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China’s auto sales growth tumbles in January

China’s auto sales growth tumbled to 7 percent in January amid an economic slowdown and curbs imposed to fight smog and traffic. Drivers in the world’s biggest auto market bought 1.85 million passenger vehicles, the China Association of Automobile Manufacturers said Thursday. It was the first time monthly sales surpassed 1.8 million. Auto sales growth is forecast to decelerate sharply from last year’s 15.7 percent expansion to about 8 to 10 percent. Sales grew 17 percent in December. Chinese leaders see auto manufacturing as a driver of economic development. But rapid growth has left Beijing, Shanghai and other major cities choking on smog. Some cities have responded by limiting the number of new vehicle registrations. China’s auto market is the world’s most crowded, with major global automakers and dozens of small Chinese brands jostling for sales. Intense competition is squeezing indigenous Chinese automakers that have less […]

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China's Jan. auto sales at record high

China’s auto sales logged a new monthly record in January in a sign of robust demands in the world’s biggest auto market, new data showed Thursday. Sales amounted to 2.16 million units last month, a year-on-year rise of 5.99 percent, while output increased 4.44 percent to 2.05 million units, according to the China Association of Automobile Manufacturers.

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China’s Jan. auto sales at record high

China’s auto sales logged a new monthly record in January in a sign of robust demands in the world’s biggest auto market, new data showed Thursday. Sales amounted to 2.16 million units last month, a year-on-year rise of 5.99 percent, while output increased 4.44 percent to 2.05 million units, according to the China Association of Automobile Manufacturers.

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New Delhi orders probe on gas pricing

New Delhi’s government called for a criminal probe of charges against federal oil minister Veerappa Moily, Reliance Industries Ltd.’s Chairman and Managing Director Mukesh Ambani and others following complaints of irregularities in the pricing of natural gas in the Krishna-Godavari basin. The capital city’s chief minister Arvind Kejriwal said Tuesday the Anti-Corruption Branch of the Delhi government was asked to probe the issue based on complaints filed by former Cabinet Secretary T.S.R. Subramanian, former Navy chief Adm. Tarun Tahiliani, a lawyer and a former expenditure secretary, Press Trust of India reports. The issue relates to the federal government’s plans to allow producers to increase the price of natural gas to around $8 per million metric British thermal unit from the current price of $4.20, from April 1. Kejriwal said the complaint alleged "collusion between some union ministers and Reliance Industries Ltd." that purportedly […]

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The $2.2 Billion Bird-Scorching Solar Project

A giant solar-power project officially opening this week in the California desert is the first of its kind, and may be among the last, in part because of growing evidence that the technology it uses is killing birds. U.S. Energy Secretary Ernest Moniz is scheduled to speak Thursday at an opening ceremony for the Ivanpah Solar Electric Generating Station, which received a $1.6 billion federal loan guarantee. The $2.2 billion solar farm, which spans over five square miles of federal land southwest of Las Vegas, includes three towers as tall as 40-story buildings. Nearly 350,000 mirrors, each the size of a garage door, reflect sunlight onto boilers atop the towers, creating steam that drives power generators. The owners of the project— NRG Energy Inc., Google Inc. and BrightSource Energy Inc., the company that developed the "tower power" solar technology—call the plant a major feat of engineering that can light […]

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Chevron's Pennsylvania Natural Gas Well Still Burning After Blast

A fire at a Chevron Corp natural gas well in western Pennsylvania was being left to burn on Wednesday after an explosion early Tuesday left one worker injured and another missing, state officials said. Flames shot from the head of the Lanco 7H well, which is 50 miles south of Pittsburgh in the Marcellus shale region and emergency workers were unable to get near on Wednesday. The fire could continue indefinitely as gas flows up the well from underground, said John Poister, spokesman for the Pennsylvania Department of Environmental Protection. "There’s a large amount of gas in the well, and it could burn, if we just sat there and watched it, for months or years," Poister said. Chevron said it did not know how long the fire would continue. Putting the flames out will probably involve some sort of smothering, possibly with foam […]

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Chevron’s Pennsylvania Natural Gas Well Still Burning After Blast

A fire at a Chevron Corp natural gas well in western Pennsylvania was being left to burn on Wednesday after an explosion early Tuesday left one worker injured and another missing, state officials said. Flames shot from the head of the Lanco 7H well, which is 50 miles south of Pittsburgh in the Marcellus shale region and emergency workers were unable to get near on Wednesday. The fire could continue indefinitely as gas flows up the well from underground, said John Poister, spokesman for the Pennsylvania Department of Environmental Protection. "There’s a large amount of gas in the well, and it could burn, if we just sat there and watched it, for months or years," Poister said. Chevron said it did not know how long the fire would continue. Putting the flames out will probably involve some sort of smothering, possibly with foam […]

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Husky Energy Is First To Ship Canadian Oil to India

