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Foreign Minister Fabius Concerned Tehran Won’t Drop Ability to Build a Bomb

France’s foreign minister voiced doubts that Western powers will reach a final nuclear deal with Iran, questioning Tehran’s willingness to abandon its ability to build an atomic bomb. Laurent Fabius has propelled France to the forefront of nuclear talks by taking a tough stance on Iran, which insists its nuclear program is for civilian and scientific use only. To reach a lasting agreement, six Western powers are pressing Tehran to adopt measures that unwind its nuclear capabilities to the point that a weapon is no longer within reach. That goal has been partly overshadowed by disagreements over how to implement a preliminary accord that temporarily freezes Iran’s nuclear program in exchange for limited relief from biting sanctions. "We have to implement honestly the first phase," Mr. Fabius said in an interview with The Wall Street Journal. "Then my main concern is the second phase. It is unclear if the […]

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Shiite Pilgrimage Is Target of Attacks in Iraq

Shiite Muslims making one of their most important pilgrimages in Iraq were targeted again on Wednesday by gunmen and suicide bombers, medical and police officials said. Gunmen opened fire on a bus carrying Pakistani Shiites traveling from Samarra to Baghdad, killing three people and wounding 11, officials said. In Diyala Province in northern Iraq, a policeman guarding Shiite pilgrims noticed a person he suspected was a suicide bomber trying to infiltrate the crowd, medical and security officials said. When the officer grabbed hold of him, the attacker detonated his explosives, killing the officer and four other people. Many Shiites from Iraq and other countries are making their annual pilgrimage to the city of Karbala for Arbaeen, which marks the 40-day mourning period for Imam Hussein, a grandson of the Prophet Muhammad. The pilgrims typically travel by foot or vehicles over long distances to reach shrines in Karbala […]

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Libya oil deadlock causes jitters in global energy market

Libya’s deadlocked oil crisis, with rebel warlords refusing to reopen blockaded oil terminals along the Mediterranean coast, is causing jitters on international energy markets as oil exports are reduced to a trickle. The beleaguered government of Prime Minister Ali Zeidan said last week that the export terminals in the eastern cities of Ras Lanuf, Es Sider and Zueitina, which account for 60 percent of Libya’s oil exports, would reopen Sunday. But rebel chieftain Ibrahim Jedran, who once commanded the 30,000-strong Petroleum Facilities Guard assigned to protect the very facilities he has shut down for months, refused to allow them to resume operations until the Tripoli government recognizes eastern Libya as an autonomous region. Eastern Libya, known as Cyrenaica, holds most of the North African country’s oil reserves of 76.4 billion barrels, the largest in Africa and the fifth largest in the world. "International […]

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Israeli Firms Distance Themselves From Noble Energy's Oil Field Estimates

The Israeli partners of Noble Energy Inc. (NBL) in the offshore Leviathan field on Wednesday distanced themselves from comments made by the U.S. company about its estimated oil potential. Noble in a conference call with investors said it has increased its estimate to 1.5 billion barrels of oil in the field, with an additional 1.5 billion barrels of oil in a nearby Cyprus field it also controls with Israeli partners. Noble’s Israeli partners–Delek Drilling Ltd. Partnership (DEDR.L.TV), Ratio Oil Exploration Ltd. Partnership (RATI.L.TV), Avner Oil Exploration Ltd. Partnership (AVNR.L.TV) and Alon Natural Gas Exploration Ltd. (ALGS.TV)–said the new estimates weren’t in accordance with Israeli reporting regulations. The requirements about how energy companies can publish reserve estimates differ between the Tel Aviv Stock Exchange, which often has more stringent requirements than the U.S. Securities and Exchange Commission, under which Houston-based Noble […]

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Israeli Firms Distance Themselves From Noble Energy’s Oil Field Estimates

The Israeli partners of Noble Energy Inc. (NBL) in the offshore Leviathan field on Wednesday distanced themselves from comments made by the U.S. company about its estimated oil potential. Noble in a conference call with investors said it has increased its estimate to 1.5 billion barrels of oil in the field, with an additional 1.5 billion barrels of oil in a nearby Cyprus field it also controls with Israeli partners. Noble’s Israeli partners–Delek Drilling Ltd. Partnership (DEDR.L.TV), Ratio Oil Exploration Ltd. Partnership (RATI.L.TV), Avner Oil Exploration Ltd. Partnership (AVNR.L.TV) and Alon Natural Gas Exploration Ltd. (ALGS.TV)–said the new estimates weren’t in accordance with Israeli reporting regulations. The requirements about how energy companies can publish reserve estimates differ between the Tel Aviv Stock Exchange, which often has more stringent requirements than the U.S. Securities and Exchange Commission, under which Houston-based Noble […]

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Britain to Evacuate Its Citizens from South Sudan

