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AUSTRALIA: BHP and Rio are not beyond tentacles of raiders 2007-05-08 08:29:00 by Barry Fitzgerald
Musings by analysts at big-name broking firms on the potential for takeover bids and private equity raids on BHP Billiton and Rio Tinto have become a handy shorthand explanation for share-price surges in the mega miners. Hot on the heels of Merrill Lynch's think-piece that a private equity buyer for BHP could earn a 30 per cent return over three years, Citi has let fly with Read more:beyond
INDIA: Revaluation pegs Maha Discom 10 times bigge 2007-05-08 06:10:00 Read more | Digg story
A revaluation of assets has given Maharashtra State Electricity Distribution Co (MSEDCL or Maha Discom) a shot in the arm, placing it at a much better position to raise resources. The revaluation carried out by Srei Capital Markets has put the market value of MSEDCL assets at Rs 43,388.2 crore, a ten-fold rise compared with the net book value of Rs 4,112.9 crore as on June
ALASKA: BP Ordered to Improve Pipeline Safety in Alaska 2007-05-08 04:05:00 by Margaret Cronin Fisk and Tony Hopfinger
BP Plc was ordered by a U.S. agency to step up its pipeline-corrosion control program at Prudhoe Bay in Alaska, where spills last year led to a partial shutdown of the largest U.S. oil field. BP's Alaska subsidiary must meet specific maintenance schedules and provide regulators documentation that the work is being done, the U.S. Read more:Improve
, Pipeline
, Safety
VENEZUELA: The next Castro flexes oil muscle 2007-05-08 03:50:00 Venezuela’s unpredictable president, Hugo Chavez, has the US and Europe over a barrel and he knows it. His government took over Venezuela's last four privately run oil fields on May 2 in the country's Orinoco River reserve -- the world's single largest known petroleum deposit.
“He is a new Castro
with muscle
s. Castro has no muscles. This guy has something that everybody in the world wants,” Fadel Read more:flexes
eNergy Stocks: Weaker crude, downgrades push oil stocks lower 2007-05-08 02:15:00 by Jim Jelter
Further declines in crude-oil prices and a couple of downgrades in the oil services business kept the lid on energy stocks Monday.
After skidding lower at the open, most of the sector managed to pare losses through the day. But underlying oil prices remained a hurdle, falling to a seven-week low. Crude oil for June delivery ended the day 46 cents lower on the New York
AMERICA: Congress Wants To Cut Your Electric Bill 2007-05-07 16:23:00 by Brian Wingfield
Read more | Digg story
What if you could log on to your electric company's Web site to find out when power is cheapest so you could can plan your energy use accordingly?That day might not be so far off. In some parts of the country, utilities have already begun to install so-called "smart meters" in people's homes. These devices record your energy use in frequent intervals ( Read more:Congress
, Electric
, Electric Bill
ASIA: China claims major oil field find 2007-05-07 11:00:00 China's biggest oil firm, PetroChina, says it has made the country's largest crude discovery in a decade. PetroChina said the find off China's north eastern coast had proven reserves of almost three billion barrels. Western analysts said that while the field, called Jidong Nanpu, would probably produce less than a quarter of that amount, it was still a major find. China, the world's Read more:China
, claims
ASIA: Turkmen President Welcomes Chevron 2007-05-07 08:02:00 by Miriam Elder
TurkmenPresident
Gurbanguly Berdymukhammedov has invited U.S. oil major Chevron
to help develop the energy riches that lie beneath the Turkmen section of the Caspian Sea, a statement on his government's web site said Friday. Berdymukhammedov told a visiting Chevron delegation late Thursday that Ashgabat would welcome the U.S. oil company and its technology, which Turkmenistan --
ASIA: Aiming to reduce Russian role in Caspian, Azerbaijan builds economic ties with Asia 2007-05-07 04:30:00 Azerbaijani President Ilham Aliyev's late-April trip to South Korea underscores how Asian states are becoming an increasing factor in the Caspian
Basin energy equation.Aliyev is intent on exploiting the growing oil & gas needs of China, South Korea, Japan and other nations to weaken Russia's ability to use energy issues as a lever of geopolitical influence.read more | digg storyAliyev's three-day Read more:reduce
, Russian
, Azerbaijan
AMERICA: The oil patch and An Inexpensive Energy Play, Barron´s 2007-05-07 01:13:00 by Eli Hoffmann
Shares of McDermott International (MDR) are up 400% since 2004, as are its profits. Of the company's three divisions (offshore oil-and-gas construction, government operations and power-generation systems), the oil construction unit (presently 39% of growth) is powering growth. International rigs have doubled over the past eight years.