Husky Energy Inc. said Wednesday it shipped Canada’s first-ever batch of oil to India as it and other Canadian producers seek to boost crude exports to more markets outside of the U.S. Calgary-based Husky exported one million barrels of crude to state-owned Indian Oil Corp. from its White Rose offshore oil field in eastern Canada late last year, a move the company described as a test run and a precursor to increased exports to refiners in India. "The sale to India did open up a potentially very large market for us," CEO Asim Ghosh said in a conference call. Husky, which is majority owned by Hong Kong tycoon Li Ka-shing, is one of Canada’s largest oil producers and has upstream operations off the coast of Labrador and Newfoundland and also in the oil sands of Alberta in Western Canada. The company produced 224,000 barrels a […]

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BP Drops Plans to Invest in China Refinery Project, IEA Says

BP Plc dropped plans to invest in a refinery in China and “dismantled” a team assigned to the project late last month, said the International Energy Agency . BP had considered investing in the 200,000 barrel-a-day Qinzhou plant operated by PetroChina Co. (857) , according to the IEA, an energy adviser to developed nations. The refinery in the southern province of Guangxi started operations in 2010 and is currently being upgraded to handle a wider range of feedstock, it said in its monthly Oil Market Report today. David Nicholas, a BP spokesman in London , declined to comment on the report today. Chinese and international oil companies are reconsidering their refinery-investment plans as the Asian nation’s oil consumption expanded at the slowest pace in six years in 2013, according to the IEA. About 4.3 million barrels a day of primary distillation capacity was scheduled for completion by 2018, “by […]

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Eni's Net Profit Drops 14%

Eni SpA’s fourth-quarter net profit dropped 14% on the year, as the Italian oil and natural gas company suffered disruptions to its large business in Africa, weaker refining results and the appreciation of the euro against the U.S. dollar. Despite the profit decline, Eni said Thursday it will increase its 2013 dividend by 1.9% on the year as it seeks to attract investors with higher payouts who are nervous about the underlying business trends and weak results from its gas activities. In January, Eni kick-started its share buyback program worth up to €6 billion ($8.16 billion) in another shareholder-friendly measure. Eni joins its peers in reporting dismal earnings for the last quarter, as production disruptions in Africa, an explosion of costs and increased competition in refinery activities, amid weak demand, hit results. France’s Total SA said Wednesday that net profit for the period fell 31%, Royal Dutch Shell […]

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Eni’s Net Profit Drops 14%

Eni SpA’s fourth-quarter net profit dropped 14% on the year, as the Italian oil and natural gas company suffered disruptions to its large business in Africa, weaker refining results and the appreciation of the euro against the U.S. dollar. Despite the profit decline, Eni said Thursday it will increase its 2013 dividend by 1.9% on the year as it seeks to attract investors with higher payouts who are nervous about the underlying business trends and weak results from its gas activities. In January, Eni kick-started its share buyback program worth up to €6 billion ($8.16 billion) in another shareholder-friendly measure. Eni joins its peers in reporting dismal earnings for the last quarter, as production disruptions in Africa, an explosion of costs and increased competition in refinery activities, amid weak demand, hit results. France’s Total SA said Wednesday that net profit for the period fell 31%, Royal Dutch Shell […]

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UK storms: Homes left without power and travel disrupted

Blackpool in Lancashire is among areas that have been battered by wind and rain Tens of thousands of homes are without power and commuters are facing renewed travel disruption after hurricane-force winds battered the UK on Wednesday. Forecasters are predicting some respite on Thursday from stormy weather but another Atlantic low could bring gales of more than 80mph from Friday onwards. Sixteen severe flood warnings remain for Berkshire, Surrey and Somerset – all already hit by severe flooding. Train services in parts of the UK are cancelled and some roads are closed. Prime Minister David Cameron will chair the first meeting of a new Cabinet committee on flood recovery later. It comes after road and rail travel was hit by high winds, which closed major routes and caused delays and cancellations throughout Wednesday. A man, thought to […]

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A Star Is Born: U.S. Scores Fusion-Power Breakthrough

U.S. scientists replicated the power of the sun, if only for a fleeting moment, creating a miniature star that has rekindled hopes that nuclear fusion could one day offer a source of cheap and boundless energy on Earth. In experiments done at a U.S. Department of Energy laboratory last fall and published in a scientific journal Wednesday, researchers blasted the world’s most powerful laser at a target the size of a small pea. It triggered a fusion reaction that unleashed a vast amount of energy—for a fraction of a second. "For the first time anywhere, we’ve gotten more energy out of the fuel than what was put into the fuel" when using this technique, said Omar Hurricane, physicist at the Lawrence Livermore National Laboratory and lead author of the study in the journal Nature. The research is a long way from achieving what’s known as ignition, where the overall […]

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OPEC Update and EIA Short Term Energy Outlook

OPEC Update and EIA Short Term Energy Outlook The OPEC Monthly Oil Market Report  is just out with OPEC crude only production numbers for January 2014. OPEC Crude production was up 28,000 bp/d in January but that was after December production had been revised upward by 240,000 bp/d. November production was revised down by 51,000 bp/d. Of course Saudi is always the one to watch because it is generally believed that they have spare capacity. I think they had spare capacity back in 2011 but are now producing flat out, just like every other OPEC producer. Saudi crude production was down 115,000 bp/d in January but that was after December production had been revised upward by 119,000 bp/d and November revised up 52,000 bp/d. I think that surge upward early in 2013 is a telling indication. That was Manifa coming on line. Libya had the biggest gain in January, […]

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Should we be worried about ‘peak oil’?

