General Electric Co. plans another round of lobbying meetings with French officials on its $17billion offer for Alstom SA’s energy assets as Siemens AG weighs a bid with Mitsubishi Heavy Industries Ltd., a person familiar with the matter said.
Iran’s oil exports have increased so far this year, according to Bloomberg calculations, a trend that threatens to violate U.S. sanctions on the Islamic Republic’s main source of revenue. Shipments of Iranian crude oil and condensate have increased about 28% on average this year, according to an analysis of customs data from importing nations and figures from the International Energy Agency in Paris. If crude sales are up by the end of July, that would break an international accord to hold Iran’s oil exports at the same level in the first half of this year that they were at in the previous six months.
Oil shale drillers in Texas have had to contend with environmental opposition and soaring costs. A few miles south of the border in Mexico, Angel Torrez and co- workers duck gunfire sprayed from drug traffickers.
Wilson Sons Ltd., the Brazilian ports and tugboat operator backed by Aberdeen Asset Management Plc, expects to give about half of its profit back to shareholders after investing more than $1billion to expand operations.
Norway’s government said it won’t rush any reduction of its $65billion stake in Statoil ASA, the largest company in western Europe’s biggest energy producer.
OPEC nations representing 94% of the group’s output said they were at ease with supply and demand in global oil markets before a meeting in Vienna today to decide on a collective production limit. Oil ministers from Angola, Ecuador, Kuwait and Venezuela all said they anticipated that the Organization of Petroleum Exporting Countries would roll over its existing ceiling of 30 million barrels a day. Saudi Arabia, Libya, Nigeria and the United Arab Emirates said supply and demand are well matched. Iraq’s minister said there were indications the limit would be retained, while his Iranian counterpart also expected no change. The 10 nations accounted for about 28.2 million barrels a day of output in May, while the group’s combined production amounted to about 30 million barrels. Ministers from Algeria and Qatar declined to comment on the oil market or OPEC’s production as they arrived in Vienna yesterday.
Vietnam said China again shifted an oil rig it has placed in disputed waters, with six warships guarding the structure as the two communist countries continue their South China Sea stand-off.
Fighters from a breakaway al-Qaeda group are in position to seize energy infrastructure after taking control of Mosul in a strike that highlights Prime Minister Nouri al-Maliki’s weakening grip on the country. Tribal gunmen allied to the group are close to capturing Baiji, north of Baghdad and home to Iraq’s biggest refinery, Al- Jazeera television said. Baiji has a refining capacity of 310,000 barrels a day, according to the Energy Information Administration.
Ukraine and Russia failed to reach an agreement on natural gas deliveries during overnight negotiations hosted by the European Union as Gazprom insisted on receiving a debt payment before a deadline today.
Organization of Petroleum Exporting Countries (OPEC) ministers say they will almost certainly leave their oil-production ceiling unchanged when the group meets this week. What really matters for markets is whether Saudi Arabia will respond to global supply shortfalls by pumping a record amount of crude.
Advanced Plasma Power (APP), a UK waste-to-energy developer, received a £20million order to provide its technology to a project in Canada.
Tokyo Electric Power will deploy a second system to strip a dangerous isotope from water stored at its wrecked Fukushima nuclear facility, as it struggles to overcome problems with its existing water processor.
Bubbling black liquid churns inside 145-foot-high tanks at the Newtown Creek sewage-treatment plant in Brooklyn. Like robotic stomachs, they burp methane, a byproduct of processed organic waste.
China is working on how to cap its greenhouse gas emissions for the first time, an effort that would spur the worldwide effort to hold back climate change. The world’s biggest producer of fossil fuel emissions has been studying for more than a year how and when it might be able to make its pollution levels peak and hopes to act as soon as possible, said Xie Zhenhua, China’s lead envoy to the United Nations global warming talks.
At an aging cement plant in San Antonio, entrepreneur Joe Jones is trying to turn fighting climate change into money-making venture.
Statoil ASA, Norway’s biggest oil company, is preparing to deepen cuts to investment, operating expenses and staff in a bid to generate an extra $5billion of cash a year.
Norway’s government and the opposition reached a compromise to start electrification of three North Sea oil fields by 2022, a plan they say will avoid a delayed start to the country’s biggest offshore find in decades.
BP Plc and Anadarko Petroleum Corp. could face billions of dollars in fines after an appeals court ruled they were automatically liable for pollution-law violations as co-owners of the well that blew out and started the 2010 Gulf of Mexico oil spill.
GDF Suez SA, France’s largest natural gas company, plans to renegotiate a supply contract with OAO Gazprom next year as Europe moves away from linking the price of the fuel to oil. The Paris-based company is “constantly” renegotiating its contracts with suppliers, Jean-Francois Cirelli, vice chairman of GDF Suez, said in London. The talks with Gazprom, following an accord last year, is “something for 2015,” he said.
Petroleos Mexicanos is looking to strengthen its balance sheet with the sale of a stake in Repsol SA for about $3billion as Mexico’s state-owned producer prepares to form partnerships with foreign oil companies. Pemex, as the Mexico City-based company is known, is selling a 7.9% stake in Repsol, according to a Citigroup Inc. filing to the Spanish stock exchange yesterday. Citigroup and Deutsche Bank AG are conducting the sale. Repsol shares were suspended from trading in Madrid until at least 10am local time, the Spanish regulator said. The Mexican company is raising cash from the sale as lawmakers prepare regulations to open the oil industry to foreign investment for the first time since 1938. Pemex was “very disappointed” in Repsol’s performance, Chief Executive Officer Emilio Lozoya said in an Oct. 31 interview.
Cheniere Energy Inc.’s decision to postpone its annual meeting by three months signals a potential shareholder battle over executive compensation at the natural gas export company, which had the highest paid U.S. chief executive last year.
Investors in Norway, western Europe’s largest oil and gas producer, face more political wrangling as the level of brinkmanship in lawmaking picks up.
An oil tanker shipping crude from Iraq’s semi-autonomous Kurdish region turned back after getting almost 200 miles across the Atlantic Ocean, amid a challenge over the shipment’s legality. The United Leadership, able to haul 1 million barrels, signaled that it was about five miles off Mohammedia in Morocco at about 6pm local time yesterday, according to information entered by the ship’s crew and captured by Coulsdon, England- based IHS Maritime. It turned back on May 30 after getting about 190 miles west of Gibraltar, at which point it was sailing to the U.S. Gulf. The shipment is illegal, SOMO, Iraq’s oil marketing company, said yesterday.
President Barack Obama is proposing cuts in greenhouse-gas emissions from the nation’s power plants by an average of 30% from 2005 levels, a key part of his plan to fight climate change that also carries political risks.
Saudi Arabia’s government and one of the country’s biggest banks plan to start a venture capital fund of as much as 1billion riyals ($270million) to invest in new technology companies.
