International Business Times

Judge Triples Dow Chemical's Verdict Ruling The Company Must Pay $1.2 Billion In Price-Fixing Suit

msingleton — Thu, 16 May 2013 19:46:45 GMT

A federal judge in Kansas City, Kan., has ordered the Dow Chemical Company (NYSE:DOW) to pay $1.2 billion in a long fought price-fixing conspiracy case.

U.S. District Judge John W. Lungstrum rejected Wednesday Dow's request to overturn a February verdict against it and, under U.S. antitrust law, tripled the $400 million in damages to $1.2 billion.

BP Takes 'Fictitious' Deepwater Horizon Claims To Court, Says Claimants Are Inflating Their Loss Figures

msingleton — Thu, 16 May 2013 17:46:58 GMT

BP PLC (LON:BP) is denying BBC News reports that it sought intervention from Prime Minister David Cameron regarding its multibillion-dollar legal settlements for the 2010 Gulf oil disaster. The Daily Mail is now reporting that the oil company was forced to deny that it approached the British leader about raising the issue of its escalating legal costs with the U.S. government at an upcoming G8 meeting.

IEA Says ‘Supply Shock’ From North American Shale And Tar Sands Is Transforming Global Energy Scene

Angelo.Young — Tue, 14 May 2013 13:13:34 GMT

It’s news that Saudi oil sheikhs must be cringing to read: The International Energy Agency says the boom in North American crude oil production because of hydraulic fracturing and Canada’s tar sands is transforming the global oil market.

Not only will the new sources help the region dominate growth in the global oil supply over the next five years, but also the technology that has allowed access to previously unattainable sources of light crude will be adopted in other parts of the world, causing a significant reassessment of countries’ proven oil reserves.

Iranian Energy Chief Says Iran To Build Small Oil Refineries In 6 African Countries, Reportedly Algeria, Angola and South Africa

msingleton — Mon, 13 May 2013 17:18:26 GMT

Iran plans to build six small oil refineries in several African nations, the country's top energy official said.

"We have reached agreement with six African states, and the construction phase of the oil refineries will begin soon," Hassan Khosrojerdi, Iran's head of the Syndicate of Oil, Gas and Petrochemical Products, said Sunday.

Tamerlan Tsarnaev Had Contact With Mahmud Mansur Nidal, Dagestani Islamic Militant, During Russia Trip [REPORT]

hkoplowitz — Tue, 30 Apr 2013 22:21:42 GMT

Boston bombing suspect Tamerlan Tsarnaev made contact with two insurgents in Dagestan and considered joining a militant Islamist organization based in the Russian territory. But instead, he moved to the U.S. after both contacts were killed by Russian counterinsurgency agents.

As soon as the since-slain Tsarnaev, 26, was identified as a suspect in the Boston Marathon bombings, questions were raised as to how his Islamic views became increasingly radicalized. Most of this attention was placed on a six-month visit to Dagestan that Tsarnaev made last year.

Iran Oil Exports Lowest Since 1986 Iran-Iraq War [GRAPHIC]

Angelo.Young — Mon, 29 Apr 2013 12:15:00 GMT

Iranian oil exports typically make up most of the country’s total export earnings, but last year the government of President Mahmoud Ahmadinejad saw a 27 percent dive in revenue thanks to the tightening of sanctions by the United States and the European Union, according to the U.S. Energy Information Administration.

IEA Lowers Forecast For Oil Demand For Third Consecutive Month Due To Weakest European Activity Since 1980s

msingleton — Thu, 11 Apr 2013 20:53:58 GMT

Weak demand for crude oil and pessimism about the global economic outlook caused the International Energy Agency (IEA) to reduce its forecasts for global oil demand in 2013 for a third consecutive month.

The IEA released its April Oil Market Report (OMR) on Thursday. The report highlighted the significant supply risks that continue to threaten the market. It cut expectations for oil demand growth to 795,000 barrels a day from the previous forecast of 820,000 barrels a day that was made last month.

Iran Announces Plans For 2 Uranium Plants Days After Negotiations With Western Parties Fail

msingleton — Tue, 09 Apr 2013 18:04:12 GMT

Iranian President Mahmoud Ahmadinejad said Tuesday that "Iran is currently a nuclear country and nobody can stop its atomic progress," according to the country's Islamic Republic News Agency (IRNA).