Every now and then, in reading about global warming and other environmental issues, I come across a reference to ‘peak oil’, usually as yet another example of how humans blindly pursue their own short-term interests, scarcely heeding the crisis that is waiting for them ahead. And of course we humans do have a tendency to do just that, some of the time, at least. Anyway, I marked down ‘peak oil’ as a subject to read about, and after some time at the computer, protected by air-conditioning that is doubtless increasing the heat outside, offer you the results of my reading. First, ‘peak oil’ is as contentious as AGW itself. The phrase itself prompts 55,600,000 hits on Google, and there are a dozen or so variants of the phrase as well. You may not be surprised to learn that there are ‘peak oil deniers’ […]

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Oil Futures Rise on Strong China Trade Data, Easing US Inventories

Crude-oil futures rose in Asian trading hours Wednesday on strong Chinese trade data including record oil-import volumes and market expectations that U.S. supply bottlenecks will start to ease. On the New York Mercantile Exchange, light, sweet crude futures for delivery in March traded at $100.59 a barrel at 0618 GMT, up $0.65 in the Globex electronic session. March Brent crude on London’s ICE Futures exchange rose $0.17 to $108.85 a barrel. U.S. crude-oil supplies rose by 2.1 million barrels last week, but inventories at the oil-delivery hub of Cushing, Okla. fell by 2.5 million barrels, data from the American Petroleum Institute, an industry group, showed late Tuesday. The API also said gasoline stockpiles fell by 479,000 barrels, while distillate stocks dropped by 1.5 million barrels as heating oil demand remained strong due to cold weather. The closely watched survey from the Energy Information Administration is due […]

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WTI Rises to 7-Week High as Distillate Supplies Decline

West Texas Intermediate rose to its highest intraday level in seven weeks after an industry report showed U.S. distillate supplies shrank and a potential historic winter storm threatens to coat Georgia with ice. Futures gained as much as 0.8 percent in New York , where heavy snow is forecast. Distillate fuels, including heating oil and diesel, fell by 1.45 million barrels last week, the American Petroleum Institute said yesterday after the market settlement. Government data today will show a drop of 2.13 million barrels, according to a Bloomberg News survey. China , the second-biggest oil consumer, imported a record amount of crude for a second month in January, customs data showed. “We’ve had a strong winter in the U.S., especially in the north-east and this is why heating oil demand in the U.S. has increased,” said Frank Klumpp, an analyst at Landesbank Baden-Wuerttemberg in Stuttgart, Germany . “Until we […]

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Oil back above $100 on tighter supply outlook

The price of oil bounced back comfortably above $100 a barrel Wednesday on expectations of tighter supplies and record imports of crude by China, the world’s second-largest oil consumer. By mid-afternoon in Europe, benchmark U.S. crude for March delivery was up 92 cents to $100.86 a barrel in electronic trading on the New York Mercantile Exchange. It fell 12 cents to $99.94 on Tuesday. Increased demand for heating oil due to frigid weather in the U.S. has lifted prices in recent weeks. In a report Tuesday, the U.S. Energy Department estimated that Americans will consume 5 percent more fuel this winter to heat their homes. Additionally, the industry-funded American Petroleum Institute said U.S. distillate stocks fell by 1.5 million barrels, while crude oil stocks fell by 2.5 million barrels. Just as inventories of distillates tighten, refineries are starting to undergo seasonal maintenance, which lowers supplies and boosts prices heading […]

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Natural Gas Rallies as High Demand Looks Set to Continue

-Natural gas snapped a four-day losing streak Tuesday as traders bet that near-term forecasts for frigid temperatures would keep demand hefty for the heating fuel. Natural gas for March delivery settled up 24.5 cents, or 5.4%, at $4.824 a million British thermal units on the New York Mercantile Exchange. This weekend could be colder than previously forecast in the Northeast and mid-Atlantic, where a snowstorm is expected Wednesday and Thursday, said Bethesda, Md.-based Commodity Weather Group LLC in a note Tuesday. The snowstorm could continue to boost natural-gas demand, which has been vigorous all winter. About half of U.S. households use natural gas as their primary heating fuel, according to the U.S. Energy Information Administration. Market watchers are also expecting a weekly government […]

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OPEC Oil Output Rises as Group Sees More Demand Growth

