TOP NEWS PICK: NOVEMBER 30, 2012

Developments in International Oil & Gas | Energy | Extractive Industries

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UK sees net oil imports rising to 43% of its oil demand by 2020 

The UK will likely see its net oil imports rise to 43% of its oil demand by 2020, from around 30% currently, as output from the country's ageing North Sea fields continues to decline, the UK government said Thursday | Platts

Nigeria spends N679bn on fuel subsidy – PPPRA 

Executive Secretary of the Petroleum Products Pricing and Regulatory Agency, PPPRA, Reginald Stanley, has said the Nigerian government has spent N679.736 billion on fuel subsidy this year | SweetCrude

Japex plans LNG import terminal 

Japan Petroleum Exploration Company (Japex) plans to build a liquefied natural gas import terminal at Soma port, north of Tokyo, and a pipeline to connect to its existing network to meet higher demand for the fuel | Upstream Online

Hyundai and IHC face off over Subsea 7 work 

South Korea’s Hyundai Heavy Industries is understood to have locked horns with Dutch yard operator and equipment manufacturer IHC Merwede for a newbuild contract with UK-based Subsea 7, covering the construction of up to two offshore construction vessels valued at more than $800 million | Upstream Online

Asian buyers of Iran oil to secure US sanctions waiver extension 

SEOUL/NEW DELHI, Nov 30 (Reuters) - Asia's top buyers of Iranian crude are likely to secure U.S. approval to continue imports from the Islamic Republic without incurring sanctions, after cutting volumes sharply in the second half of the year, according to government and trade sources | Reuters

Nigeria 2012 Budget: Petroleum Ministry Implements 93% 

30 November 2012, Sweetcrude, Abuja -The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke says about 93% of the 2012 budget appropriated to the Ministry has been utilized based on the amount released to it so far | SweetCrude

Chevron hits back over

Iceland: Geothermal Energy

In Iceland, geothermal power is being used for almost everything -- from heating homes to supplying therapeutic spas year round. Scientists and engineers from around the world are participating in a course at the United Nations University (UNU) to learn how to use geothermal energy in their own countries from leading experts in Iceland.

http://www.un.org/webcast/pdfs/unia1365.pdf

TOP NEWS PICK: NOVEMBER 29, 2012

Developments in International Oil & Gas | Energy | Extractive Industries

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Why Total’s sale of Nigerian assets to Sinopec is surprising

There are five clear reasons why many were surprised by the announcement by French oil giant, Total, on Monday November 18, 2012, that it has sold its 20 percent stake in Nigeria’s Oil Mining Lease, OML 138, to China Petrochemical Corporation, Sinopec, as part of an asset-disposal programme, according to Africa Oil and Gas | SweetCrude

Argentina more than doubles price of gas produced by YPF at new wells

Argentina will allow the price of natural gas produced by state-run YPF at new wells to more than double and will do so for other suppliers as it seeks to revive production | Platts

PGNiG plans at least 10 new shale wells in 2013 

State-controlled Polish gas monopoly PGNiG plans to drill at least 10 shale gas wells in 2013, it said, part of a government drive to step up exploration of unconventional resources | Reuters

Oil prices drop amid US budget talks, inventory data

(MENAFN - AFP) Oil prices fell on Wednesday as investors focused on key budget talks in the United States, the world's biggest consumer of energy, and reacted to news of an unexpected drop in US crude inventories | EINNews

Jack-up players eye ONGC race 

Several contractors are preparing to submit bids next month in an Oil & Natural Gas Corporation (ONGC) tender for the charter by the Indian company of a number of jack-up drilling rigs | Upstream Online

Bayelsa governor tasks oil companies on

Qatar - How Much Harm Will the Climate Change Conference Do to the Environment?

