop carriers and army trucks mounted with guns drove through the […]

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Libyans protest against out-of-control militias

TRIPOLI, Libya (AP) — Dozens of protesters marched in Libya’s capital Friday, demonstrating against the out-of-control militias plaguing the country after a late-night battle between two warring factions in Tripoli killed three people. Protesters said they’d give militias stationed in the capital three days before marching on their headquarters and forcing them out. Raising banners that read “Tripoli without weaponry.” protesters called upon the interim government to implement an earlier decision to bring the militias under control. The militias face an end-of-year deadline to disband or join the Libyan security forces, at the risk of losing their government salaries. After the killing of longtime dictator Moammar Gadhafi in 2011, former rebels formed armed groups to provide protection amid a security vacuum. They later mushroomed in number and now fight over power and influence. The protests came after intense clashes erupted Thursday night between two rival militias in the heart […]

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Egypt turns to Russia as relations with Washington sour

The Russian foreign and defence ministers will travel to Egypt next week on a visit seen as signalling a growing rapprochement between the two countries as the military-backed authorities in Cairo reach out for new allies and seek to lessen dependence on Washington. A Russian official spokesman said that Sergei Lavrov, the foreign minister, and Sergei Shoigu, the defence minister, will discuss issues touching on “military and technical co-operation” – seen as a Russian euphemism for arms sales. Cairo’s relations with Washington , its primary aid donor and military supplier for four decades, have frayed since the coup in July, which ousted the Islamist Mohamed Morsi, Egypt’s first elected president. As tensions with Washington increased over the summer culminating in a US decision to withhold part of its annual $1.3bn in military aid, Egyptian officials started to hint that their country would seek a realignment in its foreign relations. […]

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Report: Cyprus, energy company Total review LNG prospects

NICOSIA, Cyprus, Nov. 8 (UPI) — The Cyprus government reached an agreement with French energy company Total for a liquefied natural gas plant in the country, The Cyprus Mail reported Friday On Thursday, the two sides signed a memorandum under which they will examine the prospects for an LNG plant along the southern coast of Cyprus, the report said. In February, Total was awarded the rights to explore two reserve areas in the country’s economic zone. The newspaper reported Total has yet to carry out any exploration activity in the reserve areas. A survey is expected in late 2015 and, if the presence of hydrocarbons is confirmed, drilling could take place by 2016. Total likely won’t make a formal decision on whether to move ahead with the LNG project until 2017, the newspaper said. The Mediterranean island nation is considered frontier energy territory. Its offshore area could hold nearly […]

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Asia taking on more of world's oil, OPEC says

VIENNA, Nov. 8 (UPI) — Asian economies are expected to account for a significant portion of the global demand for oil, the Organization of Petroleum Exporting Countries said. OPEC published its 283-page World Oil Outlook Thuesday. It said oil demand from India is expected to more than double from its 2012 level to 9.3 million barrels per day by 2035. Chinese oil demand follows a similar trend, with an 80 percent increase from 2012 levels to 17.5 million barrels per day in 2035. “This will result in a significant change in future oil movements, which is projected to flow increasingly eastward, attracted by demand increases in Asia,” the report said. The cartel said it expected oil demand to increase from the global level of 107.3 million bpd in 2012 to 108.5 million bpd by 2035. “Of this increase, developing Asia accounts for 88 percent, while demand in China, India […]

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Asia taking on more of world’s oil, OPEC says

VIENNA, Nov. 8 (UPI) — Asian economies are expected to account for a significant portion of the global demand for oil, the Organization of Petroleum Exporting Countries said. OPEC published its 283-page World Oil Outlook Thuesday. It said oil demand from India is expected to more than double from its 2012 level to 9.3 million barrels per day by 2035. Chinese oil demand follows a similar trend, with an 80 percent increase from 2012 levels to 17.5 million barrels per day in 2035. “This will result in a significant change in future oil movements, which is projected to flow increasingly eastward, attracted by demand increases in Asia,” the report said. The cartel said it expected oil demand to increase from the global level of 107.3 million bpd in 2012 to 108.5 million bpd by 2035. “Of this increase, developing Asia accounts for 88 percent, while demand in China, India […]

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Kashagan Giant Oil Field Won't Restart Output Before Next Year

