Rosneft and CNPC signed a memorandum of understanding covering joint development of Eastern Siberian oil and gas resources. The Kremlin has been reluctant to supply its increasingly powerful neighbor for years and the two sides have continuously haggled over natural gas prices, but as Europe increasingly seeks to reduce its Russian energy reliance and large… Keep reading →
On the heels of a hope-inspiring report that patents for wind and solar technologies are way up, comes this downer: Global investment in clean energy is plunging. Again. Bloomberg New Energy Finance, which has been tracking these numbers for nearly a decade now, toted up $45.9 billion in clean energy investment in the third quarter of 2013,… Keep reading →
Reported by Julia Chatterley, written by Catherine Boyle The long-term prospects for the gas market are looking good, in spite of the current price pressures, the chief executive of Gazprom Export told CNBC. The natural gas industry has expanded rapidly in the last few years with the U.S. becoming a net exporter of the commodity… Keep reading →
TransCanada’s proposed Energy East pipeline could provide Canada with an outlet for Alberta’s oil sands that sidesteps political opposition obstructing competing projects heading south and west. But with the shift in oil demand growth from the Atlantic Basin to the Pacific, moving oil east may be a second-best solution. TransCanada’s Keystone XL and Enbridge’s Northern… Keep reading →
BP and the US federal government are at odds over how much oil was actually spilled into the Gulf of Mexico as a result of the Deepwater Horizon incident in 2010: BP says 2.45 million barrels, the US government says 4.2 MM bbl. “Clean Water Act fines…range from a maximum of $1,100 for every barrel… Keep reading →
Russia has charged Greenpeace activists with piracy for trying to climb onto a Gazprom drilling platform in the Arctic. The charges “carry a potential prison sentence of up to 15 years and a fine of 500,000 rubles (about $15,500)”. [Fuel Fix] China’s National Development and Reform Commission has said that both consumers and refiners will need… Keep reading →
In 1956, a little-known geologist named Marion King Hubbert published a paper predicting that oil supplies were destined to reach a peak as the cheap and easy to tap reservoirs were depleted over time. He predicted that US oil production would peak somewhere between the late 1960s to early 1970s. Others, including oil financier Mathew… Keep reading →
Despite its significant oil wealth, American companies have long shied away from doing business in Sudan, initially because of security concerns and later in response to U.S. sanctions against the government in Khartoum. The secession of South Sudan in July 2011, during which 80% of the country’s oil wealth went to the South, followed by… Keep reading →
The world uses about 91 million barrels of oil per day. And most forecasts suggest that oil consumption will rise over the next few decades, driven in large part by growing demand for transportation fuels, especially in Asia. Norway’s state-owned oil company, Statoil, predicts that oil demand will peak at around 105 million bbl/d in… Keep reading →
Analysts at brokerage Sterne Agee find coal stocks moving upward based on several supporting factors including US natural gas/coal pricing dynamics, Chinese industrial data, European economic improvement and a bounce in emerging market currencies relative to the dollar. While overall US power generation is down year-on-year, more coal than natural gas was burned to generate… Keep reading →