President Ahmadinejad addressed a ceremony to observe National Nuclear Technology Day and ordered Iranian nuclear officials to speedily launch five new nuclear reactors.

Iran plans to continue developing high-grade enriched uranium to fuel what it calls research reactors, still being planned for construction.

Exxon Oil Spill: EPA's Official Photos Show Full Extent Of Damage From Pegasus Pipeline In Mayflower, Ark.

msingleton — Mon, 08 Apr 2013 14:23:45 GMT

Photo: EPA Spilled oil in Arkansas neighborhood.

What's The Safest Way To Transport Oil? US Transportation And State Departments Won't Say

msingleton — Fri, 05 Apr 2013 09:16:46 GMT

Rail and pipeline oil transport companies are under high scrutiny following two significant spills in late March that revived questions about public safety and environmental protection. Yet getting an answer to the question of which is the safest way to transport oil is as messy and murky a process as the spills.

One Dead, Three Injured In Arkansas Nuclear Power Plant Accident

ebrown — Sun, 31 Mar 2013 21:38:51 GMT

An accident at an Arkansas nuclear power plant resulted in the death of one worker and the injury of three others Sunday. No nuclear material was released.

A generator was being moved out of the turbine building at Russellville’s Arkansas Nuclear One power plant when it fell, crushing one of the workers, Reuters reported. The injured workers were quickly taken to a hospital.

Worldwide Demand For Crude Oil Will Dwindle In Coming Decades As Nations Produce Cheaper Natural Gas: Citigroup Claims

msingleton — Wed, 27 Mar 2013 23:26:45 GMT

Photo: Citigroup Per capita oil demand vs. oil prices (1990-2011)

US Ex-Im Bank Backs California Solar Panel Maker For Second Major Project In India And Creates US Jobs

msingleton — Wed, 27 Mar 2013 16:40:28 GMT

The Export-Import Bank of the United States (Ex-Im Bank) is lending $9 million to an Indian solar energy company for procurement of California-produced solar panels.

Sai Maithili Power Company Private Ltd., in Hyderabad, India, is constructing an 11.6-megawatt (DC) solar PV project in Rajasthan, which the U.S. Ex-Im Bank regards as a growing market for renewable-energy goods and services.

California-based MiaSolé develops high-efficiency, low-cost photovoltaic (PV) panels and is doubling its workforce to 400 in 2013 to support its boost in export sales.

Global Mining Sector Reeling From Idle Drills, Stalled Projects And Lower Spending In February, Industry Study Finds

msingleton — Wed, 27 Mar 2013 09:55:42 GMT

SNL Metals Economics Group is reporting that pipeline activity dropped significantly to a three-year low in February.

The Halifax, Nova Scotia, firm, which analyzes trends and figures about the mining industry around the world, has released its Pipeline Activity Index for January and February, showing a continued downward trend. The index has declined 43 percent since October 2012.

China Petroleum & Chemical In Joint Venture With Sinopec To Buy $3B In Oil And Gas Assets In Kazakhstan, Colombia, Russia

mikeobel — Mon, 25 Mar 2013 11:15:43 GMT

China Petroleum & Chemical Corp., or Sinopec as China’s largest refiner is known, is forming a joint venture with its parent to buy crude oil and natural gas assets in Kazakhstan, Colombia and Russia valued at about $3 billion.

Sinopec, which is owned by China Petrochemical Corp., will make the acquisitions to build up Sinopec’s petroleum reserves and cut down on the amount of crude oil it has to import to feed its network of refineries, the Wall Street Journal reported Monday.

Sinopec is 78 percent owned by China Petrochemical Corp.

US Truckers Considering Natural Gas Over Diesel Say Transition Costs Still Too High

msingleton — Fri, 22 Mar 2013 18:55:24 GMT

The alternative fuel industry faces a Catch-22: Manufacturers are pressuring their distribution partners to ship their products using natural gas trucks because they're far less expensive to run than diesel fuel trucks. However, the distributors are pushing back, arguing three major reasons that natural gas trucks are still too expensive to adopt.

US To Produce More Crude Oil In 2013 Than It Imports: Department Of Energy's Energy Information Administration; Anadarko Petroleum Strikes Oil In Gulf Of Mexico

mikeobel — Wed, 20 Mar 2013 18:08:04 GMT

Here's one measure of just how big the current crude oil production boom is: Sometime this year, monthly U.S. crude oil production is expected to exceed crude oil imports, a situation that hasn't been seen since February 1995.