Oil production at Kazakhstan’s huge Kashagan field, halted since mid-October because of a dangerous gas leak, won’t resume before next year, according to people familiar with the matter, casting a cloud over one of the world’s biggest energy projects. Equipment needed to inspect a leaking pipeline connecting the field in the Caspian Sea to an onshore processing unit won’t arrive on site before mid-November, the people said. The inspection will determine how much of the pipeline must be replaced, and once it is completed a preliminary report on how to conduct repair work won’t be submitted to Kashagan operators before late December, they said. NCOC, the consortium of oil companies operating the field, said it was too early to say when production—which exceeded 75,000 barrels a day at the time of the shutdown—might restart. “No prediction can be made,” a NCOC spokesman said. The stoppage at Kashagan after barely […]

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Kashagan Giant Oil Field Won’t Restart Output Before Next Year

Oil production at Kazakhstan’s huge Kashagan field, halted since mid-October because of a dangerous gas leak, won’t resume before next year, according to people familiar with the matter, casting a cloud over one of the world’s biggest energy projects. Equipment needed to inspect a leaking pipeline connecting the field in the Caspian Sea to an onshore processing unit won’t arrive on site before mid-November, the people said. The inspection will determine how much of the pipeline must be replaced, and once it is completed a preliminary report on how to conduct repair work won’t be submitted to Kashagan operators before late December, they said. NCOC, the consortium of oil companies operating the field, said it was too early to say when production—which exceeded 75,000 barrels a day at the time of the shutdown—might restart. “No prediction can be made,” a NCOC spokesman said. The stoppage at Kashagan after barely […]

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China opens key meeting to set reform agenda

BEIJING (Reuters) – Chinese leaders began a four-day secret meeting on Saturday to set a reform agenda for the next decade as they try to push more sustainable growth after three decades of breakneck expansion, amid signs of continuing debate on how to implement the reforms. President Xi Jinping and Premier Li Keqiang must unleash new growth drivers as the world’s second-largest economy loses steam, burdened by industrial overcapacity, piles of debt and soaring house prices. The meeting – held under tight security at a Soviet-era hotel in western Beijing – will show just how committed the new leadership is to reform after formally taking power in March. Economic reforms will dominate the meeting of the 205-member Central Committee of China’s ruling Communist Party. Little if any news will be released during the event, but official news agency Xinhua traditionally issues a dispatch on the last day. Xinhua confirmed […]

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Baker Hughes: US drilling rig count jumps to 1,754

The US drilling rig count gained 12 units to reach 1,754 rigs working during the week ended Nov. 8, Baker Hughes Inc. reported. A 13-unit rise in land-based rigs to 1,679 was nicked by a 1-unit loss in rigs drilling offshore to 58. Rigs drilling in inland waters were unchanged from a week ago at 17. Oil rigs picked up 7 units to 1,383 while gas rigs tallied 5 units to 365. Unchanged from a week ago were rigs considered unclassified at 6. Horizontal drilling rigs added 10 units to reach a total of 1,114. Directional drilling rigs, on the other hand, gave up 7 units to 223. In Canada, a 16-unit drop compared with a week ago brought its total to 378 rigs working. Oil rigs relinquished 12 units to 221 while gas rigs lost 4 units to 157. Canada has 8 more rigs working compared with this […]

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OPEC Expects North American Shale Oil Output to Jump

LONDON—Two years after dismissing North America’s shale-oil boom as “marginal,” OPEC changed its tune Thursday, acknowledging new extraction technology could sharply cut the need for the group’s own oil. In its annual World Oil Outlook, the Organization of the Petroleum Exporting Countries said new oil supply from Canada and the U.S. would reach 4.9 million barrels a day within five years. That is more than double last year’s forecast of 1.7 million barrels a day by 2018. As a result, global needs for the group’s own crude will be one million barrels a day less by 2018, OPEC said. OPEC, which groups some of the world’s biggest producers, has been slow to recognize the scale of North America’s oil boom. In the same report in 2011, it said “shale oil should not be viewed as anything more than a source of marginal additions” to global supply. Yet this year […]

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Colorado vote against fracking to trigger more opposition?