In a sign of mounting international concern about fighting in South Sudan, Britain said on Thursday that it had dispatched an airplane to evacuate British nationals as clashes were reported to have spread following claims of an attempted coup. The Foreign Office said that around 150 of the estimated 500 Britons in the newly created country had been in touch with British officials, many of them wanting to leave the country. The developments came a day after the South Sudanese Army said that it had lost control of a town in the north of the country. South Sudan declared its independence in July 2011, after years of struggle to break away from the Arab-dominated north of Sudan. But in the past few days, President Salva Kiir has accused his former vice president, Riek Machar, of attempting to overthrow him — a charge Mr. Machar denied on Wednesday. […]

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Rebels take South Sudan town Bor after 'coup attempt'

Displaced Sudanese civilians arrive at the United Nations Mission in the Republic of South Sudan (UNMISS) compound on the outskirts of the capital Juba in South Sudan 19 December 2013 Last updated at 08:22 Thousands of people are seeking refuge from the fighting in UN compounds South Sudanese rebels have taken over a key town, the military has said, as fighting continues after Sunday’s reported coup attempt. "Our soldiers have lost control of Bor to the force of Riek Machar," said army spokesman Philip Aguer. President Salva Kiir has accused Mr Machar, the former vice-president, of staging a coup – a claim he denies. The unrest, which began in the capital Juba, has already killed 500 people and sparked fears of a civil war. The United Nations has called for political dialogue to end the crisis, and Secretary General Ban Ki-moon said about 20,000 people had taken refuge in […]

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Rebels take South Sudan town Bor after ‘coup attempt’

Displaced Sudanese civilians arrive at the United Nations Mission in the Republic of South Sudan (UNMISS) compound on the outskirts of the capital Juba in South Sudan 19 December 2013 Last updated at 08:22 Thousands of people are seeking refuge from the fighting in UN compounds South Sudanese rebels have taken over a key town, the military has said, as fighting continues after Sunday’s reported coup attempt. "Our soldiers have lost control of Bor to the force of Riek Machar," said army spokesman Philip Aguer. President Salva Kiir has accused Mr Machar, the former vice-president, of staging a coup – a claim he denies. The unrest, which began in the capital Juba, has already killed 500 people and sparked fears of a civil war. The United Nations has called for political dialogue to end the crisis, and Secretary General Ban Ki-moon said about 20,000 people had taken refuge in […]

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BP Gulf of Mexico Find Caps Best Exploration Year in Decade

BP said the Gila prospect in the Gulf of Mexico produced a “significant” discovery, capping the most successful year for exploration since 2004 for Europe’s second-biggest oil company. Gila, co-owned with ConocoPhillips, was found in the Paleogene trend, the same layer of rock as the Kaskida discovery in 2006 and Tiber in 2009. The well was drilled under 4,900 feet (1,500 meters) of water about 300 miles (480 kilometers) southwest of New Orleans. More drilling will be needed to determine the size of the Gila find, BP said. Chief Executive Officer Bob Dudley pledged to focus more on exploration to help return the company to growth following the 2010 Gulf of Mexico oil spill. Gila is the seventh discovery from 15 exploration wells completed this year and follows potentially commercial finds in India, Egypt, Angola and Brazil. “Exploration is at the heart of BP’s upstream strategy,” Lamar […]

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Wood Mac: Uganda-Kenya pipeline vital for region

A proposed oil pipeline from central Uganda to the coast of Kenya could be a vital step toward unlocking East Africa’s potential, Wood Mackenzie said Wednesday. "There is huge untapped potential across both countries, with over 3.5 billion barrels of [expected] volumes in Kenya, and a further 1 billion barrels of [expected] reserves in Uganda," Martin Kelly, an African analyst for energy consultant Wood Mackenzie, said in a statement. "The proposed pipeline is fundamental in unlocking value for both countries." Wood Mackenzie estimates it will cost at least $4 billion to build an 869-mile long pipeline from central Uganda to the Kenyan coast. Uganda is a landlocked country and the region in general lacks the infrastructure needed to take full advantage of the oil potential. Wood Mackenzie adds the type of oil found in Uganda needs to be heated in order to facilitate pipeline […]

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BP to Write Off $1 Billion on Failed Well

BP PLC said Wednesday it would write off more than $1 billion in costs related to an unsuccessful Brazilian well, but also said it made a large oil discovery in the deep water Gulf of Mexico. BP said the Pitanga exploration well on Block BM-CAOL-13 in the Camamu-Almada basin, offshore Brazil, found no commercial quantities of oil or gas. The company said it would therefore write off $1.08 billion in costs, of which $850 million relates to the value of the block […]

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Australia to reduce renewable energy target?

