TOP NEWS PICK : JUNE 6, 2011

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War: Libyan businessmen smuggle oil from Nigeria

The ongoing war of liberation in Libya has taken a new dimension following the discovery of a discreet but thriving oil smuggling business via Nigerian borders in Kebbi, Sokoto and Katsina States. | Tribune

 

Saudi to lead Opec supply boost push

Gulf Arab Opec members led by Saudi Arabia will push for an increase in supplies at a meeting of the oil cartel this week in an effort to support flagging world economic growth by bringing crude prices back below $100 a barrel. | Upstream Online

Crude oil declines on U.S. demand concerns, OPEC eyed

Forex Pros - Crude oil futures were down for a second day on Monday, dropping below USD100 a barrel, as worries over the pace of the U.S. economic recovery added to concerns over a slowdown in demand from the world's largest user.  | NASDAQ

Qatar LNG capacity to reach 77 mln T by end 2011

Top LNG exporter Qatar will reach full export capacity of 77 million tonnes per year by the end of 2011, the head of the state oil marketing company said on Sunday. | Reuters

EU starts nuclear stress tests

The European Union on 1 June launched a round of stress tests on its nuclear facilities, intended to check their resistance in the wake of the nuclear meltdown scare that Japan faced at its Fukushima nuclear plant following a magnitude-9.0 earthquake. The European Commission and EU national nuclear energy regulators two weeks ago reached a deal on the scope of the tests, which will check how plants would withstand earthquakes, flooding, breakdowns of cooling systems and an electrical blackout. | New Europe

Crude Oil should remain within US$75 to US$80 Per Barrel, Says Petronas

Kuala Lumpur, June 6 (Bernama) – Petroliam Nasional Bhd (Petronas) believes crude oil prices should remain within the range of US$75-US$80 per barrel given the current state of market fundamentals and cost environment. | Bernama

Kosmos Energy's Banda-1 Exploration Well Discovers Oil Offshore Republic of Ghana

Kosmos Energy (NYSE:KOS) announces today that the company's Banda-1 exploration well has discovered oil offshore the Republic of Ghana on the West Cape Three Points Block. The results of drilling, wireline logs and reservoir fluid samples show the Banda-1 well penetrated net oil-bearing pay of 3 meters (10 feet). Oil samples recovered from the Cenomanian-age reservoir indicate oil of approximately 40 degrees API gravity. | Quote.com

Teen's invention makes solar panels 40% more efficient

CALGARY — Just 19, student inventor and entrepreneur Eden Full is already making her mark. | Vancouver Sun

 

Shell and Cosan in biofuels JV

Shell and Cosan launched a multi-billion dollar joint venture that will become a leading producer of the low-carbon biofuel, ethanol made from sugar cane. | Energyme