Delegates meeting in Doha face many major issues: First of all they have to make sure that the Kyoto treaty isn't simply lost when it runs out in December. While working against the clock they are also painfully aware that the world's largest emitters, the United States and China are still not bound to any agreement at all. In turn Japan, Russia and Canada warn that they will not sign any further treaty unless all major polluters come onboard. A tall order for some 20 000 delegates who have travelled to Doha, each with their own agenda and issues they want discussed. And while they are meeting right in the middle of the desert, they are doing exactly what they are trying to prevent: producing CO2. We explore the environmental cost of an environmental summit.

Peak Oil Postponed? - Kjell Aleklett

Professor Kjell Aleklett speaks of the Peak Oil phenomenon at a seminar arranged by think tank Global Challenge in Stockholm. Eva Alfredsson opens the "Peak Oil Postponed?" seminar.

Very interesting and informative. What with "shale" and deep water discoveries "going viral" around the globe has the peak oil argument been postponed?

A 'Must watch!!'; Let us discuss 

PwC's Leppard:"Robust" deal flow in Oil & Gas sector

Neil Leppard, oil and gas transactions director at PwC, talks to Proactive Investors at the Oil Council World Assembly. He reveals deal flow has shown no signs of abating even given the current difficult economic backdrop, which has dogged other sectors. "There is almost a pipeline of deals that are needing to happen," he tells host Jeremy Naylor.

To what factors can we attribute this trend?

TOP NEWS PICK: NOVEMBER 28, 2012

Developments in International Oil & Gas | Energy | Extractive Industries

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Nigeria losing N105bn annually to pipeline vandalism

Nigeria is losing about N105 billion to pipeline vandalism annually, according to the Nigerian

presidency | SweetCrude

Obama shields U.S. airlines from EU carbon fees 

(Reuters) - President Barack Obama signed a bill on Tuesday shielding U.S. airlines from paying for each ton of carbon their planes emit flying into and out of Europe, despite a recent move by Europe to suspend its proposed measure for one year | Reuters

Libya oil ministry proposes downstream split 

Libya's oil ministry is proposing to separate the OPEC member's exploration and production activities from refining, shaking up the running of its key industry by creating two separate bodies that would be headquartered in Tripoli and Benghazi, according to a report | Upstream Online

India rejects $1bn in Reliance expenses 

The Indian Petroleum and Natural Gas Minister Veerappa Moily said the Indian government has disallowed more than $1 billion of expenses made by operator Reliance Industries on the D6 deep-water fields in the Krishna Godavari basin | Upstream Online

API files suit against EPA's biodiesel mandate 

The American Petroleum Institute (API) filed a lawsuit in the U.S. Court of Appeals for the District of Columbia late Monday against the Environmental Protection Agency (EPA) for its decision to mandate the use of 1.28 billion gallons of biodiesel in 2013, a 28 percent increase from the 2012 requirement. API also filed a petition for administrative reconsideration of the 2013 biodiesel mandate with EPA | PennEnergy

Oil, wet gas seen in second Kenya Lokichar discovery 

Tullow Oil PLC and Africa Oil Corp. have made a second large oil discovery in the Lokichar basin in northwestern Kenya | Oil & Gas Journal

World needs oil sands crude, IEA economist says 

An energy-thirsty world will need “every drop” of growing production in Canada’s oil sands, but the industry will need to reassure a skeptical public that development can be done in an environmentally sustainable way, the International Energy Agency’s chief economist says | Globe and Mail

Canada still weighing foreign energy bids 

With deadlines fast approaching, Canada is still weighing two proposed foreign takeovers of domestic energy companies, but a top minister offered no clues on Tuesday as to when or how the government would announce the hotly debated decisions | Upstream Online

Nigeria to shut oil terminals

Africa's Growing Offshore Oil and Gas industry

With exploration on the west coast of the continent growing exponentially with indications that Africa's East coast may follow suit, South Africa is strategically positioned to respond to the rig repairs and servicing of off shore oil rigs and drilling equipment. Focus on ports looks at infrastructure and investment needed to respond to this market demand.