Australia’s renewable energy target appears to be on the table following Prime Minister Tony Abbott ‘s decision to review the country’s energy policy. Abbott announced Wednesday he will head an energy policy task force that will be "looking at new options to reduce the costs of energy." The review is expected to be completed in June. Australia’s Renewable Energy Target scheme, enacted in 2009, requires energy retailers and large customers to source a proportion of their energy from renewable sources. It calls for 20 percent of the country’s power generation to come from renewable sources by 2020. Abbott said "we support sensible use of renewable energy," but said circumstances had changed. "We have to accept that in the changed circumstances of today, the renewable energy target is causing pretty significant price pressure in the system and we ought to be an affordable energy […]

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Water security: ‘Water scarcity has put survival in jeopardy’

Increasing population worldwide, particularly in Pakistan has caused deterioration of the environment and challenges of food and water security, speakers at a seminar on Integrated Flood Management said on Tuesday. The seminar was organised at the New Senate Hall by the Water Management Research Centre of the University of Agriculture, Faisalabad. It was chaired by Vice Chancellor Iqrar Ahmad Khan. Dr Khan said 43 per cent of the world’s population lived in urban centres… urbanisation was also on the rise in Asia. By 2020, half of Asia’s population would be living in cities, he said. “We need to take emergency measures to provide water facilities for cities and create awareness about rational use of water,” said Dr Khan. Pakistan is barely above the 1,000 cubic metres per capita benchmark for water scarcity, he said. This would worsen in the […]

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Fed Dials Back Bond Buying, Keeps a Wary Eye on Growth

Ben Bernanke gave the U.S. economy a nod of approval just a month before he leaves the Federal Reserve, moving the central bank to begin winding down a bond-buying program meant to boost growth with the recovery on firmer footing. The Fed has pulled back its stimulus efforts before, only to restart them when the economy disappointed, and new challenges loom, including a surprising slowdown in inflation. But Mr. Bernanke said in his final news conference as Fed chairman that the economy was getting to a point where it needs less help. "Today’s policy actions reflect the [Fed’s] assessment that the economy is continuing to make progress, but that it also has much farther to travel before conditions can be judged normal," Mr. Bernanke said. After months of wringing their hands about the implications of less Fed stimulus, investors resoundingly approved of the latest action to begin paring the […]

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Energy Tax Breaks to Shrink in Baucus Focus on Emissions

U.S. energy tax incentives would be cut by more than half under a draft plan released by Senate Finance Committee Chairman Max Baucus . Baucus’ proposal would consolidate more than 40 breaks into two incentives for cleaner production of electricity and fuel. Today’s proposal would end tax breaks for energy efficiency , electric cars and appliances that benefit companies including Whirlpool Corp. (WHR) and Nissan Motor (7201) Co. “Our current set of energy tax incentives is overly complex and picks winners and losers with no clear policy rationale,” Baucus said in a statement. “We need a system of energy incentives that is more predictable, rational and technology-neutral.” The draft is Baucus’ fourth proposal in the past two months as he seeks to build momentum for the biggest U.S. tax-code changes since 1986. His effort has been stymied by partisan divides over whether the plan should increase taxes and resistance […]

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EPA to Invalidate 30 Million Fuel Credits After Fraud

The U.S. Environmental Protection Agency said it has invalidated 33.5 million renewable-fuel credits sold by an Indiana company for biofuel it didn’t produce, the fourth time the agency has alleged fraud in the program. The filing today follows fraud charges filed against the former owners of the Indiana-based E-Biofuels LLC in September. The U.S. Justice Department accused them of falsely claiming its products qualified under government incentives for renewable fuels. The EPA move, which was posted on its website, may further roil the market for credits used by refiners such as Valero Corp. (VLO) and Exxon Mobil Corp. (XOM) to meet government renewable-fuel requirements. Before today’s action, the agency had said three companies produced a total of 140 million fraudulent Renewable Identification Numbers, or RINs. The basic credit for ethanol last sold for 28 cents. At today’s value of about 40 cents each for biodiesel, the RINs affected by […]

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Oil trains raise concerns in small towns, cities

It’s tough to miss the trains hauling crude oil out of the Northern Plains. They are growing more frequent by the day, mile-long processions of black tank cars that rumble through wheat fields and towns, along rivers and national parks. As common as they have become across the U.S. and Canada, officials in dozens of towns and cities where the oil trains travel say they are concerned with the possibility of a major derailment, spill or explosion, while their level of preparation varies widely. Stoking those fears was the July crash of a crude train from the Bakken oil patch in Lac Megantic, Quebec – not far from the Maine border – that killed 47 people. A Nov. 8 train derailment in rural Alabama where several oil cars exploded reinforced them. "It’s a grave concern," said Dan Sietsema, the emergency coordinator in […]

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BP makes Gulf of Mexico discovery, first since 2010

British energy company BP said Wednesday it made a significant oil discovery in the U.S. waters of the Gulf of Mexico, its first since the 2010 oil spill. BP said it discovered oil while drilling in the Gila prospect, located about 300 miles off the coast of New Orleans in the deep waters of the Gulf of Mexico. BP last announced oil discoveries in the Gulf of Mexico at its Kaskida prospect in 2006 and its Tiber site in 2009. An accident on the Deepwater Horizon drilling rig, which BP leased from Transocean, lead to a cascading series of failures in 2010 at BP’s Macondo well. BP said approximately 2.5 million barrels of oil were spilled over the course of 87 days. Eleven rig workers died in the accident. Richard Morrison, regional president for BP, said the Gila discovery marks the company’s return. "The […]

