UK On Track To Approve Construction of “Mini” Nuclear Reactors

The United Kingdom could soon give Rolls Royce and a consortium of companies the go-ahead to build “mini” nuclear power plants, according to a new report by The Telegraph. London’s Department for Business, Energy and Industrial Strategy (BEIS) is due to issue a study on the matter soon, and industry sources said the Rolls Royce consortium’s plan should succeed over its competitor to win the government’s approval. A spokesman for the BEIS told The Telegraph: “We are currently considering next steps for the SMR…

Oil Nears $52 With Record OPEC Deal Compliance

WTI prices closed in on $52 a barrel on Monday as OPEC reported record compliance to its 10-month old output reduction agreement. A slowdown in North American drilling coincided with the industry cartel’s announcement, which propped up hopes of a shrinking oil supply glut. A Saturday statement by the Organization of Petroleum Exporting Countries (OPEC) showed that member countries, along with its NOPEC partners (Russia and the like) had been keeping up with their commitments from last November. The countries reached a 120 percent compliance…

Energy Giant Bets On Battery Breakthrough Within 5 Years

 North Carolina-based utility provider Duke Energy is betting on the rise of increasingly efficient battery technology to propel the rise of solar and wind power over the next five years, according to a new report by Forbes. “There’s going to be a lot of excitement around batteries in the next five years. And I would say that the country will get blanketed with projects,” Duke Energy business development managing director Spencer Hanes said on Thursday as part of a conference in Chicago. The cost of generating and storing…

PDVSA Booted From Caribbean Terminal Over Unpaid Bills

A total of $26 million in unpaid bills has caused Venezuela’s PDVSA to be blocked from using a NuStar Energy oil storage terminal in the Caribbean, according to an exclusive report by Reuters. The facility, located on St. Eustatius island, has not received payment from PDVSA for its services for nearly a year.  NuStar has since refused to retrieve PDVSA’s oil that was supposed to be delivered to an oil trader.   Quality control issues have also jeopardized Caracas’ credibility in international circles, which compromises…

Syrian Rebels Relinquish Control Of Major Gas Field

U.S.-backed rebel forces handed control of Syria’s largest gas field to Russian forces yesterday, following talks between Russian and Kurdish officials in northeast Syria, according to a new report by Zero Hedge. The senior officials recently met in Qamishli, possibly landing on a commercial deal for control of the major Syrian fossil fuel asset.  The Conoco gas field, located near the contentious Deir Ezzor area, was liberated from Islamic State forces at the end of last month. Russian forces assisted the Syrian rebels in capturing…

Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls

Northern Iraqi exports and output fell again this week as Baghdad’s oil ministry engineers scrambled to refit looted facilities that were recently recaptured from Kurdish forces, according to a new report by Bloomberg. One anonymous source familiar with the issue said on Thursday that Kirkuk’s Bai Hassan and Avana oil fields remained shuttered. The two fields had produced 275,000 barrels per day before Iraq launched its offensive against Kurdistan – a semiautonomous region that voted to gain independence from Iraq in a referendum last…

British Utility Companies Brace For Major Reforms

The United Kingdom’s gas and electric companies are due for massive reforms in the coming months, according to an announcement by the country’s energy regulator this week. The “radical reforms,” as labelled by the Guardian, seek to make the cost of energy more affordable for the nation’s residents. “Change is coming whether the industry likes it or not,” Ofgem CEO Dermot Nolan told energy firms in a passionate speech.  “To those who say they feel can’t do this in a world of more price regulation,…

Can Trump Drive A Wedge Between Saudi-Russian Alliance?