The reasons are the shale oil and gas boom, made possible by hydraulic fracturing, and discoveries of huge reserves beneath the deep waters of the Gulf of Mexico, an area where Texas-based Anadarko Petroleum Company (NYSE:APC) is making big discoveries.

China National Petroleum Corp. To Begin Crude Oil Production In Afghanistan, Output To Rise To 25,000 Barrels Per Day Of Crude Oil By Year-End

mikeobel — Wed, 20 Mar 2013 12:31:46 GMT

Afghanistan could start commercial crude oil production by the end of the year, as a $600 million project in the northern part of the country by China's largest oil company advances.

China National Petroleum Corp., or CNPC, expects production from wells in northern Afghanistan to go from zero to 25,000 barrels per day by year-end, the Wall Street Journal said Wednesday.

CNPC, which plans to use trucks to ship the crude oil to either Turkmenistan, Uzbekistan or Tajikistan, also said production is expected to climb to 40,000 barrels per day next year.

Obama To Call On Congress To Approve A $2 Billion 'Energy Security Trust' to Promote Alternative Transportation Fuels In Speech At Argonne National Laboratory Outside Chicago

mikeobel — Fri, 15 Mar 2013 12:00:31 GMT

President Obama will propose a $2 billion program on Friday to aid research on alternative vehicle fuels like electricity, homegrown biofuels, fuel cells and natural gas, according to a published report.

Obama, who is scheduled to introduce the program in a speech at the Argonne National Laboratory near Chicago, will challenge Congress to set aside funding for the initiative, which he calls the Energy Security Trust, USA Today said.

The president will say that the $2 billion will come from federal royalties from offshore natural gas and crude oil leasing.

Chevron Threatens To Stop Exploration Deal With Argentina Oil Company YPF After Its Assets Were Frozen

Angelo.Young — Thu, 14 Mar 2013 14:27:56 GMT

Chevron Corporation (NYSE:CVX) said a $1 billion deal with Argentina’s YPF SA (NYSE:YPF), a vertically integrated state-owned oil and gas company, is in jeopardy over an embargo of $19 billion worth of Chevron assets in the South American country.

Italy's ENI Energy Company Selling Stake In Mozambique Shale Gas Prospect To China's CNPC

mikeobel — Thu, 14 Mar 2013 12:36:16 GMT

Eni SpA, Italy's largest energy company, is selling a stake in a shale natural gas prospect in Mozambique to a unit of China National Petroleum Corporation (CNPC) for $4.2 billion, Eni said Thursday.

CNPC's Petrochina Company Limited will acquire a 20 percent stake in Mozambique's Area 4, which holds one of the world's largest shale natural gas reserves. Eni will retain a 50 percent stake in the property and continue to manage the project.

US Shale Gas Boom Attracting Investments From Chinese Energy Companies

Angelo.Young — Thu, 14 Mar 2013 11:50:19 GMT

A large private Chinese clean energy company says it plans to build natural gas refueling stations along U.S. highways for truckers. If it succeeds, it will join an increasingly crowded playing field among competitors seeking to capitalize on the U.S.' shale gas boom and the country's efforts to scale back its dependence on crude oil imports.

Two Years After Japan's Fukushima Meltdown, Developed Nations Still As Dependent As Ever On Nuclear Power

msingleton — Mon, 11 Mar 2013 20:46:30 GMT

Photo: International Business Times Countries with the most nuclear reactors and percent of electricity each generates.

Analysis: What Will It Take To Restore Venezuela's Once Mighty Oil And Gas Business?

mikeobel — Thu, 07 Mar 2013 15:38:42 GMT

This week's death of Hugo Chavez, the socialist firebrand who ruled Venezuela for 14 years, could open the door for foreign oil companies to return to a nation whose petroleum business now operates far beneath its potential.

The possibility and pace of any such return will depend on one thing: how badly the government needs cash, which is something that is in increasingly short supply.

US Energy Boom Puts Houston On Top For Corporate Expansion Projects; Area Housing Inventory At 13-Year Low

Angelo.Young — Tue, 05 Mar 2013 19:05:09 GMT

America’s de facto energy capital, Houston, Texas, is feeling the love of the current petroleum energy boom and expanding shale industry.

The sprawling city of 2.1 million residents has for the second consecutive year led the nation in the number of corporate expansion projects, according to a survey by Site Selection corporate real estate magazine in its March edition.