BOULDER, Colo., Nov. 8 (UPI) — Voters in three Colorado cities approved anti-fracking initiatives by wide margins this week, which could have an impact on the controversial drilling process that has propelled the nation’s oil and gas boom. The votes Tuesday in Boulder, Fort Collins and Lafayette are particularly significant, notes a report in The New York Times, as Colorado has long been a major oil and gas producer. Furthermore, fracking — or hydraulic fracturing — has enjoyed bipartisan political support, including from its governor, John W. Hickenlooper, a former geologist. Colorado produced 49.3 million barrels of oil in 2012, a 26 percent increase from the 39.2 million barrels produced statewide in 2011, figures from the Colorado Oil and Gas Conservation Commission show. Fracking involves pumping water, sand and chemicals deep underground into horizontal gas wells at high pressure to crack open hydrocarbon-rich shale and extract natural gas. The […]

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U.S. Average Pump Price Falls to Lowest Level Since 2011

Americans are paying the least to fill their cars in almost two years as refiners process the most crude in a decade, offering some relief to nervous consumers. The national average retail price sank 1.1 cents to $3.211 a gallon, the lowest since Dec. 20, 2011, AAA, the nation’s largest motoring club, said on its website today. Pump prices are approaching the lowest level since February 2011, just before unrest in the Middle East pushed U.S. crude oil above $100 a barrel and gasoline near $4 a gallon. “We’re probably just a few days away from seeing the cheapest gas prices since February 2011,” Michael Green , a AAA spokesman in Washington , said by telephone. “Our official estimate would still be that we’re going to drop to $3.10 a gallon by the end of the year. At the rate we’re going, it wouldn’t be surprising if we even […]

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Train carrying crude oil derails, explodes in Alabama

(Reuters) – A 90-car train carrying crude oil derailed and exploded in a rural area of western Alabama early on Friday, leaving 11 cars burning and potentially bolstering the push for tougher regulation of a boom in moving oil by rail. No injuries have been reported, but 20 of the train’s cars derailed and 11 were still on fire, the train owner, Genesee & Wyoming, said in a statement. Those cars, which threw flames 300 feet into the night sky, are being left to burn down, which could take up to 24 hours. A local official said the crude oil had originated in North Dakota, home of the booming Bakken shale patch. If so, it may have been carrying the same type of light crude oil that was on a Canadian train that derailed in the Quebec town of Lac-Megantic this summer, killing 47 people. That accident fueled a […]

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Peak Oil: Using Energy To Get Energy

General Ideas For parallelism with the language of finance, net energy should refer to energy produced minus energy invested, whereas EROI should refer to energy produced divided by energy invested…. The relationship between ROI and EROI is actually very simple and logical. The more energy you have to invest to produce a fuel, the lower your EROI will be. The energy you invest has a cost. Therefore, the profit on the same barrel of oil will be higher when it’s produced from a high EROI source than when produced from a low EROI source. [1] The optimists believe that our energy problems have been largely solved. I wouldn’t bet on that. The real issue with oil isn’t how much we have or even whether we can continue to increase  production. That’s what peak oil had come to represent and why, in retrospect, it was a misleading term. Rather, what […]

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GFEI report suggests $2T savings from fuel economy improvements in ICE vehicles through 2025 can help fund long-term transition to plug-ins

« DOE Inspector General criticizes agency’s handling of disclosures over Ecotality awards | Main | U-Mich Mobility Transformation Center targeting full autonomous vehicle deployment in Ann Arbor by 2021 » Print this post GFEI report suggests $2T savings from fuel economy improvements in ICE vehicles through 2025 can help fund long-term transition to plug-ins Fuel economy improvements from conventional internal combustion engine cars can save an estimated $2 trillion in fuel costs through 2025—and more in years after— according to a new working paper published by the Global Fuel Economy Initiative (GFEI) prepared by Dr. Lew Fulton, Co-Director, NextSTEPS Program at the Institute of Transportation Studies, University of California at Davis. The GFEI, a partnership of international agencies and top energy policy experts, suggests that these cost savings could in part be used to help offset the costs of developing a global market for electric vehicles over this time […]

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Brent Falls to Four-Month Low as Euro Falls on ECB Cut

Brent crude dropped to the lowest level in more than four months as the euro tumbled against the dollar after the European Central Bank unexpectedly cut its benchmark rate to a record low. The North Sea oil slipped 1.7 percent while West Texas Intermediate crude declined 0.6 percent. ECB President Mario Draghi pledged to keep borrowing costs low for an “extended period” in comments in Frankfurt . The euro fell the most against the U.S. currency in two years, reducing the appeal of dollar-denominated raw materials as an investment. The slide accelerated after the American economy grew more than forecast, bolstering bets the Federal Reserve may curb stimulus. “The stronger-than-expected U.S. GDP number and the unexpected ECB rate cut are strengthening the dollar,” said Tim Evans, an energy analyst at Citi Futures Perspective in New York. “A stronger dollar is generally associated with weaker commodity prices across the board […]

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Natural Gas Futures Gain Fourth Day on Cold Weather in U.S. East