Together, Russia and Saudi Arabia produce a fourth of the world’s oil. The laws of competitive international commodity trading have pit the two petrostates on opposite poles of the U.S.-Russia geopolitical rivalry. But a new era of American oil exports and ailing national budgets is pulling Moscow and Riyadh together in trying financial times. President Barack Obama’s administration maintained a cold distance from Saudi Arabia in its final years. As the United States and its European allies began a war against the Islamic State in 2014,…

India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues

Venezuela’s Indian, Chinese, and American clients are complaining that crude shipments from PDVSA are poor in quality and are resulting in demands for discounts and returned shipments, according to a new report by Reuters, including interviews with over a dozen sources and supporting documents. The disputes involve the contamination of crude with water, soil, and other minerals that make it difficult for refineries to effectively process crude for mass consumption.  But the sources speculated that the low quality of shipments was due…

Oil Gains Spur Growth In Canada’s Oil Cities

A modest rebound in oil and gas prices in international markets has given Calgary and Alberta the distinction of being the fastest growing metropolitan areas in Canada this year, according to a report by The Conference Board of Canada carried by Markets Insider “The worst appears to be over for Calgary and Edmonton. Alberta’s economy has been getting stronger thanks to a rebound in drilling and increases in oil production, which has helped to fuel renewed economic growth in the province’s largest cities,” said Alan Arcand,…

China To Take 5% Of Rosneft’s Output In New Deal

CEFC China Energy is set to gain up to 260,000 barrels per day of oil supplies from Russia as part of its recent deal with Moscow to invest $9.1 billion in the Russian state oil giant Rosneft, according to a new report by Reuters. The recurring shipments will mean China will take five percent of Rosneft’s output, which will challenge Western oil traders’ dominance in the Asian markets. Chinese oil and gas investments have also reached Saudi Arabia, with CEFC offering to purchase a five percent stake in Saudi Aramco. CEFC will buy a…

Renewable Energy Startup Powering Native American Protest Camp

BoxPower, a Princeton-based renewable energy startup, is powering the campsite of a Native American tribe protesting the construction of the Pilgrim oil pipeline. Princeton entrepreneurs Angelo Campus and Aaron Schwartz are powering the off-grid protesters via solar panels, according to a new Forbes report. The company provided one of their one-off off-grid units to the protesters, which has the capacity to power five households and fits into a 20-foot shipping container. The units contain a solar array, batteries for storage, a wind-power unit,…

Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years

Hydrocarbon projects in India will get a US$300 billion boost over the next ten years as New Delhi prepares to grapple with growing energy demand in the subcontinent, Oil Minister Dharmendra Pradhan told reporters this week. “In the next 10 years, India is offering project scope of USD 300 billion (in hydrocarbon sector) looking into our future demand,” Pradhan said at the IndiaEnergyForum, organized by CERAWeek. The government has commissioned a team of experts to review project proposals that would be suitable for funding.  “We are forming…

Brazilian Conglomerate To Expand Into Renewables

Brazil is on its way to gain a new clean energy venture in Votorantim, a private company that plans to create a wind, solar and hydropower company, according to a new Reuters report. Votorantim has contacted the Canada Pension Plan Investment Board to finance the green energy platform, sources close to the company said. A company in Singapore and several North American pension funds have also demonstrated interest in the venture, sources added. A final deal on the matter is not imminent, they said, without disclosing the size of a potential investment.…

Saudis Aim To Reach Consensus On Output Deal Before Summit

De facto OPEC leader Saudi Arabia plans to reach a consensus on the future of the bloc’s production limits prior to the deal’s one-year anniversary in November, according to comments by Saudi Foreign Minister Khalid al-Falih on Friday. “I am looking forward to reaching a consensus, working with you in the next few weeks before we have the Nov. 30 meeting,” Falih said to Alexander Novak, his Russian counterpart. Russian President Vladimir Putin – a key non-OPEC country that synchronized an output reduction with the…

Musk Says Tesla Could Bring Puerto Rico’s Power Back Online

Puerto Rico governor Ricardo Rossello will engage in a dialogue with Tesla visionary and CEO Elon Musk about the possibility of Tesla bringing Puerto Rico’s power grid back to functionality after sustaining severe damage from Hurricane Maria. Musk’s extended his offer via Twitter on Thursday. The Tesla team has done this for many smaller islands around the world, but there is no scalability limit, so it can be done for Puerto Rico too. Such a decision would be in the hands of the PR govt, PUC, any commercial stakeholders and, most importantly,…

