TOP NEWS PICK : MAY 4, 2011

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North Sea Competitiveness Paramount to Safeguard UK Economy, Tax Revenue and Jobs

Whale Rock, the City-based firm of chartered accountants specialising in the oil and gas sector, has responded to a new report on the impact of the recent take hike on North Sea producers. | Oil Voice

Nigeria’s oil, gas industry opportunity, limitless – NNPC

The Nigerian National Petroleum Corporation (NNPC) stated at the weekend that the window of opportunity in Nigerei’a multi-billion dollars oil and gas industry is still limitless. | Daily Independent

The Future of Pakistan Oil and Gas Storage Market to 2015

Research and Markets (http://www.researchandmarkets.com/research/ee6f65/the_future_of_paki) has announced the addition of the "The Future of Pakistan Oil and Gas Storage Market to 2015- Trends, Drivers, Capex and Capacity Outlook of Storage Terminals and Companies" report to their offering. | Youroilandgasnews

Oil drops on inventory rise

Brent crude dipped below $122 a barrel today after government data showed US crude stocks rose sharply last week and a broader pullback in commodities markets discouraged risk-taking. | Upstream Online

Canadian oil pipeline leaks 28,000 barrels

EDMONTON, Alberta, May 3 (UPI) -- A broken pipeline spilled about 28,000 barrels of crude oil into a forest of western Canada, officials said Tuesday. | UPI.com

Senate bill targets repeal of US ethanol

tax credit

A politically diverse group of senators on Tuesday introduced a bill to roll back the federal tax credit for blending ethanol into gasoline. | Platts

BP puts Deepwater Horizon in Rearview, Chugs to $54

he third largest of the six oil & gas ‘supermajors’ afterExxon Mobil and Royal Dutch Shell, BP was held responsible for the Deepwater Horizon oil well explosion and spill in early 2010. BP also competes with Chesapeake, Anadarkoand Chevron. | Forbes

Industry 'has learned its lessons'

Industry players say they have learned the lessons of the Macondo tragedy and made the changes needed to safely return to an active drilling campaign in the US Gulf of Mexico. | Upstream Online

BP takes $85m spill hit

BP has been slapped with the largest ever per-barrel penalty for an oil spill after admitting that it “cut corners” in the lead up to a spill in Alaska five years ago. | Upstream Online

Oil hovers near $111 after US crude supply jump

SINGAPORE (AP) - Oil prices hovered near $111 a barrel Wednesday in Asia as a report showed U.S. crude supplies rose more than expected last week, suggesting growth in demand could be waning. | Associated Press

 

Madagascar heads into arbitration

London-listed Madagascar Oil said today that arbitration proceedings following on from its earlier halt in production from blocks in Madagascar have started. | Upstream Online

Marine energy has potential, but at the expense of other renewables

According to the report, the total global market for wave and tidal could be worth up to £40bn per annum by 2050. | Financial Times

Libyan rebels in oil sales vow

Libyan rebels have promised “transparency” with the country’s oil revenues as the self-proclaimed transitional government turns its back on the “gross mismanagement and corruption” of Muammar Gaddafi’s regime. | Upstream Online

Venezuela ministry source says China could invest $40 bil in energy sector

China could further increase its investments in Venezuela's energy sector in oil production, refineries, natural gas projects, terminals and in the exportation and industrialization of coke and sulfur, a source with Venezuela's Energy and Oil Ministry said Monday. | Platts

Moscow, Stockholm sign MOU on clean energy collaboration

Government ministers from Russia and Sweden have signed a memorandum of understanding on how the two countries can cooperate on energy efficiency, energy consumption and moving toward a more “green”, clean-energy based economy. | Renewable Energy Magazine

100 years after boom, shale makes Texas oil hot again

(Reuters) - A century after a gusher at the Spindletop field in Beaumont, Texas, ushered in the first U.S. oil boom, a quieter oil craze is underway 300 miles west in a chain of counties more famous for cattle than crude. | Reuters

China oil giants ask for oil use tax cut-report

BEIJING, May 3 (Reuters) - China's state oil giants PetroChina (0857.HK) and Sinopec (0386.HK) have asked the government to cut fuel consumption tax to reduce their refining losses, a newspaper said on Monday. | Reuters

Germany and Saudi Arabia partner to deliver 30% Building Energy Saving

Saudi Arabia and Germany entered a joint cooperation agreement in order to strengthen the relationship between the two countries in the field of energy efficiency in buildings, while seeking the responsible entities in the Kingdom of Saudi Arabia, to maintain the electrical energy that official estimates suggest an increase in consumption in the country by 9%. | Less-En.org 

Nigeria not set for gasoline hike despite crude price surge: NNPC

State oil company Nigerian National Petroleum Corporation Tuesday said the government had no plans to increase the domestic pump price of imported gasoline, even as a surge in global crude oil prices meant the West Africa nation pays more on subsidies. | Platts