TOP NEWS PICK: NOVEMBER 27, 2012

Developments in International Oil & Gas | Energy | Extractive Industries

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Nigerian oil export delays worsen, exports fall 

GENEVA (Reuters) - Nigerian oil exports are set to fall to below 2 million barrels per day (bpd) in January and delays on a key grade doubled to nearly a month, indicating that supply problems in the leading African producer are far from over | Reuters 

Minister: Singapore's Offshore and Marine Sector to Remain Resilient 

The outlook for Singapore's offshore and marine sector will remain resilient amid the global economic downturn, buoyed by continued growth in Asia, the country's Second Minister for Trade & Industry, S. Iswaran, said in a published address Tuesday | Rigzone 

Petrodollars: Southeast Asian countries brace for expensive natural gas 

Indonesia and Malaysia were part of the small fraternity of countries that exported LNG. But now trends will put them into the category of LNG importers, and they, along with Vietnam, are wrestling with the impact that high natural gas prices will mean for their countries. In this week’s Oilgram News column, Petrodollars, Song Yen Ling discusses what steps these countries are taking | Platts 

GDF Suez Takes Government to Court Over Natural Gas Prices 

GDF Suez (GSZ) SA, France’s biggest distributor of natural gas, is taking the government to court over its decision to cap a fourth-quarter increase in regulated fuel rates | Bloomberg 

BP Appoints New Chief of

Completing a Horizontal Frac on an Oil and Gas Well

This example tutorial video shows the increased oil and gas extraction made possible by drilling horizontally through shale formations. Because the hole is exposed to a much greater area of the pay zone, more oil/gas is recovered, decreasing time to repay investors and increasing profits.

Oil Patch: Russia's Energy Perspectives

Which way will the Russian oil and gas output go? The IEA forecasts a slight decline - will this hold true? What potential do unconventional fuels in Siberia and the Arctic have? How strong are the political risks? What will the reactions in the world market be? Peter Lavelle is joined by Jacob Nell, Chris Weafer, Dmitry Loukashov and Simon Fentham-Fletcher to discuss Russia's perspectives in the oil and gas sector.

Shell's Integrated Gas strategy

Shell says it is now a GAS company; but why?

Peter Voser CEO of Royal Dutch Shell plc comments on Shell's integrated gas strategy.

US climate policy in focus after storms

Severe storms like Hurricane Sandy have forced Americans to investigate possible links to global warming.

What behaviour can/ must change to get 'in line'?

TOP NEWS PICK: NOVEMBER 26, 2012

Developments in International Oil & Gas | Energy | Extractive Industries

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Nigeria to raise Usan crude exports 

IGERIA, Africa’s largest oil producer, plans to ship four 950,000 barrel cargoes of Usan crude exports for January 2013, one more than it will ship in December 2012, according to a loading programme obtained by Bloomberg | SweetCrude

Europe’s Shale Boom Lies in Sahara as Algeria Woos Exxon 

While environmental regulation and disappointing drilling tests have held back the development of shale gas reserves in Europe, Algeria is using tax breaks to encourage exploration. Pipelines under the Mediterranean to Spain and Italy already link Africa’s largest gas exporter into Europe’s grid | Bloomberg

Oil price falls as truce continues to hold between Israel and Hamas in Gaza Strip 

BANGKOK — The price of oil fell Monday as a truce between Israel and the militant group Hamas that stopped fighting in the Gaza Strip appeared to hold despite a confrontation late last week | Washington Post

Jonathan assures Nigerians stable power supply from June 2013 

President Goodluck Jonathan has assured Nigerians of stable supply electricity in major cities by the end of second quarters of next year | SweetCrude

Pemex makes onshore discovery 

Mexican state oil company Pemex has made a light oil discovery in the country’s onshore Southeast basin | Upstream Online

NEITI ready with 2007-2010 solid minerals Audit 

The first solid minerals audit in Nigeria has been concluded and will be released next month, Executive Secretary of Nigeria Extractive Industries Transparency Initiative, NEITI, Zainab S. Ahmed has said | SweetCrude

Beach’s African Oil Prospects Draw

Qatar rethinks carbon footprint at UN climate talks

Qatar emits more carbon dioxide per person than any other country in the world - nearly 50 tons a year for each of its residents.