OPEC crude production gained for a second month in January as the group boosted its forecast for global oil-demand growth this year. The Organization of Petroleum Exporting Countries, responsible for 40 percent of the world’s oil, said that supply from its 12 members increased by 28,000 barrels a day to 29.71 million barrels a day in January as Libya pumped more, according to its monthly report. That compares with 29.68 million barrels a day in December, OPEC said, citing data from secondary sources. The group raised its estimate for global demand growth amid an improving outlook for the world economy. “Demand in 2014 is projected to see some improvement,” OPEC said. “Economic conditions in the U.S. and Europe may turn out better than expected.” Brent crude futures have slipped 1.6 percent this year, trading at about $109 a barrel in London today. That’s within the $100 to $110 range […]

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U.S. Lowers Crude-Oil Output Outlook for 2014, 2015

The U.S. will face a tighter supply-and-demand picture for crude oil and petroleum products this year and next than previously expected, government forecasters said Tuesday. The U.S. Energy Information Administration lowered its forecasts for U.S. oil-production growth in 2014 and 2015 in its short-term energy outlook, and raised its expectations for the country’s consumption of oil products. The U.S. is likely to produce 8.42 million barrels a day of crude oil this year, down from 8.54 million barrels a day in the EIA’s previous forecast but still up from 7.44 million barrels a day in 2013. For 2015, the EIA forecasts production of 9.19 million barrels a day of oil, down from 9.29 million barrels a day previously. The output forecasts were adjusted because of "indications that severe weather this winter has caused temporary slowdowns in completing new wells," according to the EIA. The EIA expects consumption of […]

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EIA Lowers US Oil Output Forecast But Highlights Shale Upside

The EIA lowers its US crude oil production forecast for this year and next due to recent severe weather but said improving technology could boost shale oil output over the next two years. Feb 11 (Reuters) – The Energy Information Administration on Tuesday lowered its U.S. crude oil production forecast for this year and next due to recent severe weather but said improving technology could boost shale oil output over the next two years. In its latest monthly short-term energy outlook, the information arm of the U.S. Department of Energy cut its 2014 crude oil production forecast by 100,000 barrels per day (bpd) to 8.4 million bpd and by 100,000 bpd to 9.2 million bpd for 2015. "The U.S. crude oil production forecast for both 2014 and 2015 was revised downward … because of indications that severe weather this winter has caused temporary slowdowns in completing […]

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GDF Suez sees opportunity in U.S. LNG nod

A U.S. decision on gas exports opened the door for French company GDF Suez to enhance its position in the growing U.S. natural gas market, the company said. Gerard Mestrallat, chairman for GDF Suez, said he welcomed Tuesday’s decision by the federal government to allow consortium Cameron LNG, LLC to export liquefied natural gas produced in the United States from a Cameron Parish, La., terminal to countries that don’t have a U.S. free-trade agreement. "The decision of the Department of Energy to grant non-FTA approval opens a major opportunity for GDF Suez to further develop long-term LNG sales in a fast-growing global market," he said in a statement Wednesday. GDF Suez in May signed a joint venture agreement with U.S. natural gas company Sempra and Japan’s Mitsubishi and Mitsui to develop the Cameron LNG project. The U.S. Energy Department said Tuesday the decision, which […]

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Rouhani calls for national unity, healing; says Iran will not relinquish defense capability

TEHRAN — Iranian President Hassan Rouhani marked the anniversary of the founding of the Islamic republic on Tuesday with a mix of defiance and moderation, telling a huge crowd of Iranians that “no single political faction can rule the country, and all political groups must have a share in running the country.” “We want to increase national unity and clear our hearts from some past events,” said Rouhani, who was elected last June after campaigning as a reformer who could heal the country’s internal divisions and ease its international isolation. TOPSHOTS An Afghan internally displaced woman covers her face as she stands in Sakhi camp in Mazar-i-Sharif on February 10, 2014. Many families were forced to flee their homes in southern Afghanistan due to Taliban fighting and are forced to spend the harsh winter season at the camp in poverty. AFP PHOTO/ Farshad UsyanFARSHAD USYAN/AFP/Getty Images At the same […]

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Turkish government decides against TPAO investment in Iranian energy sector

he Turkish government has decided that state-owned upstream oil and gas operator TPAO will not undertake any investment in Iran, energy minister Taner Yildiz told a press conference Wednesday. Yildiz said the possibility of investment had been discussed during meetings with Iranian officials held during an official visit he made to Tehran with Prime Minister Recep Tayyip Erdogan on January 28-29. However, Yildiz said that having looked at the feasibility of TPAO investing in Iran’s South Pars gas field, a decision has been taken not to do so. "If Iran wants to make a new proposal with new conditions we will look at it," he said. "But as it stands at the moment there has been no decision for TPAO to invest in Iran." Article continues below… Request a free trial of: International Gas Report International Gas Report International Gas Report is a biweekly […]