McDermott is expanding in the Middle East Read more:Energy
, Barron
AMERICA: Congress, Oil Drillers Set to Clash Over Royalties 2007-05-06 21:26:00 The U.S. Congress
and oil and natural- gas producers are set to clash over proposals to resolve a mistake which exempts some companies from more than $10 billion in government royalties on Gulf of Mexico drilling leases. Leases issued in 1998 and 1998 by the U.S. Minerals Management Service omitted price thresholds that would require royalty payments when oil and gas prices rise Read more:Drillers
, Clash
, Royalties
MIDDLE EAST: Russia Won't Get Oil for Iraqi Debt 2007-05-06 12:54:00 The international conference on Iraq started yesterday at the Egyptian resort city of Sharm el-Sheikh on the Red Sea. Amongst the questions involved in the restoration of the war-ravaged country is the payment of its multibillion-dollar debts.
Russia
is one of the country's main creditors. Russia would like to receive access to Iraq oil deposits to offset the debt, but Iraqi
Finance
UK: New BP chief makes amends 2007-05-06 07:32:00 by Oliver Morgan and Ruth Sunderland
New BP chief executive Tony Hayward is expected to express regret about the fatal accident at its Texas City refinery when he meets President George Bush this week.Hayward will stop short of a formal apology since there are a number of outstanding US lawsuits relating to the blast. But the new boss is keen to make a fresh start and to build bridges in the Read more:makes
UK: Four decades of glory ruined by a white lie 2007-05-06 07:24:00 by David Smith
John Browne had turned sleepy BP into a global player worth £100bn, picking up a peerage on the way. Then his male ex-lover threatened a tabloid expose, causing him to make a puzzling misjudgment that has cost him his reputation.
Lord Browne of Madingley, lover of cigars and good conversation, was enjoying his winter holiday with friends in Barbados when the heart-stopping call Read more:glory
, ruined
EUROPE: Strains in Russia ties test the EU, unity and patience 2007-05-06 03:25:00 by Shada Islam
Brussels - European Union policymakers have long sought peace, stability and prosperity on the bloc's borders and backed the vision of an EU surrounded by well-governed and well-intentioned neighbours.
Unfortunately for the EU, however, today's European political reality is starkly different.
With Russia
in anti-Western mood over a mix of issues, including missiles, energy and Read more:patience
IRAN: Pope supports Iran's right to peaceful nuclear energy 2007-05-06 01:38:00 Pope Benedict XVI supports Iran's right to use nuclear energy for peaceful purposes, reports a local news agency. The pope was speaking in a meeting in the Vatican with former Iranian president and head of the International Centre of Dialogue among Cultures and Civilizations Mohammad Khatami on Friday.
Like other big states, Iran should use peaceful nuclear energy, he said.
He pointed to
IRAN - BRASIL : Petrobras to develop Caspian oilfield 2007-05-05 21:35:00 Khazar Oil Exploration and Production Company (KEPC) managing director Friday said Brazilian company Petrobras
would explore and develop
blocks 6 and 29 of the Caspian
Sea oilfield
.
Mohammad-Hossein Dana told PIN his company was negotiating with Petrobras to finalize the exploration and development contract.
He scotched the rumors that the two sides were to finalize the contract on April 30. “
MIDDLE EAST: New Saudi push to bolster petrochemicals industry 2007-05-05 20:26:00 Saudi Oil Minister Ali Al Nauimi took a break from the volatile crude market yesterday to pitch a petrochemical industry
programme to make the kingdom the world's number three in the sector by 2015 and boost youth employment.
Al Nuaimi said the government has started a $70 billion investment programme to take Saudi Arabia from its current ranking as the world's 10th largest petrochemical Read more:Saudi
VENEZUELA: Despite claim of control, his deal with Big Oil is not solidified 2007-05-05 13:32:00 by John Otis
Amid plans for cheering crowds and nationalistic pronouncements, President Hugo Chavez intends to take control of his country's vital heavy oil industry today. But the takeover is far from a done deal. Six American and European energy companies, including Houston-based ConocoPhillips, have yet to hammer out agreements with the Chavez government on compensation for losing their Read more:claim
RUSSIA: Yukos Takes Rosneft To No. 1 2007-05-05 10:27:00 by Miriam Elder
Rosneft
achieved its goal of becoming the country's largest oil company on Thursday as it scooped up Tomskneft, Yukos
' penultimate oil unit to go under the auctioneer's hammer. In 15 minutes of sometimes-confused bidding, a Rosneft subsidiary beat out a challenge from a mystery firm thought linked to Gazprom, buying Tomskneft and other assets for $6.8 billion, just $350 million
TEXAS: CenterPoint Energy First-Quarter Net Income Jumps 48% 2007-05-05 10:18:00 by Edward Klump
CenterPoint Energy
Inc., owner of natural-gas utilities in six U.S. states, said first-quarter profit jumped 48 percent after population gains and cooler weather stoked demand for heating fuel and power. Net income climbed to $130 million, or 38 cents a share, from $88 million, or 28 cents, a year earlier, Houston-based CenterPoint said today in a statement. Read more:First
, Income
, Quarter Net
CANADA: Cameco Says Deficient Mine Development Led to Flood 2007-05-05 10:10:00 by Elliot Smith
Cameco Corp., the world's largest uranium producer, said the ``deficient'' development of its Cigar Lake mine in Canada contributed to a flood that will delay the project by three years and help double construction costs.