So the decision for it to host this year's United Nations climate change conference has caused a stir.

The talks officially begin in Doha on Monday.

Is this plain politics or a realignment of policy?

TOP NEWS PICK: NOVEMBER 23, 2012

Developments in International Oil & Gas | Energy | Extractive Industries

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AU to establish financial entity to manage climate risk 

Mandated by African Union (AU) Heads of State in July 2012, delegates from 41 countries across the continent will convene on Friday at DIRCO's O.R. Tambo building to sign the African Risk Capacity (ARC) Establishment Agreement | SweetCrude

UK: No 2030 decarbonisation target in Energy Bill 

Government has revealed that the upcoming Energy Bill will not include a decarbonisation target for 2030. Instead a decision on whether to legislate for a 2030 decarbonisation target will be taken after the next election in 2016 | Solar Power Portal

Ahmadinejad vows to complete Pakistan gas pipeline by 2014 

AFP reports that Iranian President Mahmoud Ahmadinejad Thursday vowed to complete a multi-billion dollar gas pipeline to Pakistan on time, downplaying financial woes and US pressure on Islamabad to scrap the project | Oil & Gas Eurasia

Nigeria: Monarch warns Pan Ocean over location of flow station 

THE Obi of Abavo kingdom in Delta State, HRM, Uche Irenuma 11, has warned the management of Pan Ocean Oil Corporation, not to cause crisis in the 56 oil producing communities in Delta North Senatorial District of the state by ensuring that the proposed flow station is sited in Obiayima community as earlier agreed | SweetCrude

Nigeria Lawmakers plan one-day summit on PIB 

TOP NEWS PICK: NOVEMBER 22, 2012

Developments in International Oil & Gas | Energy | Extractive Industries

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Colombia awards 49 blocks in auction 

Colombia has awarded oil exploration rights for 49 blocks to companies including state-run Ecopetrol and Shell, the government said on Wednesday, and expects them to invest $2.6 billion over four years | Upstream Online

Nigerian Govt owes NNPC N1.3tr on subsidy 

THE Nigerian National Petroleum Corporation, NNPC, says it is being owed over N1.3 trillion ($8.2 billion) by the federal government in respect of fuel import subsidies | SweetCrude

Brent nears $111 on uptick in China economy 

Brent crude hovered near $111 as the Chinese economy showed further signs of recovery, bolstering the outlook for oil demand, though gains were capped as a ceasefire in the Gaza Strip eased concerns over supply | Upstream Online

Santos output forecast to rise in 2013 

Australian independent Santos expects output to total between 53 million and 57 million barrels of oil equivalent during 2013 | Upstream Online

Horizon Oil Seeks Partner for PNG Gas Assets 

International energy companies seeking a foothold in Papua New Guinea’s nascent natural gas export industry are being courted with a new opportunity | WallStreetJournal

Hong Kong: ECO spuds Thai well 

Hong Kong and China Gas Company subsidiary ECO Environmental Investments has started drilling an infill well on the Na Sanun East Central oilfield in Thailand | Upstream Online

Bharat keen to move Arrowsmith forward 

India’s Bharat Petroleum has expressed its eagerness to progress plans to develop the Arrowsmith project in Western Australia’s onshore Perth basin, according to project operator and joint venture partner Norwest Energy | Upstream Online

Crude Oil Futures Advance After China Manufacturing Data 

Crude oil prices advanced in Asia Thursday after a private survey showed that China’s manufacturing activity expanded for the first time in more than a year in November | International Business Times

ExxonMobil declares force majeure on

Natural gas in America

The implications of the natural gas and oil shale revolutions, with Kathleen Eisbrenner, of NextDecade, Marc Lipschultz, of KKR, and James Tisch, of Loews Corporation, at The Economist's Buttonwood Gathering on October 25th 2012.

