US witnessing biggest oil boom in 40 years

HOUSTON: The United States' average daily oil production is on track to surge by 1 million barrels per day this year, the biggest one-year jump in the nation's history, according to latest official figures.

Crude Rises Above $100 as U.S. Supplies Fall

West Texas Intermediate crude rose above $100 a barrel for the first time in two months after a government report showed U.S. supplies fell to the lowest level since September. Prices capped a second weekly gain.

UK power firm boosts compensation for Christmas blackouts

LONDON: One of Britain's biggest power distributors pledged on Saturday to almost triple compensation to households left without power over Christmas after the first of two fierce winter storms battered the country.

Japan Eyes Smart Meters, Fuel Cells to Tackle Climate Change

TOKYO -- Japan plans smart meters in every residence and factory by the early 2020s and 5.3 million fuel cells in homes by 2030 to tackle climate change, according to a report to be submitted to the United Nations.

WTI Crude Rises to 2-Month High on U.S. Jobless Claims

West Texas Intermediate crude rose to a two-month high on a report showing that fewer Americans than projected filed applications for unemployment benefits.

Hinkley Point C nuclear subsidy plan queried by European commission

The European commission has started an investigation into UK plans to subsidise the construction and operation of Hinkley Point C nuclear power station in Somerset, in a challenge to the government's plans to overhaul Britain's creaking energy infrastructure.

Exclusive: China commits $6.5 billion for Pakistani nuclear project

(Reuters) - China has committed $6.5 billion to finance the construction of a major nuclear power project in Pakistan's port city of Karachi as it seeks to strengthen ties with its strategic partner, Pakistani officials said.

2013 Draws to a Close: Clean Energy Scorecard

Global private capital renewable energy investments are still above $250 billion for 2013.

World powers and Iran pause nuclear talks for Christmas

(Reuters) - Six world powers and Iran have suspended their expert-level talks on implementing a landmark nuclear deal until after Christmas, a spokeswoman for European Union foreign policy chief Catherine Ashton said on Sunday.

Morgan Stanley sells oil trading business to Russia's Rosneft

LONDON/MOSCOW (Reuters) - Morgan Stanley has sold the majority of its global physical oil trading operations to Russian state-run oil major Rosneft , becoming the latest Wall Street firm to dispose of a major part of its commodity business.

U.S. Fuel Consumption Advanced in November, API Says

U.S. fuel consumption increased in November to the highest level for the month in six years as the economy grew, the American Petroleum Institute said.

Fracking companies entitled to licences on more than 60% of British land

Two-thirds of the UK's land will be available for fracking companies to license, a government map published on Tuesday shows, with new areas opened up in the Midlands, Cumbria and Wales.

Energy Efficiency Is Long Overdue

On a global scale, we humans are becoming more energy efficient with each passing year. Even so, we’re exploiting only a fraction of the technological opportunities to use energy more cost-effectively.

Petrobras scrambles diesel armada from India after refinery fire

HOUSTON/NEW DELHI: Brazil's state-run Petrobras has booked extra cargoes of fuel from India, most of it diesel, market sources said on Friday, after a fire two weeks ago shut down its fifth-largest refinery.

European Lawmakers Support Carbon Trading System

The European Parliament on Tuesday approved a rescue plan for the European Union’s system for trading carbon-emission credits.

Experts Eye Oil and Gas Industry as Quakes Shake Oklahoma

OKLAHOMA CITY — Mary Catherine Sexton has been rattled enough.This fall her neighborhood in the northeastern part of this city has been shaken by dozens of minor earthquakes.

Mexico moves to open oil resources to foreigners

Mexico's Senate has approved a measure to open the state-run oil fields to foreign investment for the first time in 75 years.

Fracking support from government climate change adviser

Britain should push ahead with fracking, the chairman of the government's advisory body on climate change has said.

European development bank cuts funding for coal power

The European Bank for Reconstruction and Development (EBRD) will focus on energy efficiency and renewable energy investments over the next five years and slash its funding for coal projects, a managing director at the bank told Reuters.

Brent Falls on German Data as WTI Discount Narrows

Brent crude dropped after German industrial output unexpectedly fell, signaling an uneven recovery in Europe’s largest economy.

Labour's energy price cap unwise, says OECD chief

Labour's plan to freeze energy bills after the election has been branded unwise by the head of the Organisation for Economic Co-operation and Development.

Shell Opts Not to Build Plant on Gulf Coast, Citing Costs

Royal Dutch Shell said on Thursday that it would not build an immense gas-to-liquids plant on the Gulf Coast because of concerns over its cost.

Mexican authorities find stolen truck containing radioactive material

Mexican police have found a truck containing radioactive material that was stolen as it was being transported from a hospital near Mexico City.

Canadian Natural Upgrader Cost Increases by Almost 50%

Canadian Natural Resources Ltd. (CNQ) said a 50,000-barrel-a-day oil-sands plant backed by the Alberta government will cost C$8.5 billion ($8 billion), almost 50 percent more than estimated previously, and be delayed.

Renewables industry welcomes reduced subsidies for onshore windfarms

Reduced subsidies for onshore windfarms and solar power announced on Wednesday are "good news", according to a leading renewable energy trade body, because it shows the costs of the technologies are coming down.

BP wins US court reprieve over Gulf spill payments

BP has won a partial victory in its court battle over compensation to those affected by the Gulf of Mexico oil spill, which could save the oil giant millions in payouts.

US shale gas plan to make Grangemouth profitable

Britain is to see its first deliveries of US shale-derived gas in 2016 when Ineos completes a £300m investment programme at its Grangemouth plant in Scotland.

Petrobras Gets Fuel Price Increases to Ease Import Losses

Petroleo Brasileiro SA (PETR4) is increasing fuel prices as the world’s most indebted oil producer seeks to eliminate the gap between local and global values to help bolster profit.

