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China unveils measures to shore up job market

BEIJING, May 1 (Xinhua) — China’s State Council (cabinet) rolled out four measures in a circular on Friday, demanding governments at various levels to facilitate entrepreneurship and innovation and create more jobs. The circular — Guidelines over doing work on employment and entrepreneurship under new situation — admitted pressure in creating more jobs and said it is necessary to implement more pro-active employment policies. The government should refine policies and continue encouraging mass entrepreneurship and startups, so as to foster a new engine of economic growth, the circular said. China is faced with a complex and arduous task of ensuring employment in 2015 against the backdrop of an economic slowdown. The Chinese government has pledged to create more than 10 million urban jobs and ensured that the registered urban unemployment rate does not rise above 4.5 percent in 2015, according to a government work report unveiled in March.

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Shell cuts 2015 capex, sees downstream downturn

* Capex reduced by more than $2 billion * Decision on Majnoon development pushed back to 2017 * CFO says refining margins already worsening Shell said Thursday it had reduced its expected 2015 capital expenditure to $33 billion from previous guidance of a little more than $35 billion as the company continues to adjust its business to the lower oil-price environment. Shell, releasing its first-quarter results, also said it continued to reduce its operating costs and capital spending, with Q1 operating expenditure down by $1.1 billion year on year. Speaking to reporters on a conference call, CFO Simon Henry said the capex this year would be $33 billion, or "potentially less," a reduction of at least $2 billion compared with guidance given by Shell three months ago. Article continues below… Platts 8th Annual Global Crude Oil Summit sets a unique global agenda, inviting industry leaders to share views on […]

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Suppressed French report says 100% renewables is possible

Over the Easter break, French daily Le Monde reported that an official study for a conference to be held last week was being held back. The energy experts investigated a 100 percent renewable supply of electricity by 2050. Craig Morris got hold of a copy, which still lacks an executive summary. So he wrote one. France has the potential for 100% renewable electricity – but the subject is too touchy for the country’s political leaders. Last week, a conference was held in France to investigate, as the title puts it ( website in French ), whether France is ready for 40 percent renewable electricity by 2030. But as Le Monde pointed out at the beginning of the month ( report in French ), French energy agency Ademe announced at the beginning of the year ( press release , PDF in French) that the centerpiece was to be “the presentation […]

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U.S. safety watchdog’s oil train plan ‘infeasible’: refiners

WASHINGTON (Reuters) – The leading voice for the refining sector on Thursday said it was not realistic for U.S. regulators to expect existing oil train tankers to be retired within five years, and sought a meeting with the National Transportation Safety Board (NTSB). "The emphasis on tank car modifications through an overly aggressive and infeasible retrofit schedule creates the incorrect perception that tanks car improvements are the magic remedy," Charles Drevna, the president of the American Fuel & Petrochemical Manufacturers wrote. On Friday, the U.S. Transportation Department and Transport Canada are expected to outline a cross-border oil train safety plan. North Dakota’s Bakken energy fields rely on oil trains to reach distant refineries but several such shipments have derailed in fiery mishaps in the last two years. Regulators have struggled with how to make such cargo safer without cramping a major source of domestic energy. Drevna’s letter urged regulators […]

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U.S. data suggest economy picking up steam after weak first quarter

WASHINGTON (Reuters) – The number of Americans filing new claims for jobless benefits tumbled to a 15-year low last week and consumer spending rose in March, signs the economy was regaining momentum after stumbling badly in the first quarter. The economic outlook was brightened further by another report on Thursday showing a solid increase in wages in the first quarter, which should keep the Federal Reserve on track to raise interest rates this year. "This morning’s reports all point to an economy that is doing a lot better than the near-stagnation in first-quarter GDP suggests," said Paul Ashworth, chief U.S. economist at Capital Economics in Toronto. Initial claims for state unemployment benefits fell 34,000 to a seasonally adjusted 262,000 for the week ended April 25, the lowest reading since April 2000, the Labor Department said. Though the decline, which far exceeded Wall Street’s expectations for a drop to 290,000, […]

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Nova Scotia calls explorers to frontier territory