How are developments with natural gas shaping uour future?

TOP NEWS PICK: NOVEMBER 21, 2012

Developments in International Oil & Gas | Energy | Extractive Industries

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Delays in crude oil exports from Nigeria persists 

CRUDE oil export delays in Nigeria have prolonged, traders have said, a sign that a raft of recent output problems caused by oil theft and flooding are increasingly holding back supplies from Nigeria, Africa’s biggest producer | SweetCrude 

Chevron seeks probe over Ecuador case 

Chevron, the US oil group, has filed a complaint calling for an investigation of the comptroller of New York state, alleging that he acted improperly in urging the company to settle a $19bn claim for environmental damage in Ecuador | Financial Times 

Brent rises on Mid East violence 

Brent crude rose above $110 per barrel on Wednesday on fears of supply disruption from the Middle East as clashes raged between Palestinians and Israelis despite overnight truce talks | Upstream Online 

Oil production begins at Nigeria’s Okoro offshore field 

NIGERIA’s Okoro 14 field extension development well drilled by Afren and Amni International company have commenced oil production from the well, using the existing Okoro main field wellhead platform | SweetCrude 

Asian VLCC spot fixtures in Nov hit 2012 high of

Study Links CSR Disclosure et al to Higher Shareholder Returns

Oil and gas companies in California that make frequent corporate responsibility disclosures and high corporate political campaign contributions provide higher shareholder returns, according to a new study released by the UC Davis School of Management. The study complements previous reports showing that compliance with clean air legislation increased the productivity of refining companies in the state. The findings support the conclusion that when the political interest of managers and stakeholders of California oil and gas companies converge, it encourages significantly higher voluntary CSR intensity. 

Leaders of Britain's nuclear, wind, and tidal industries have made an unprecedented joint appeal to government ministers not to abandon their commitment to combat climate change. The heads of organizations representing more than 1,000 nuclear and renewables companies have called on Prime Minister David Cameron, Ed Davey, Minister of the Department of Climate and Energy, and George Osborne, Chancellor of the Exchequer, to agree on a legally binding decarbonization target for electricity generation. 

For more information on these and other stories, go tohttp://www.csrminute.com.

The Energy Minute is produced for 3BL Media by Video4Good:http://www.video4good.com

T. Boone Pickens on IEA Oil and Gas Projections

The IEA has come out with optimistic projections on oil production, saying the United States will be the biggest oil producer by the end of the decade. In this video, Boone shares his thoughts on that prediction.

TOP NEWS PICK: NOVEMBER 20, 2012

Developments in International Oil & Gas | Energy | Extractive Industries

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Crude oil surges on Israel-Gaza conflict 

Oil prices have spiked as violence intensified in the Israel-Gaza conflict, sparking fresh concern about supplies from the crude-rich Middle East, and after a pre-weekend blast on an oil rig in the Gulf of Mexico | BPN

Nigeria’s PIB not competitive – Shell 

THE Royal Dutch Shell says Nigeria’s Petroleum Industry Bill, PIB, awaiting passage into law at the National Assembly, is not competitive and hinted of the need for fresh investment to drive global oil production | SweetCrude

Sudan denies delaying south's oil exports 

KHARTOUM/JUBA (Reuters) - Sudan and South Sudan have not yet agreed on how to demilitarize their border - a condition for resuming oil flows, Khartoum said on Monday, but denied it was deliberately delaying the economically vital trade | Chicago Tribune

Shell may feed Arrow gas into rivals' Australian

TOP NEWS PICK: NOVEMBER 19, 2012

Developments in International Oil & Gas | Energy | Extractive Industries

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Nigeria Risks Ratings Downgrade If Its Oil Savings Drop 

Nigeria’s credit ratings may be cut if the country raises its proposed oil benchmark price and fails to increase its savings, President Goodluck Jonathan said | Bloomberg

