OAO Rosneft’s gas ambitions suffered a setback as the Russian government failed to back the state-controlled company’s push for the right to use OAO Gazprom’s planned natural gas export pipeline, according to two people with knowledge of the matter.
The calmest period in more than three years for the world’s biggest carbon market is set to end. Citigroup Inc., Societe Generale SA and Commerzbank AG say prices will start swinging again after European lawmakers resumed talks this week on setting up a reserve to reduce a permit glut that drove the market to a record low. Sixty-day volatility for carbon futures surged by a quarter in April 2013 after politicians threatened to block a rescue plan designed to support prices.
Eni SpA Chief Executive Officer Claudio Descalzi is under investigation for his role in a $1.1billion acquisition of an oil field in Nigeria.
The discovery of North Sea riches in the 1970s planted the seed of modern-day Scottish separatism as nationalists cried “It’s our oil!”
The International Energy Agency cut its global oil demand forecasts for 2015 and said Saudi Arabia exported the least in almost three years amid slowing purchases from China and Europe.
Seadrill Ltd. and North Atlantic Drilling, the rig companies controlled by billionaire John Fredriksen, said sanctions against Russia may still affect a $4.25billion deal with OAO Rosneft.
OPEC reduced forecasts for the amount of crude it will need to supply by the most in three years as surging North American shale output reduces reliance on the group’s production.
Kvaerner ASA, a Norwegian oil platform builder controlled by billionaire Kjell Inge Roekke, said it will explore new industrial partnerships or changes in its ownership after cutting costs and winning key contracts. The board “is pleased with how Kvaerner has built a strong position as a competitive contractor recognized for its high- quality delivery of demanding oil and gas projects,” Oslo-based Kvaerner said in a statement. “The board concludes that the time now is right to explore opportunities to accelerate the development of Kvaerner.”
If the US ban on oil exports is lifted, the only losers would be refiners that are now benefiting from crude prices cheaper than the global benchmark, said Larry Summers, President Barack Obama’s former economic adviser.
UK stocks declined for a third day, their longest streak of losses in a month, as oil companies led the benchmark FTSE 100 Index lower. Royal Dutch Shell Plc’s Class B shares, which have a UK source for tax purposes, slid 1.6%. BP Plc retreated 1%. Wm Morrison Supermarkets Plc gained 2.9% as Citigroup Inc. recommended buying the stock. Quindell Plc gained 5.6% after saying a court ruled in its favour in libel proceedings against short seller Gotham City Research LLC.
Petroleo Brasileiro SA requested access to allegations made by a former executive of a kickbacks scheme involving the state-run oil producer in a scandal that threatens to influence the outcome of presidential elections. Petrobras, as the Rio de Janeiro-based company is known, asked the judge investigating the so-called Car Wash money- laundering case for details of testimony given by former refining head Paulo Roberto Costa, it said yesterday in a statement. The oil producer also wrote to companies cited by Brazilian press as allegedly involved in kickbacks, Petrobras said, without identifying them. Veja magazine reported on the weekend that a group of more than 30 politicians, including members and allies of President Dilma Rousseff’s Workers’ Party, allegedly received bribes linked to Petrobras contracts. The Sao Paulo-based magazine said the list of names was given by Costa during testimony to the federal public prosecutor.
Divergent tax policies mean Norway risks missing out on most of a $6billion wind-power boom while neighboring Sweden benefits.
BP Plc got support from the UK government in its U.S. court fight over the level of compensation required under a settlement of lawsuits stemming from the 2010 Gulf of Mexico oil spill. The UK told US Supreme Court judges in a filing that decisions to authorize payments to people who were not injured by the spill raises “grave international comity concerns by undermining confidence in the vigorous and fair resolution of disputes.” The filing shows the government’s interest in the treatment of one of the country’s most prominent companies.
Brent crude fell below $100 a barrel for the first time since June 2013, as a slowdown in imports into China reinforced signs that global markets are comfortably supplied. West Texas Intermediate dropped to the lowest in almost eight months.
A vote for independence in Scotland may halt work on renewable power projects that support £14billion ($23billion) of investment and 12,000 jobs by raising questions about how developers would get subsidies, an energy supplier said. Green Energy Plc, which sells electricity to almost 20,000 customers in the UK, said breaking up the union between England and Scotland in a referendum on Sept. 18 would force the two countries to negotiate how to divide payment for electricity.
Glasspoint Solar Inc., a closely held producer of solar equipment used for enhanced oil recovery, received $53million from a group of investors led by Royal Dutch Shell Plc and Oman’s largest sovereign wealth fund.
OAO Rosneft, the Russian state-run oil company targeted by international sanctions, posted the biggest weekly gain since June in U.S. trading as a cease-fire in Ukraine eased concern that the financial penalties will erode profits.
Andriy Kobolyev, 36, faces the daunting task of keeping Ukraine warm this winter.
A US judge’s watershed ruling means the final cost to BP for the 2010 Gulf oil spill may eclipse $50 billion, wiping out years of profits and highlighting the risks of drilling as the industry pushes into more dangerous areas such as deeper waters and ice-bound Arctic fields.
The course of TransCanada Corp.’s proposed $5.4billion Keystone XL pipeline runs through Nebraska’s highest court, which can either speed the project on to US President Barack Obama or delay it indefinitely.
Centrica Plc, the biggest energy supplier to UK households, said 2014 earnings will be hit even further by a delay in the start of two nuclear reactors by Electricite de France SA.
Bilfinger SE, the German builder turning itself into a services provider, cut its full year profit targets a third time this year, hurt by “difficult” markets for energy and European oil and gas.
After years of keeping the price of crude sold to the U.S. low enough to maintain market share, Saudi Arabia is losing ground as the shale boom leaves U.S. refiners with ample supplies of inexpensive domestic oil.
The deadly Ebola outbreak in Nigeria is affecting Bourbon SA’s operations, the supplier of ships and crew to energy producers said after reporting it swung to a loss in the first half partly on industry cost cutting.
Oil companies are resuming work in Kurdistan as security improves in the Iraqi autonomous region after unrest that led to staff evacuations.