Natural gas rose for a fourth day in New York on forecasts for colder-than-normal weather in the eastern U.S. that may boost demand for heating. Futures for December delivery gained as much as 0.7 percent to $3.542 per million British thermal units in electronic trading on the New York Mercantile Exchange , and were at $3.538 at 11:48 a.m. Singapore time. The volume of all futures traded was about 45 percent less than the 100-day average. The contract climbed 0.6 percent to $3.519 yesterday and is up 0.7 percent this week, set to snap a three-week losing streak. Temperatures may be below average in the eastern half of the U.S. through Nov. 16, according to MDA Weather Services in Gaithersburg, Maryland . The low in New York on Nov. 14 may be 32 degrees Fahrenheit (0 Celsius), 10 degrees less than usual, said AccuWeather Inc. in State College , […]

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Asian LNG Prices Rise Sharply

By Eric Yep Spot liquefied natural gas prices in Asia have risen sharply as power producers have started stockpiling for the winter much sooner than usual this year. The price for LNG for delivery to Asia in the second half of December is around $17.90 per million metric British thermal unit compared with less than $14 per mmBtu at this time last year, Singapore-based traders say. Liquefied natural gas storage tanks and a tanker at Tokyo Electric Power Co.’s Futtsu thermal power station east of Tokyo. Reuters If trading of forward swaps for the clean-burning fuel provides an accurate indication of the trend over the next month or so, LNG is set to surpass the price of crude oil. Swaps, derivatives that ascribe a notional value to traded items, put LNG at $18.30 per mmBtu in January, which is equivalent to ICE Brent crude around $105 a barrel. Brent […]

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The Key Numbers On The Oil Industry's Problems

Benefit From the Latest Energy Trends and Investment Opportunities before the mainstream media and investing public are aware they even exist. The Free Oilprice.com Energy Intelligence Report gives you this and much more. Click here to find out more. Some fascinating data points on the global oil and gas business from Ernst & Young last week. The group released its annual Global oil and gas reserves study. And the findings suggest some worrisome trends afoot in the petroleum business. The report confirmed that high costs are plaguing the business. Exploration and development spending by E&Ps globally jumped 20% in 2012 alone. And rose a towering 48% between 2008 and 2012. On its own, the rise in spending might simply indicate good times at hand for the industry. But a few other numbers from the report sound a warning on this front. Namely, profits. Despite the big increase in spending, […]

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The Key Numbers On The Oil Industry’s Problems

Benefit From the Latest Energy Trends and Investment Opportunities before the mainstream media and investing public are aware they even exist. The Free Oilprice.com Energy Intelligence Report gives you this and much more. Click here to find out more. Some fascinating data points on the global oil and gas business from Ernst & Young last week. The group released its annual Global oil and gas reserves study. And the findings suggest some worrisome trends afoot in the petroleum business. The report confirmed that high costs are plaguing the business. Exploration and development spending by E&Ps globally jumped 20% in 2012 alone. And rose a towering 48% between 2008 and 2012. On its own, the rise in spending might simply indicate good times at hand for the industry. But a few other numbers from the report sound a warning on this front. Namely, profits. Despite the big increase in spending, […]

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Israel rejects mooted nuclear deal with Iran

JERUSALEM (Reuters) – Israel utterly rejects a mooted world powers deal with Iran aimed at ending a long-running row over its nuclear ambitions and will not be bound by such an accord, Prime Minister Benjamin Netanyahu said on Friday. Speaking as headed into a meeting with U.S. Secretary of State John Kerry, Netanyahu told reporters that Iran had got "the deal of the century". "Israel utterly rejects it and what I am saying is shared by many in the region, whether or not they express that publicly. Israel is not obliged by this agreement and Israel will do everything it needs to do to defend itself and the security of its people," he said. Israel has repeatedly warned that it might strike Iran if it did not halt its nuclear program, accusing Tehran of seeking to build atomic weapons. Iran says its various nuclear facilities are geared to civilian […]

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Iran Nuclear Deal Closer as Kerry Set to Arrive in Geneva

Iran and world powers edged closer to breaking the decade-long stalemate over the Islamic republic’s nuclear program, saying an initial accord is possible when they convene for a second day of negotiations in Geneva. Secretary of State John Kerry plans to make a visit to the Swiss city today in an effort to help narrow differences in the talks, according to a U.S. official who asked not to be identified because the plans weren’t public. A framework has been agreed on and negotiators will try to fill in details at today’s session, Iranian Foreign Minister Mohammad Javad Zarif said in an interview. “Our job now is to test how serious they are about resolving this conflict, or this dispute, through peaceful means, through diplomacy,” President Barack Obama said yesterday in an interview with NBC News. “We don’t have to trust them. What we have to do is to make […]