David Cameron to argue in favour of green jobs in new year

David Cameron has reached out to modernising Tories by saying in private that he will argue in favour of the economic benefits of renewable energy in the New Year after George Osborne has "cauterised" public angst over green levies in his autumn statement.

Argentine threat over Falkland Islands oil operations

Argentina has threatened oil businesses operating off the Falkland Islands with fines, confiscations and jail sentences for their executives.

Scottish Independence Vote Hinders North-Sea Oil Business Plans

Scotland’s independence referendum next year is hindering the plans of North Sea oil companies by clouding the outlook for taxes, fiscal policy, regulation and bank finance, according to a survey of industry executives.

Our Best New Foreign Policy Tool: Energy

By Alexanser Mirtchev

To date, the extensive policy debate over production of non-traditional fossil fuels, such as shale gas, and the resulting possibility for the use of those resources by the United States  has not adequately focused on an important consideration: the geo-economic and foreign policy implications and advantages to the United States, its allies, and global economic security overall, stemming from these new fossil fuel resources.

New gas resources and exports of liquefied natural gas (LNG) from the U.S. are an added economic resource, which can allow the U.S. to mitigate its own and the reliance of many of its allies in Europe on external sources of fossil fuels. Europe is extensively dependent on gas imports, especially from Russia, as well as  Algeria, Qatar and others. According to the International Energy Agency, Europe depended on oil and gas imports for over 60% of its demand in 2010, and this dependence is set to increase to over 80% by 2035. At the same time, the external energy suppliers to the EU have demonstrated their willingness to use the leverage of European energy dependence for foreign policy purposes. Several times in recent history, Russian disputes with countries through which those pipelines transit – most notably disputes with the Ukraine in 2006 and 2009 – have caused either actual supply shortages or fear of supply shortages to Europe, which was sufficient to roil the local markets. The simple knowledge that Europe depends on foreign gas has allowed exporters to use producer power as a foreign policy leverage.

The preferred manner of transporting gas to European markets has been pipelines, but currently only one meaningful alternative pipeline route is being developed – from Azerbaijan to Europe – to provide a check on Russian natural gas power. This raises the importance of LNG, the other alternative form of supplying distant markets. Because LNG is transported in vessels, supply is not limited by pipeline infrastructure but instead can be delivered to various markets so long as LNG regasification facilities exist. European countries such as Belgium, France, Italy, the Netherlands, Portugal, and Spain currently import LNG. Additional LNG regasification facilities and increased supplies of LNG on the world market will increase European energy security. This is where the U.S. is in position to become an adequate optional source of energy and energy security for its European allies.

With huge supplies of natural gas and the technical capability to produce large quantities of gas on a steady basis for years to come, the introduction of meaningful volumes of U.S. LNG into world markets will disrupt the current market, threaten the incumbents and ultimately lead to the creation of a liquid global spot market for LNG. It will not require duplicative infrastructure, only sufficient adjustments and adaptation to ensure that loss of other suppliers will not constrain consumers. Once European buyers are able to tap into liquid global markets rather than long-term contracts with one or two suppliers, they will be less intimidated by prospects of shutdown or other forms of manipulation of gas deliveries. The mere availability of adequate LNG regasification infrastructure and supply may be all that is necessary to prevent gas exporters from using natural gas supply as geopolitical leverage, nudge them to take diversification seriously and spur a wave of market reforms, contributing to the improvement of global economic security.

The geopolitical opportunities presented by the shale revolution and the prospect of LNG exports cannot be underestimated, and yet these considerations seem to rarely factor into the current debate in the US about LNG exports. The economic rationale for increased LNG exports from the US have been well documented. A recent IHS study puts the increase in US industrial production at $252 billion by 2020, thanks to lower energy prices in the US and other economic ‘spillovers’ from unconventional oil and gas. The objections fall into two categories: (i) those large US industrial consumers that benefit from low natural gas prices and thus for parochial reasons want to limit demand by closing off export markets in order to keep an imbalance between supply and demand that results in artificially low prices; and (ii) environmental interests opposed to hydraulic fracturing used to produce much US natural gas and who therefore want to close off export markets in order to try to limit natural gas production. While the economic case alone outweighs these objections, the case for US LNG exports becomes even stronger when one further takes into account how US LNG exports stand to advance US foreign policy, geo-economic and geopolitical interests.

Dr. Mirtchev is an economist who frequently writes on global economic security and energy issues.

France's Total to explore offshore South Africa in 2014

Nov 27 (Reuters) - France's Total will drill an exploration well off the coast of South Africa in 2014 in a new phase of exploration also targeting Kenya and the Ivory Coast, a senior company official said on Wednesday.

Energy firm RWE npower axes £4bn UK windfarm amid political uncertainty

Britain's green ambitions have been dealt a blow as a big six energy company has pulled the plug on one of the world's largest offshore windfarms, with the political storm enveloping the industry threatening the multibillion-pound investments needed to meet emissions targets and head off a looming capacity crunch.

Energy firms' profit from customers has risen 77% in a year, says Ofgem

The big six energy firms face further pressure over household bills after the industry regulator revealed that profits per customer climbed 77% last year to £53.

Pollution Pact From China to India Shows Rift: Carbon & Climate

China and India’s success in weakening the latest global warming agreement created friction with other developing nations that are seeking to step up the fight against climate change.

Iran Nuclear Talks Mired in Details of Enrichment, Arak

Foreign ministers met in Geneva on the fourth day of negotiations over Iran’s nuclear program, which remain mired in the same implacable issues that have prevented the signing of an accord in two previous rounds.

China Plans To Launch Its Own Crude Oil Futures Market

China, the world's largest energy consumer, on Friday took a step towards launching a market of its own for crude oil futures -- which foreign investors may be allowed to trade.

Solar industry facing job losses as household panels takeup tapers off

One in ten Australian homes now has solar panels but takeup has levelled off and the solar industry is facing significant job losses due, in part, to unhelpful government policies, according to a new report.