U.S. To Lift Sudan Sanctions, Re-Open Path For Oil Exports

Sudan’s oil and gas sector will re-enter the international fold in coming weeks as the United States plans to end an embargo against the country related to its human rights abuses and counterterrorism strategy, according to emerging reports. The Trump administration will follow through on a promise made by former President Barack Obama to lift the penalties against Sudan. A formal announcement from the State Department is expected as soon as Friday, the report said. Officials said Sudan has made significant progress in working with the international…

Iran, Iraq, And Turkey Unite To Block Kurdish Oil Exports

Iraq, Iran, and Turkey are taking a unified stance against Kurdistan’s oil sector after the region elected to seek independence from Baghdad in a referendum in September, according to a new report by Rudaw. “In the case of northern Iraq, Iran, Iraq and Turkey will form a tripartite mechanism and will decide on shutting down the oil,” Turkish President Recep Tayyip Erdogan said after a meeting with leaders from the other two nations on Thursday. A day before the vote, the Iraqi central government issued a statement…

Leading Climate Change Fund Claims Tesla Is Overvalued

A leading climate fund is dropping its support of Tesla after declaring it an overvalued stock, according to a new report. “We don’t see upside,” Thomas Sorensen from the Nordea Global Climate and Environmental Fund, told Bloomberg by phone on Thursday. “What’s needed in cash flow generation to get to the current valuation — we don’t see that happening.” Investors have continued their enthusiasm for Tesla’s growth in recent months as the company prepares for deliveries of its Model 3 vehicle,…

Survey Shows Spike In OPEC’s September Oil Production

September figures show that OPEC’s oil production rose in September with Saudi Arabia, Kuwait, and Libya all increased production according to a new Bloomberg survey. Total production from the cartel reached 32.83 million barrels per day, which marks a 120,000 bpd increase from August, the Bloomberg survey found. Libya and Nigeria are both exempt from output cuts agreed on by OPEC last November. Though Nigeria has agreed to limit production to 1.8 million bpd earlier this year, Libya has made no such pact. Nigeria’s production reached…

Tehran Blocks Oil Trade With Kurdistan

Tehran is taking a stance against the Kurdistan Regional Government by temporarily halting oil product shipments into the semi-autonomous region, according to reports emerging from the area. The Iran Road Maintenance and Transport Organization also banned oil product trades from the KRG to Iran, Tasnim news agency said. The move comes just days after the Iraqi Kurds voted to secede from Iraq and form their own government, despite opposition from Baghdad and the international community. Next, the KRG is due to set up a committee that will negotiate…

Twin Nuclear Plants In Georgia Get $3.7 Billion Lifeline

Nuclear power plants received a much needed boost from the Trump administration this week when the White House approved $3.7 billion in loan guarantees for two struggling power plants in Georgia. The pair is currently under construction, and has already received $8.3 billion in similar loans from the Obama administration. The loans would be funneled through three companies to the two projects. Of the promised debt, $1.67 billion would go to the Georgia Power Company, $1.6 billion would go to the Oglethorpe Power Corporation and $415 million would…

Libya Is Preparing To Ramp Up Oil Production

As a rather bullish sentiment has fallen over the oil markets, Libyan oil production is now set to rise after disruptions at the Sharara oil field are now behind it, according to a new report by Bloomberg. Total output will reach 950,000 barrels per day as the Organization of Petroleum Exporting Countries (OPEC) battles a supply glut to force an increase in global oil prices. The Sharara field, the largest in the North African country, reached 230,000 bpd this week, according to an anonymous source that spoke to Bloomberg. In August, Libyan production…

EV Market Gets Another Unlikely Challenger

Expect a “radical” new electric car from Dyson, the renowned vacuum cleaner and fan company, by 2020, the company says. Four-hundred Dyson employees have been working on the project for two years already at the corporate headquarters in Malmesbury, Wiltshire, the statement added. Still, no prototype has been assembled and aspirations for mass-market production seem far-fetched, since a factory site has yet to be chosen. “Competition for new technology in the automotive industry is fierce and we must do everything we can to keep…

