Energy

Ambassador’s killing, EU bailout backing could hit euro, oil prices

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On 13 September, oil prices rose on unrest in the Middle East. Demonstrators attacked US embassies in Yemen and Egypt in protest over a film produced in the US that demonstrators consider blasphemous to Islam as...

Azerbaijan, Turkey brought together by energy, culture

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Turkey and Azerbaijan already brought together by the Trans-Anatolian gas pipeline (TANAP) that will carry Azeri gas to Turkey and onto Europe, on 11 September further strengthened their co-operation by signing eight agreements in...

Russia seeks €1 billion compensation for Belene NPP

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On Tuesday, the Russian state-owned company ‘Atomstroyexport’ (ASE) increased the amount of its claim against the National Electric Company of Bulgaria (NEC) from 58 million euro to over 1 billion euro. The lawsuit was filed...

EU Gazprom probe threatens ties

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On 4 September, the European Commission said it opened a formal investigation into Russian gas monopoly Gazprom on concerns the natural gas giant is hindering competition in Central and Eastern European gas markets, in breach...

TAP, Greece join efforts in race for Azeri gas

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On 4 September, debt-stricken Greece reiterated its support for the Trans-Adriatic Pipeline (TAP), which could improve the pipeline's chances of winning a long contest against Nabucco West also competing for transporting Azeri gas to...

EED-lost opportunity to reach national energy efficiency goal

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The Climate Action Tracker, a science-based assessment by Ecofys, Climate Analytics and the Potsdam Institute for Climate Impact Research (PIK), recently reflected on the latest status of the progress made at international climate negotiations. According...

China’s slowing economy is a threat to oil prices

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On 3 September, oil prices fell in New York after manufacturing contracted in China, intensifying concerns about the global economy, and crude production resumed in the Gulf of Mexico after Hurricane Isaac. China's economy has...

Russian gas re-think

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Despite a slowing European economy, which has also hit demand for gas, Gazprom does not intend to reconsider export volumes forecast implying the decrease of Gazprom Group export in 2012, the Russian gas monopoly...

Oil prices rise on hopes Fed will take steps to revive US economy

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On 31 August, oil rose towards $114 a barrel, heading for a second monthly gain, supported by speculation that US Federal Reserve Chairman Ben Bernanke will provide some hints as to whether the Fed...

Doubts over Finnish-Estonian gas pipeline project

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Energy experts said plans by the gas company Gasum to construct a pipeline from Estonia to Finland will not guarantee the supply of cheap natural gas, YLE News reported. In April, Gasum unveiled a project...

New oil discovery in the North Sea

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Norway's Statoil has made an oil discovery in the Geitungen prospect on Utsira High in the North Sea together with partners Petoro, Det norske oljeselskap and Lundin, Norway Post reported. Exploration well 16/2-12 drilled by...

Bulgaria signs contract over oil and gas exploration

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The Bulgarian ministry of economy announced today that the government has signed a contract with the French company Total, allowing it to explore oil and gas reserves in the area of ‘Block 1-21 Khan...

ETS link-up possible on a ‘world wide scale’

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The European Commission and Australia have announced a link up between their emissions trading systems, in a commitment to cut the amount of carbon pollution and increase liquidity in the market.   Initially the plan...

Americans to conduct research for NPP Kozloduy’s unit 7

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On 28 August, the Bulgarian Energy Holding approved the selection of Westinghouse Electric Company for executing the project feasibility study on the possibilities of construction of NPP Kozloduy’s 7th unit. In the presence of the...

Bulgaria, Gazprom sign on gas discount and South Stream

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The Bulgarian ministry of economy, energy and tourism announced 28 August that the protocol guaranteeing Bulgaria a discount of 11% from the price of Gazprom gas supplies was jointly signed. The cut in gas prices...

Storm Isaac hikes oil prices as Iran threat remains

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On 27 August, oil prices rose as Tropical Storm Isaac threatened the Gulf Coast and a refinery in Venezuela exploded. Benchmark crude for October delivery rose to $97.72 per barrel in electronic trading on...

Greenpeace Stunt Won’t Stop Putin’s Arctic Plans

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On 24 August, six Greenpeace activists stormed Russian gas monopoly Gazprom’s floating oil platform and erected climbing tents on the side of the rig to protest drilling in the Arctic. The group of international...

Bulgaria to sign contract with Total, OMV within days

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The Bulgaria government is about to sign contracts for the study of oil and gas reserves within the Black Sea continental shelf with the largest companies in the world- Total, OMV and Rapsol. The...

