TOP NEWS PICK : APRIL 29, 2011

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Nigeria Earns extra N20.66bn daily from Crude Oil
Crude oil prices hit a 30-month high of $125.46 on Thursday, further boosting Nigeria’s daily earnings from the commodity to at least $288.5m (N43.283bn). At this price, the country’s extra earnings from the sale of crude oil stand at N20.86bn. | The Nigeria Daily

Total profits up despite Libya unrest

France-based Total has seen its quarterly net income rise by 35% to €3.1 billion ($4.2 billion) as higher oil prices helped make up for production lost following unrest in Libya. | Upstream Online

Rosneft plans $11 bln in capex in 2011

OSCOW. April 29 (Interfax) - Rosneft (RTS: ROSN) plans capital expenditures totaling $11 billion in 2011, the company said in a presentation of its US GAAP financials for the first quarter of 2011. | Interfax

Australia: Origin reports higher production, revenue

ORIGIN Energy's year-to-date production is 32 per cent higher than at the same time last year, while revenue has grown by 46 per cent. | WSJ

QI: Exxon Paid Almost $1M per Hour in Income Taxes and Its Effective Tax Rate Was 42.3%
ExxonMobil reported its first quarter 2011 earnings today, which came in at $10.65 billion, an increase of 69% from the same quarter last year when it earned $6.3 billion. | Bezinga

Petrobras makes Albacora find

Brazilian giant Petrobras has discovered a new oil accumulation in the Albacora field, in the Campos basin pre-salt, offshore Brazil. | Upstream Online

Russia Is Set to Propose Stricter Rules for Reactors

MOSCOW — Pointing contritely to the example of their own industry’s failures at Chernobyl, Russian officials have announced details of what is emerging as their main response to the disaster in Japan: a proposal to create an international regulatory framework for nuclear power. | The New York Times

French Energy Conglomerate Total to Acquire Control of Solar Panel Maker SunPower

French oil and gas giant Total has agreed to buy up to 60 percent of SunPower, the Silicon Valley photovoltaic panel maker and power plant developer that is one of the United State’s largest solar companies. | Bloomberg

New Brazil round set for September

Brazil will auction 174 oil and natural gas exploration licences in September, its first sale in almost three years, Energy Minister Edison Lobao said. | Upstream Online

ExxonMobil warns of new fracking regulations

ExxonMobil warned that any new government regulations on hydraulic fracturing could stop shale exploration. | Upstream Online

Algeria: Largest solar plant in Africa in the works

Algeria has announced €290 million ($429.8 million) deal with centrotherm photovoltaics and Kinetics Germany to build what will reportedly be the largest solar factory in Africa. | Renewable Energy Magazine

US OKs oil deals with Libya opposition

The United States has permitted oil deals with Libyan Transitional National Council (TNC) in an effort to financially push the fight against the country's ruler Muammar Gaddafi. | Press Tv

Sinopec profits up on gas outpt

Chinese giant Sinopec reported a 25.2% uptick in first-quarter profit today, as higher gas output helped offset a drop in crude production. | Upstream Online

Tullow nears Uganda trial run

UK-based Tullow Oil will soon begin an oil production trial run in Uganda ahead of plans to clinch deals in the country, a report claims. | Upstream Online

Ukraine, Russia begin talks on amending gas supply agreement

Ukraine and Russia on Thursday began formal negotiations on amending the 10-year natural gas supply agreement signed in 2009 in response to Ukraine's persistent demands for lower prices. | Platts

Oil back below $113 after reaching 31-month high

Oil prices briefly hit a nearly three–year high but quickly fell back below $113 a barrel Thursday as a weakening U.S. dollar made commodities cheaper for investors holding other currencies. | FTS

Oil prices waver at recent high

NEW YORK, April 28 (UPI) -- Crude oil prices wavered in New York but held at above $112 per barrel after the U.S. government released its weekly inventory report. | UPI

Bitter UK tax pill for majors

Major oil companies including BP and Shell face billions of dollars in asset writedowns and expected cash costs as a result of recent changes in UK tax rules. | Upstream Online

EIA releases Annual Energy Outlook 2011

Today the Energy Information Administration released the 2011 Annual Energy Outlook (link is to executive summary). | Energy Collective

Crude oil regains industry's affection

For the first time in 16 years, according to Baker Hughes, there are more rigs drilling for crude oil than for natural gas. | Mywesttexas.com

Exxon Mobil 1Q Profit Soars 69% on Higher Oil Prices

ExxonMobil's first-quarter earnings surged a bigger-than-expected 69% as the company benefited from high oil prices and stronger refining margins. | Rigzone

Statoil spies top MI6 talent

Statoil supremo Helge Lund is turning to a former British special agent to help guide the Norwegian state oil company’s ventures in the international arena, where it has been stung by scandals in the past. | Upstream Online