Total and Eni blame profit falls on conflict in Libya

Oil companies Total and Eni have both blamed profit falls on the conflict in Libya disrupting their production in the north African country.

France's Total saw its net profit decline 12% to 2.73bn euros ($3.89bn; £2.4bn) in the three months to 30 June.

Also affected by maintenance work reducing output at its oil rigs in the North Sea, this compares with a profit of 3.1bn euros a year earlier.

Oil and Gas Industry Profit Reports Spark Latest Outcry Against Subsidies

Congressional Democrats and environmentalists are resurrecting their calls to end a suite of tax breaks for the oil industry as the largest energy companies have announced their second quarter profits this week and debt discussions are dominating Capitol Hill debates.

The Senate in May voted down a proposal from Sen. Robert Menendez (D-N.J.) that would have repealed several tax breaks for the largest oil companies in order to pay down the deficit by $21 billion over the next decade. The vote came as both parties in Washington tried to score political victories from the soaring oil and gasoline prices plaguing the nation.

Gold price seen rising further by African Barrick Gold

FTSE 100 miner African Barrick Gold expects the price of gold to continue rising because of global economic uncertainty.

The company, the largest producer of the metal in Tanzania, said gold's attraction as a safe haven for investors means prices will grow further despite already clearing record levels of $1,600 per ounce.

Greg Hawkins, chief executive of African Barrick, said: "Against a backdrop of continuing uncertainty in the overall economy, we remain positive on the outlook for gold.

"We believe that the fundamental attraction of gold as a store of value as a result of the global credit crisis will continue to support future gold prices."

Mr Hawkins comments came as the company posted an increase in pre-tax profits to $178m (£109m) from $143m for the first half of 2011. Production levels were in line with expectations at 345,857 ounces, although this is a 3pc decline on last year following a security breach at one mine and a mill failure at another.

The results pushed African Barrick shares up 31.9, or 6.5pc, to 521p.

The company is a spin-off of the African assets of Barrick Gold, the world's biggest miner. Its shares had fallen sharply between February and June after missing production targets for 2010 and suffering the further setbacks at mines this year.

Private power contributes to our energy security

Letter writer Doug Morrison has a lot of misperceptions in his letter; I'll address a few. He claims that private power (IPP) is being bought by BC Hydro at three times market value, presumably referring to cheap "spot" power.

IPP power will of course cost more than that from BC Hydro facilities built decades ago, but is comparable or cheaper than new or expanded BCH facilities such as Abercrombie.

The Energy Report - Default to Oil

The Boehner bill goes down in flames and gives the tea party a win. Demands for real spending cuts as opposed to some political whitewash that just makes us feel better for a while has been defeated so now maybe there will actually be some real change we can believe. Default looks like a real option and some are starting to wonder if indeed this will be the end of the world or perhaps it's the medicine that our country needs to attain real long term fiscal responsibility. The type of change that may create an economy that will not saddle our children and our children's children with debt that will harm the dynamism of the US economy for years to come. Debt that will deny businesses to prosper and keep more American workers poor and in poverty with a system that is too bogged down with debt. Maybe this is the time to change Washington for good. Maybe this is time to fix the ridiculous excess in Washington and fix our tax code and Social Security and health care for real.

Energy Crisis and Food Security!

In modern history, due to various reasons, the economic power of any state defines her strength and sovereignty. All the world powers are too sensitive about their energy security.

Exxon profits up on higher oil prices

US oil giant Exxon Mobil has reported a rise in quarterly profits on the back of higher oil prices.

The company said that net profit rose to $10.7bn (£6.6bn) for the three months to June, up 41% from the same period last year.

The profit was its largest since the third quarter of 2008. The firm said production had risen by 10%.

Calvert Cliffs nuclear plant security faulted

Federal nuclear safety inspectors found unspecified "security deficiencies" at the Calvert Cliffs nuclear power plant in southern Maryland earlier this year, the Nuclear Regulatory Commission disclosed Wednesday.

NRC spokesman Neil Sheehan said the agency could not reveal the nature of the problem or discuss why it had conducted a special inspection of the plant from Jan. 26 through July 13. The five-member commission has refused since the 2001 terrorist attacks to release information about security, out of concern it might help people or groups seeking to attack or sabotage a nuclear plant, the agency spokesman said.

Global oil stocks release seen on halt for now

(Reuters) - Developed nations are unlikely to release more oil on to the market in coming days, a month after the first release failed to curb oil prices to help protect the global economic recovery, officials and analysts said.

The energy watchdog for industrialized nations, the International Energy Agency, shocked oil markets last month by announcing a release of 60 million barrels of oil and products to offset the loss of Libyan production.

Enhancing Pakistan’s Energy Security

With an economy highly dependent on energy imports, Pakistan’s energy security challenges are a liability that is exacerbating the country’s already poor governance record. However, mounting domestic pressures and the global economic rebalancing led by China and India could provide the impetus for Pakistan to emerge as a more responsible energy stakeholder.

