TOP NEWS PICK : MAY 24, 2011

CLICK ON THE LINKS FOR FULL STORIES

Crude Oil: Nigerian Indigenous Operators Target 400,000bpd

Crude oil production by private indigenous oil companies in Nigeria will hit 400,000 barrels per day in the next three years, from the current level of about 80,000barrels per day,Chief Executive Officer of Seplat Petroleum Development Company Limited, Mr. Austin Avuru , has said. | NDWG

 

MPs urge backing for UK shale gas

A Commons committee has urged ministers to support plans for controversial shale gas drilling in the UK. | BBC

 

India: Solar Power Needs $110 Billion in Capital: KPMG

NEW DELHI -- India needs $110 billion in total investments over the next decade to develop solar energy to the extent that it can meet nearly 7% of the nation's power needs in 2022. | WSJ

 

World’s Largest Annual Wind Energy Event, WINDPOWER 2011 Conference & Exhibition, Kicks off in Anaheim, Calif.

May 22, 2011 (Business Wire) — WINDPOWER 2011 Conference & Exhibition kicks off from Anaheim today, with nearly 20,000 wind industry leaders, government officials and business executives converging from May 22-25 for the world’s largest annual wind power trade show. | Gamut News

Transeft fights minutes release order

Russia's oil pipeline monopoly will appeal a court ruling ordering it to release board meeting minutes, saying an anti-corruption blogger wanted the information as part of a conspiracy against Russia. | Upstream Online

Scottish and Southern Announces Acquisition of Keadby Wind Farm Project

SSE (Scottish and Southern Energy plc) has reached agreement on the acquisition of a wind farm close to SSE's existing Keadby power station in North Lincolnshire, from Renewable Energy Systems Group (RES). | Oil Voice

Iraq signs natural gas import deal with Iran to ease power woes

BAGHDAD - Iraq has signed a tentative deal with Iran to import natural gas to ease its electricity woes, an official said Monday, in a step that deepens economic ties with Tehran as U.S. troops prepare to leave at the end of the year. | Winnipeg Free Press

Ahmadinejad remains caretaker oil minister - aide

(Reuters) - President Mahmoud Ahmadinejad remains Iran's caretaker oil minister, despite a ruling by the constitutional watchdog that he had no legal right to the post, ISNA news wire reported a vice-president saying on Sunday. | Reuters

Crude Oil Drops on Concern Europe Debt Crisis Will Slow Demand

Oil fell in New York amid concern that Europe’s sovereign debt situation may weaken fuel demand while the dollar rose to a nine-week high against the euro. | Bloomberg

Excess Crude Account illegal, says Saraki

Chairman of the Nigeria Governors Forum (NGF) Bukola Saraki has said the Excess Crude Account is illegal.  | The Nation

Indonesia awards three oil and gas blocks for $145 mil

ndonesia Friday said it has awarded three oil and gas blocks to the local units of France's Total, Italy's Eni and Pan Orient Energy Holdings for a total of $145.2 million. | Platts

ExxonMobil sees shift towards gas as energy demand zooms

Energy demand in the Middle East will go up to 42 quadrillion BTU by 2030, up 84% on 22 quadrillion BTU in 2005, ExxonMobil said in its global outlook yesterday. | Gulf Times

Shell decides to move forward with groundbreaking Floating LNG

Shell announces final investment decision on Prelude Floating LNG project in Australia. | Yourindustrynews.com

Shell slammed for 'serious' safety slips

Anglo-Dutch supermajor Shell has been hit with a safety order from the Norwegian authorities following an investigation into a well incident on the Draugen platform in December last year. | Upstream Online

63% of Americans are Cutting Back Due to Rising Gas Prices

NEW YORK, May 23, 2011 /PRNewswire/ -- A study released today by Bankrate.com found that more Americans are holding back on nonessential spending, such as vacations or dining out, since the beginning of 2011, specifically due to the rise in gasoline prices. | Triangle Business Journal

Ahmadinejad ‘to avoid Opec meet’

Opec is to be spared a full-blown media circus at its upcoming ministerial meeting after Iranian President Mahmoud Ahmadinejad ruled himself out of the frame. | Upstream Online

 

BP, Rosneft deal ‘dead in current form’

A share-swap deal between BP and Rosneft is dead in the water in its current format but the pair could hatch alternative plans to revive a mooted $16 billion tie-up, a Russian minister claims. | Upstream Online

Moody’s: BP-Rosneft collapse will hurt TNK-BP as much as BP

We all knew that the collapse of BP’s deal with Rosneft to drill in the Arctic was more damaging for BP than it was for its Russian prospective partners. | Financial Times

Ghana urged to use part of oil revenue to develop culture

Mr. Azaanab Waksman, Brong-Ahafo Regional Director, Centre for National Culture (CNC), on Friday appealed to the government to set aside at least five percent of the oil revenue to develop the country’s culture. | Ghana Business News

Hayward plans $1.6bn IPO for oil fund

Former BP chief executive Tony Hayward plans to raise at least 1 billion pounds ($1.6 billion) in an initial public offering of an energy investment fund, according to three people with knowledge of the matter. | Upstream Online

NNPC sets 24month target for rehabilitation of refineries

The federal government has set itself a two-year target to complete rehabilitation work on the country’s three refineries for maximum efficiency, NEXT has learnt. | 234Next

Nigeria: Petroleum Bill delay jolts private sector investments

The long delay by the National Assembly to pass the Petroleum Industry Bill (PIB) has continued to frustrate investment decisions by private players in the country’s oil and gas industry. | 234Next

 

Fight over Canadian oil pipeline moves to Congress

WASHINGTON (AP) — A dispute over a plan to send oil from western Canada to the Texas Gulf Coast moved Monday to Congress, where a House of Representatives panel debated whether to speed a decision by the Obama administration.