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Noble Energy to target Colorado basin in 2014

Noble Energy Chief Executive Officer Charles Davidson said the bulk of his company’s spending next year will target the Denver-Julesburg basin in Colorado. "For the third consecutive year, production is projected to grow at strong double-digit rates," he said in a statement Tuesday. "We continue to accelerate development in the Denver-Julesburg basin, which will receive the greatest portion of our capital program, as well as the drilling program in the … Marcellus shale." The Marcellus shale is spread over parts of Pennsylvania and surrounding states. Noble, which has headquarters in Houston, said $2 billion of its $3.2 billion designated for developments in the United States will target the Colorado reserve area. About $1.1 billion will target the Marcellus formation. Combined, the company said it plans to drill more than 450 wells in the shale areas next year. Noble in October said production from the […]

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TransCanada's U.S. oil pipeline set for January service

Oil should be moving through the 485-mile Gulf Coast oil pipeline from Oklahoma by the middle of January, a spokesman for TransCanada said Wednesday. The Gulf Coast project from the oil storage hub in Cushing, Okla., is designed to carry as much as 700,000 barrels per day to refineries in the Houston area. TransCanada spokesman Shawn Howard said customers can expect oil deliveries by Jan. 22. "This is another important milestone for TransCanada, our shippers and the refiners on the U.S. Gulf Coast who have been waiting for this product to arrive," he was quoted as saying by The Oklahoman , a newspaper based in Oklahoma City. "Providing this notice gives our customers time to ensure that they have the appropriate volumes of oil to move into our system when the pipeline is ready to go into full commercial operation." The Gulf Coast […]

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TransCanada’s U.S. oil pipeline set for January service

Oil should be moving through the 485-mile Gulf Coast oil pipeline from Oklahoma by the middle of January, a spokesman for TransCanada said Wednesday. The Gulf Coast project from the oil storage hub in Cushing, Okla., is designed to carry as much as 700,000 barrels per day to refineries in the Houston area. TransCanada spokesman Shawn Howard said customers can expect oil deliveries by Jan. 22. "This is another important milestone for TransCanada, our shippers and the refiners on the U.S. Gulf Coast who have been waiting for this product to arrive," he was quoted as saying by The Oklahoman , a newspaper based in Oklahoma City. "Providing this notice gives our customers time to ensure that they have the appropriate volumes of oil to move into our system when the pipeline is ready to go into full commercial operation." The Gulf Coast […]

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Democrats want hearing on methane emissions

WASHINGTON, Dec. 18 (UPI) — Two Democratic lawmakers in the U.S. House of Representatives said they wanted to hold hearings to assess methane emissions from the oil and natural gas sector. U.S. Reps. Henry Waxman , D-Calif., and Bobby Rush , D-Ill., members of House committees on energy, issued a letter to their Republican counterparts calling for hearings to assess the level of methane emitted during production, processing and distribution of hydrocarbons. Methane is a potent greenhouse gas, trapping more heat in the atmosphere than carbon dioxide. Waxman and Rush said carbon dioxide levels in the atmosphere were decreasing because U.S. utility companies were switching from coal to cleaner-burning natural gas. Methane, however, may be an unfortunate consequence of natural gas production in particular, they wrote. "The rate at which methane leaks into the atmosphere from natural gas production is a critical question that we must answer," they said […]

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Area off the coast of Maryland set for wind energy sale

The U.S. Interior Department said it planned to auction off nearly 80,000 acres off the coast of Maryland next year for wind energy development. The U.S. Interior Department’s Bureau of Ocean Energy Management worked with state, local and federal authorities in identifying acreage about 10 miles off the coast for wind energy development. BOEM said it plans to auction off the acreage in two tranches next year. The bureau said the offshore areas could support the commercial development of more than 850 megawatts of wind energy. "The wind energy potential offshore Maryland is significant," BOEM Director Tommy Beaudreau said in a statement Tuesday. More than 100,000 acres off the coast of Virginia were auctioned for $1.6 million for wind energy development in September. A summer lease sale for 164,750 acres off the coast of Rhode Island and Massachusetts secured $3.8 million in bids for […]

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Dolphins Suffering From Lung Disease Due to Gulf Oil Spill, Study Says

Dolphins in an area hard hit by the Gulf of Mexico oil spill in 2010 are suffering from lung diseases and other abnormalities that are consistent with toxic exposure to oil, according to a study backed by the federal government and released on Wednesday. The peer-reviewed paper, which was disputed by BP PLC, was published in the journal Environmental Science & Technology. The paper makes the strongest connection to date between the BP spill and dolphin deaths, which jumped in the Gulf of […]

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Cheap gas could save US households up to $1,200/year by 2020: study

