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Kazakhstan Investigates Kazakh Oil Giant $1.25 bln Embezzlement Scam

Kazakh authorities have launched a criminal investigation against the directors of the oil consortium Karachaganak Petroleum Operating (KPO) suspected of embezzling 187 billion tenge ($1.25 billion), a Kazakh financial police official said on Thursday.

Gulf of Mexico Leak Grows, Oil Slick Nears Shore

The U.S. Coast Guard said on Wednesday five times as much oil as previously estimated was leaking from a well beneath the site of a deadly drilling rig explosion as the slick threatened wide-scale coastal damage for four U.S. Gulf Coast states.

Putin: Russia May Cut Export Duties For Caspian Oil – Interfax

Russian Prime Minister Vladimir Putin said Wednesday it is possible that the country could reduce export duty for oil from the Caspian Sea, Interfax news agency reports.

IEA's Birol: $85/Bbl Oil Hurts Developing Countries

Current world oil prices around $85 a barrel are hurting lesser developed countries and restricting their growth, Fatih Birol, chief economist of the International Energy Agency said Wednesday.

Obama Administration Approves First US Offshore Wind Farm -Source

The Obama administration has decided to approve what would be the nation's first offshore wind farm, delivering a major symbolic victory for a fledgling industry after years of litigation and lobbying over the project, according to a person familiar with the decision.

Russia's Lukoil Launches Korchagin Oil Field In Caspian Sea

Russia's biggest independent oil producer OAO Lukoil Holdings (LKOH.RS) said Wednesday it started commercial production at the Caspian offshore field Yuriy Korchagin, which could reach annual output of 2.5 million metric tons of oil at peak.

China: Must Step Up 2010 Efforts To Reach Energy Saving Goals

Romanian Government Approves Carbon Trading Scheme

The Romanian government Wednesday gave its go-ahead to a carbon trading scheme aimed at cutting greenhouse gas emissions, hoping to earn up to EUR2.5 billion until 2012. "Romania can trade about 300 million credits, divided into 1 million-ton packages," Economy Minister Adriean Videanu said during a press conference.

Gazprom, ENI to Cede 10% of South Stream to EDF - Putin

Russia’s natural gas monopoly Gazprom and Italy’s ENI energy giant will cede 10 percent of their share in the South Stream project each to Electricite de France (EDF), Russian Prime Minister Vladimir Putin told journalists on Tuesday commenting on a statement he made in Milan that the French company would get a stake (20 percent) in the project.

Peak Oil Era: Why the Cost and Risk of Oil Exploration Will Keep Rising

Transocean’s Deepwater Horizon oil rig — which exploded and subsequently sank this week — was pushing the bounds of offshore oil and gas exploration in every possible way. The massive ultra-deepwater semisubmersible oil rig is a feat of engineering that has the ability to operate in 8,000 feet of water.

EDF’s Proglio Takes Global Water Battle With Mestrallet Nuclear

Henri Proglio and Gerard Mestrallet, the Frenchmen who run the world’s biggest utilities, fought for a decade to win water contracts around the world. Now, the rivalry goes nuclear.

IENE’s One-Day Conference in Sofia to Promote Hellenic-Bulgarian Energy Co-operation

Well-known personalities of the energy sector from Bulgaria and Greece are gathering in Sofia , Bulgaria on April 29th, 2010 on the occasion of the one-day conference on “ Hellenic-Bulgarian Co-operation in the Energy Sector” organized by the Institute of Energy for SE Europe (IENE) in co-operation with the Hellenic Business Council in Bulgaria (HBCB) . The conference will review the cooperation so far between Greek and Bulgarian energy companies and organizations but will also explore the future prospects for a broader cooperation between Greece and Bulgarian in the energy sector

IENE’s 4th South East Europe Energy Dialogue Emerges as Key Regional Energy Event

The “4th South East Europe Energy Dialogue”, the forum for furthering the idea of a S.E. European energy bridge, involving all the countries of the immediate and broader region, is once more being held in Thessaloniki, at the Hyatt Regency Hotel, on June 3 and 4, 2010, organized by the Institute of Energy for SE Europe (IENE). Following the success of the previous Energy Dialogue conferences, held over the last three years, this important international gathering, which is being organized in association with the World Energy Council (WEC), is expected to attract record participation from speakers, companies and international organizations