Kuwait Greenlights Game-Changing Gas Fields Project After Years of Delay

Kuwait is green-lighting the development of non-associated gas fields after seven years of delays, according to a new report by S&P Global Platts, in a move that would more than double the Jurassic field’s non-associated gas production which has been static since 2010. The northern areas of the Gulf emirate will supply the gas-hungry Kuwaiti energy market with new supplies once tenders to build the new fields are fulfilled, the report said. Companies bidding on the engineering, construction, and procurement pieces of the tender have until…

Nigerian Oil Output Below 1.8 Million BPD Quota

Nigerian oil production remains below 1.8 million barrels per day, in compliance with a quota set on the African nation by OPEC earlier this year in response to its explosive output growth through 2017. Oil Minister Emmanuel Ibe Kachikwu made the announcement in Vienna, where the Organization of Petroleum Exporting Countries’ headquarters is located. The bloc has already agreed to extend output cuts through March 2018, although another extension may be in the works. Nigeria and Libya had both been exempt from the agreement when it was first…

Colorado Landfills Contain Radioactive Substances From Oil Sector

Landfills in Colorado have begun to fill their space with low-level radioactive substances from oil and gas activities, state health officials have said, according to the local news site the Daily Camera. After a series of meetings with local officials, state authorities have concluded that unknown amounts of radioactive material have been stored at landfills throughout the state. Local authorities are currently trying to prohibit the practice altogether by strengthening their oversight mechanisms. “There is some of it that is just going to solid…

Oil Majors Brace For More Niger Delta Attacks

The slow pace of talks between the Nigerian government and representatives from the Niger Delta—exacerbated by the impending 2019 elections—have frustrated the militants who prompted the negotiations, causing oil majors to be concerned about an impending wave of attacks on the oil and gas infrastructure in the area, a new research note from Verisk Maplecroft says. “The fragile peace in the Niger Delta is on the cusp of breaking down again,” Malte Liewerscheidt, the consultancy’s senior Africa analyst, said. “Militant…

Lukoil Looks To Sell Italian Refinery As Crimea Sanctions Intensify

Lukoil will begin to shift its focus towards domestic production by selling off its Italian refinery complex, two oil industry sources told Reuters on Wednesday. The move is part of the Russian firm’s drive to sell some of its foreign assets. The initiative is pushing Lukoil to put its Swiss energy trading wing Litasco up for sale as well, CEO Vagit Alekperov said earlier this month. It’s not clear how much money Lukoil could get from a Litasco sale, as most oil and commodity traders are not listed. According to Reuters, the book values…

Could Kurdish Independence Spark An Oil War?

As the date of the Kurdish independence referendum approaches, oil industry moguls should be concerned about an oil production war between Iran and headless Iraq. The Kurds are expected to vote on their political status in late September. A vote in the affirmative would mean that Iraq would lose a chunk of its northern areas, which includes the crucial Kirkuk oilfield and its surrounding reserves. The latest news from the election committee shows that the Kurdistan Regional Government (KRG) is doing the most it can to increase international participation…

Kuwait Faces New Oil Leak Near Ras al-Zour

Kuwait’s struggle with oil spills continues in September as the state news agency reports the clean-up of another leak off the southern coast on Monday, as the nation tries to juggle its  critical role in the future of natural gas markets as a key negotiator between Saudi Arabia and Qatar in a diplomatic crisis that has lasted for months on end. With the backing of the U.S. government, Kuwait is charged with mediating a dispute between two Sunni countries over their relations with Iran – a Shiite stronghold.  The Kuwait National…

Sonatrach Aims To Reform Algiers Energy Laws

Algerian oil and gas laws need an upgrade if it is to attract foreign investors, according to the North African country’s government petroleum company, Sonatrach. Sonatrach CEO Abdelmoumen Ould Kaddour told reporters that the current legal framework needs updating and strengthening for it to be a suitable competitive international energy environment. “We are talking to the government to make it more attractive for investment, I understand that taxes, and exploration legal framework, need to be changed,” he said. Italian Eni…