The average US household could save $725 to $1,200/year by 2020 when an estimated 60 to 80% of the cost savings from cheaper energy flows to consumers, Boston Consulting Group said in a study released Wednesday. In its latest installment of "Made in America, Again," BCG estimated about 30-50% of the cost savings to companies from cheaper natural gas have likely been passed along to consumers. These savings come in the form of prices that are lower than they otherwise would have been, resulting in average household savings in the US of $425 to $725/year. This is equal to an extra 3-6% of additional discretionary spending each year for the average US household. Article continues below… Request a free trial of: Gas Daily Gas Daily Gas Daily offers the most detailed coverage of natural gas prices at interstate and intrastate pipeline and pooling points […]

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US Gulf Coast reformate prices higher on exports, supply shortfall

US Gulf Coast reformate prices have shot dramatically higher in recent weeks, driven by a perfect storm of exports of the blendstock and finished gasoline along with a lack of supply. Market sources Wednesday said reformate was very tight, in the hands of major refiners who intended to use it to make their own gasoline for export. Reformate is a low RVP, high-octane gasoline blendstock that is the product of naphtha inputted to a catalytic reformer. As assessed by Platts it is a 1 RVP, 100 octane material. Article continues below… Request a free trial of: Oilgram News Oilgram News Oilgram News brings you fast-breaking global petroleum and gas news on and including: Industry players, upstream and downstream markets, refineries, midstream transportation and financial reports Supply and demand trends, government actions, exploration and technology Daily futures summary Weekly API statistics, and much more Request […]

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Signs of Baby Steps on Stanching Wasteful Flaring of Natural Gas

Visible even from space, more than 1,500 natural gas flares illuminate the prairie in the Bakken oil field in North Dakota, for lack of gas pipelines. Jim Wilson/The New York Times Visible even from space, more than 1,500 natural gas flares illuminate the prairie in the Bakken oil field in North Dakota, for lack of gas pipelines. I hope you’ll read “ Applying Creativity to a Byproduct of Oil Drilling in North Dakota ,” a valuable Clifford Krauss feature on baby steps taken by the oil and gas industry to stanch the wasteful, polluting flaring of natural gas from the country’s booming Bakken oil fields in North Dakota. (There’s no infrastructure for storing or transporting the gas and the oil is the quarry, given its much higher price.) Gas pipelines are rapidly being built. Companies like Statoil and General Electric are teaming up to develop and deploy new modular […]

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Airbus signs MoU with EGTS for electric taxiing solution for A320 family; projected fuel saving up to 4% per trip

AAirbus_signs_MoU_with_Honeywell_and_Safran_to_develop_electric_taxiing_solution_for_the_A320_Family_2 Using the aircraft’s Auxiliary Power Unit (APU) to power electric motors on its main landing gear, the “eTaxi” solution is projected to save fuel and reduce CO 2 emissions during an A320 Family jetliner’s ground operations by up to 4% per trip. Click to enlarge. As part of on-going research and development into future technology options, Airbus has signed a memorandum of understanding (MoU) with EGTS International (Electric Green Taxiing System), a joint venture company between Safran and Honeywell Aerospace formed in 2011, further to develop and to evaluate an autonomous electric pushback and taxiing solution for the A320 Family. ( Earlier post .) The agreement marks the selection of EGTS International’s Electric Green Taxiing System to be evaluated as a new option on the A320 Family—referred to […]

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The Real Oil Extraction Limit, and How It Affects the Downslope

There is a lot of confusion about which limit we are reaching with respect to oil supply. There seems to be a huge amount of “reserves,” and oil production seems to be increasing right now, so people can’t imagine that there might be a near term problem. There are at least three different views regarding the nature of the limit: Climate Change.  There is no limit on oil production within the foreseeable future. Oil prices can be expected to keep rising. With higher prices, alternative fuels and higher cost extraction techniques will become available. The main concern is climate change. The only reason that oil production would drop is because we have found a way to use less oil because of  climate change concerns, and choose not to extract oil that seems to be available. Limit Based on Geology (“Peak Oil”).  In each oil field, production tends to rise […]

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Oil Markets Await U.S. Fed Meeting

Crude-oil futures were little changed in Asian trading hours Wednesday as investors wait for the outcome of the U.S. Federal Reserve meeting. On the New York Mercantile Exchange, light, sweet crude futures for delivery in January traded at $97.39 a barrel at 0605 GMT, up $0.17 in the Globex electronic session. February Brent crude on London’s ICE Futures exchange fell $0.02 to $108.42 a barrel. The Federal Open Market Committee meeting ends later Wednesday and is expected to take a decision on the withdrawal of monetary stimulus, expectation of which has supported wider commodity prices so far. Analysts said the decision will be a close call, with some market participants expecting early tapering of asset purchases after a recent spate of positive economic data. "We suspect the renewed strength of employment growth in the past few months will be just enough to persuade the Fed to begin tapering its […]

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WTI Rises Before Fed Decision as U.S. Crude Supplies Drop