WTI Oil Rises From 5-Month Low as Refinery Use Climbing

West Texas Intermediate crude rebounded from a five-month low before a report projected to show that U.S. refineries bolstered operations as they ended seasonal maintenance.

British nuclear energy industry could attract South Korean investment

South Korea could become the next nation to take a stake in the British nuclear industry as the financing deal with France and China for a new reactor at Hinkley Point in Somerset creates a wave of wider interest.

Renewable Fuels Quota to Be Cut in U.S. EPA Change

The Obama administration proposed a cut in the amount of renewable fuels that refiners must blend with gasoline next year, bowing to oil industry complaints that the targets contained in 2007 legislation were too high.

EnQuest cleared to develop £4bn Kraken oil field off Shetland

A £4bn investment in a major oil field off Shetland has been given the go-ahead. The Kraken field, which is estimated to contain nearly 140m barrels of oil, is majority-owned by Aberdeen-based EnQuest.

US oil output beats imports for first time in 18 years

US domestic crude oil production has exceeded oil imports for the first time since 1995, according to the Energy Information Administration (EIA).

OPEC not expected to change output next month: Kuwait

Kuwait City (AFP) - Kuwait Oil Minister Mustafa al-Shamali said Wednesday that he does not expect the OPEC oil cartel to change production at its next ministerial meeting in December.

RPT-Iran fuel oil exports to plunge as winter boosts local use -source

Nov 11 (Reuters) - Iran's fuel oil exports will plunge to as little as a third of previous levels over the next few months as winter demand forces the country to divert the product to its own power plants, according to a National Iranian Oil Company (NIOC) source.

Zimbabwe's Kariba dam 'be to expanded' after China deal

China has lent Zimbabwe $319m (£199m) to ease electricity shortages by expanding its Kariba hydropower station, Zimbabwe's Finance Minister Patrick Chinamasa has said.

Forests could face threat from biomass power 'gold rush'

Britain's new generation of biomass power stations will have to source millions of tonnes of wood from thousands of miles away if they are to operate near to their full capacity, raising questions about the claims made for the sustainability of the new technology.

World powers set for new round of Iran nuke talks

GENEVA: Iran and world powers remain split on terms of a nuclear deal because of differences on ways to reduce Tehran's ability to make atomic weapons using plutonium and enriched uranium, French foreign minister said Saturday.

Tepco Strives for Milestone at Fukushima With Fuel Removal

Tokyo Electric Power Co. plans this month to begin removing spent fuel from the wrecked Fukushima Dai-Ichi nuclear facility, the most significant test to date of its ability to contain the threat stemming from the worst nuclear disaster since Chernobyl.

Fossil fuel subsidies 'killing UK's low-carbon future'

Britain is "shooting itself in the foot" by subsidising its coal, oil and gas industries by $4.2bn (£2.6bn) a year even as government reviews the "green levies" on energy bills which support energy efficiency and renewable power, according to a report published on Thursday.

Centrica signs £4.4bn gas import deal with Qatar

Centrica (LSE: CNA.L - news) signs £4.4bn, four-and-a-half year deal to import liquefied natural gas to the UK from Qatar.

EU Nations Urged to Overhaul Energy Markets State Support

The European Union presented a set of recommendations for governments to improve their state-aid mechanisms in energy markets, including support programs for renewable energy.

Scientists Urge Environmentalists to Support Nuclear Energy

Four prominent climate scientists are urging environmentalists to support the development of "safer" nuclear energy systems as an alternative to fossil fuels that contribute to global warming.

Centrica threatening to pull plug on £2bn offshore wind farm plan

British Gas owner Centrica prepares to abandon £2bn offshore wind farm plan because subsidies offered by the government are too low.

U.S. Energy Rigs Gain Four to 1,742, Baker Hughes Says

Rigs targeting oil and natural gas in the U.S. increased by four this week to 1,742, according to Baker Hughes Inc. (BHI) Oil rigs rose by 19 to 1,376, data posted on the company’s website show.

OPEC Exports to Drop as U.S. Output Gains, Oil Movements Says

The Organization of Petroleum Exporting Countries will cut crude exports through mid-November as rising U.S. output allows the nation to curb purchases from the Middle East and Africa, according to Oil Movements.

Energy market review: Ed Davey vows to speed up supplier-switching

Energy Secretary Ed Davey has promised to cut the time it takes to switch energy supplier to improve competition and drive down prices.

Swallowed by coal: UK profits from Indonesia's destructive mining industry

Just 30 years ago, Samarinda was a sleepy village surrounded by deep equatorial forest and known mostly for its traditionally woven sarongs.

Rosneft Quarterly Net Jumps on $5.2 Billion Gain on TNK-BP Deal

OAO Rosneft, Russia’s largest oil producer, said third-quarter profit rose eightfold from the previous three-month period after it recorded a 167 billion-ruble ($5.2 billion) gain on the value of TNK-BP.

Fossil fuels divestment campaign is gathering momentum

The world has a choice when dealing with climate change. One is to decide it's a problem like any other, which can be dealt with slowly and over time.

Glencore, Sumitomo buy Rio Tinto coal mine stake for $1 bn

MELBOURNE/LONDON: Rio Tinto has agreed to sell its majority stake in Australia's third-largest thermal coal mine to Glencore Xstrata and Japan's Sumitomo Corporation for just over $1 billion, pushing ahead with plans to focus on larger, core operations.

UK universities urged to pull cash from fossil fuel giants

An international campaign to urge large institutions to dump fossil fuel investments reaches the UK this week, following rapid success in the US.

Shell Offers Forties Crude; Nigeria Qua Iboe Exports to Increase

Royal Dutch Shell Plc (RDSA), Trafigura Beheer BV and Statoil ASA (STL) failed to sell North Sea Forties crude at lower prices than yesterday.

