Libya disruptions hit OMV’s profits
OMV AG, an Austrian oil and gas explorer and refiner, reported a 37% decline in second- quarter profit because of production disruptions in Libya.
Weakest oil demand growth since 2012
Global oil demand growth eased to its weakest since 2012 last quarter, calming world markets amid threats to supplies in the Middle East and North Africa, according to the International Energy Agency.
Iraq dispute over Kirkuk oil should go to vote, ambassador says
A dispute over control of Kirkuk and Iraq’s fourth-largest oilfield between the central government in Baghdad and Kurdish regional officials should be resolved with a local vote, according to the country’s ambassador to the UK.
Video: Oil risk escalates if Iraq turmoil spreads
US air strikes defending the Kurdish position in Iraq have temporarily settled the markets confident about the short-term supplies from one of the biggest oil producers in the world.
China, Brazil consider publicity blitz to steer climate debate
China and Brazil are looking for ways to redirect a global climate debate, which they say unfairly accuses developing nations of delaying limits on fossil-fuel pollution.
Brent trades near nine month low after US Iraq strike
Brent crude traded near its lowest level in nine months amid speculation that US air strikes in Iraq diminished the threat to oil supplies posed by insurgents. West Texas Intermediate was little changed.
Houston billionaire consolidates his pipeline empire
Houston billionaire Richard Kinder is consolidating his pipeline empire to strengthen it for growth as the US shale drilling boom opens up $1.5trillion in potential purchases and expansion projects.
Norway’s oil fund makes £343million purchase
Norway’s sovereign wealth fund, the world’s largest, bought a stake in an estate in London’s Mayfair area for £343million ($576million) from the Church Commissioners for England.
Chad annuls CNPC oil licenses in dispute over $1.2billion fine
Chad withdrew the licenses of China National Petroleum Corporation’s local unit after saying the company failed to pay a $1.2billion fine for environmental violations.
Russian sanctions lack bite as Exxon set for Arctic drilling
Exxon Mobil will start drilling a $700million well in the Arctic Ocean on Saturday, Russia’s government said, showing that for all the talk of action against Vladimir Putin’s oil industry, the largest US energy company is undeterred.
Crude extends gains after Obama approves air strikes in Iraq
Brent and West Texas Intermediate crude climbed for a second day after U.S. President Barack Obama authorised air strikes in Iraq, the second-biggest oil producer in the Organization of Petroleum Exporting Countries.
Drax shares tumble on court subsidy contract ruling
Drax Group fell the most in three and a half months after the UK Court of Appeal ruled one of its power-generating units is not eligible for a government contract that pays guaranteed electricity prices for 15 years.
Scottish referendum halts Infinis decision on windfarm programme
Infinis Energy, a renewable-power company backed by Guy Hands’s venture capital fund, said it is holding off on a decision on whether to build two wind farms until Scotland decides whether it will remain part of the UK.
China adds solar capacity the size of Australia in energy push
China, the world’s biggest carbon emitter, accelerated solar power installations in the first half, adding enough capacity in the period to equal Australia’s entire supply of power from sunlight at the end of last year.
Amec posts lower profit on currency fluctuations
Amec's first-half profit fell 4.4% following currency fluctuations and a slowdown in the US business.
Pemex pension pull-back amid global competition for native energy market
Since Rafael Castilla retired from Mexico’s state oil company 25 years ago, his pension benefits have entitled him to payouts equal to more than half his salary, along with life insurance and free medical care that also covers his wife. All while he worked for other companies. The benefits enjoyed by Castilla and thousands of other retirees of Petroleos Mexicanos have swelled the company’s pension liabilities to $127billion, according to the Finance Ministry. They’ve also prompted lawmakers this week to push for scaling back benefits and allowing the government to assume as much as 30 percent of the obligations in a bid to free up cash the companies can use to boost investment.
Oil rig dispute sparks communism debate
Anger over Vietnam’s handling of a territorial dispute with China has prompted a group of senior communist party members to call on the government to jettison communism for democracy and “get out of China’s orbit.”
Russia sanctions failing to stanch energy deals with Japan
Japan, dependent on imports for almost all its fuel, is pursuing natural gas projects and energy purchases in Russia despite new sanctions last week designed to punish Vladimir Putin and his associates.
Colorado fracking opponents poised to lose local control battle
Colorado’s compromise with drilling opponents has dealt a blow to environmentalists’ expanding battle to give local communities more control to limit fracking.
Kurdistan oil explorers slump as militants seize local oilfields
Explorers of oil in Iraqi Kurdistan region slumped in Oslo and London trading after Islamic militants seized two oilfields in the region.
Nigeria and Shell fail to clean Ogoniland, report says
Nigeria’s government and Royal Dutch Shell have failed to act on a United Nations 2011 report on oil pollution in Ogoniland in the Niger Delta, according to an Amnesty International joint assessment.
India plans solar parks for up to 20GW capacity
India will provide low-cost loans and grants to set up solar power parks across the country to host as much as 20GW of capacity, about 10 times what it has built to date.
Fosun to buy Roc Oil for $441million
Billionaire Guo Guangchang’s Fosun International agreed to acquire Roc Oil for $441million in cash, giving the Chinese group assets stretching from Australia to Malaysia.
Statoil-Rosneft deal under threat, analysts claim
Norway’s biggest energy company Statoil may be forced to terminate an agreement for oil exploration with Rosneft because of escalating European and US sanctions against Russia, analysts said.
Higher Brent price drives Chevron profit
Chevron, the world’s third-largest oil producer by market value, said second-quarter profit rose after it sold assets and crude prices climbed.