Qatar Unfazed By Arab Blockade

Qatar’s resilience in the face of months of economic and diplomatic ostracization echoes in the ears of Saudi Arabia—a regional and religious leader running out of options in its quest to keep the states on the Arabian Peninsula within the confines of its geopolitical agenda. Doha flaunted its perseverance in fulfilling international natural gas orders once again this week, when Energy Minister Mohammed Bin Saleh Al Sada confirmed this fact to diplomats and reporters in Doha. “During this blockade we have never missed a single…

Protesters Jailed Over Natural Gas Pipeline Protest In Virginia

Nineteen protestors were arrested during a protest in Richmond, Virginia, against the construction of the Atlantic Coast and Mountain Valley natural gas pipelines. The demonstration of roughly 40 people occurred outside of the Virginia Department of Environmental Quality, which is charged with granting water quality permits to the developers of the pipeline. “This is an area where we are being rocked by extreme weather.  Hurricane after hurricane and the wildfires in the west.  We can’t get a break.  We need to tell them to stop…

Houthis Threaten Saudi Oil Tankers

Houthi leader Abdel-Malek al-Houthi said his rebel alliance would begin attacking Saudi oil tankers should the Kingdom begin an offensive against the key Yemeni port of Hodeidah, according to a new report by Reuters. “We could target Saudi oil tankers and we could do anything, we have not done this before,” he said. The speech, which was televised across the Houthi leader’s territory, added that Yemeni missiles could reach the Emirati capital of Abu Dhabi, as well as anywhere in Saudi Arabia, though Reuters reports that the group’s…

India Sees Lowest Fuel Demand Growth In 14 Years

India reached a 14-year low in fuel demand as the effects of a massive flooding event that unfolded over the past few weeks become clearer. National oil demand fell by 6.1 percent as Indians in select areas tend to their homes to measure the water damage from stronger than usual monsoon rains. India is the world’s fastest growing oil consumer. The Asian country used 15.75 million tons of fuels last month, about 1 million tons lower than figures from last year from the same month. Demand for diesel – which represents 40 percent of fuel…

U.S. Cancels Push For Oil Embargo Against North Korea

In order to avoid a Chinese veto of United Nations sanctions against North Korea, the United States dropped a provision to enforce an oil embargo and start a naval blockade to economically strangle Pyongyang. An edited draft of the document, which the U.S. diplomatic team at the U.N. wrote, says the international community will still ban sales of North Korean textiles and will limit oil shipped to the pariah country. “This is a text designed for adoption,” one source told the Guardian. “If they were running it to force a veto,…

Aramco Plans To Sell Oil To Europe Via Egyptian Pipeline

Saudi Aramco could begin selling more oil to its European customers via a pipeline that runs through Egypt, according to an official statement from the state-run giant. As a result, the Sidi Kerir pipeline terminal could become a key industry hub, Ibrahim Al-Buainain, CEO of Aramco’s trading wing, said on Monday following a meeting with Egyptian oil minister Tarek al-Molla. The SUMED pipeline in question is run by the Egyptian General Petroleum Corporation (EGPC), which owns 50 percent of the facility’s assets. The rest is owned by…

Aramco Valuation Comes Under Scrutiny

Saudi Crown Prince Mohammed bin Salman says Saudi Aramco should be valued at $2 trillion for its initial public offering, but its true value will only be known when the company releases its financials next year. Because Aramco’s reserves are a staggering 266 billion barrels, the valuation of each of those barrels is particularly important. If, for example, each of those barrels get a $7 or $8 valuation, the $2 trillion valuation seems possible. But that’s not all what IPO valuations are based on. Investors use many of other metrics—financial…

Niger Delta Militants Rescind Threat Against Oil Majors

A coalition of militants in the Niger Delta who had previously vowed to attack Nigerian oil and gas pipelines if their demands were not met by October 1st, has agreed to rescind their threats on the fossil fuel infrastructure in the delta. Abuja held several closed-door meetings with the coalition on Thursday, after which the group declared its loyalty to the Pan Niger Delta Forum, which is negotiating with the federal government to increase the proportion of oil revenues used to develop the oil-rich delta. “Niger Delta Forum (PANDEF), the…