Energy policy failing at European level, says expert

An attempt to fix a "totally collapsed" energy policy in Britain is doomed to failure without measures to restructure the market at European level, according to a leading energy consultant.

Iraq to Boost Oil Output This Year as Asian Demand Strengthens

Iraq, OPEC’s second-largest oil producer, reiterated plans to boost crude output and exports by the end of the year as demand from Asian buyers strengthens.

Brazil oil auction: Lone bid wins exploration rights

The rights to explore Brazil's biggest oilfield have been won at an auction by a consortium led by Brazil's state-run Petrobras, backed by Total, Shell and Chinese firms.

David Cameron hails nuclear power plant deal as big day for Britain

David Cameron has hailed the UK government agreement with French-owned EDF to build the first new British nuclear power station in 20 years, saying it was a very big day for Britain and would kickstart a new generation of nuclear power in the UK.

Shale gas, energy efficiency key to meeting global demands

DUBAI: Positive global trends in shale gas availability will not have an immediate impact on the world economy as the level of energy consumption is rising annually by about 20 per cent globally, experts say.

Osborne agrees to China investing in UK nuclear plants

The Chancellor, George Osborne, has announced that the UK will allow Chinese companies to take a stake in British nuclear power plants.

US supreme court to hear challenge to EPA climate change regulation

In a blow to the Obama administration, the US supreme court on Tuesday agreed to hear a challenge to part of the US Environmental Protection Agency's first wave of regulations aimed at tackling climate change.

Shell CEO Peter Voser says shale gas to take longer to develop than expected

SOUTH KOREA: Royal Dutch Shell CEO Peter Voser said it will take a longer time than expected for the company to reap benefits from its shale gas projects due to poor short-term results.

Nuclear power still key to Japan energy mix: officials

SEOUL: Nuclear power is set to remain a key part of Japan's energy profile despite the safety concerns raised by the Fukushima disaster, senior Japanese energy officials predicted Monday.

China’s Crude Oil Imports Increase to Record as Economy Expands

China’s daily oil imports rose to a record in September as the world’s second-largest economy expanded and demand for energy grew.

Ed Davey hopeful of 'massive' energy investment

Britain's energy sector is close to securing tens of billions of pounds in investment from the Far East, Energy Secretary Ed Davey has said.

Shell Nigeria declares force majeure on oil export

LAGOS: Shell Nigeria declared ``force majeure'' Friday on exports of Bonny Light Crude oil, blaming increasing oil thefts that analysts say likely will lead companies to sell off more investments in Nigeria's declining onshore oil industry.

IMF favours removing energy subsidies worth $485 billion to tackle climate change

WASHINGTON: Emphasising that climate change must be high on the priority list for all nations, the IMF has called for getting the pricing right and removing subsidies on energies that amounts to nearly $485 billion.

Pakistan wants Iran to finance gas pipeline: minister

Pakistan has asked Iran for $2 billion in financing to build its side of a controversial gas pipeline that has drawn threats of US sanctions, Islamabad's petroleum minister said Tuesday.

Campaign against fossil fuels growing, says study

A campaign to persuade investors to take their money out of the fossil fuel sector is growing faster than any previous divestment campaign and could cause significant damage to coal, oil and gas companies, according to a study from the University of Oxford.

North Africa Is World’s Next Big Shale Prospect, Repsol Says

North Africa may be “the next big opportunity” after North America for oil and gas production from shale, if drilling costs can be reduced, said Repsol (REP) SA Geological Studies Director Eduardo Negri.

Petronas to build $35bn LNG plant in Canada

Petronas will embark on a $35 billion liquid natural gas (LNG) project in Canada following the reversal of Ottawa's decision to block the Malaysian national oil company's purchase of Canadian gas producer Progress Energy Resources.

Fracking produces annual toxic waste water enough to flood Washington DC

Fracking in America generated 280bn US gallons of toxic waste water last year – enough to flood all of Washington DC beneath a 22ft deep toxic lagoon, a new report out on Thursday found.

EU's Almunia says ready to charge Gazprom in antitrust case

(Reuters) - The European Union's antitrust chief said on Thursday that he was ready to charge Gazprom (GAZP.MM) with anti-competitive practices in a move that could lead to a fine of up to $15 billion for the Russian gas export monopoly.

Iran Oil-Export Capacity Seen Rising 21% in Ship-Tracking Data

The combined carrying capacity of oil tankers leaving Iranian ports last month rose 21 percent from August, vessel-tracking data compiled by Bloomberg show.

China offers tax rebates on solar power

China has offered tax rebates to manufacturers of solar power products in an attempt to prop up the struggling sector and also cut pollution levels.

Jellyfish clog pipes of Swedish nuclear reactor forcing plant shutdown

A huge cluster of jellyfish forced the Oskarshamn plant, the site of one of the world's largest nuclear reactors, to shut down by clogging the pipes conducting cool water to the turbines.

Keystone Pipeline Project Faces Nebraska Court Showdown

The proposed Keystone XL pipeline faces a court challenge in Nebraska, where three property owners contend state lawmakers gave the governor illegal power to take away their land for the project.

I don't want UK to be at forefront of tackling climate change, says Osborne

George Osborne has said he does not want Britain to be a world-leader in fighting climate change because the UK should not price itself out of international energy markets by placing too heavy an environmental burden on suppliers.

After Fukushima: Could Germany's nuclear gamble backfire?

(CNN) -- As Germany's switchover from nuclear power to renewable energy gathers pace, concerns are mounting over the cost to country's prosperity and its already squeezed consumers.

BP fights to keep fines down in new Gulf of Mexico oil spill trial phase

HOUSTON/LONDON: BP will battle to hold down fines that could hit $18 billion in a new phase of the Gulf of Mexico trial that will rule on how much oil it spilled in 2010 and judge its efforts to plug its well.