Contract workers performed underground blasting with the wrong equipment and inadequate safeguards, producing a greater rupture than engineers specified and Read more:Development
INDIA: Power theft set to be a cognizable offence 2007-05-05 04:53:00 Power theft
is set be a cognizable offence
, once Parliament passes the Electricity (Amendment) Bill, 2005. The Bill was taken up for consideration and passing in the Lok Sabha on Friday.
Even though a discussion on the Bill did take place, it could not be passed. It is likely to be passed in the course of the next week. With the passage of this Bill, civil disputes in the power sector will be
eNergy Stocks: Oil stocks give back gains as crude falls below $62 2007-05-05 03:01:00 by Jim Jelter
Energy stocks surrendered early gains
Friday as momentum from a rising stock market gave way to a 2% drop in crude-oil prices and a bout of profit-taking.
The Amex Oil Index ($XOI :1,298.19, +1.72, +0.1% ) ended up fractionally at 1,298 points, retreating from an all-time intraday high of 1,315 points. The Amex Natural Gas Index ($XNG
eNergy Stocks: Oil stocks turn higher; hold tight ranges 2007-05-02 03:25:00 by Jim Jelter
Energy stocks pulled to a slightly higher close Tuesday, seesawing through the session in a narrow trading band as the market awaits fundamental direction from weekly U.S. fuel supply data, set for release Wednesday.
At the close, the Amex Oil Index ($XOI : 1,272.94, +1.87, +0.1% ) was up 0.2% at 1,272.9 points, the Philadelphia Oil Service Read more:tight
eNergy Stocks: Oil and gas stocks followed the broader market lower 2007-05-10 21:08:00 by Shawn Langlois
Oil and gas stocks followed the broader market lower Thursday as crude-oil futures staged a comeback from the prior session's decline.
Energy stocks dip as crude rebounds
Crude oil for June delivery rose 62 cents, or 1%, at $62.17 early as traders weighed ongoing violence in oil-rich Nigeria and an increase in U.S. gasoline supplies.
The Amex Oil and Gas Index (
CANADA: Gas costs 15¢ too much 2007-05-10 19:04:00 by Julian Beltrame
Think-tank says prices unjustified since Hurricane Katrina
Canadians are being gouged at the gas pumps, paying in excess of 15 cents a litre more for gasoline than justified by costs and historic petroleum industry profit margins, says a report being released today by a think-tank. The Canadian Centre for Policy Alternatives says it examined gasoline prices before and after
AUSTRALIA: International Power Says First-Quarter Profit Fell 2007-05-10 13:59:00 by Paul Dobson and Renee Lawrence
International
Power Plc, a generator of electricity in 17 countries, said first-quarter profit slumped 70 percent after prices the company fixed for its future production in Australia fell below actual rates. Net income dropped to 35 million pounds ($70 million), or 2.3 pence a share, from 117 million pounds, or 7.5 pence, a year earlier, Read more:First
, Quarter Profit
MIDDLE EAST: Iran puts Shirvan Gas Power Plant ´s last phase into operation 2007-05-10 11:40:00 Read more | Digg story
The last (sixth) phase
of the Shirvan Gas Power Plant
, northeastern Iran, has been synchronized with the nationwide power grid, said the managing director of the Iran Power Development Organization on Wednesday. Talking to Iranian Students News Agency (ISNA), Mohammad Behzad said that the power plant has been constructed in six 159MW gas phases, adding that steam units Read more:Power Plant
RUSSIA: Gazprom to Send Gas through Nabucco Pipeline 2007-05-10 04:36:00 Read more | Digg story
Russian gas monopolist Gazprom
will be able to send its gas via the Nabucco pipeline from Turkey to Austria, Reuters reported late Tuesday, quoting a source in the Turkish government.
“Russia may also become part of this project,” the news agency quoted a high-placed source in the Turkish Energy Ministry as saying.
“If we take into account balance in the region Read more:Pipeline
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