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Cyprus Planning Sovereign Gas Fund; Growing Interest for New Drilling

Πεμ, 20 Οκτωβρίου 2011 - 16:27

Cyprus has not even confirmed the existence of natural gas off its shores, but it is already thinking about setting up a sovereign wealth fund to manage the riches it hopes will come its way. Gas has the potential to transform the island, but assuming the first results from exploratory drilling due in December are positive, it will be a long time before the euro zone's third-smallest economy is able to export gas, Trade and Industry Minister Praxoula Antoniadou told Reuters.

Bosnia and Herzegovina Passed the Decision to Accept the MOU with Shell Exploration

Πεμ, 20 Οκτωβρίου 2011 - 15:21

The Government of the Federation of BiH (FBiH) passed the decision to accept the Memorandum of Understanding with Shell Exploration Company B.V. - a company established in the Kingdom of the Netherlands, with registered office in The Hague – and the decision granting authorization for its signing

European Commission: 50 Bil. Euro Investment for Energy, Communication and Transportation Grids

Πεμ, 20 Οκτωβρίου 2011 - 15:20

The European Commission has yesterday tabled a plan which will fund €50 billion worth of investment to improve Europe's transport, energy and digital networks. Targeted investments in key infrastructures will help to create jobs and boost Europe's competitiveness at a time when Europe needs this most.

Giant Gas Find for Eni in Mozambique

Πεμ, 20 Οκτωβρίου 2011 - 15:18

Eni has announced a giant gas discovery at its Mamba South 1 prospect offshore Mozambique. The Area 4 discovery well encountered a total of 212 metres of continuous gas pay in high-quality Oligocene sands, the Italian player said in a statement on Thursday.

GDF Suez Would Review Belgian Investments If Nuclear Tax Approved

Τετ, 19 Οκτωβρίου 2011 - 18:22

French power company GDF Suez SA (GSZ.FR) said it would reconsider planned investments to extend the life of some of its nuclear reactors in Belgium if the government approved a tax increase on the nuclear generation industry.

Iraq, Oil Majors Agree To Build Oil Field Water Injection Plant

Τετ, 19 Οκτωβρίου 2011 - 18:22

Iraq has agreed with oil majors to build a multi-billion-dollar oil field water injection plant in the south of the country, after disagreement over costs that suspended the project for months, a senior Iraqi official said Wednesday.

Polish Gas Firm May Launch Arbitration Against Gazprom

Τετ, 19 Οκτωβρίου 2011 - 18:22

Poland's state-controlled gas firm PGNiG SA (PGN.WA) may launch arbitration proceedings against Russia's OAO Gazprom (GAZP.RS) if by the end of October the Russian firm doesn't agree to cut its prices for natural gas, a PGNiG executive said Wednesday, according to state-owned newswire PAP.

IEA: Dire Future For Energy, Climate Without Policy Action

Τετ, 19 Οκτωβρίου 2011 - 18:21

The world is headed for a "dire future" where high energy prices drag on economic growth and global average temperatures rise by more than 3.5 Celsius, unless there are significant innovations to lower the cost of clean energy and carbon capture technology, said the International Energy Agency Wednesday.

Azerbaijan Jan-Sep Oil Output Down 8% On-Year At 35.5M Tons

Τετ, 19 Οκτωβρίου 2011 - 18:21

Azerbaijan produced 35.5 million metric tons of crude oil in January to September, down 7.9% from the same period last year, the state statistics agency said Wednesday.

Growth In Iron Ore, Steel Financial Markets Seen Outpacing Oil

Τετ, 19 Οκτωβρίου 2011 - 18:19

The financial markets in iron ore and steel have huge growth potential, with development in the materials' financial products sectors out-pacing early growth in the now-large oil derivatives market, the head of metals brokerage at BNP Paribas Commodities Futures said Tuesday.

Gazprom Slams EU, Dismisses Spot Pricing

Τετ, 19 Οκτωβρίου 2011 - 17:26

Europe must accept that oil-linked long-term contracts for gas are the mainstay of the industry and cannot be abandoned, the deputy head of the state-backed Russian energy firm told IEA ministers on Tuesday.

$100bn Spend Planned for Iraqi Fields

Τετ, 19 Οκτωβρίου 2011 - 17:25

Foreign companies ExxonMobil, BP and Eni plan to invest about $100 billion to upgrade three oilfields in southern Iraq, according to the top energy advisor to the Iraqi Prime Minister.

IEA: Almost Too Late To Limit Global Temperature Rise To 2C

Τρι, 18 Οκτωβρίου 2011 - 18:30

The door may be closing on the opportunity to prevent average global temperatures from rising by more than two degrees Celsius, unless urgent, bold action is taken, said the International Energy Agency's Chief Economist, Fatih Birol, Tuesday.

Japan To Depend More On Thermo Power Generation

Τρι, 18 Οκτωβρίου 2011 - 18:29

Japan will depend more on thermo power generation "for a while" after it reduced output of electricity from its nuclear reactors as a consequence of the Fukushima Daiichi disaster, Trade and Industry Minister Yukio Edano said Tuesday.

Lukoil Makes Approach To Trade Petroleum With Libya Co

Τρι, 18 Οκτωβρίου 2011 - 18:29

Russia's independent oil company OAO Lukoil (LKOH.RS, LUKOY) has approached Libya's Arabian Gulf Oil Co. to supply fuel products in exchange for future crude production, one official at the Libyan company said recently.

BP Solar Selects Telvent Control Technology for Global Operations Center

Τρι, 18 Οκτωβρίου 2011 - 18:28

Telvent GIT, S.A. (Nasdaq:TLVT), a leading real-time IT solutions and information provider for a sustainable world, announced today that it has been selected by BP Solar International, Inc., an alternative energy subsidiary to BP (NYSE:BP) and one of the world's leading solar companies, to deploy control technology for BP Solar's Global Operations Center initiative.