Cabot Oil & Gas leads energy stocks higher

SAN FRANCISCO (MarketWatch) — Energy stocks rose on Thursday, with Cabot Oil & Gas Corp. taking the lead after the exploration and production company said it sees production growth of up to 50% next year.

Caroline Lucas to be charged over anti-fracking protest

The Green party MP Caroline Lucas is to be charged over her part in an anti-fracking demonstration in Sussex.

Deep Thoughts by Alexander Mirtchev

Ashby Monk

For a variety of reasons, SWF employees are typically quite reserved and guarded when speaking to the press. Not so for Dr. Alexander Mirtchev, who is the Independent Director and a member of the Board of Directors of Kazakhstan’s $30 billion National Welfare Fund Samruk-Kazyna.

 

Alexander Mirtchev

China Gains New Friends in Its Quest for Energy

ATYRAU, Kazakhstan — On the northern reaches of the Caspian Sea, not far from this old Soviet town known for its oil and sturgeon, lies a vast new oil find, the biggest outside the Middle East.

U.S. Fuel Use Slid in August as Oil Output Rose, API Says

U.S. fuel consumption slipped in August as crude-oil production surged to the highest level for the month in 25 years, the American Petroleum Institute said.

France to cut fossil fuels by 30 per cent by 2030: France President Hollande

France will reduce use of fossil fuels by 30 per cent by 2030 as part of a strategy to halve overall energy use by 2050, President Francois Hollande announced on Friday.

Energy firms expected to increase prices by 8%

Record average fuel bills of £1,500 a year were predicted for 2014 on Friday as British Gas and other big six power companies prepared to announced big price increases of around 8%.

Obama proposes carbon limits on new US power plants

US President Barack Obama has unveiled a proposal to limit carbon emissions on new power plants built in the US. It would be the first federal attempt to impose limits on the pollution blamed for global warming.

Carbon Trade Seen Losing Globally in Aussie Vote: Energy Markets

Australia is at risk of breaching a global agreement to cut greenhouse gases as power markets signal Prime Minister Tony Abbott will exploit the widest election victory in nine years to repeal the nation’s carbon system.

The Economist: “The Fed's have-it-both-ways policy”

R.A., regarding Bernanke’s Jackson Hole speech, your column notes that you “found the tone on monetary policy to be confusing and timid.” Expectations now turn to what President Obama will say next week and what the Fed will do (or not do) when they next meet. Uncertainty again prevails.

Alexander Mirtchev

Tidal energy scheme off northern Scotland gets go-ahead

Six vast underwater turbines are to be lowered into the tidal currents of the Pentland firth in the first phase of one of the largest tidal energy schemes in Europe.

Japan halts last nuclear reactor at Ohi

Japan is shutting down its last functioning nuclear reactor, with no timetable for a restart. Reactor 4 at Ohi in western Japan will stop generating electricity in the early hours of Monday.

China to invest 80 billion yuan in oil and gas exploration this year

BEIJING: China will invest 80 billion yuan ($13.07 billion) in oil and gas exploration in 2013, state media said on Sunday, as it tries to boost energy supplies reduce its dependence on energy imports.

Energy use in USA in 2012 was below 1999 level, though economy had grown 25%

SAN FRANCISCO: For as long as most of us can remember, the nation's energy news has trended from bad to worse, starting with the oil crises of the 1970s.

Canada Heavy Oil Falls to Weakest in 7 Months as Kearl Ramps Up

Canadian heavy oil slid to the weakest level in seven months against the U.S. benchmark grade as Imperial Oil Ltd. (IMO) reported rising production from a new oil-sands project in Alberta.

US gas exports to Asia will narrow, not shut price gap: Kemp

LONDON: Large-scale gas exports from the United States will narrow the gap between US domestic prices and those in Asia, but the boost to US domestic gas prices is likely to be smaller than US gas producers hope and consumers fear.

China vows to tackle air pollution

China has revealed sweeping measures to tackle air pollution, with plans to close old polluting steel mills, cement factories and aluminium smelters, and slash coal consumption and boost the use of nuclear power and natural gas.

Canada to Work With U.S. on Emission Cuts, Minister Says

Canada’s Natural Resources Minister Joe Oliver said his nation wants to work with the U.S. to cut greenhouse-gas emissions, including from Alberta’s oil sands, the source of crude to be carried by the Keystone XL pipeline.

Middle East must switch to natural gas to meet surging electricity demand: Study

DUBAI: If the current practice of generating electricity by inefficient oil-based power plants continue, the Middle East will soon run short of crude oil, according to a new study.

China buys into giant Kazakhstan oil-field for $5 bn

ASTANA: Chinese President Xi Jinping struck a deal with Kazakhstan on Saturday giving China a stake in its giant Kashagan oil project, a highlight of his tour of Central Asia to secure hydrocarbons for the world's largest energy consumer.

UK investors see bright future for solar power – if the nimbys can be won over

The late summer sun is shining on Britain's solar power sector with new investments worth almost £220m unveiled on Thursday by City-based groups.

Energy Department loses $42M on loan to van maker

WASHINGTON (AP) -- The Energy Department said Friday it will lose about $42 million on a loan to a now-shuttered Michigan company that made vans for the disabled.

The green new deal is the antidote that UK desperately needs

What does a recovery look like? On current evidence it involves an increasingly divided workplace with more people, especially the young, caught in low-paid, insecure employment.

Crude Advances as Obama Seeks Support on Syria

West Texas Intermediate crude advanced as U.S. President Barack Obama sought support in Congress for a military strike on Syria, bolstering concern that oil shipments from the Middle East will be disrupted.

China to become largest net oil importer before year-end

DUBAI: Energy-hungry China is expected to overtake the US to become the world's largest net oil importer before the end of this year, according to a report.

'We are fighting for survival,' Pacific islands leader warns

Pacific islanders will challenge world leaders this week to act on climate change, warning that their low-lying atolls are close to becoming uninhabitable because of rising seas and increasingly severe floods, droughts and storm surges.

