Brazil says it has found another “elephant.” This time it is a huge natural gas field called, Jupiter, which could match the recently discovered Tupi oil field in size. The field has been found a short distance off Rio de Janeiro’s coastline. While not providing any specific details on the size of the new reserve, … Read More
Gas
6 Bid for Alaska Gas Line
The US state of Alaska has received five natural gas pipeline applications, including one unexpected bid from a Chinese energy titan. The state also received an alternative proposal from Conoco Phillips that didn’t meet the state’s application criteria. The other two oil giants operating on the North Slope, BP and Exxon Mobil, submitted nothing. Gov. … Read More
BP Pay $300m for Fixing Market
BP agreed last night to pay $303m to settle charges that it had manipulated the propane gas market in the United States. BP was charged last year with price-rigging by cornering the propane market during illegal energy trading in 2004. A Department of Justice lawsuit alleged that one trader told another: “Dude, you’re the entire … Read More
Iran Warns Total Over Oil Project
Iran has warned France it is prepared to go ahead with a major gas project with Total using Iranian firms alone if the French oil giant gives in to political pressure and does not swiftly implement the deal. ‘I have a message for French President (Nicolas) Sarkozy,’ Caretaker Oil Minister Gholam Hossein Nozari told reporters … Read More
Mackenzie Pipeline Costs Rise
Costs for the troubled Mackenzie gas pipeline could top the last estimate of C$16.2 billion, “T-Rex” Tillerson, Exxon’s CEO has warned. “It could be C$16 billion or C$14 billion or C$20 billion,” Tillerson reports the Dow Jones newswire. “All we can say is that it’s large, it’s larger than we previously thought.”
Gazprom Wants to Buy British Power Plants
Gazprom, the Kremlin-backed Russian gas group, is negotiating a deal under which it could take a stake in up to five British gas-fired power stations. The move would be Gazprom’s biggest step in the UK market so far and would fuel fears about the security of future energy supplies. Gazprom is hoping to seal an … Read More
Pay Up or We Cut Your Gas
Russia’s Gazprom gas monopoly has threatened to halve supplies to Belarus tomorrow in a payment dispute that could disrupt deliveries to western Europe. Moscow said yesterday it would cut by 45% supplies flowing to its neighbour through export pipelines – which also carry gas to Germany, Poland and Ukraine – if Minsk did not pay … Read More
Victims of Oil
The shop around the corner raised the price of sandwiches by a quarter this week. Although the housing meltdown is raising concerns that it may take the whole American economy down with it, prices are going up and the reason is the cost of oil. Oil, and therefore gas, prices remain at near-record levels. A … Read More
Shell Invests in Russia as the Russians Invest in the UK
Oil giant Shell plans to increase investments in Russia despite losing control of the giant Sakhalin-2 project earlier this year. “If we see other opportunities for setting up offshore joint ventures, then we will look at them without a doubt,” the company’s CEO, Jeroen van der Veer has said.
Putin Turns The Screw on BP
Well all the papers this morning are about the new cold war stand-off between American and Russia over its missile defence system, with Putin retaliating that he might position Russian nuclear weapons towards Europe. Well nuclear missiles are not the only standoff Putin is involved in at the moment. He also cranked up the tension … Read More