Permian shale boom upending values of heavy and light crude oil
Skyrocketing oil production in the Permian Basin has reversed a decades-old price relationship between heavy and light crude in the US’s largest oil patch.
Israel nears gas sales to Egypt as unrest flares
In the midst of some of the worst Middle East tensions in a decade, one-time enemies Egypt and Israel are negotiating deals that may mean the sale of $60billion in Israeli natural gas to liquefaction plants in Egypt.
Africa to add more renewable power in 2014 than in past 14 years
Growing demand for electricity and falling costs for wind and solar power mean more renewable- energy projects will be commissioned this year in sub-Saharan Africa than were added from 2000 through 2013.
Brent falls from three-Day High
Brent crude fell from the highest closing price in three days as a measure of China’s manufacturing missed estimates and the U.S. pledged to continue operations to stop Islamic radicals in Iraq. West Texas Intermediate also dropped.
Ghana expects Hess offshore oil field to join project lineup
Ghana, the nation seeking to increase its oil output fivefold in the next decade, expects an offshore development by Hess Corp. to join the nation’s project pipeline, according to the Petroleum Commission.
Norway politics could make oil investments riskier, report says
Norway risks discouraging investment in its oil industry if western Europe’s biggest crude producer repeats surprise tax increases and political meddling in projects, according to a report.
Woodside eyes better-priced M&A as energy giants sell
Woodside Petroleum, Australia’s second-biggest oil and gas company, sees increasing opportunities to hunt down acquisitions as the world’s major energy producers focus on selling assets.
Vestas upgrades margin forecast on third quarterly profit
Vestas Wind Systems upgraded its margin forecast and reported a third consecutive quarterly profit, reinforcing a turnaround at the world’s largest wind turbine maker.
Whisky distillery to tap biomass plant for heat
Scotland’s Macallan whisky distillery is set to get most of its heat requirement from a combined heat and power plant part-funded by the government.
Oil Search becomes latest firm to pull out of Iraq
Oil Search Ltd. temporarily suspended a well in Iraqi Kurdistan after violence in the region disrupted its ability to get skilled technicians and equipment to the Taza oil project.
GDF Australia assets said to draw interest from PTT
GDF Suez SA’s sale of a stake in its Australian power business has drawn interest from companies including Thailand’s PTT Pcl and Singapore-based Keppel Infrastructure Trust, people with knowledge of the matter said.
Maersk raises profit forecast as container volumes grow
Danish group Maersk has raised its full-year profit forecast due to higher freight volumes and lower costs.
Latest Apache discovery may herald new Australian oil province
US oil and gas producer Apache said its first major discovery in the Canning Basin may herald a new oil “province” for Australia, prompting the shares of its exploration partner to jump the most in 24 years.
Rosneft to drill Norway Arctic well with Statoil amid sanctions
OAO Rosneft is preparing to drill its first well offshore Norway with Statoil ASA even as Russia and its biggest oil company face the strictest sanctions yet over the conflict in Ukraine.
UK gas jumps to two-month high as wind generation set to drop
UK natural gas jumped to the highest in almost two months as demand for the fuel in power generation is set to strengthen amid declining supply from wind, coal and nuclear plants.
Brent oil tumbles to 13-month low on Europe economy
Brent oil slumped to a 13-month low and West Texas Intermediate settled at the lowest level since February as the euro bloc’s economic recovery stalled amid signs of ample global supply.
Rosneft said to ask state for up to $42billion as sanctions begin to bite
OAO Rosneft asked the state for as much as 1.5trillion rubles ($42billion) of aid, a government official said, signalling a US ban on long-term loans to Russia’s largest company is starting to bite.
Putin’s dream pipeline bypassing Ukraine at risk amid conflict
Vladimir Putin’s dream of a new pipeline to deliver Russian natural gas to the European Union without passing through Ukraine is fading amid escalating tit- for-tat economic sanctions.
Pemex on the hunt for JV partners after landing rights
Petroleos Mexicanos, preparing for the end of its 76-year state oil monopoly, was granted rights to all the proved and probable oil reserves it sought for development as Mexico opens its doors to foreign competition.
Expats flee Iraq’s oil boomtown as Islamic state attacks
Marc Kolber, a native of Long Island, has spent more than three years overseeing the construction of offices for foreign oil companies in Iraqi Kurdistan. Now he’s joining an exodus of expatriates from the capital, Erbil.
Repsol wins final permit for Canary Islands drilling
Spain’s government gave Repsol final authorization to begin exploring off the Canary Islands, capping the energy company’s 12-year quest for permission to tap what may be the nation’s biggest oil find.
Norway oil services see Russia sanctions risking Arctic push
Aker Solutions, the offshore engineering company controlled by billionaire Kjell Inge Roekke, could miss opportunities to expand into Russia’s Arctic region if Europe and the U.S. uphold sanctions on the country.
Libya restarts third-biggest port as IEA says oil may be surplus
Libya loaded the first oil cargo from the port of Ras Lanuf since it was closed by rebels a year ago, just as the International Energy Agency said the North African nation is struggling to find buyers in an oversupplied market.
Norway ‘ready to act’ as Russian sanctions trigger fallout probe
Norway is studying the impact on its economy of the US and Europe’s deteriorating ties to Russia and will step in to support industries that may be affected, Finance Minister Siv Jensen said.
Siemens disappointed by stagnant China offshore wind market
Siemens AG, Europe’s largest engineering company, said Chinese offshore wind investment has failed to match expectations and that it’s evaluating growth prospects in the country.