Conoco’s Russian exit not an indicator of investment climate

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While US energy super major ExxonMobil has recently expanded into Russia by agreeing to an ambitious joint venture with Russian state company Rosneft to explore in the Russian Arctic, ConocoPhillips is nearly exiting the country. ConocoPhillips sold...

Ukraine picks Americans over Russians to develop Black Sea shelf

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ExxonMobil is not only signing deals with Russia. The US super energy major, which is developing the Arctic with Russian state company Rosneft, will also develop an oil-and-gas field on Ukraine’s Black Sea shelf. Kiev...

Iran-Israel conflict concerns support oil risk premium

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On 13 August, oil prices hit a new three-month high above $115 a barrel on the back of increased fear about the possible escalation of the conflict between Israel and Iran and concerns about...

Russia and Armenia reach gas price deal, talk Customs Union

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Following his meeting with Russian counterpart Vladimir Putin, Armenian President Serzh Sargsyan said on 8 August that Moscow and Yerevan have agreed on prices for natural gas supplies to Armenia. "I think we have...

BP, SOCAR, Total commit to funding for TAP

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On 9 August, the Trans Adriatic Pipeline (TAP) project said it and its existing shareholders EGL, Statoil and EON Ruhrgas had reached a funding deal with companies in the Shah Deniz consortium, increasing its...

Putin’s Arctic Backyard: Polar Bears and Oil

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Russian President Vladimir Putin is proceeding with the development of the Arctic region. To that end, the Kremlin's main national oil company Rosneft and US super major ExxonMobil set up a tender for the...

Oil slips after straight gains but supply concerns remain

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On 8 August, the upward climb in oil prices paused, for now. Brent crude fell 40 cents to $111.60 by 0404 GMT after touching a 12-week intraday high on 7 August in its third...

Hiroshima commemorates its 67th anniversary

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The Japanese city reminded the 140,000 victims the atomic-bomb caused in 1945, in an anniversary marked by the Fukushima´s accident last year. About 50,000 people assisted to the event at the Peace Memorial Park and...

Iran, regional conflicts may boost oil ‘risk premium’

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On 6 August, Brent crude dropped a little toward $108 a barrel as investors eyed data for clues on the health of the global economy and the outlook for oil demand but the risk premium...

Gazprom Neft signs agreements with Iraqi Kurds

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Russian Gazprom Neft through its subsidiary Gazprom Neft Middle East has entered new hydrocarbon exploration and production projects in Iraq, the oil unit of Russian gas giant Gazprom said in a statement on 1 August....

BP struggles in Gulf oil spill, Russian spider’s web

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Struggling under the weight of litigation over the 2010 US Gulf oil spill and a row with its Russian billionaire partners in TNK-BP, BP’s profits plunged to just $238mn for the second quarter. BP...

Gazprom becomes world’s most profitable company

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Taking advantage of prices on world raw materials market, Russian gas monopoly Gazprom, which netted $44.46bn in profits last year, overtook US-based energy major ExxonMobil, which generated $41.6bn in 2011, to become the world's...

Our Summer of climate truth

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NEW YORK – For years, climate scientists have been warning the world that the heavy use of fossil fuels (coal, oil, and natural gas) threatens the world with human-induced climate change. The rising atmospheric...

Oil falls amid concerns ECB-Fed action may not be enough

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On 30 July, oil fell for the first time in five days as the dollar advanced against the euro and amid concern that the US Federal Reserve, European Central Bank (ECB) and Bank of...

Putin won’t let EU economic crisis stop South Stream

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South Stream received fresh impetus this week after Russian President Vladimir Putin told Italian Prime Minister Mario Monti the European economic crisis will not affect the implementation of the gas pipeline, stressing that Russian...

Russian billionaires, BP, Rosneft struggle for TNK-BP stake

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An “unknown” shareholder from the Russian partners in TNK-BP, a group of billionaires known collectively as Alfa Access Renova (AAR), said on 25 July that AAR would welcome Russia’s state oil major Rosneft as...

Building a case for the Trans-Afghan Gas Corridor

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Timely response to their ever growing energy needs is key to India’s and Pakistan’s economic and social stability. Until present India, and to a lesser extent Pakistan have been relatively successful in coping with...

UK cuts wind power subsidy

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The UK government is to cut subsidies to onshore wind farms by 10%   The announcement comes after a long-running battle between the department of energy and the treasury over the exact size of cuts in...

TAP still open to collaboration with Greek companies

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On 25 July, the Trans Adriatic Pipeline (TAP) discussed with Greece’s new government the realisation of the Southern Gas Corridor and reiterated its commitment to remain open to collaboration with Greek companies, the consortium...