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Fate of Hundreds of Men Evacuated From Homs and Detained in Doubt

Hundreds of evacuees from this besieged city were detained by the Syrian regime as soon as they were rescued, said the top United Nations official here, who said the U.N. now has no control over their fate. The disclosure came as President Barack Obama and his visiting French counterpart, François Hollande, expressed dismay in Washington about the humanitarian crisis in Homs and elsewhere in Syria. Mr. Obama described the situation as "horrendous" and asserted that the country was "crumbling" as he put the responsibility partly on Syrian ally Russia. Most member states of the U.N. Security Council want to pass a resolution requiring that humanitarian aid be allowed into besieged areas of Syria. But, "Russia is a holdout," Mr. Obama said. "They cannot say that they are concerned about the well-being of the Syrian people when there are starving civilians," he said, adding not only Syria is responsible, […]

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Violence in Iraq's Anbar province 'displaces 300,000'

Last updated at 14:00 Anbar Governor Ahmed al-Dulaimi gave the militants until the weekend to surrender Up to 300,000 people have now been displaced by the fighting between Sunni militants and security forces in Iraq’s western province of Anbar, the UN says. Militants led by the jihadist Islamic State in Iraq and the Levant (ISIS) took over parts of the cities of Falluja and Ramadi in late December. Since then, troops and allied tribesmen have struggled to regain control. The number displaced by the unrest is the highest since the peak of the sectarian insurgency from 2006 to 2008. A further 1.1 million internally displaced people (IDPs) have still not returned to communities in Iraq wracked by violence since 2003. ‘Sustained hardship’ The UN High Commissioner for Refugees (UNHCR) said some 50,000 families had fled their homes since clashes […]

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Violence in Iraq’s Anbar province ‘displaces 300,000’

Last updated at 14:00 Anbar Governor Ahmed al-Dulaimi gave the militants until the weekend to surrender Up to 300,000 people have now been displaced by the fighting between Sunni militants and security forces in Iraq’s western province of Anbar, the UN says. Militants led by the jihadist Islamic State in Iraq and the Levant (ISIS) took over parts of the cities of Falluja and Ramadi in late December. Since then, troops and allied tribesmen have struggled to regain control. The number displaced by the unrest is the highest since the peak of the sectarian insurgency from 2006 to 2008. A further 1.1 million internally displaced people (IDPs) have still not returned to communities in Iraq wracked by violence since 2003. ‘Sustained hardship’ The UN High Commissioner for Refugees (UNHCR) said some 50,000 families had fled their homes since clashes […]

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Egypt Blackouts Raise New Worries

Egyptians are suffering through a rare spate of winter power outages, an indication they could sweat through a hot summer when soaring temperatures are likely to bring nationwide blackouts, experts say. Summer blackouts would put Egypt’s next leader, set to be elected in the coming months, in a difficult position. In July, frequent electricity cuts, long gas lines and political tensions helped to stoke massive antigovernment protests that prompted the military to oust Mohammed Morsi, the country’s first freely elected president. Some experts attribute shortages to a lack of foreign investment to develop Egypt’s natural-gas resources, which meet most of the country’s energy needs. Mohamed Shoeib, managing director of the energy division at Egypt’s Citadel Capital and former head of the Egyptian Natural Gas Holding Co., said he expected the power cuts this summer to be far worse than those last summer. "The expectation for next summer is the […]

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Tullow May Sell Part of Stake in Ugandan Oil Field

Africa-focused oil and gas explorer Tullow Oil PLC is considering selling part of its stake in a Ugandan oil field it is developing with France’s Total SA and China’s Cnooc Ltd. to focus on Kenya, where a more supportive government is helping a project there move faster, Tullow’s chief operating officer said Wednesday. It is the first time the company has disclosed it could look to sell a share in one of its prized assets. The project has been delayed for years and has weighed on the share price while the company and its partners hammered out a development plan with the Ugandan government. Tullow and partners struck an agreement with the Ugandan government on a development plan for the Lake Albert basin last month after years of talks. But in the meantime, a project to develop Kenya’s South Lockichar basin, which was discovered in 2012—five years after the […]

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Panama Canal chief reports progress in dispute

Panama Canal Administrator Jorge Quijano says the agency has reached tentative agreement on some issues in efforts to resolve a dispute that has halted work on a major expansion plan. But Quijano also says the Authority might take over the project if no final agreement with the contractors is reached this week. He spoke Wednesday during a chamber of commerce meeting. The contractors say work has gone $1.6 billion over budget and they have demanded the authority pay. The dispute has threatened to delay the biggest expansion of the canal since it opened a century ago. © 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy and Terms of Use . Latest News Latest Winter Games News ©2013 The Associated Press. All rights reserved. Terms under which this site is provided. […]

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Indian Oil Close to Buying Some Petronas Canadian Assets

