Lebanon Begins Offshore Oil & Gas Exploration
Lebanon's search for its first oil and gas reserves began on Tuesday after authorities approved an exploration plan submitted by a consortium of France's Total , Italy's Eni and Russia's Novatek. Energy and Water Minister Cesar Abi Khalil also said in a televised statement that Lebanon hoped to launch a second offshore licensing round by the end of 2018 or early 2019.
UK Prosecutor Drops Somali Corruption Inquiry into Soma Oil
UK prosecutors have closed a 17-month investigation into alleged bribery and corruption at Soma Oil & Gas, a private UK exploration company seeking oil in Somalia, despite finding "reasonable grounds" to suspect wrongdoing. The Serious Fraud Office (SFO), which opened the inquiry last July after a tip-off from the United Nations' Somalia and Eritrea Monitoring Group (SEMG), said there was not enough evidence for a realistic prospect of conviction.
Norway's Oil Firms, Unions Call for Opening of Arctic Islands to Exploration
Oil firms and trade unions in Norway made a joint call on Monday for the opening of a pristine Arctic archipelago to oil exploration as soon as possible to counter an expected decline in offshore production. Oil exploration off the Lofoten islands has been suspended for the life of the current minority government since it relies on the support of two small parties, one of whose preconditions was that no oil firm can explore there.
Saudis, Russia Agree on Output Freeze
Saudi Arabia, Russia, Qatar and Venezuela agree plan - Iran says no. Top oil exporters Russia and Saudi Arabia agreed on Tuesday to freeze output levels but said the deal was contingent on other producers joining in - a major sticking point with Iran absent from the talks and determined to raise production. The Saudi, Russian, Qatari and Venezuelan oil ministers announced the proposal after a previously undisclosed meeting in Doha.
Infighting Cancels Iran Contract Presentation
Internal clashes over the oil contracts, hardliners oppose contracts, push to have a bigger say. Iran's cancellation of a conference when it had been due to unveil investment contracts to international oil firms signals that political feuding is disrupting plans to revive its energy sector. Tehran blamed snags in obtaining British visas for Iranian delegates to the long-delayed conference, which had been scheduled to be held in London on Feb 22-24.
Iran Cancels Oil Contracts Presentation, Signals Infighting
Iran's cancellation of a conference when it had been due to unveil investment contracts to international oil firms signals that political feuding is disrupting plans to revive its energy sector. Tehran blamed snags in obtaining British visas for Iranian delegates to the long-delayed conference, which had been scheduled to be held in London on Feb 22-24. However, foreign oil executives say factionalised politics in Iran…
Russia Considers Drastic Steps to Plug Finances Hit by Tumbling Oil
Russia is running out of options to plug a yawning hole in its budget - and steps unthinkable before oil prices began to plunge 20 months ago are now being considered. Two senior financial officials told Reuters that authorities were discussing the possibility of calculating rouble rate levels against the dollar that could compensate for some budget losses caused by tumbling oil export revenues by preventing the rouble from strengthening too much.
Iran aims to boost oil output capacity by 160,000 bpd
Iran aims to boost its crude oil production capacity by 160,000 barrels per day following the completion of expansion projects at its North Azadegan and Yadavaran oilfields, a senior Iranian oil official was quoted as saying. The two oilfields are both operational and ready to be officially inaugurated after the Feb. 26 parliamentary elections, Abdolreza Haji-Hosseinnejad was cited as saying by Iran's oil ministry news agency Shana on Saturday.
Polish Wind Farm Sector Faces Uncertainty Over New Planning Rules
Poland is considering a ban on building wind farms close to houses, a move the industry fears may block new investment in renewable energy sources and bolster coal's role in the economy. Under European Union rules, Poland - which generates most of its electricity from highly polluting coal - has to produce 15 percent of its electricity from renewable sources by 2020 compared to around 12 percent now.