The new EU External Energy Policy: an important move - if it is not too late

 By Alexander Mirtchev

With the adoption of its new External Energy Policy, the EU has finally made a first step towards its integration as a single negotiating bloc in the world energy market. As such the External Energy Policy could become an important factor in the global energy security picture and a possible geopolitical game-changer. However, it remains to be seen whether the big EU member states will be willing to subordinate their interests to the wider EU interest. The External Energy Policy has probably come five years too late, argues Alexander Mirtchev, President of Krull Corp. and Vice-President of the Royal United Services Institute for Defence and Security Studies. 

China partners with U.S. oil firm in Egypt

China's Sinopec and Houston-based Apache announced a long-term partnership Thursday, continuing a trend of U.S. firms selling foreign assets to focus on the domestic oil boom.

Energy Pipeline to hit stands Monday

Greeley Publishing Co. will unveil its newest venture Monday in the form of a magazine devoted to coverage of the oil and gas industry in northern Colorado and beyond.

Cooling Pacific has dampened global warming, research shows

Cooling waters in the tropical Pacific Ocean appear to be a major factor in dampening global warming in recent years, scientists said on Wednesday.

Crude Falls From Two-Year High as Syria Concern Eases

West Texas Intermediate fell from a two-year high as the prospect of imminent attacks on Syria receded and as better-than-expected U.S. economic data raised speculation that the Federal Reserve will taper its stimulus.

Will Financial Regulation Trash Global Economic Security?

Alexander Mirtchev, Contributor

 

Under the auspices of the Financial Stability Board, more than 30 recommendations have been set out as part of a massive and far-reaching G-20 financial regulatory reform package to ostensibly minimize risk in the financial system and maximize consumer protection.

German energy crisis favours the fleet

BERLIN (Reuters) - Germany's half-a-trillion-euro energy overhaul is forcing sector players to turn around their business models fast, giving smaller groups a head start on the country's ponderous utilities.

Oil jumps as Syria conflict heats up

Oil prices rose roughly 3% Tuesday, as the U.S. government and its allies consider a military strike on Syria following the country's suspected use of chemical weapons.

David Cameron must heed the experts, not the sceptics, on climate change

The prime minister will face a daunting dilemma next month when the world's most authoritative report on climate change is published, providing a clear warning from scientists about the scale of the risks posed by rising levels of carbon dioxide and other greenhouse gases in the atmosphere.

Energy group pushing for used nuclear fuel storage facility

JACKSON — A nonprofit group tied to energy businesses says Mississippi should consider becoming a storage place for used nuclear fuel.

Iran boosts iron exports to China, India as oil sales slump

NEW DELHI/LONDON: Iran is raising its exports of iron ore and iron products to China and India in an attempt to replace at least a small part of the massive revenue that has been lost due to sanctions on its oil sales.

U.S. Fuel Demand Grew With Economy in July, API Says

U.S. fuel consumption in July reached the highest level for the month in three years, the American Petroleum Institute said.

Tony Hayward's interim chairman role at Glencore could become permanent

Tony Hayward, the former boss of BP best remembered for being forced to resign from the oil group over his handling of the Gulf of Mexico disaster, has been revealed as a surprise candidate for the next permanent chairman of mining-cum-trading group GlencoreXstrata.

'Worrying' decline in oil and gas production

The sharp decline in production of oil and gas from under British waters is "worrying" industry leaders. Trade body Oil and Gas UK says there is record investment this year of £13.5bn.

Go back to the drawing board on climate policy, business tells politicians

Big business wants the main parties to go back to the drawing board on climate policy after the election to try to come up with an agreed plan for an economically efficient way to reduce Australia's emissions and offer investment certainty.

WTI Oil Trades Near Two-Week High Amid Unrest in Egypt

West Texas Intermediate crude traded near the highest price in two weeks as an escalating conflict in Egypt fanned concern that oil shipments through the country may be disrupted.

Australia Carbon to Survive Rudd-Abbott Standoff: Energy

Electricity markets are showing Australia’s biggest polluters will have to pay for their carbon emissions regardless of who wins the Sept. 7 election.

Fracking splits public opinion down the middle, poll finds

The site in west Sussex that has become the intense focus of the UK's fracking protests may never become a site of fossil fuel production, the company involved admitted on Tuesday night.

Brazil Congress backs oil royalties bill

Brazil's Congress has approved a bill that designates all royalties from newly discovered oil fields to education and healthcare.

BP sues to get new contracts after oil spill

HOUSTON: BP has sued the US government over a decision to bar the oil giant from getting new federal contracts to supply fuel and other services after the company pleaded guilty to manslaughter and other criminal charges related to the 2010 Gulf of Mexico oil spill.

David Cameron: UK must accept the potential of fracking

David Cameron has insisted the UK should accept fracking, claiming the controversial method of extracting gas will attract "real public support" when the benefits are explained.

Oil above $106 after China shows recovery signs

BANGKOK (AP) -- The price of oil rose slightly Monday after improved Chinese economic data last week suggested demand for crude might increase.

Pollution economics: China introduces carbon cap-and-trade programs to reduce emissions

With more than 1 million people in China dying prematurely each year from breathing its dirty air, and with warming temperatures portending rising sea levels and disruptions to food production, the centrally planned Communist country is experimenting with a capitalist approach to address the problem: It is creating incentives so that the market - and not the government - will force reductions in emissions.

How The Sun got it wrong on green energy costs

"Here we show how power is likely to be burning up your pounds by 2020," The Sun wrote in July, under their graphic of RWE npower's consumer energy forecast.