State-controlled Indian Oil Corp. is close to acquiring a 10% stake in Malaysia’s Petroliam Nasional Bhd’s shale-gas assets and a liquefied-natural-gas project in the Canadian province of British Columbia for 1 billion Canadian dollars ($900 million), two senior Indian government officials said on Tuesday. The proposed deal with Petronas needs Indian cabinet approval, and the matter is scheduled to be discussed by ministers on Wednesday, the officials, who declined to be identified, told The Wall Street Journal. If the deal goes through, it would mark the entry of India’s largest fuel retailer into Canada’s energy sector. It would also give a boost to the company’s ambitions to expand in oil and gas exploration globally. It currently has investments in oil and gas blocks in Africa and the Middle East. Indian Oil is largely dependent upon imported crude oil and natural gas. India meets three-fourths of its energy needs […]

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Strong China January trade data sparks cheers, doubts

China surprised markets with a thumping trade performance in January as import growth hit a six-month high, drawing some skepticism about the data but still allaying fears of a deepening economic malaise. Analysts who had expected the long Lunar New Year holiday to drag on January’s trade warned that the figures may be inflated by fake trade transactions, where traders forge deals to sneak cash into the country past capital controls. The value of China’s total exports climbed 10.6 percent in January from a year earlier, the Customs Administration said on Wednesday, more than five times market forecasts for a 2 percent rise. The value of imports also jumped 10 percent from a year ago as China bought record volumes of iron ore, crude oil and copper. That lifted import growth to its highest level since July, handily beating predictions for a 3 percent gain. The […]

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China land sales pull in record $672bn

Chinese land sales hit a record $672bn in 2013 following a lull the previous year, providing more evidence that the country’s property market is once again in full throttle. But although construction activity is likely to bolster the economy in 2014, there are signs that land sales could slow, weakening local governments’ ability to raise money. Land sales hit Rmb4.1tn, the Ministry of Land and Resources said, eclipsing the previous record of Rmb3.5tn in 2011. Land zoned for real estate use, which accounts for about one-quarter of zoned land sales, rose by nearly 27 per cent year-on-year. The land data follow earlier housing research that showed the value of new home prices accelerated to $1.1tn in […]

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Nuclear Issue in Limbo as Indecision Grips Japan

Several industrialized countries have turned their backs on nuclear power as a result of the Fukushima nuclear disaster, including one that has already begun permanently shutting functioning plants. That country is not Japan. “Germany chose to get rid of nuclear power because of Fukushima, while the United States is still in favor, but what about Japan, where the accident took place?” said Jun Tateno, who has written several books on nuclear power. “We still have not had a proper public debate about the most fundamental question: Do we want nuclear power’s low-cost electricity for growth, or do we want a safer, nuclear-free society?” Many analysts had hoped that last Sunday’s vote to choose the next governor of Tokyo would provide just such a forum to that question, which lies at the heart of Japan’s struggle to find its economic footing after two decades of malaise. But the […]

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Getting real about regulation – why it won’t make fracking safe

The British government has acknowledged the potential harms of fracking for unconventional gas – yet claimed that regulation in Britain is more stringent than in other countries and that it is therefore possible to prevent negative impacts. In this article I will show that over a century of health and safety regulation in the UK gives no ground for confidence. On the contrary there has repeatedly been shameful disregard for public health and environment. Industrial and commercial interests have repeatedly overridden the right of the public to be protected and there is already evidence that we are seeing the same tragedy replayed – potentially on a more destructive scale than ever before. The truth is that in some cases British regulation is inferior to other countries – that is why the British government are fighting the European Commission to prevent European regulation of shale gas extraction. In the light […]

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Electric companies relying too much on natural gas

There’s something to the old saying about not putting all your eggs in one basket, yet that’s what we are doing in the case of electricity generation. Nearly all new electricity generation projects are using natural gas. This lack of diversification increases risks for the future. Why is this happening? There are two reasons. The first is that companies and policymakers are making long-term decisions based on short-term considerations. Natural gas prices fell in 2012 to historical lows. It is foolish to expect that natural gas prices will remain at this level for the 40-year-or-longer life of a new electricity plant, yet that is basically what people are assuming when they commit to gas-fired generation plants based on this price. The foolishness of this is already evident. The price of natural gas rose more than 25 percent last year and has increased over […]

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Talisman Energy Posts $1 Billion Loss on Impairment Charges

Talisman Energy Inc. posted a fourth-quarter loss of $1 billion after recording asset-impairment charges totaling more than $800 million, and said it would continue to shed assets to shore up its balance sheet. The Calgary, Alberta-based natural gas and oil producer said it plans to sell another $2 billion of noncore assets over the next 12 to 18 months, in addition to the more than $2 billion it has already raised from asset sales. Talisman has posted a string of disappointing financial results, hurt in part by an extended gas-price slump, and has been selling off noncore assets to help turn around its operations. "Our objective is to create sustainable value for our shareholders, and we will continue to position the company to achieve this by generating near-term steady cash flow from our best assets in our two core regions," Hal Kvisle, president and chief executive, said in a […]