Poland Mining Unions Warn of Strikes
Poland's mining trade unions have threatened possible strikes from October if the government fails to find investors for coal producer Kompania Weglowa, a major trade union representative said on Tuesday. In an agreement signed in January, the government promised miners that by the end of September it would find investors to safeguard Kompania Weglowa's survival. The…
Thatcher's Secret Weapon in Miners' Strike Shuts, Ending an Era
Littlebrook power station, which towers grimly over the lower Thames near Dartford in Kent, ceases operations today after almost 35 years, the last of Britain's big oil-fired power plants to close. Littlebrook is an unlikely symbol of modern Britain. But the power plant played a critical role helping the Conservative government led by Margaret Thatcher break the miners' strike of 1984/85.
Venezuela Uses 'F Word' to Discredit Fracking
Venezuela is not mincing words with a new exhibition titled "F---ing Fracking" that denounces the environmental toll of hydraulic fracturing in the United States. "Today at 4pm .... Inauguration of the educational exhibit #FuckingFracking ... Don't miss it," ruling Socialist Party official Ernesto Villegas said on Twitter. The event features speeches by an economist and oil expert…
Israel to Launch $4b Wave of Privatizations in 2015
Israel will begin selling major stakes in a number of state-owned companies in November or December despite any political uncertainty created by elections next month, the country's privatization chief said. A decade after its last privatization program, the government aims to sell all or part of eight companies and two ports by 2017, raising around 15 billion shekels ($3.9 billion) in a plan announced in October.
Venezula President Pushes Currency, Fuel Reforms
Maduro makes bid to combat black market for dollars; says it's time to hike domestic gasoline prices. President Nicolas Maduro shook up complex currency controls on Wednesday and also prepared Venezuelans for a rise in the world's cheapest fuel prices in response to a recession worsened by plunging oil revenue. The socialist-run OPEC member's economy shrank 2.8 percent in 2014 while inflation topped 64 percent…
Venezuela's Oil Falls to $42.44
Venezuela's petroleum export basket dropped to $42.44 per barrel this week from $47.05 last week to reach a 5-1/2-year low, the Petroleum Ministry said on Friday. The South American OPEC member's basket, which includes crude oil and refined products, trades at a discount to other benchmarks because of its higher content of heavy oil. Venezuelan oil prices averaged $88.42 last year, down from $98.08 in 2013.
Maduro Secures $20b Investment from China
President Nicolas Maduro said on Wednesday he had secured a total of more than $20 billion in investment from major creditor China for economic, social, and oil-related projects. It was unclear if part of the announced investments include new loans for the cash-strapped OPEC member, or if the investments were part of an existing oil-for-loans deal between Venezuela and China.
Britain, Czech Republic Seek Hands-off EU Energy Policy
Britain and the Czech Republic are calling for less EU intervention in energy policy, putting them at odds with nations like Denmark and Germany as the EU prepares to publish policy proposals on an energy union in the next few weeks. A joint British-Czech position paper seen by Reuters says the European Commission's efforts to enforce EU energy policy across the 28-member bloc must be "light-touch and non-legislative" and respect member state flexibility.
Venezuela and China Amend Oil-for-loans Agreement
Venezuela and China have amended an oil-for-loans agreement to provide the OPEC nation more prompt payment for its oil shipments without substantially altering the terms of conditions of the bilateral deal. Late President Hugo Chavez originally created the financing mechanism, under which oil and fuel shipments repaid loans. The deal was structured such that Venezuela…
Egypt Reaches Deal to Revise Gas Prices
Egypt has agreed to revise the price it pays to buy natural gas to be extracted by German oil and gas group RWE DEA, a move likely to mean higher prices for the state. Oil Minister Sherif Ismail said on Wednesday that state-run gas company EGAS had reached an agreement in principle with RWE DEA to modify its current Delta concession contract, the first step by the government…
Oil Slide Puts Venezuela's Maduro Under Pressure For Reforms
The slump in global oil prices has heightened pressure on President Nicolas Maduro to enact politically risky reforms to bolster Venezuela's weak public finances and its ability to pay down debt. Crude prices under $85 have given new voice to reformers within Maduro's government, and critics outside, who say he needs to make urgent changes. "The government continues to study the changes ...