West Texas Intermediate rose after industry data showed U.S. crude inventories shrank for a third week and before the Federal Reserve decides whether to pare stimulus in the world’s biggest oil consumer. Futures climbed as much as 0.4 percent in New York. Crude stockpiles fell by 2.5 million barrels last week, the American Petroleum Institute said yesterday. An Energy Information Administration report today is forecast to show supplies dropped by 3 million, according to a Bloomberg News survey. The Fed will disclose its plans today for its $85 billion monthly bond buying program after a two-day meeting in Washington. “Everybody is watching the Fed and that’s the main driver at the moment,” Hans van Cleef, an energy economist at ABN Amro Bank NV in Amsterdam, said by telephone. “The market is well-balanced at the moment and I don’t see that changing at all in 2014. Demand will pick up […]

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Natural Gas Perks Up as Cold Weather Looks Set to Continue

Natural gas futures strengthened Tuesday as updated weather forecasts raised expectations that demand for gas-powered heating could remain strong through the end of the month. Prices slumped earlier Tuesday as forecasts shifted to project mild temperatures in the next six to 10 days, which could reduce demand for the heating fuel. About half of U.S. households use natural gas as their primary heating source, according to the Energy Information Administration. But a midday forecast update from the National Weather Service showed colder projections for the Midwest next week. More than one-fourth of total winter heating demand for natural gas comes from the Midwest, said Teri Viswanath, senior natural gas strategist for BNP Paribas. "The Midwest is very, very important," […]

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Iran Nuclear Deal Talks Expected to Resume This Week

Talks on implementing last month’s interim nuclear deal between Iran and six major powers are set to resume this week, two European diplomats said Tuesday. On Thursday, implementation talks in Vienna were put on hold after four days of negotiations when Iran reacted angrily to a U.S. decision to expand its list of Iranian sanctions targets. Over the last 48 hours, Western officials have worked to kick-start the talks. On Monday, U.S. Secretary of State John Kerry called Iranian Foreign Minister Javad Zarif to work out a way forward in the talks. On Tuesday morning, EU foreign policy chief Catherine Ashton met with Iranian Deputy Foreign Minister Abbas Araghchi in Brussels to discuss the state of play. Mr. Zarif said Monday that Iran would return to the negotiations even as he hit out at what he called the U.S.’s "improper" actions. The European diplomats said there was no final […]

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Bombings kill 10 Shiite pilgrims in Iraq

Bombings in and near Baghdad killed 10 Shiite pilgrims on Tuesday as they were making their way on foot to a holy city in southern Iraq, officials said. In the deadlier of the two attacks, a suicide bomber set off his explosive belt among a group of pilgrims south of Baghdad, near the town of Mahmoudiya. That attack killed six people and wounded 16, police officials said. The pilgrims were headed to the city of Karbala, 90 kilometers (55 miles) to the south, to commemorate Arbaeen, the end of 40 days of mourning following the anniversary of the death of the Prophet Muhammad’s grandson, Imam Hussein, a revered Shiite figure. About two hours earlier, a bomb blast struck another group of Shiite pilgrims in Baghdad, also on their way to Karbala. That bombing, in the southeastern neighborhood of New Baghdad, killed four people and wounded 11, the police […]

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U.N. told up to 500 killed in South Sudan clashes: diplomats

The United Nations received reports from local sources in South Sudan on Tuesday that between 400 and 500 people had been killed and up to 800 wounded in the latest violence, and the government said it had arrested 10 politicians in connection with a "foiled coup". "Two hospitals have recorded between 400 and 500 dead and (up to) 800 wounded," a diplomat in New York said on condition of anonymity, citing an estimate United Nations peacekeeping chief Herve Ladsous gave during a closed-door briefing for the 15-member body. Another diplomat confirmed Ladsous’ remarks, adding that the United Nations was not in a position to verify the figures. Earlier on Tuesday, a South Sudanese health ministry official told Reuters that at least 26 people were dead after fighting in Juba between rival groups of soldiers from Sunday night into Monday morning. Sporadic gunfire and blasts continued […]

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Saudi expulsions leave broken dreams in Africa and Asia

More than a million people from across the world – managers, maids, accountants and laborers – have left Saudi Arabia since March, after years or even decades working in the Gulf Arab state, which sustains its own citizens with oil revenues. Around 120,000 Ethiopians have been deported in the past month alone as part of a visa crackdown aimed at pushing more Saudis into employment to ensure future political and economic stability. "We were kicked out of our homes and our jobs," said Mohamed Ahmed, 27, waiting with thousands of other Ethiopians at a transit centre behind Addis Ababa’s Bole Airport after disembarking with a few bags from Saudi Arabian Airlines jets. Like many others, Ahmed, who spent five years in Saudi Arabia after crossing the Red Sea in a fishing boat and trekking through turbulent Yemen, had to leave at short notice. "We left […]

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In Lebanon, minority Alawites wounded in attacks in latest spillover from Syria’s civil war

