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Updated: 3 years 22 weeks ago

Bulgaria abandons Russia-Greece oil pipeline project

Thu, 03/07/2013 - 07:04
SOFIA -  Bulgaria's outgoing parliament confirmed on Thursday a government decision to pull out of the long-stalled Burgas Alexandroupolis oil pipeline project. A total 115 lawmakers in the 240-seat legislature voted to throw out a 2007 agreement with Russia and Greece for the 280-kilometre (175-mile) pipeline meant to bring Russian oil to Greece via Bulgaria. Twenty-five lawmakers voted against the move, and one abstained. The outgoing right-wing government had already suggested aband...

Malaysia's Petronas reports further dip in profit

Thu, 03/07/2013 - 05:22
KUALA LUMPUR -  Malaysian state energy firm Petronas said Thursday its net profit fell 45 percent year-on-year in the last quarter of 2012 due to lower demand for crude oil. The country's only Fortune 500 company, which contributes nearly half of Malaysia's budget revenues, said earnings for the quarter ending December 31 fell to 8.7 billion ringgit ($2.8 billion) from 15.9 billion a year earlier. Petronas had earlier cited sagging prices for a 30 percent and 21.6 percent fall in net profit f...

ExxonMobil Major Projects to Deliver 1 Million Oil-Equivalent Barrels by 2017

Thu, 03/07/2013 - 04:10
NEW YORK -  Exxon Mobil Corporation anticipates major project start-ups will deliver 1 million oil-equivalent barrels over the next five years, Rex W. Tillerson, chairman and chief executive officer, said today at the New York Stock Exchange. Production of crude oil and other liquids is expected to increase by an average of four percent per year between 2013 and 2017 as the company starts production at 28 major oil and gas projects, 24 of which are liquids or liquids-linked projects. Twenty two major...

Indian group gets green light to explore oil in France

Wed, 03/06/2013 - 13:46
PARIS -  French authorities have given the Indian petrochemical group Indorama a green light to explore for oil in southwestern France, sources said Wednesday. The group, which is not yet established in France, got the go-ahead after French authorities last week approved both the transfer and extension of the Lavignolle permit for Indorama to explore conventional hydrocarbons in the Gironde region. The license covers an area of around 200 square kilometres (77 square miles) and excludes gas an...

World Bank to raise $500 mn for geothermal energy

Wed, 03/06/2013 - 12:36
REYKJAVIK -  The World Bank launched a fund in Reykjavik on Wednesday to come up with $500 million for developing geothermal energy in developing countries. "Geothermal energy could be a triple win for developing countries: clean, reliable, locally produced power," Managing Director Sri Mulyani Indrawati said in a statement. "At least forty countries have enough geothermal potential to meet a significant proportion of their electricity demand," the bank said, citing Kenya and I...

ExxonMobil to spend more to reverse output decline

Wed, 03/06/2013 - 12:09
NEW YORK -  US oil giant ExxonMobil Wednesday outlined a massive capital spending program to boost production growth over the next five years in a bid to reverse recent output declines. Exxon, delivering its annual analyst presentation at the New York Stock Exchange, said it would spend an average $38 billion per year in the 2013-2017 period, up $1 billion from the prior year's forecast. Exxon ended 2012 with oil and gas output of 4.24 million barrels a day, down 5.9 percent from 2011 and nea...

EU probes German electricity charge exemptions

Wed, 03/06/2013 - 10:54
BRUSSELS -  The European Commission said Wednesday it was launching an investigation into possible state aid to large consumers of electricity in Germany. The probe will test whether exemptions from network charges Germany introduced in 2011 are in effect hidden subsidies, and if that is the case, whether they have distorted competition with companies in other EU nations, the Commission said. The exemption was estimated to be worth some 300 million euros ($391 million) in 2012 when it was finance...

Total gets green light to reopen North Sea gas rig

Wed, 03/06/2013 - 10:09
LONDON -  British authorities on Wednesday gave French energy giant Total permission to reopen a North Sea platform that was struck by a gas leak a year ago at a cost of hundreds of millions of dollars. The Elgin platform, 240 kilometres (150 miles) off Aberdeen on Scotland's east coast, was evacuated in March 2011 after highly flammable gas began leaking from the seabed, threatening a major explosion. Britain's Health and Safety Executive (HSE) said on Wednesday that it had accepted To...

Offshore Wind Power to Grow Tenfold by 2020, with UK Leading the Way

Wed, 03/06/2013 - 08:48
Amsterdam -  The global offshore wind power market, fuelled by the depletion of fossil fuel reserves, the declining cost of wind power generation and impressive investment from the UK, is expected to explode over the next decade, states research and consulting. The company’s new report forecasts the global offshore wind power market to rocket from a 2012 cumulative installed capacity of 5.1 Gigawatts (GW) in 2012 to a far greater 54.9 GW by the end of the decade, growing at a Compound Annual Gro...

Juwi's Cost-Cutting Measures Save Private Electricity Consumer up to Six Billion Euro

Wed, 03/06/2013 - 08:35
FRANKFURT -  The battle for the German energy transition goes into its final phase. At its annual press conference, the executive board of juwi, one of the leading project developers for renewable energies, strongly criticized the German government’s plans for the further expansion of renewable energies that have become publicly known as ‘electricity price brake’. “Retrospective taxes on old installations, five months without secure allowance as well as lawnmower-style cost-cutting...