How the Alternative Energy Megatrend will impact global geopolitical relations

The Greening of Geopolitics

By Dr Alexander Mirtchev

The advent of renewable energies is generally regarded from a fairly narrow perspective: whether – and to what extent – they are able to replace fossil fuels and what this would mean for the energy system and the economy. Such a perspective profoundly underestimates the potential consequences of what is in fact a revolutionary global development: a socio-political and techno-economic megatrend that has the ability to become a global societal game-changer, writes Alexander Mirtchev, Vice-President of the Royal United Services Institute for Defence and Security Studies (RUSI). According to Mirtchev, the ‘Alternative Energy Megatrend’ will have far-reaching effects on global geopolitical relations and security concerns – effects that have yet to be fully grasped by most observers. This article is adapted from his upcoming book: “The Alternative Energy Megatrend: A Global Security Discourse in the Universally-Securitized World”.

Alternative Energy And Global Energy Security In Aftermath Of Rio+20

“Life always gets harder toward the summit–the cold increases, the responsibility increases.” These words by Friedrich Nietzsche aptly characterize the atmosphere among global leaders at June’s international summits.

BP denies US allegations of fixing natural gas market

US regulators have told BP to respond to allegations of natural gas market manipulation and threatened the firm with fines of close to $29m (£19m). BP has 30 days to respond, but said the allegations were "without merit".

Fracking will meet resistance from southern nimbys, minister warns

The energy minister Michael Fallon has warned privately that fracking might soon face fierce resistance from the middle classes in Conservative heartlands as he heralded further exploration across swaths of southern England.

Oil rises above $107 on Fed stimulus hopes

it more likely the Federal Reserve will continue its stimulus program beyond September. Benchmark crude for September delivery was up 18 cents to $107.12 at midday Bangkok time in electronic trading on the New York Mercantile Exchange.

Norway’s $740 Billion Oil Fund May Be Restructured, Solberg Says

Norway needs to review its $740 billion sovereign wealth fund to find a more competitive model that will boost returns, according to the head of the opposition bloc leading in polls ahead of elections next month.

Energy companies are paying a heavy price for shunning renewables

No wonder the big energy companies are spooked by the green dream. Have you seen their share prices lately?

Mexico: methane gas build-up, spark caused blast

MEXICO CITY (AP) -- Gas could have built up for decades before an explosion caused three floors of the headquarters of the national oil company to collapse, killing 37 people, Mexican federal prosecutors said Friday.

Chevron profit drops on cheaper oil, refining woes

(Reuters) - Chevron Corp posted on Friday a steeper-than-expected 26 percent drop in quarterly profit as lower oil prices knocked oil and gas production earnings and its U.S. refining unit slowly recovered from a refinery fire a year ago.

Energy companies are paying a heavy price for shunning renewables

No wonder the big energy companies are spooked by the green dream. Have you seen their share prices lately? Witness npower last week, which warned that green policies will drive a 20% rise in energy bills by 2020.

BP says oil spill compensation fund running out

LONDON: British energy giant BP admitted on Tuesday that its $20 billion (15 billion euro) fund to compensate victims of the 2010 US oil spill disaster has almost run out of cash.

Saudi Arabian 2012 Oil Export Revenue Gained 5% as Iran Fell 12%

Saudi Arabia’s revenue from exports of crude oil and other petroleum products in 2012 rose 5.3 percent from a year earlier while Iran’s income from sales abroad sank by 12 percent, OPEC reported.

U.S. Gasoline Rises to $3.6746 a Gallon in Lundberg Survey

The average price for regular gasoline at U.S. pumps rose 8.38 cents in the past two weeks to $3.6746 a gallon, according to Lundberg Survey Inc.

EU, China resolve solar dispute - their biggest trade row by far

(Reuters) - China and the European Union defused their biggest trade dispute by far on Saturday with a deal to regulate Chinese solar panel imports and avoid a wider war in goods from wine to steel.

Gulf oil spill: Halliburton to plead guilty to destroying evidence

Halliburton has agreed to plead guilty to destroying evidence related to the 2010 Gulf of Mexico oil spill, the US department of justice said on Thursday.

South Sudan Cuts Back Oil Output, Braces for Shutdown

South Sudan made further reductions in oil output as it prepares to halt pipeline exports through neighboring Sudan amid conspiracy recriminations between the former foes.

EU-China solar deal hinges on price as deadline nears: sources

(Reuters) - Beijing's envoys have agreed central elements of a deal with the European Union that may yet avert punitive duties on Chinese solar panels that the bloc plans to impose next month, Chinese and European sources said on Wednesday.

Five of 'big six' energy companies drop green tariffs

Five of the "big six" energy companies have dropped their policies of offering green tariffs to new customers, in a move which green campaigners fear could undermine the national drive to tackle climate change.

Let's go solar: How communities make energy together

Sizzling temperatures across the UK make most of us think of barbecues, swimming or sun-tan lotion.

Alaska North Slope Oil Weakens as Price of Foreign Imports Falls

Alaska North Slope crude on the spot market weakened as the price of foreign imports it competes against for space in West Coast refineries fell.

WTI Crude Exceeds Brent for First Time in Almost Three Years

West Texas Intermediate crude became more expensive than Brent for the first time in almost three years as pipeline and rail shipments helped clear a bottleneck that reduced the price of the U.S. benchmark.

George Osborne unveils 'most generous tax breaks in world' for fracking

George Osborne has infuriated environmentalists by announcing big tax breaks for the fracking industry in a bid to kickstart a shale gas revolution that could enhance Britain's energy security but also increase its carbon emissions.

Israel’s Deepest Well Targets 1.5 Billion Barrels of Oil

The deepest oil well drilled in Israel’s 65-year history may be the most important.Houston’s Noble Energy Inc (NBL). will probe 6,500 meters (4 miles) below the Mediterranean seabed later this year, targeting as much as 1.5 billion barrels of crude, equal to about 15 years of Israeli demand.

Drastic reduction in new home energy efficiency targets

Energy efficiency targets for all new homes built in Wales have been cut drastically by the Welsh government. Building regulations will require an 8% cut in carbon emissions from next year, rather than the planned 40%, saving £4,000 on the cost of building a house.