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Iran Nuclear Deal Expected as Early as Friday

GENEVA—Iran and world powers expect to announce an initial deal as early as Friday to curb Iran’s nuclear program in exchange for an easing of sanctions, a step that would mark the first breakthrough in a decade to blunt the threat of Tehran developing nuclear weapons. Secretary of State John Kerry will fly to Geneva on Friday to complete the deal, the State Department said. President Barack Obama described the emerging agreement Thursday in an interview with NBC News, saying that if Iran doesn’t live up to its end, “we can crank that dial back up” on sanctions. The two sides were jointly preparing a draft agreement ahead of a likely announcement, said Iranian and Western officials, although the plan could still unravel. The White House already faces major opposition both from its allies in the Middle East and members of Congress. Israel, in particular, has been deeply skeptical. […]

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Lebanon's gas boom-in-waiting goes into deep freeze

BEIRUT, Lebanon, Nov. 7 (UPI) — Lebanon’s energy boom-in-waiting seems to be more or less on permanent hold these days, with little prospect that the country’s perpetually feuding politicians can set aside their sectarian rivalries to get exploration under way. But the danger of spillover from the Syrian civil war next door and meddling by regional powers like Saudi Arabia and Iran could well put the whole economy-saving enterprise into deep freeze for a long time. The most immediate problem is that Lebanon, squeezed by a national debt of $60 billion and its economy crumbling by the day, has been without a government since March, when the Iranian-backed Hezbollah engineered the collapse of a so-called unity Cabinet. All efforts to cobble together a new one have foundered on the sectarian rivalries that have dogged the tiny Mediterranean state since France bestowed independence in 1943. At that time, Christians, headed […]

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Lebanon’s gas boom-in-waiting goes into deep freeze

BEIRUT, Lebanon, Nov. 7 (UPI) — Lebanon’s energy boom-in-waiting seems to be more or less on permanent hold these days, with little prospect that the country’s perpetually feuding politicians can set aside their sectarian rivalries to get exploration under way. But the danger of spillover from the Syrian civil war next door and meddling by regional powers like Saudi Arabia and Iran could well put the whole economy-saving enterprise into deep freeze for a long time. The most immediate problem is that Lebanon, squeezed by a national debt of $60 billion and its economy crumbling by the day, has been without a government since March, when the Iranian-backed Hezbollah engineered the collapse of a so-called unity Cabinet. All efforts to cobble together a new one have foundered on the sectarian rivalries that have dogged the tiny Mediterranean state since France bestowed independence in 1943. At that time, Christians, headed […]

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The real challenge for US-Iran talks lies at home

A year ago, the prospect of a US-Iranian nuclear settlement seemed very distant. Now, top negotiators from Iran, the US and other major powers are convening in Geneva , and may be on the verge of concluding a deal this week over Iran’s nuclear programme. All signs point to a seriousness of purpose and a determination to get to an agreement. While the differences dividing Iran and the US are significant, the more difficult negotiations may well be the one each side faces at home. Most major international negotiations are, as Robert Putnam, the Harvard political scientist, put it, a two-level game; one set of negotiations take place at the table between the parties and another set back home among different domestic constituencies. The Iran nuclear negotiations are no different, and their success will depend as much on how domestic forces align within the US and Iran as on […]

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Locals protest oil exploration in Exxon block

Locals protest oil exploration in Exxon block In a mountainous stretch of small villages where ExxonMobil has contracted to explore for oil and gas, Saifullah Hamad Mustafa stood over a small shallow hole in which dynamite would soon explode, creating the vibrations needed to analyze geological structures thousands of meters below.”I hope they don’t find oil here, because if they do, they will spoil the environment and want to kick people out,” said Mustafa, a member of the local council of Betwata, a picturesque hillside village of aro… This content is for registered users. Please login to continue. If you are not a registered user, you may purchase a subscription or sign up for a free trial .