Nova Scotia issued calls for bids for frontier territory, noting energy companies may be taking the long view in a weak crude oil market. Map courtesy: Canada-Nova Scotia Offshore Petroleum Board HALIFAX, Nova Scotia, April 30 (UPI) — A petroleum board for the province of Nova Scotia aims to bring explorers to frontier territory, touting geological prospects over short-term economics. The Canada-Nova Scotia Offshore Petroleum Board issued a call for bids for nine frontier prospects as part of an annual bidding round that’s just five years old. Nova Scotia’s government estimates there may be as much as 120 trillion cubic feet of natural gas and 8 billion barrels of oil offshore. At least two of the nine parcels up for grabs have proven oil and gas potential, though neither has yet been considered viable for commercial development. The call for bids comes as energy companies are spending less on […]

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North Dakota gas capturing up for Whiting

Whiting Petroleum said the amount of gas flared, or burned off, in North Dakota is less than the state requires. Photo by Steve Oehlenschlager/Shutterstock DENVER, April 30 (UPI) — It’s cheaper to drill and the amount of natural gas captured from North Dakota oil beat state requirements by nearly 10 percent, Whiting Petroleum said. U.S. Interior Secretary Sally Jewell said in March her department was considering federal standards meant to cut emissions and reduce the amount of gas wasted during flaring . While the Interior Department will do its part, the secretary said part of the onus lies with industry and state leaders. North Dakota, a state at the heart of the shale oil boom in the United States, requires operators to capture at least 77 percent of the natural gas associated with oil deposits in the state rather than burn it off. Whiting, which has headquarters in Denver, […]

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U.S. refinery group opposes exports

Sen. Lisa Murkowski, R-Alaska, inserts amendment into Iranian nuclear act that would repeal a ban on U.S. crude oil exports. File Photo by UPI/Roger L. Wollenberg WASHINGTON, April 30 (UPI) — A coalition of U.S. refineries said repealing a 40-year-old ban on crude oil exports will harm energy security at a time when oil markets are in flux. A group of refineries united under the banner of the Consumers and Refiners for Domestic Energy, or CRUDE, coalition said the long-standing ban on exporting domestic crude oil is protecting the U.S. energy sector during fluid market conditions. "Repealing our long-standing energy independence policy is tantamount to imposing sanctions on consumers," group Executive Director Jay Hauck said in an emailed statement. "Lower fuel prices are broadly benefiting U.S. consumers [by more than] $700 per household." The ban was put in place following a decision from Arab members of the Organization of […]

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Savannah’s Train Problem: 192 Horn Blasts in 24 Hours

ENLARGE Traffic backs up while a train crosses President Street in Savannah, Ga. A growing number of cities and towns are fed up with the boom in rail traffic. Photo: Stephen B. Morton for The Wall Street Journal Every day, as up to eight freight trains pass back and forth on the outskirts of historical downtown Savannah, Ga., they blow their horns at every single one of the 24 rail crossings along the three-mile stretch. That is making the Genesee & Wyoming Inc. GWR -2.11 % railroad anything but popular along tracks that, until four years ago, were essentially dormant. Noble L. Boykin Jr., whose law firm is on East 38th Street, said he and other attorneys have to take “train breaks” during depositions. He has to step into a closet for phone calls. He also lives near the tracks, so he can’t escape them—even at 5 a.m. “Everybody […]

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Bakken, What Is The Data Telling Us?

North Dakota publishes, every month, a Monthly Statistical Update  from which we can gather a wealth of data if we dig deep enough. They publish the number of spuds, that in new wells started, each month, along with the average number of rigs that month. From this we can glean the average number of days each rigs spends on each well. Spuds per Rig The last data point is March, 2015. Through 2011 a rig could drill about .75 wells per month, or about 40 days spud to spud. Today that figure is about 1.14 wells per month or about 26.3 days spud to spud. Permits & Spuds Again, the data is through March. We can see the falloff of spuds, rigs and permits in February and March. April and May should show a further decline in all three. Just how many rigs per month does it take to […]

Posted On : Published By : Tom Whipple