Tokyo Electric Power (Tepco) pledged to restart reactors at the world’s largest atomic plant, rejecting a bid by anti-nuclear shareholders to scrap the units over safety concerns after the 2011 Fukushima disaster.
Petrobras is considering selling assets to help buffer the state-run oil producer from an estimated $6.7billion in additional payments to the Brazilian government over the next five years.
France sold a 1.5billion euro ($2billion) stake in GDF Suez, the country’s largest natural-gas distributor, as it seeks cash to buy a holding in Alstom.
US Secretary of State John Kerry met with leaders in the capital of Iraq’s semi-autonomous Kurdish region in his bid to prod the country to unite against an al-Qaeda offshoot that has seized control over swaths of the country.
Fifteen years after Wesley Clark led NATO’s bombing campaign against Serbia, the retired US general is back in the Balkans looking for oil.
Lukoil, Russia’s second-largest oil producer, and New Age have agreed to spend $250million acquiring a 50% share of BowLeven Etinde Permit off the coast of Cameroon.
A Norwegian oil-workers union said it is ready to go on strike over pensions in a move that threatens to cut oil production from Exxon Mobil platforms in the North Sea by more than 60,000 barrels a day.
An al-Qaeda breakaway group seized more territory on Iraq’s borders with Jordan and Syria as US Secretary of State John Kerry arrived in Baghdad to try to get political leaders to set aside sectarian divisions and confront the growing threat.
The European Union’s attempt to cap greenhouse-gas emissions over the next 16 years is threatened again as rising pollution from the bloc’s biggest economies shows even developed nations want to burn cheap coal.
A GDF Suez-led group signed a concession agreement today with the Mongolian government to build a $1.2billion power plant in Ulaanbaatar.
Statoil failed to find oil in the northernmost site ever drilled off Norway’s Arctic tip.
Norway’s central bank kept its main interest rate unchanged and said it may ease policy again as Scandinavia’s richest nation grapples with slowing petroleum investments.
Santos and GDF Suez SA shelved a plan to use a ship to turn natural gas into liquid offshore and will consider alternatives, including a pipeline to the northern Australian coast.
Iraq’s Kurdish region may be able to gain more autonomy and increase crude exports after taking control of territory around the nation’s fourth-largest oil field, analysts from Saxo Bank and JBC Energy said.
Tata Power Solar Systems, a unit of India’s biggest industrial group, has completed a 50MW photovoltaic plant to almost double solar capacity for the country's National Thermal Power Corporation (NTPC).
GE is in talks with France to refine guarantees on jobs, planned investments and access to nuclear technology under its $17billion bid for Alstom energy assets ahead of a June 23 offer deadline, people familiar with the matter said.
Bank commitments to fund Sabine Oil & Gas LLC’s proposed acquisition of Forest Oil Corp. remains in place after the sale of an $850million loan to investors was postponed yesterday, Sabine said in a statement. “The proposed combination of our companies is moving ahead,” Sabine chief executive officer David Sambrooks said in the statement distributed by PR Newswire. “All parties remain fully committed to this transaction and will continue to take the necessary steps to ensure it is consummated to the benefit of all shareholders.”
In the Russian town of Bugulma, Geneva-based Weatherford announced a partnership last year with an electric-pump plant to make artificial lift systems, which are used to boost pressure and increase output from flagging wells. Halliburton announced a partnership in February with Gubkin Russian State University of Oil and Gas to provide “state-of- the-art” support, including staff for technical boards and educational material for the school’s unconventional program.
BP Plc is to sign a $20billion deal to supply liquefied natural gas to China National Offshore Oil Corp., one of a number of deals announced as Chinese Premier Li Keqiang began a visit to the UK. China Minsheng Investment Corp., the country’s largest private-sector investment group, will invest $1.5billion into industries including financial services, offshore engineering, new energy and environmental protection, and open its European headquarters in London, Prime Minister David Cameron’s office said in a statement.
Siemens AG is preparing a bid for Alstom SA’s energy unit that would leave it with the French company’s gas turbines while allowing partners Mitsubishi Heavy Industries Ltd. and Hitachi Ltd. to expand their steam turbines and hydro businesses, people familiar with the matter said. Siemens would buy Alstom’s gas-turbines unit and the French company could use some of that cash for its shareholders or investments, the people said, asking not to be named as the matter is private. The offer, which could get announced as early as today, would see Mitsubishi Heavy, Hitachi and Alstom merge their steam turbines and hydro assets, with the Japanese companies taking a minority stake in the venture, they said.
Brent crude was projected by Wall Street analysts to average as much as $116 a barrel by the end of the year. Now, with violence escalating in Iraq, how far the price will rise has become anyone’s guess.
Ukraine risks the cutoff of natural- gas supplies from Russia after overnight talks to resolve a pricing dispute between the two countries ended without a deal less than eight hours before a payment deadline.
Republicans will try to block the Environmental Protection Agency’s proposed greenhouse-gas rule by denying the funding to implement it, according to a senior member of a US House appropriations panel.
Twelve of the world’s most powerful petroleum ministers gathered around a horseshoe of tables in Vienna this week to pass judgment on the oil market. One of them sounded happier than the rest. “This is the best time for the market,” Ali al-Naimi, Saudi Arabia’s minister, told journalists before the meeting of the Organisation of Petroleum Exporting Countries on June 11. A day later, US and European crude prices, which have exceeded $100 a barrel for a record time, surged to multi-month highs, spurred by worsening conflict in Iraq, the group’s second- biggest producer. Libya, with 48 billion barrels of reserves, is pumping 10 percent of what it can because of unrest.
Energy companies surged on the highest crude prices in eight months as violence in Iraq spurred supply concerns. The yen dropped with India’s rupee while the UK pound strengthened a second day and metals rose.