One man was dragged from his taxi. Eight others were ordered off a bus on their way home from work. The victims were shot in the legs by masked gunmen, a brutal tactic that officials say has been used on dozens of members of Tripoli’s minority Alawite community in recent months. The intimidation campaign is the latest spillover from neighboring Syria’s long-running civil war, which has been re-created in microcosm in this impoverished port city, Lebanon’s ­second-largest. Alawite residents of the Jabal Mohsen neighborhood who back Syrian President Bashar al-Assad , a fellow Alawite, have frequently clashed with Sunni residents of nearby Bab al-Tabbaneh, who support the Syrian rebels. The Alawites are a minority Shiite sect. In August, two Sunni mosques were bombed , killing more than 40 people; Alawite leader Ali Eid was charged with aiding one of the suspects. A few days after the […]

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Rapid Population Growth Imperils Egypt

The world’s population broke the 7 billion person barrier in 2011 and is projected to increase by 40 percent in the coming forty years. Population growth averages vary among the world’s nations, with the populations of developed nations expected to increase by just 10 percent, and the greater part of population growth expected to come from developing nations, especially the least developed, where population is expected to double in the coming four decades. So what about Egypt’s population outlook? Egyptian census data shows that in 1948, Egypt’s population reached nearly twenty million, added another twenty million by 1975, twenty million more by 1994, with the populace reaching sixty million. Another twenty million over the next seventeen years means eighty million Egyptians by 2011. Egyptians needed thousands of years to reach the first twenty million, before managing to double several times in a few years, without creating a […]

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Nigeria’s Jonathan Weakened by Oil Dispute, Obasanjo Attack

Nigerian President Goodluck Jonathan is facing the biggest test of his three years in office after reports the central bank questioned the lack of accounting for $50 billion in oil revenue and a former leader criticized him for failing to tackle corruption. Former President Olusegun Obasanjo, a stalwart of the ruling People’s Democratic Party , said in a letter to Jonathan this month that he has failed to tackle graft and security threats in Africa ’s biggest oil producer. He also accused him of widening a split between the mainly Muslim north and largely Christian south in a bid to retain power. Obasanjo’s criticism came after newspapers including Lagos-based ThisDay said Central Bank of Nigeria Governor Lamido Sanusi wrote Jonathan a letter alleging that the Nigerian National Petroleum Corp. is withholding more than three-quarters of oil revenue earned from January 2012 to July this year. The […]

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BP to Write Off $1 Billion on Failed Well

BP PLC said Wednesday it would write off more than $1 billion in costs related to an unsuccessful Brazilian well, but also said it made a large oil discovery in the deep water Gulf of Mexico. BP said the Pitanga exploration well on Block BM-CAOL-13 in the Camamu-Almada basin, offshore Brazil, found no commercial quantities of oil or gas. The company said it would therefore write off $1.08 billion in costs, of which $850 million relates to the value of the […]

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Ecuadoreans Can Attempt to Seize Chevron's Canada Assets

Ecuadoreans trying to collect a $9.5 billion environmental verdict against Chevron Corp. can attempt to seize the oil giant’s assets in Canada, a Canadian appellate court ruled on Tuesday. The plaintiffs, residents of Ecuador’s jungles, are seeking to enforce a 2011 judgment against Chevron by confiscating its properties in other countries where it operates. In May, a lower court in Ontario held that the Ecuadorean judgment didn’t […]

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Ecuadoreans Can Attempt to Seize Chevron’s Canada Assets

Ecuadoreans trying to collect a $9.5 billion environmental verdict against Chevron Corp. can attempt to seize the oil giant’s assets in Canada, a Canadian appellate court ruled on Tuesday. The plaintiffs, residents of Ecuador’s jungles, are seeking to enforce a 2011 judgment against Chevron by confiscating its properties in other countries where it operates. In May, a lower court in Ontario held that the Ecuadorean judgment didn’t […]

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Rousseff Says Brazil's Take From Libra Oil Project to Top $400 Billion

Brazil will get more than $400 billion in royalties and crude oil over the next 35 years from its share of the massive Libra offshore oil prospect, President Dilma Rousseff said Tuesday. In her weekly question-and-answer column with Brazilians, Ms. Rousseff said that new production-sharing agreements for Brazil’s offshore oil discoveries ensured the country’s "sovereignty over this treasure, with great benefits for the population and our economy." Ms. Rousseff’s administration has faced criticism from Brazilians who viewed the sale of the field as delivering Brazil’s natural resources into the hands of foreign companies. Protests marred the October auction, which featured heavy security by soldiers who fired tear gas in an attempt to disperse the crowd gathered outside the hotel where the sale was held. But the auction also generated lukewarm interest from private-sector companies that balked at the terms of the production-sharing agreements and heavy government oversight […]

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Rousseff Says Brazil’s Take From Libra Oil Project to Top $400 Billion

Brazil will get more than $400 billion in royalties and crude oil over the next 35 years from its share of the massive Libra offshore oil prospect, President Dilma Rousseff said Tuesday. In her weekly question-and-answer column with Brazilians, Ms. Rousseff said that new production-sharing agreements for Brazil’s offshore oil discoveries ensured the country’s "sovereignty over this treasure, with great benefits for the population and our economy." Ms. Rousseff’s administration has faced criticism from Brazilians who viewed the sale of the field as delivering Brazil’s natural resources into the hands of foreign companies. Protests marred the October auction, which featured heavy security by soldiers who fired tear gas in an attempt to disperse the crowd gathered outside the hotel where the sale was held. But the auction also generated lukewarm interest from private-sector companies that balked at the terms of the production-sharing agreements and heavy government oversight […]