Oil prices rise little as Gaza fighting continues 

NEW YORK (AP) - Oil futures prices rose slightly in electronic trading Sunday night with the market apparently unaffected by fighting between Israel and Hamas | EINNEWS

IEA says world oil markets remain well supplied 

World oil markets are well supplied despite the loss of nearly 1 million barrels a day of crude from Iran following sanctions by the United States and European Union, the head of the International Energy Agency (IEA) told Reuters on Monday | Reuters

Nigerian minister considers pouring oil on troubled waters 

Nigeria is considering watering down proposed changes to the fiscal regime for international oil companies operating offshore after warnings that they will drive away investment and cost hundreds of thousands of jobs | Financial Times

Key Petroleum sells Tanzanian assets, turns full focus on Australian acreage 

Key Petroleum has completed its divestment of non-core assets to focus on its Canning and Perth basin acreage after selling its Tanzanian assets to Bounty Oil & Gas | PIAustralia

Saudi Arabian Oil Exports Rise on Refinery Cuts, JODI Data Show 

Saudi Arabia’s crude oil exports rose in September to 7.28 million barrels a day as local refineries cut processing by 14.6 percent, according to the Joint Organizations Data Initiative | Bloomberg

KPMG says over $200bn worth of investments untapped in

COAL SEAM GAS: Research questions green credentials of CSG

The promise of lower greenhouse gas emissions by coal seam gas is being questioned by a new scientific study, although the industry claims it's too early to draw any conclusions.

FT Lex: Lonmin in Rights Trouble

Lonmin, the London-listed miner, is seeking its second rights issue in three years. The cash call comes against a background of strikes and unrest at its Marikana mine in South Africa, now resolved, and management and production problems. Lex's Vincent Boland and Richard Stovin-Bradford discuss what Lonmin needs to do to get its rights issue through.

Whither way forward?

Household bio-reactors have powerful future

Researchers at the Argonne National Laboratory are developing a mobile reactor they say will one day play a crucial role in helping people after natural disasters like Hurricane Sandy. The reactor can convert kitchen and bathroom waste into a high energy fuel that can be made at home and used to power generators during a power outage.

The cost of Energy Independence

It was in the 1970's that an Arab oil embargo led to skyrocketing fuel prices and long lines at the pump across the United States. And since Richard Nixon, one US president after another, has invoked images like these as they vowed to reduce American dependence on foreign oil. Some promised complete independence during their tenure - they all failed. But in a recent report, the International Energy Agency (IEA), said that the US could finally achieve energy independence in the next few decades. It also said that it would overtake the world's largest oil producer, Saudi Arabia, by around the year 2020.

What price are Americans willing to pay for energy independence?

TOP NEWS PICK: NOVEMBER 16, 2012

Developments in International Oil & Gas | Energy | Extractive Industries

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Nigeria: Jonathan renews call for fuel subsidy removal 

President Goodluck Jonathan has renewed the call for the removal of fuel subsidy saying this is the only way to encourage private investment in domestic refining of petroleum products | SweetCrude

BP Will Plead Guilty and Pay Over $4 Billion 

HOUSTON — BP, the British oil company, said on Thursday that it had agreed to pay $4.5 billion in fines and other penalties and to plead guilty to 14 criminal charges related to the rig explosion two years ago that killed 11 people and caused a giant oil spill in the Gulf of Mexico | NewYorkTimes

Google’s Investment in Renewable Energy Approaches $1 Billion

Google announced a $75 million equity stake in an Iowa wind farm on Thursday, bringing the company’s total investment in renewable energy to “more than $990 million.” | Mashable

Mining groups turn to bonds for funding 

With the equity market firmly closed and banking loans hard to come by, mining companies are turning to the bond market in droves, with issuance set to hit an all-time high of more than $100bn | Financial Times

FHN to boost Nigerian Content, targets 50,000b/d 

One of Nigeria’s leading indigenous oil firm, First Hydrocarbon Nigeria Limited, FHN, has announced an increase in the oil reserves in the two fields, Ogini and Isoko, it was currently exploring in the Niger Delta, and estimated production target at 50,000 barrels per day in 2013 | SweetCrude

Australia: Beach hits more Bauer oil as reserves rise 

Australia’s Beach Energy has hit more oil at the Bauer oilfield, in South Australia, as partner Drillsearch Energy also announces a 22% increase in the field’s reserves | Upstream Online

US demands information on Nigeria’s

KPMG's Global Energy Institute

KPMG's Global Energy Institute is an open forum where energy industry financial executives share knowledge, gain insights and access thought leadership.