£110bn energy investment plan revealed

Plans for £110bn investment into electricity generation in the UK have been unveiled in a white paper by the Energy Secretary Chris Huhne.

The radical plans aim to tackle the current challenges facing the electricity market to deliver the biggest reforms since privatisation, which Mr Huhne said will end "25 years of policy dithering."

The reforms include long-term price contracts with domestic nuclear power plants and offshore wind farms and measures to increase low-carbon electricity generation, including renewable energy and carbon capture and storage (CCS) to make electricity prices more stable.

House rejects Dem efforts to restore green energy research program

The House on Tuesday afternoon rejected a several Democratic amendments aimed at restoring funds to the Department of Energy's energy efficiency and renewable energy research and development program. Democrats argued Monday that the GOP's 2012 Energy and Water Appropriations Act, H.R. 2354, cuts funding for these programs unfairly, while leaving or even increasing funds for oil, gas and coal research and development.

Despite these arguments, the House soundly rejected several of the amendments, including language from Rep. Edward Markey (D-Mass.) to move $100 million into the green energy research program from nuclear and fossil-related programs. This amendment failed in a 154-266 vote.

Shale Gas in Poland Sparks Hopes of Wealth, Energy Security

The rush for shale gas in Poland is attracting some of the world’s biggest energy companies, giving the country hopes of energy security and strengthening ties with the United States.

Recent finds in northern Poland appear to confirm what experts have suspected for years - that Poland has Europe’s largest reserves of shale gas. The news promises to encourage what has become a feeding frenzy of major gas companies and Polish hopes of energy independence from Russia.

Word Choice Matters for Energy Policy

AUSTIN, TEXAS — When President Barack Obama speaks about the fuels of the future, his term of choice is usually “clean energy.”

At the Twitter Town Hall last week, where people asked the president questions via Twitter, Mr. Obama referred to “clean energy” five times.

The only similar term he used was “alternative energy,” once. Other descriptors, like “renewable,” “sustainable” and “green,” were not mentioned.

GOP wages energetic fight against light bulb standards

House Republicans are finally ready to make good on their promise to stay the execution of incandescent light bulbs.

After months of fiery rhetoric from conservative commentators including Glenn Beck and Rush Limbaugh, GOP members confirmed they’re on track for a floor vote Monday on a bill that would stop the federally mandated transition to more energy-efficient home lighting.

Defense Energy Security Caucus Launches

The military has been moving full force into the energy efficiency space. Now it might get a little help.

On Thursday, a bipartisan group of congressmen announced the launch of the Defense Energy Security Caucus, a government group that will focus on educating Congress and the American people on the importance of deploying sustainable and renewable energy solutions in the US military.

Energy companies face investigation over 27pc gap in wholesale price

Forensic accountants hired by Ofgem will scrutinise the wholesale fuel prices paid by the Big Six energy companies, as it emerged there was a 27pc difference in how much suppliers paid for electricity and 15pc in gas last year.

Energy companies regularly use rising wholesale prices as a reason why they raise energy bills for customers – often in quick succession.

RWE sale of npower 'threat to energy industry investment'

Britain's desire to boost investment and competition in the energy sector will be threatened if German utility group RWE presses ahead with a £5bn sale of npower, MPs have warned.

Goldman Sachs is understood to have been hired by RWE to conduct a strategic review of npower, one of the UK's "big six" energy firms.

This has been prompted by RWE's net debts of €27bn (£24bn) and concerns about the Coalition's energy policy, which threatens to diminish profit margins and require billions of pounds of investment in next-generation power stations.

British Gas fined for breaking green energy rules

British Gas will have to hand the energy regulator more than £4m in fines and repayments after breaking the rules on getting energy from green sources.

The company fell foul of the regulations that stipulate energy suppliers must get around 10pc of their power from renewables, such as wind farms.

They have to present documents called Renewable Obligation Certificates (ROCs) to prove this. Any shortfall incurs a financial penalty paid into a central pool

Shell's giant Kazakhstan oil project in crisis

Royal Dutch Shell and its partners are to ask the Kazakh government for an extension to the 2013 deadline for the first oil from their troubled Kashagan field.

Kazakh oil minister Sauat Mynbayev has repeatedly threatened the consortium of oil companies with heavy financial penalties if it misses the 2013 final deadline.

Japan Finance Minister: To Work With South Korea As "Partners" At G-20

TOKYO (Dow Jones)--Japan's finance minister said Friday he agreed with his South Korean counterpart to cooperate as "partners" in key international forums such as the Group of 20 largest industrialized and developing nations.

Big Six energy firms made very different profits last year, Ofgem figures show

The big energy companies made wildly different amounts of money from supplying customers last year, with E.ON and Centrica bringing home substantial profits while EDF, npower and Scottish Power suffered tougher times.

According to new figures disclosed to Ofgem, RWE npower, made £14m in profit on revenue of £6.2bn. Scottish Power made £82m on revenue of £3.5bn and EDF said it made a £92m profit on a turnover of £6.3bn.