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Nigeria: Amnesty International – 'Shell Must Come Clean On Niger Delta Oil Spills'

The rights group Amnesty International and the Center for Environment, Human Rights and Development ( CEHRD) say oil giant Shell has been manipulating its investigations into oil spills in Nigeria. A joint report by the two groups says Shell has wrongly reported the cause of oil spills, the volume of oil spilt, as well as the extent and adequacy of clean up measures. Amnesty International says that the consequences for the affected communities in the Niger Delta region are devastating and can result in them receiving little or no compensation. DW: Can you give up us some examples to illustrate the claims you make in your report? Audrey Gaughran: We’ve documented two thingsin the report and one is systematic problems with the oil spill investigation process, where we’ve looked at every step of the process and found flaws. the other thing we’ve documented were specific cases where things have […]

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Nigeria: Amnesty International – ‘Shell Must Come Clean On Niger Delta Oil Spills’

The rights group Amnesty International and the Center for Environment, Human Rights and Development ( CEHRD) say oil giant Shell has been manipulating its investigations into oil spills in Nigeria. A joint report by the two groups says Shell has wrongly reported the cause of oil spills, the volume of oil spilt, as well as the extent and adequacy of clean up measures. Amnesty International says that the consequences for the affected communities in the Niger Delta region are devastating and can result in them receiving little or no compensation. DW: Can you give up us some examples to illustrate the claims you make in your report? Audrey Gaughran: We’ve documented two thingsin the report and one is systematic problems with the oil spill investigation process, where we’ve looked at every step of the process and found flaws. the other thing we’ve documented were specific cases where things have […]

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Brazil greenhouse gas emissions lowest in 20 years

SAO PAULO (AP) — Emission levels of greenhouse gases in Latin America’s biggest country fell last year to their lowest in two decades, a Brazilian network of environmental groups said in a report released Thursday. The Observatorio do Clima, or Climate Observatory, network is comprised of more than 30 non-governmental organizations focused on climate change. It said greenhouse gas emissions amounted to 1.48 billion metric tons in 2012 compared to 1.43 billion metric tons in 1992. Their highest point was 2.86 billion metric tons in 1995. The report measured gas emissions caused by deforestation, farming, the energy and industrial sectors and the burning of crop residues. Emissions from deforestation have dropped, but emissions from the other activities have risen and could go up more because of gasoline subsidies and increased use of thermal power, it said. Although they have dropped sharply, emissions from deforestation are still responsible for most […]

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Tullow to return to work in Kenya after strikes

LONDON, Nov. 7 (UPI) — British energy explorer Tullow Oil announced plans Thursday to restart operations at two reserve areas in Kenya shuttered previously by labor strikes. Tullow said it would restart operations at blocks 10BB and 13T in northern Kenya by Friday. It halted operations there in late October. The company said the decision follows an agreement reached with federal and local officials on labor issues. “Tullow has reaffirmed its commitment to local employment, local opportunities and transparency throughout its operations in northern Kenya,” the company said in a statement. “As Tullow’s exploration campaign progresses and gathers pace, the number of local employees and local companies involved in our work will continue to grow.” More than half of the 1,400 people employed by Tullow in Kenya are from the north of the country. Tullow in September announced it made a new oil discovery in northern Kenya. It said […]

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Venezuela PdVSA Says Debts Resolved With 76% of Service Providers

By Kejal Vyas MARACAIBO, Venezuela–State energy company Petroleos de Venezuela, or PdVSA, has paid off some 76% of its more than 5,000 service providers who have reported long delays before receiving payments owed by the oil giant, Venezuela Oil Minister Rafael Ramirez said Thursday. Mr. Ramirez declined to specify in dollar terms how much was paid of the company’s total debt to service providers, which rose 35% last year to $16.7 billion. However, he said officials aimed to erase the remaining 24% of owed money over the next two months. “We want to start 2014, a year of production increases, with a private sector that doesn’t have the pressure of the debt,” Mr. Ramirez told investors at an oil conference. “We are fixing all of our affairs with private companies,” he added. PdVSA, which is the breadwinner for Venezuela’s economy and finances the government’s politically important social programs for […]

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China trade data adds to recovery hopes

Worker in a Chinese factory 8 November 2013 Last updated at 05:23 China’s manufacturing and export sectors have been key drivers of its economy China’s exports and imports rose in October, the latest in a series of figures indicating a recovery. Exports, a key driver of its growth, rose 5.6% from a year earlier, while imports jumped 7.6%. This follows data released earlier this month which showed that manufacturing activity in China grew at its fastest pace in 18 months in October. The numbers come ahead of key meetings of China’s Communist Party, with economic reforms set to be discussed. Known as the Third Plenary Session of the Central Committee, the meeting will run from 9 to 12 November, and top leaders are expected to discuses reforming key areas such as the financial sector and state-owned enterprises. ‘Holding up’ China’s economy, the world’s second-biggest, has shown signs of a […]