Venezuela Calls For Renegotiation Of OPEC Deal

High global oil inventories necessitate a renegotiation of the OPEC production cut deal from last November, according to Venezuelan oil minister Eulogio Del Pino. Del Pino told reporters at an energy conference in Kazakhstan that inventories remained roughly 300 million barrels higher than normal levels. “Those 300 million barrels are going to impact speculation in the market,” he said. “It (the level of inventories) is still very high.” Libya and Nigeria, two African countries that received exemptions from the OPEC agreement…

Rosneft CEO Attributes Oil Price Gains To Weak Dollar, Not OPEC

Rosneft CEO Igor Sechin says the recent rise in oil prices is due to a weak dollar, instead of efforts by rival OPEC to combat the global crude supply glut. He went so far as to say the bloc’s November agreement has had “no effect” on the crude market since implementation began. “The Americans support their shale oil producers through dollar depreciation. I believe that the OPEC deal has no impact on the market, it is the dollar devaluation,” Sechin added. There is speculation that the deal might be extended for another…

Largest Libyan Oilfield Back Online After Armed Assault

Libya’s largest oilfield is now fully operational following a couple of weeks of output turbulence, according to UPI, who received official confirmation of the oilfield’s operational status from Austrian energy firm, OMV. The “irregularities” had been caused by “gangsters,” said Mustafa Sanalla, head of Libya’s National Oil Corp. In late August, the assaults by the armed group Reyayna Patrol Brigade had forced some of the pipelines connected to the Sharara field to be shut down. The ordeal cost $160 million…

China Purchases 14% Of Rosneft From Qatar

China made a new move to strengthen its relationship with Russia this week by agreeing to buy a 14 percent stake in the oil and gas company Rosneft, according to a new report by the Associated Press. The $9 billion purchase will transfer the Qatar Investment Authority’s 14.16 percent Rosneft stake to CEFC China Energy Company Ltd., Glencore said on Friday. China bought the shares at a 16 percent premium to the Rosneft share price over the past month. Final negotiations and regulatory approvals are needed before the exchange goes through,…

Saudi Aramco To Cut Crude Allocations By 350,000 In October

Saudi Aramco will cut crude allocations to its buyers by 350,000 barrels per day in October, according to an insider source who spoke to Reuters. Saudi Arabia is required to cut production by 486,000 bpd in compliance with last November’s OPEC deal to reduce international crude supplies by 1.2 million bpd. In Asia, supply cuts will total 1.8 million barrels, with Japan being the main target, the source added. Supplies to the United States will fall to 600,000 bpd as well. Riyadh has been on a mission to reduce American inventories in order…

North Sea Crude Floating Storage Sees 60% Drop In Three Weeks

The total volume of North Sea crude stored in floating storage vessels has fallen since mid-August, according to shipping sources who spoke to Reuters. The decline in inventories testifies to the success of the OPEC deal in securing a rebalanced oil market, the sources added. Over the past three weeks, two 10 million-barrel supertankers, Desimi and Gener8 Neptune, saw their cargo decline to four million barrels each, traders said. China and South Korea have increased their orders for immediate delivery of North Sea crude, the Asian nations’…

Kazakhstan Seeks New Deal To Develop Delayed Kashagan Field

Kazakhstan plans to strike a standalone deal with a multinational oil and gas major to increase output at the Kashagan field, according to a Kazakh official who spoke to Reuters. Astana ramped up output by 9.9 percent between January to July, bringing its total production to 1.724 million barrels per day. The country had vowed to keep output below 1.7 million bpd last November, when OPEC and 11 non-member nations struck a landmark production agreement in Vienna. Kazakhstan does not plan to remain in violation of the OPEC deal for long. It hopes…

Oman To Become A Key Part Of China’s Silk Road

New Chinese investments are working to transform a small fishing village in Oman into the country’s new industrial center, according to a new report by Reuters. The city receiving all of the industrial attention is located 345 miles south of Muscat. The project promises an overall surge in Chinese investment in the country if it shows any indications of a success. Three years of low oil prices have pummeled the country’s revenues, making foreign direct investment a key source of new capital in a difficult time. Duqm, the city inundated…

