English Edition

Up From the Deep Sea: A Nightmare for Obama

Up From the Deep Sea: A Nightmare for Obama

Unlike Hurricane Katrina and its immediate, frightful images of people in crisis, the gushing BP oil well has been a slow-moving behemoth that is now taking a political toll on the U.S. president. Obama was already immersed in a long list of problems -- pushing a financial regulation overhaul, prodding Europe to stem a financial crisis, pressuring Iran and North Korea.

IEAs Birol: Era Of Cheap Oil Is Over

IEA's Birol: Era Of Cheap Oil Is Over

The era of cheap oil is over and a combination of underinvestment in production and a faster-than-expected recovery could push prices high, the chief economist of the International Energy Agency said Wednesday.

China, US Sign 8 Renewable Energy Deals

China, US Sign 8 Renewable Energy Deals

The U.S. and Chinese governments began a renewable energy partnership Wednesday in Beijing by signing eight government and corporation-level agreements covering five fields, state-run Xinhua News Agency said.

Russian Stocks May Fall 30% If Oil Slips To $50

Russian Stocks May Fall 30% If Oil Slips To $50

In a scenario in which oil slips to $50 a barrel, Russia's RTS Index would likely fall to 900 to 1,000 from its current level of 1290, Troika Dialog says. The ruble would slip to between 35 and 37 to the dollar, while corporate profits would drop 30%, according to the broker.

Former Iraq Oil Chief Blasts Baghdads Oil Deals

Former Iraq Oil Chief Blasts Baghdad's Oil Deals

The former head of Iraq's largest state-owned oil company and advisor to the country's oil ministry has criticized deals Baghdad signed with international oil majors to develop some of its biggest fields.

E.ON Ruhrgas Targets Gulf,Africa For More Gas Supplies

E.ON Ruhrgas Targets Gulf,Africa For More Gas Supplies

E.On Ruhrgas AG chief executive officer Bernhard Reutersberg said Wednesday the company is seeking to secure natural gas from the Persian Gulf region and Africa to diversify its supply base and make up for dwindling European production of the fuel.

EU Climate Chief:Move To 30% CO2 Cut Now Would Not Make Sense

EU Climate Chief:Move To 30% CO2 Cut Now Would Not Make Sense

Moving to a more ambitious target of cutting CO2 emissions by 30% by 2020, from the present 20% goal, wouldn't make sense at the moment, as not all the conditions are right, the European Commissioner for Climate Action said Wednesday.

South Stream Signatures

South Stream Signatures

Russia’s Gazprom and Greece’s natural gas grid operator DESFA will sign a deal on June 7 to build the Greek portion of South Stream, a Russian-led natural gas pipeline project, an official said on Monday. “The deal will be signed in Moscow,” DESFA spokesman Sotiris Hiotakis told Reuters.

China sets 5% tax on oil

China sets 5% tax on oil

China will levy a 5% resource tax on crude oil and natural gas sales and a 2% to 5% tax on coal in the Xinjiang region from 1 June, raising over 2 billion yuan ($292.8 million) for the region this year, according to local reports.

India Offers To Invest In Gas Fields In Turkmenistan

India Offers To Invest In Gas Fields In Turkmenistan

India Tuesday offered to invest in Turkmenistan's natural gas producing fields and set up a petrochemical plant in the Central Asian country as it seeks to secure its own energy supplies.

North Korea To Sever All Relations With South Korea

North Korea To Sever All Relations With South Korea

North Korea said Tuesday it was severing all relations with South Korea and cutting communications links in protest at claims that it had sunk one of Seoul's warships.

TNK-BP Has Completed Seismic Exploration Of Astrakhan Fields

TNK-BP Has Completed Seismic Exploration Of Astrakhan Fields

BP PLC's (BP) Russian joint venture TNK-BP Holding (TNBP.RS) said Tuesday it has completed seismic exploration of all three of its fields in the Astrakhan region in the River Volga delta. TNK-BP acquired three 25-year licenses to develop fields in the Astrakhan region at an auction in 2006.

UK Government Outlines Laws To Promote Low-CO2 Energy

UK Government Outlines Laws To Promote Low-CO2 Energy

The U.K.'s coalition government outlined legislation to promote low-carbon energy production and secure energy supplies announced in the Queen's Speech that was delivered to parliament Tuesday.