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Petrobras Announces Discovery of Oil in Potiguar Basin

Petroleo Brasileiro SA or Petrobras, said Tuesday it found the first oil in the deep water of the Potiguar basin off the coast of the Brazilian state of Rio Grande do Norte. The oil was found in the 1-BRS-A-1205-RNS (1-RNS-158) well, also known as Pitu, under 1.1 miles of water 34.2 miles off the coast, the company said in an note to Brazil’s financial markets regulator. Write to Jeffrey T. Lewis at [email protected]

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Bakken Gains Versus WTI as Winter Weather Limits Output

Bakken crude strengthened against domestic benchmark West Texas Intermediate as frigid temperatures and precipitation in North Dakota limited output. State production has likely been “not so great” in December after a strong November and a record in October, said Lynn Helms, director of the North Dakota Mineral Resources Department, on a Dec. 13 conference call. “December has been anything but nice, with arctic temperatures, icy roads and snowfall almost every day,” Helms said on the call. Bakken oil delivered in Clearbrook, Minnesota , was $8 a barrel cheaper than WTI at 3:47 p.m. in New York, compared with $9.50 yesterday, according to data compiled by Bloomberg. Bakken’s discount has been cut in half since Nov. 7 and 8, when it reached $16 a barrel, the widest level of 2013. It has averaged about $5 this year. Prices will probably stay soft for much of 2014, Helms said, explaining that […]

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Pro-energy groups laud U.S. 'energy revolution'

The American Petroleum Institute said hydraulic fracturing of shale oil and natural gas deposits spawned an "energy revolution" in the United States. "America is in the midst of a game-changing energy revolution," API Chief Economist John Felmy said in a statement Monday. He was commenting on a report from the U.S. Energy Information Administration, which predicted record-setting levels of oil and natural gas production in the United States. The EIA in its Monday report said crude oil production in the United States should reach 9.6 million barrels per day by 2016, equaling a record set more than 40 years ago. Crude oil production is expected to decline after 2020, though EIA said natural gas production should increase steadily through 2040. "This potential has been unlocked by innovations in hydraulic fracturing and horizontal drilling that have made America the world’s top energy producer," Felmy said. […]

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Pro-energy groups laud U.S. ‘energy revolution’

The American Petroleum Institute said hydraulic fracturing of shale oil and natural gas deposits spawned an "energy revolution" in the United States. "America is in the midst of a game-changing energy revolution," API Chief Economist John Felmy said in a statement Monday. He was commenting on a report from the U.S. Energy Information Administration, which predicted record-setting levels of oil and natural gas production in the United States. The EIA in its Monday report said crude oil production in the United States should reach 9.6 million barrels per day by 2016, equaling a record set more than 40 years ago. Crude oil production is expected to decline after 2020, though EIA said natural gas production should increase steadily through 2040. "This potential has been unlocked by innovations in hydraulic fracturing and horizontal drilling that have made America the world’s top energy producer," Felmy said. […]

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Kunlun Energy Chairman Quits as China Widens Graft Probe

The chairman of Kunlun Energy Co., a gas distribution arm of China National Petroleum Corp., resigned amid a widening government anti-corruption campaign that claimed his predecessor four months earlier. Its shares declined. Wen Qingshan quit with immediate effect as both chairman and director of the company due to personal matters, Kunlun said in a statement to the Hong Kong stock exchange yesterday. Executive Director Zhang Bowen will assume the chairman’s duties, it said. China’s Caixin magazine reported on Dec. 16 that Wen is helping in a government graft probe. Wen was taken into custody to assist with an investigation, a person with knowledge of the matter said yesterday, asking not to be identified as he wasn’t authorized to speak publicly about it. Kunlun slumped to a one-month low in Hong Kong today, after its New York-traded stock plunged 16 percent. Wen’s resignation follows government investigations into five other officials […]

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Japan Takes Nuclear Storage Hunt Into Own Hands

Japan has decided to take matters into its own hands to find appropriate domestic locations to permanently store highly radioactive nuclear waste, after waiting in vain for more than a decade for an offer from a regional government. "The government will play an active role in choosing a permanent place," Industry Minister Toshimitsu Motegi told reporters at a regular news conference Tuesday. "We’ll abandon the current system of waiting for volunteers to raise their hands." Japan, which currently doesn’t have any final disposal sites for high level radioactive waste, has 17,000 metric tons of domestically spent nuclear fuel that dates back to the 1970s. Most of the current waste is stored in a facility in Rokkasho, a small village in Aomori prefecture in northern Japan, where it is mixed with liquid glass to let it consolidate in big cylindrical bins. The prefecture only allowed the facility to be established […]

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