To become a member, visit: http://www.kpmgglobalenergyinstitute.com and register today.

Brussels calls for end to Energy Market distortion

http://www.euronews.com/ In it's autumn balance sheet, the European Commissioner for Energy gave member states a dressing down and pressed them to make the internal energy market a reality. 

According to him, lower market prices would benefit European consumers, thanks to perfect competition and price deregulation.

Günther Oettinger

EU Commissioner for Energy

"The state doesn't set prices for Audi and Renault and Mercedes and Peugeot, so in the next few years we are going to look at the reduction of the regulated prices and eventually the abolition of regulated prices for electricity and gas".

He said that savings made at any one time is still paid for by the consumer down the line.

Günther Oettinger

EU Commissioner for Energy

"If we have fixed prices, low prices, you have full cost anyway, so consumers pays the rest as tax payers or by debt in their public budgets."

The commissioner is an advocate of the total removal of state subsidies for green energy, a move that's earned him criticism and stoked fears among environmentalists.

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TOP NEWS PICK: NOVEMBER 15, 2012

Developments in International Oil & Gas | Energy | Extractive Industries

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Nigerian parliament opens debate on PIB 

Nigeria’s House of Representatives opened debate Wednesday on the long-stalled Petroleum Industry Bill, PIB, expected to overhaul the country’s oil industry | SweetCrude

FLNG market to attract $47bn in 5 years 

UK-based energy business consultants, Douglas Westwood, says in a report that the fastly-evolving floating liquefied natural gas, FLNG, market could attract as much as $47.4 billion in investment over the next five years | SweetCrude

Australia: APPEA “diappointed” by offshore acreage cash bidding 

The Australian Petroleum Production and Exploration Association has stated that it is “disappointed” by the Federal Government’s announcement that it will introduce cash bidding as a basis for awarding offshore exploration acreage in “mature areas” | Gas Today

‘Nigeria has highest rate of oil spill in the world’ 

HE Nigerian Senate has disclosed that Nigeria has the highest number of oil spill incidences among oil producing countries in the world with no penalty regime attached to such oil spills | SweetCrude

Brent crude steadies as Middle East tensions escalate 

Brent crude held steady above $109 per barrel on Thursday as Israeli strikes against the Gaza Strip renewed worries about supply disruption, while a weak global economic outlook kept gains in check | Upstream Online

BP: Near a Deal With

TOP NEWS PICK: NOVEMBER 14, 2012

Developments in International Oil & Gas | Energy | Extractive Industries

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Court finds Indonesia's oil agency unconstitutional 

Indonesia’s Constitutional Court has thrown its resource investment environment into further turmoil by declaring that the country's own oil and gas licensing agency and regulator is unconstitutional | Sidney Morning Herald

Brent falls on demand worries 

Brent crude slipped below $108 a barrel on Wednesday, declining for a third day after the International Energy Agency (IEA) further cut its demand outlook for the fourth quarter and 2013 amid a rebound in oil exports from sanctions-hit Iran | Upstream Online

Mining, oil and gas must reduce costs to compete, says Rio Tinto 

One of the world's largest mining companies says the spiralling cost of resources development in Australia needs to be kept down | ABC

Gorgon facing $20.9bn cost blow-out 

The cost of Chevron’s massive Gorgon liquefied natural cost project in Western Australia could rise as much as A$20 billion (US$20.9 billion), according to reports | Upstream Online

China Cautious but Still Committed to