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China Reports Strong Rise in Exports

HONG KONG — Surprisingly strong exports reported by China on Friday bolstered the view that the global economy is improving, just as Chinese leaders were set to hold an important policy meeting to flesh out their economic agenda for the coming years. Exports rose 5.6 percent in October from a year earlier, reversing a 0.3 percent slide in September and beating expectations for a much more modest rise, according to data from the Chinese customs administration. Imports confirmed that domestic demand was solid, rising 7.6 percent from a year earlier, a little more rapidly than the 7.4 percent recorded in September. After a rocky patch earlier this year, China’s economy has stabilized in recent months, echoing improvements in the United States, Japan and the long-beleaguered euro zone. Friday’s data confirmed that the steady — though not stellar — expansion in the Chinese economy in recent months has continued into […]

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China exports bounce back ahead of leadership summit

The sun sets behind cranes at the Yangshan Deep Water Port, part of China (Shanghai) Pilot Free Trade Zone’s Yangshan free trade port area, in Shanghai, China ’s exports bounced back in October from the surprise drop recorded in September offering some improved economic news as the country’s leaders prepare to set its fiscal and political direction for the next decade. The 5.6 per cent year-on-year increase in exports in October was higher than market expectations for a 3.2 per cent rise, and an improvement on the 0.3 per cent contraction recorded in September. China’s trade surplus rose to $31.6bn in October, double that of the previous month. The numbers will be a reminder, however, that China cannot simply rely on exports to power the economy and provide jobs – which had been the model during the first three decades since China adopted a market-based economy. The export sector […]

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China Oil Data Show October Crude Imports Fall 13.8% on Year

By Wayne Ma BEIJING–China imported 20.41 million metric tons of crude oil in October, equivalent to 4.83 million barrels a day, preliminary data from the General Administration of Customs showed Friday. Imports were 13.8% lower than the 23.68 million tons of crude shipped during the corresponding month last year, and down 20.5% from 25.68 million tons in September, according to Dow Jones Newswires’ calculation. September’s crude imports were the highest on record for a single month when calculated on a daily basis. Refined oil product imports totaled 2.92 million tons, while exports totaled 2.41 million tons, the data showed. China exported 110,000 tons of crude oil in October, according to the preliminary data. Write to Wayne Ma at [email protected]

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Boom Years Are Over, Says Russia's Economy Ministry

MOSCOW—The Russian government slashed its economic forecasts for the next two decades, issuing a dire warning that the oil-fueled growth that has been a foundation of Vladimir Putin ‘s rule is over and there’s nothing likely to take its place, given the country’s poor investment climate and aging infrastructure. The Economy Ministry said it expects growth at an annual rate of 2.5% to 2030, below the global average, meaning Russia’s steady climb up the ranks of global economies in Putin’s early years is likely to reverse. Boosted by high oil prices and reforms following the Soviet collapse, the economy grew at an average rate of 7% in the years before the 2008 global financial crisis. Since he returned to the presidency in 2012, Mr. Putin has called for 5% growth for Russia to catch up with leading global economies, but the latest forecasts say that goal is far out […]

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Boom Years Are Over, Says Russia’s Economy Ministry

MOSCOW—The Russian government slashed its economic forecasts for the next two decades, issuing a dire warning that the oil-fueled growth that has been a foundation of Vladimir Putin ‘s rule is over and there’s nothing likely to take its place, given the country’s poor investment climate and aging infrastructure. The Economy Ministry said it expects growth at an annual rate of 2.5% to 2030, below the global average, meaning Russia’s steady climb up the ranks of global economies in Putin’s early years is likely to reverse. Boosted by high oil prices and reforms following the Soviet collapse, the economy grew at an average rate of 7% in the years before the 2008 global financial crisis. Since he returned to the presidency in 2012, Mr. Putin has called for 5% growth for Russia to catch up with leading global economies, but the latest forecasts say that goal is far out […]

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Shell to Drill First Wells in $10 Billion Ukrainian Project

Royal Dutch Shell Plc (RDSA) , which signed a $10 billion shale gas deal with the Ukrainian government this year, expects to start drilling in the Yuzivska field next year. Shell will need to drill as many as 15 wells to complete the initial exploration appraisal of the 8,000 square-kilometer (3,100 square-mile) Yuzivska field in the eastern part of the country, Graham Tiley, the country manager of Shell Ukraine , said in an interview in Kiev On Nov. 6. Separately, the company has also completed drilling its first well in the Kharkiv region and is preparing to drill two more next year, he said. Ukraine, which depends on expensive Russian gas imports to cover more than 60 percent of its consumption, is pushing to develop its own reserves, both onshore and offshore, in the Black Sea . The government signed a production-sharing agreement with Chevron Corp. (CVX) yesterday for […]