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Sen. Landrieu facing criticism for strong energy ties

Advocacy group Oil Change International said the Democratic pick to head a Senate energy panel, Mary Landrieu , has strong industry ties. Senate Democrats agreed to have Landrieu, D-La., replace Sen. Ron Wyden , D-Ore., as the chairwoman of the Senate Committee on Energy and Natural Resources in a closed-door meeting Tuesday, online political news website Politico reported. Wyden moves over to chair the Senate Finance Committee. Stephen Kretzmann, executive director of Oil Change International, said Landrieu’s strong ties to the energy industry were problematic. "Big Oil has been pursuing a ‘buypartisan’ strategy and it’s likely to pay off with Senator Landrieu," he said in a statement Tuesday. Oil Change International said Landrieu took on an average $500,000 a year in campaign contributions from the energy sector since she took office in 1997 compared with a Senate average of $392,000. Last week, Landrieu was […]

Posted On : Published By : Tom Whipple
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Gasoline Profit Seen Rising as Refineries Shut: Energy

The profit from making gasoline may more than double in the New York region through April as refinery maintenance cuts production and stockpiles. Repairs will peak in March with 1.8 million barrels a day offline, equal to 10 percent of U.S. capacity, according to data from Energy Aspects Ltd. and CIBC World Markets Inc. That will help boost margins to $9 a barrel in April, from $3.30 this month, says Wood Mackenzie Ltd., an energy consultant. Suncor Energy Inc. (SU) should benefit as it keeps plants operating through the spring. Most of the work will happen just as suppliers prepare to stock up on higher-quality fuel before the summer driving season. Gasoline demand averaged 454,600 barrels a day, or 5.3 percent, more in April than in January over the past five years. Retail prices may reach $3.75 a gallon this spring, from $3.307 on Feb. 10, according to AAA. […]

Posted On : Published By : Tom Whipple
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Record Bitumen Seepage in Alberta Continues Unabated

Researchers of an independent  report  on one of the largest ongoing oil releases in Alberta history say the provincial regulator and industry must do more to inform the public about the scale and impact of massive bitumen seepage in the oil sands. For nearly a year now, more than 12,000 barrels of bitumen mixed with water have seeped through several long cracks (some as long as 100 metres) in the forest floor near four wells owned by Canadian Natural Resources Ltd. (CNRL) in the Cold Lake region. To date, the Calgary-based company has spent nearly $40 million in cleanup operations that have involved the removal of 70,000 tonnes of earth. It also pumped 404,378 cubic metres of […]

Posted On : Published By : Tom Whipple
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Total fails to grow output in 2013, sees 2014 decline

France’s Total failed to increase its oil and gas production in 2013 — despite a plan to return to growth for the year — and does not expect output in 2014 to exceed last year’s level due to the loss of a big chunk of production from Abu Dhabi. Total’s output slipped in the fourth quarter to 2.284 million barrels of oil equivalent/day due to the impact of field shut-ins in Libya and disruption to operations in Nigeria. For 2013 as a whole, output averaged 2.299 million boe/d, down from exactly 2.3 million boe/d in 2012, despite Total forecasting production growth for the year in February 2013. Total was impacted particularly in the fourth quarter by the shut-in of fields in eastern Libya due to the blockade of oil export terminals by protesters and rebels. Article continues below… Platts 7th Annual Global Crude Oil […]

Posted On : Published By : Tom Whipple
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UK storms: Met Office issues 'Red Warning' for wind

Winds of up to 100mph are expected to batter west Wales and north-west England, with the Met Office issuing its first "red warning" of the winter. The warning for 13:30 to 21:00 GMT means there is a "risk to life" and people should "avoid dangerous areas" with widespread damage expected. Sixteen severe flood warnings remain for Berkshire, Surrey and Somerset. Meanwhile, David Cameron has repeated his pledge that "money is no object in this relief effort". He also announced money would be available for businesses and homeowners repairing flood-damaged property to build in new defences and said small businesses affected by flooding would get 100% relief from business rates. Waves have battered the coastline in Chiswell in Dorset The Met Office said: "Winds of this strength can cause widespread structural damage, bringing down trees and also leading to […]

Posted On : Published By : Tom Whipple
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UK storms: Met Office issues ‘Red Warning’ for wind

Winds of up to 100mph are expected to batter west Wales and north-west England, with the Met Office issuing its first "red warning" of the winter. The warning for 13:30 to 21:00 GMT means there is a "risk to life" and people should "avoid dangerous areas" with widespread damage expected. Sixteen severe flood warnings remain for Berkshire, Surrey and Somerset. Meanwhile, David Cameron has repeated his pledge that "money is no object in this relief effort". He also announced money would be available for businesses and homeowners repairing flood-damaged property to build in new defences and said small businesses affected by flooding would get 100% relief from business rates. Waves have battered the coastline in Chiswell in Dorset The Met Office said: "Winds of this strength can cause widespread structural damage, bringing down trees and also leading to […]