China Declares Support For Punitive Action Against North Korea

Chinese Foreign Minister Wang Yi announced on Thursday Beijing’s support for punitive action against North Korea for its recent ballistic missile tests over Japan. The United States has proposed an oil embargo against North Korea enforced by the United Nations after Pyongyang authorized nuclear tests that violated several UN resolutions. Yi encouraged the global community to reach a consensus on a strategy to deescalate the North Korean nuclear program and eventually invite Pyongyang into international diplomatic circles. In additional to…

U.S. Braces For Second Major Hurricane In Two Weeks

Hurricane Irma has reached category 5-level winds, according to the latest reports from the Atlantic Ocean. If it hits land near Texas, it could destroy an oil and gas network already ailing from historic rainfall courtesy of its predecessor, Hurricane Harvey. Harvey knocked out one-fifth of oil production in the United States due to its activity in the Gulf of Mexico and certain parts of Texas. Still, it is uncertain if the newest hurricane will hit Texas at all. Some models strongly suggest the storm will turn north and hit the East coast, but…

Norway Plans Tax Breaks For Oil Companies In Arctic

New tax breaks will put Norwegians on the hook for oil production taxes levied by the United Nations for drilling deeper in the Arctic, according to Reuters. The report suggests the strategy of spreading legal costs to citizens could set an example for other nations planning to explore fossil fuel production farther and farther from solid land. Opposition parties in Norway seek to limit oil exploration in the country’s waters. The Scandinavian country’s sovereign wealth fund is famed for using its fossil fuel wealth to fund the development…

Qatar’s Latest Move Against The GCC Blockade

Three months after the announcement of a Gulf blockade against Qatar, the country is accelerating trade growth via a special port located on its shores, according to reports emerging from the region. The $7.4 billion Hamad port had been designed as a point of economic independence from Saudi Arabia and the United Arab Emirates. “This is a gateway to break the shackles imposed on Qatar,” Doha’s transport minister Jassim bin Saif Al-Sulaiti said at the port opening held on Tuesday. “Nothing can stop us and our ambition,” he added. Doha dodged…

Tesla’s New Frontier: Batteries And Wind

To power Tesla’s electric car empire, the company has joined hands with Vestas, a top wind turbine manufacturer, to create a storage system that would make power generated from wind useful during quiet days in the jetstreams. Vestas has been on this quest for a while already. Its research and development team already has ten projects lined up to tackle this issue. Both solar and wind power have this same drawback: a dark day or a windless morning can throw off power generation for entire communities. Natural gas turbines replaced solar…

Natural Gas Output In Kurdistan Set To Jump

Natural gas output in Iraqi Kurdistan is set to jump as the regional government settles a court case with a consortium of companies active in the area, according to Reuters’ conversation with Dana Gas. The Pearl Consortium – which consists of Dana, Crescent Petroleum, OMV, MOL and RWE – agreed to a $1 billion payout in exchange for violations of a 10-year-old deal to develop the Khor Mor and Chemchemal fields. Those areas are said to hold 17 trillion cubic feet in reserves, which could fulfill all of Europe’s gas needs for…

U.S. Taps 4.5 Million Barrels Of Oil From Strategic Reserve After Harvey

Approximately 4.5 million barrels of oil have been released from the Strategic Petroleum Reserve (SPR) in response to Hurricane Harvey’s effect on national gasoline availability.  Three million barrels of the reserves will reach Marathon Petroleum Corp and another 500,000 bpd will reach Valero Energy Corp. from the reserves at the Bayou Choctaw site, according to Bloomberg. Another million barrels had already been approved for shipment, the report said. “Without trying to affect the market place, we are trying to be as stable as we can,…

Cash-Strapped Venezuela Offers $5 Million To Harvey Victims

Venezuela is offering five million dollars’ worth of Hurricane Harvey relief to the United States just days after the White House approved a new round of sanctions against Caracas, according to emerging reports. Citgo, the PDVSA-owned company barred from repatriating any profits back to Venezuela, will be providing the relief funds, according to an article by the Houston Chronicle. The company owns the 157,000 barrel-per-day refinery in Corpus Christi and promises to use revenues from the facility to aid victims of the hurricane, which ravaged…

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