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Insight: Failure to end China's labor camps shows limits of Xi's power

BEIJING (Reuters) – Chinese President Xi Jinping has been blocked in efforts to dismantle the country’s labor camp system in a clear sign that he has yet to cement his grip on the ruling Communist Party a year after gaining power, leadership sources said. Xi, whose father was sacked as vice premier and then imprisoned for seven years during the 1966-76 Cultural Revolution, is deeply opposed to the use of labor camps for arbitrary detention and his failure to close them suggests he is not as strong as he appears, the sources said. "Xi Jinping loathes re-education through labor," a source who has known Xi since the 1990s told Reuters. Xi had approved a proposal by domestic security chief Meng Jianzhu to eradicate the system but was thwarted by conservative sections of the party, two other sources said. There are several other instances of Xi being unable to push […]

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Insight: Failure to end China’s labor camps shows limits of Xi’s power

BEIJING (Reuters) – Chinese President Xi Jinping has been blocked in efforts to dismantle the country’s labor camp system in a clear sign that he has yet to cement his grip on the ruling Communist Party a year after gaining power, leadership sources said. Xi, whose father was sacked as vice premier and then imprisoned for seven years during the 1966-76 Cultural Revolution, is deeply opposed to the use of labor camps for arbitrary detention and his failure to close them suggests he is not as strong as he appears, the sources said. "Xi Jinping loathes re-education through labor," a source who has known Xi since the 1990s told Reuters. Xi had approved a proposal by domestic security chief Meng Jianzhu to eradicate the system but was thwarted by conservative sections of the party, two other sources said. There are several other instances of Xi being unable to push […]

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China's exports return to growth, imports rise

HONG KONG (AP) — China’s exports rebounded to relatively strong growth in October while imports accelerated, adding to signs of a recovery in the world’s second-largest economy. Exports rose 5.6 percent over a year earlier to $185.4 billion, government figures showed Friday. That was a marked improvement over September’s unexpected and rare decline of 0.3 percent, blamed on weak global demand. The improvement in trade eases pressure on Beijing for additional economic stimulus, allowing communist leaders to focus on longer-term reforms meant to steer the economy to more sustainable growth based on domestic consumption instead of trade and investment. Communist Party leaders are due to meet Saturday for an annual congress that reform advocates hope produces commitments to more market-style changes. Economic growth rebounded to 7.8 percent in the three months ended in September after hitting a two-decade low of 7.5 percent the previous quarter. Surveys of manufacturers by […]

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China’s exports return to growth, imports rise

HONG KONG (AP) — China’s exports rebounded to relatively strong growth in October while imports accelerated, adding to signs of a recovery in the world’s second-largest economy. Exports rose 5.6 percent over a year earlier to $185.4 billion, government figures showed Friday. That was a marked improvement over September’s unexpected and rare decline of 0.3 percent, blamed on weak global demand. The improvement in trade eases pressure on Beijing for additional economic stimulus, allowing communist leaders to focus on longer-term reforms meant to steer the economy to more sustainable growth based on domestic consumption instead of trade and investment. Communist Party leaders are due to meet Saturday for an annual congress that reform advocates hope produces commitments to more market-style changes. Economic growth rebounded to 7.8 percent in the three months ended in September after hitting a two-decade low of 7.5 percent the previous quarter. Surveys of manufacturers by […]

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China Hesitates as Washington OKs Natural-Gas Exports

On paper, it’s a perfect match: The U.S. is awash in new supplies of natural gas, while China is trying to get off coal and use cleaner-burning fuels. Plus, the U.S. Department of Energy this year has begun approving new terminals to export liquefied natural gas around the world. But a Washington trade-policy expert says the political case for U.S. exports of natural gas to China isn’t as strong as the business case. Damian Ma of the Paulson Institute says China’s fear of increasing reliance on the U.S. could trump its need for natural gas. In a paper  just released by the National Bureau of Asian Research, Mr. Ma says China “has traditionally been wary of becoming overreliant on any particular country for its energy needs, believing that such dependence would allow other powers to exert leverage. Such wariness may also figure strongly in Beijing’s attitude toward receiving gas […]

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