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Bulgaria Adopts Urgent Anti-crisis Measures To Curb Deficit

Bulgaria's government adopted Wednesday a package of 60 anticrisis measures in a move to curb its ever widening budget deficit. The measures aim to cut spending and boost revenues in order to add another 1.6 billion leva (EUR818 million) to the budget, Prime Minister Boyko Borisov told journalists before the cabinet meeting that approved the package.

Total To Extract 300 Mln Barrels Of Oil In Republic Of Congo

French oil giant Total SA (TOT) is preparing an exploration project that will allow it to extract up to 300 million barrels of oil in the Republic of Congo, its Africa director said Wednesday.

TNK-BP To Triple 2010 Exploration Investments To $400 Mln

Iraq To Hit Only Half 12M B/D Oil Output Target -CERA

Iraq is only likely to achieve around half its target of growing oil production to 12 million barrels a day in the next six or seven years, Cambridge Energy Research Associates, which is part of energy consultancy IHS, said Wednesday.

Despite Profit, PPC Shares Fall

State-controlled power company Public Power Corporation (PPC) showed lower-than-expected profits for 2009 after it took a write-down on its property and recession hurt its clients.

Bulgaria is Among the Top Investment Destinations in Southeast Europe

According to 54% of the companies, our country will attract more foreign capital over the next 3 years Bulgaria ranked third among countries in Southeast Europe in terms of attracting foreign direct investments (FDI), showed a survey of the U.S. Ernst & Young company, conducted among 203 executives of multinational companies in late 2009.

Austrian Utility EVN To Invest 51.1 Mln Euro in Cogeneration Unit in Bulgaria

Austrian power utility EVN will invest some 100 million levs ($69.7 million/51.1 million euro) in a new cogeneration unit in Bulgaria's second largest city of Plovdiv.

Russia, IAEA Agree To Establish World's First Nuclear Fuel Bank

Russia has signed a deal with the UN's nuclear watchdog, the International Atomic Energy Agency (IAEA), to set up the world's first nuclear fuel bank of low-enriched uranium for countries that need fuel for civilian purposes, including nuclear power plants.

World Energy Briefing Hears of Peak Oil by 2020

The world’s energy ministers are currently discussing a forecast of global oil supplies “peaking between 2020-2025.” The International Energy Forum is the world’s largest gathering of Energy Ministers, who collectively represent “more than 90 per cent of global oil and gas supply and demand.” It is meeting March 29 –31 at the Mexican resort of Cancun.

Obama to Announce Expanded Offshore Oil Drilling Plan

U.S. President Barack Obama will today announce proposals to allow oil and natural-gas drilling off U.S. coastlines in the Atlantic Ocean and Gulf of Mexico when he delivers a speech on energy security.

Greece Plans to Sell Global Dollar Bond by Early May

Greece plans to sell a global bond in dollars in the next two months to help raise 11.6 billion euros ($15.6 billion) in funding requirements by the end of May after investors lost money on its most recent sale.

Iranian Nuclear Scientist Defects to U.S.

An Iranian nuclear scientist who has been missing since June has defected to the United States and is helping the CIA, ABC news reported on Tuesday.

OPEC Undecided on Action if Oil Breaks from $70-80

OPEC officials on Tuesday appeared undecided on how to respond if oil prices rose definitively above the $70-80 a barrel range they have praised this month, highlighting a looming challenge for the cartel.