China in $5 bn drive to develop disputed East China Sea gas

BEIJING: Chinese state-run oil companies hope to develop seven new gas fields in the East China Sea, possibly siphoning gas from the seabed beneath waters claimed by Japan, a move that could further inflame tensions with Tokyo over the disputed area.

Gazprom sets aside £2.4m to buy tablet for chief executive Alexei Miller

Russian gas giant Gazprom has set aside 119.7m rubles (£2.4m) to buy a specially-made tablet for chief executive Alexei Miller.

Hollande rules out shale gas exploration

French president Francois Hollande has ruled out exploration for shale gas during his term on office, ending hopes that a ban on hydraulic fracturing could be reviewed following a legal challenge by a US firm.

Sudden Spike in Gas Prices, but Increases May Be Short-Lived

HOUSTON — With the summer vacation season picking up, gasoline prices at the pump are inching higher, a seasonal increase that was underscored by an unusual one-day bump on Friday of 3 cents a gallon.

More oil than ever shipping by rail

With U.S. oil production booming and pipelines operating at full capacity, the amount of oil shipped by rail car surged in the first six months of the year -- jumping 48%.

Biofuels plant opens to become UK's biggest buyer of wheat

A new biofuels plant that has opened today near Hull will be the UK's biggest buyer of wheat, and the biggest supplier of animal feed.

Iraq offers 3 discovered oil blocks to India

NEW DELHI: Iraq has offered three discovered oil blocks to India and agreed to meet country's growing energy demand by raising crude oil supplies, oil minister Veerappa Moily said.

Japan moves closer to restarting nuclear reactors

TOKYO: Japan moved a step closer to restarting nuclear reactors Monday as four utility companies applied for safety inspections of 10 idled plants, the clearest sign of a return to atomic energy nearly two and a half years after the Fukushima disaster.

Quebec Disaster Spurs Rail-Versus-Pipelines Debate on Oil

A Quebec train disaster that killed at least five people and left about 40 missing promises to touch off debate over the safety of shipping crude oil by rail or pipelines such as TransCanada Corp.(TRP)’s Keystone XL.

Oil prices escapes after affects of Egypt Crisis, lowers after a spike earlier in week

LONDON: West Texas Intermediate oil retreated from the highest level in 14 months as the ouster of Egypt's president without widespread violence and continued shipments through the Suez Canal eased concern of a supply disruption.

Japan utility hires nuclear safety advocate

TOKYO (AP) -- The Japanese utility still battling leaks of radiated water at the nuclear plant sent into meltdown by the 2011 tsunami thinks it has found the perfect person to oversee its safety campaign — a foreign woman.

Industry panning Obama's climate change push

BOW, N.H. (AP) -- President Barack Obama's push to fight global warming has triggered condemnation from the coal industry across the industrial Midwest, where state and local economies depend on the health of an energy sector facing strict new pollution limits.

Gasoline prices begin summer slide

NEW YORK (AP) -- Gasoline prices are on a summer slide, giving U.S. drivers a break as they set out for the beach and other vacation spots for the Fourth of July.

Feds: U.S. plutonium facility at risk of collapsing — “Potential for very high offsite dose consequences”

An earthquake could collapse the building at Los Alamos National Laboratory, N.M., where plutonium cores of nuclear bombs are produced, releasing deadly doses of radiation, the Department of Energy’s inspector general reported on Thursday.

Shale gas promises could just be hot air

The British Geological Survey estimates of huge potential reserves of shale gas in the north-west are being hailed as key to the UK's energy future (Report, 28 June).

Fukushima new ‘blueprint’ for terrorists? Harvard Professor: “All you need to do is cut off power for an extended period”

Japan’s Fukushima Dai-Ichi nuclear plant, whose 2011 meltdowns dislocated 160,000 people, may provide a new blueprint for terrorists seeking to inflict mass disruption, security analysts said at a United Nations meeting.

North Korea to discuss nuclear talks in Moscow: Report

MOSCOW: North Korea's chief nuclear negotiator will meet senior Russian officials in Moscow next week, state media reported, amid signs of a new push to get Pyongyang to re-join protracted talks over ending its atomic programme.

Obama, GOP Face Showdown Over EPA Nomination

The White House is headed for a showdown with Senate Republicans over President Obama's pick to head the Environmental Protection Agency.

UK shale gas resources 'greater than thought'

UK shale gas resources may be far greater than previously thought, a report for the government says. The British Geological Survey estimates there may be 1,300 trillion cubic feet of shale gas present in the north of England - double previous estimates.

South Sudan moves closer to oil pipeline to the south

South Sudan has moved closer to its target of gaining access to a pipeline to export its oil to the south.

Oil below $100 highlights widening gap in OPEC pain thresholds

LONDON: Oil's fall below the $100 a barrel favoured by OPEC exposes the deepening divide between countries in the group better able to cope with a lower price and those most hurt by it, making collective action to halt any further price slide harder.

Obama Said to Solicit States on Cutting Carbon Emissions

The Obama administration plans to solicit ideas from states on how to cut greenhouse-gas emissions as it seeks to impose standards for carbon dioxide on new and existing electric-power plants, according to people briefed on the plans.

Why Cheap Gasoline Could Be Bad For America's Economic Comeback

Oil prices have fallen in the past week, with benchmark Brent crude down more than 5% to less than $100 a barrel on Monday morning.

Indonesia Raises Subsidized Fuel Prices Amid Riots

Indonesia raised domestic fuel prices for the first time since 2008 to cut subsidy costs and boost confidence in the nation’s currency in the face of protest rallies.

Russia, China reach $60 bln oil supply deal: Vladimir Putin

SAINT PETERSBURG: Moscow and Beijing have reached agreement on a USD 60 billion contract to ramp up Russian oil supplies to China, part of the two countries' strategy to tighten their energy partnership, Russian President Vladimir Putin said today.