Posted On : Published By : Tom Whipple
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Total's Profit Dented by High Costs, Falling Refining Margins

Total SA was hit by the same mix of declining refining margins and high exploration costs that have slammed its European peers in the fourth quarter, causing its earnings to slide. The French oil major said on Wednesday that fourth-quarter net profit totaled €1.61 billion ($2.18 billion), down 31% from €2.34 billion a year earlier. When adjusted for changes in inventories, the figure dropped 19% to €2.47 billion from €3.04 billion, below the expectations of nine analysts polled by The Wall Street Journal. Total’s oil and gas output has been dented by geopolitical disruptions and technological hurdles. Weak refining conditions in Europe—where margins have dropped due to lower consumption and mounting competition from cheaper refiners in the U.S. and Middle-East—are also biting into operating income. During the quarter, the company’s hydrocarbon output fell to 2.28 million barrels of oil equivalent a day, from 2.29 million barrels a day […]

Posted On : Published By : Tom Whipple
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Total’s Profit Dented by High Costs, Falling Refining Margins

Total SA was hit by the same mix of declining refining margins and high exploration costs that have slammed its European peers in the fourth quarter, causing its earnings to slide. The French oil major said on Wednesday that fourth-quarter net profit totaled €1.61 billion ($2.18 billion), down 31% from €2.34 billion a year earlier. When adjusted for changes in inventories, the figure dropped 19% to €2.47 billion from €3.04 billion, below the expectations of nine analysts polled by The Wall Street Journal. Total’s oil and gas output has been dented by geopolitical disruptions and technological hurdles. Weak refining conditions in Europe—where margins have dropped due to lower consumption and mounting competition from cheaper refiners in the U.S. and Middle-East—are also biting into operating income. During the quarter, the company’s hydrocarbon output fell to 2.28 million barrels of oil equivalent a day, from 2.29 million barrels a day […]

Posted On : Published By : Tom Whipple
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British floods stern warning, environmental group says

Friends of Earth campaigner Guy Shrubsole said the British government needs to take climate issues more seriously given the season’s extreme weather. The Met Office, the British weather reporting agency, said wind gusts of at least 60 mph are expected in southern and southwestern counties accompanied by rain. "The public should be aware of the potential for further flooding in places," it said in its forecast for Wednesday. Shrubsole said in a statement extreme weather is becoming more common as the effects of climate change take hold. He said the government is not focusing on the issue as it should. "If we want to keep the nation’s head above water we must take global warming more seriously," he said in a statement Tuesday. Last month was the wettest January for the country since 1910. The Met Office said last week some of the climate […]

Posted On : Published By : Tom Whipple
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BP's peak oil rejection

For the first time since the industrial revolution the world is moving into an era without a dominant energy source. That’s the assertion of global oil giant BP, which is also offering a reality check on the notion of peak oil. The company’s general manager of global energy markets and US economics, Mark Finley, is adamant that natural gas, coal and oil will all scrap for the top spot over the next two decades. The assertion comes on the back of a January release of BP’s latest 2035 energy market outlook, which highlighted a convergence of the fuels at the top of the energy tree in 20 years’ time. BP’s peak oil rejection Source: BP Energy Market Outlook 2035. “We’ve never seen this before,” Finley explains of the fight for the top spot during a recent speech at Columbia University in New York. “Personally, I think it poses some […]

Posted On : Published By : ASPO-USA
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BP’s peak oil rejection

For the first time since the industrial revolution the world is moving into an era without a dominant energy source. That’s the assertion of global oil giant BP, which is also offering a reality check on the notion of peak oil. The company’s general manager of global energy markets and US economics, Mark Finley, is adamant that natural gas, coal and oil will all scrap for the top spot over the next two decades. The assertion comes on the back of a January release of BP’s latest 2035 energy market outlook, which highlighted a convergence of the fuels at the top of the energy tree in 20 years’ time. BP’s peak oil rejection Source: BP Energy Market Outlook 2035. “We’ve never seen this before,” Finley explains of the fight for the top spot during a recent speech at Columbia University in New York. “Personally, I think it poses some […]

Posted On : Published By : ASPO-USA
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Limits to Growth–At our doorstep, but not recognized

FHow long can economic growth continue in a finite world? This is the question the 1972 book The Limits to Growth by Donella Meadows and others sought to answer. The computer models that the team of researchers produced strongly suggested that the world economy would collapse sometime in the first half of the 21st century. I have been researching what the real situation is with respect to resource limits since 2005. The conclusion I am reaching is that the team of 1972 researchers were indeed correct. In fact, the promised collapse is practically right around the corner, beginning in the next year or two. In fact, many aspects of the collapse appear already to be taking place, such as the 2008-2009 Great Recession and the collapse of the economies of smaller countries such as Greece and […]

Posted On : Published By : Tom Whipple