India Turns to Angola for Oil After Losing in Energy Auctions

India, Asia’s third-largest consumer of oil, will focus on obtaining energy assets in Angola after failing to secure supplies closer to home. “Angola is the next country where we are going to concentrate,” Indian Oil Minister Murli Deora said in an interview in New Delhi. “We lost because our bid wasn’t good enough” in previous […]

Indonesia feels the pinch as oil, commodity prices surge

JAKARTA (AFP) – With prices for key commodities at record highs, Indonesia — Southeast Asia’s biggest economy and a key exporter — should, at first glance, be enjoying good times. But with high oil prices leading to a government fuel subsidy blowout and rising food prices hitting the poor, analysts say most Indonesians are being […]

Thai temple fights off encroaching tide as world sea levels rise

Crabs scuttle across the wet floor of the near-deserted Khun Samut temple, the only building left in a Thai village that has disappeared beneath the rising and advancing sea. Waging a battle against an encroaching tide that has sent all the villagers fleeing inland, a monk in orange robes and faded tattoos meant to ward […]

Austrian glaciers shrink the most in five years

Austria’s glaciers retreated more than 22 metres (24 yards) on average last year, in the biggest shrinking for five years, the country’s Alpine Club said Saturday. “All glaciers experienced melting and retreated… an average of 22.2 metres” in the 2006-2007 period, the Alpine Club said, citing measurements of 93 glaciers by its specialists who blamed […]

Kenya – Charcoal: A short-term fix to energy problem

Rose Mateta has been selling charcoal by the Mombasa-Nairobi Highway since 1991. Every day she sits under a shed displaying the bags of charcoal at Kiboko town, some 200km from Nairobi. With global oil prices steadily on the rise, charcoal trade has given the 50-year-old woman a chance to cash in on an alternative fuel […]

Hitting EU’s energy targets will cost Brits at least

It will cost every household in the UK at least According to energy consultancy Poyry, the bill for the UK to meet the target would be at least €5bn a year for more than a decade, compared with just over €3bn a year for France and Germany, and well under €500m for most other countries. […]

Energy bills misery for Welsh households

Welsh households face the misery of being hit by more than The news comes just weeks after energy industry bodies refused to appear before an Assembly committee to explain why customers in Wales pay higher prices than in England. Welsh householders pay on average 10 per cent more for power than their counterparts in England. […]

Bangladesh needs $8 bln investment in energy sector

Bangladesh would require about $8 billion in investment in the energy sector to meet growing demand up to the year 2025, a senior government official said on Sunday. “Bangladesh will need about 24 trillion cubic feet (tcf) of additional gas to attain and maintain a 7 percent economic growth, and nearly $8 billion in investment […]

Brazil announces new oil reserves

A huge offshore oil discovery could raise Brazil’s petroleum reserves by a whopping 40 percent and boost this country into the ranks of the world’s major exporters, officials said. The government-run oil company Petroleo Brasileiro SA, or Petrobras, said the new “ultra-deep” Tupi field could hold as much as 8 billion barrels of recoverable light […]

Oil may not grease friendship

Marxists argue that oil wealth makes men evil, as suggested by the recent Academy Award–winning film, There Will Be Blood. Public-choice theory offers another intriguing explanation, that governments are no more or less immoral than private actors. When they get control of a resource such as oil, they seek to keep that resource and suppress […]

Higher Crude Prices Jack Up Korea’s Oil Import Bill

Despite a drop in the volume of oil imports, South Korea’s import bill rose sharply this month from a year earlier as international crude prices shot up, government data showed Sunday. The country imported $6.3 billion worth of crude in the first 27 days of March, with the amount likely to hover above $7.1 billion […]

Facing up to the coming resources crunch

The world is faced with a triple crisis: climate change, peak oil and global resource depletion. These are interrelated and interactive problems which makes the subject extremely complex. The certainties are that there will be great changes to contend with in the future in order to produce and deliver food to maintain the present world […]

Mexico to start afresh in oil reform talks

MEXICO CITY, March 30 (Reuters) – Mexico’s ruling conservatives will seek opposition talks this week on a diagnosis of the oil sector’s critical health but have no date to submit a reform proposal, the government said on Sunday. Energy Ministry Georgina Kessel told a news conference that the government still hopes to reach a deal […]

Iraq’s Sadr orders followers off streets

NAJAF — Iraqi Shi’ite cleric Moqtada al-Sadr called on his followers on Sunday to stop battling government forces after a week of fighting in southern Iraq and Baghdad threatened to spiral out of control. A crackdown on Shi’ite militants in the southern oil port of Basra has sparked an explosion of violence that has risked […]

Ethiopia arrests 8 suspects in oilfield attack

ADDIS ABABA, March 30 (Reuters) Ethiopia said on Sunday security forces had arrested eight men suspected in connection with a deadly rebel raid last year on a Chinese-run oil field. The state-run Ethiopian News Agency said the detainees belonged to the separatist Ogaden National Liberation Front (ONLF), which killed 74 people during the April 2007 […]

In gas-rich Gulf, supplies fall short

DUBAI: According to BP’s latest “Statistical Review of World Energy,” Iran and Qatar sit on 30 percent of the world’s total natural gas reserves. Yet within the Gulf, the ability to meet the growing local demand for natural gas is being frustrated by underdeveloped supply mechanisms and limited regional cooperation The state-dominated Qatari gas provider, […]

Russia’s new energy strategy seems a lot like its old one

PARIS: On May 7, Dmitri Medvedev, chairman of Gazprom and president-elect of Russia, will be formally inaugurated as head of state, succeeding Vladimir Putin. Later the same month, the Ministry of Economic Development and Trade will submit a draft of a new long-term economic plan – the Concept of Russia’s Long-Term Social and Economic Development […]

Oil market well-supplied, UAE OPEC governor says

DUBAI (Reuters) – Oil markets are well-supplied with inventories of crude oil and refined products over their five-year average, the OPEC governor of the United Arab Emirates said on Sunday. The weakness of the U.S. dollar has amplified the rise in oil prices, which was partly due to speculation, Ali al-Yabhouni told an energy conference […]

Agip oil output halted in Ecuador after sabotage

QUITO, March 29 (Reuters) – Italy’s Agip Oil crude output in Ecuador remained halted on Saturday, a day after local communities damaged its electricity system to demand more funds for poor villagers, an oil ministry spokesman said. Agip’s oil installations in the Amazon jungle have been secured by more than 200 soldiers and the company […]

Vladimir Putin wants tunnel between Chukotka and Alaska

VLADIMIR PUTIN, the Russian president, is to raise plans for a tunnel to link his country with America when he meets his US counterpart, George W Bush, next Sunday. The 64-mile tunnel would run under the Bering Strait between Chukotka, in the Russian far east, and Alaska; the cost is estimated at Roman Abramovich, the […]

Iraq’s oil exports, refinery operations back to normal, official says

BAGHDAD: Iraq’s oil exports and refining operations in the southern oil port of Basra are running normally after sabotage attacks and power outages disrupted operations, an official with the country’s South Oil Co. said Saturday. Basra has faced fierce clashes since fighting broke out Tuesday between government security forces and Shiite militia loyal to radical […]

Canada: Liquid asset

Could the oil sands, Canada’s greatest economic project, come undone simply because no one thought about water? Here in Canada, we tend to think that while water scarcity, drying rivers and toxic lakes may be huge global problems, they really only affect places like China and the Middle East. But the rapid development of Alberta’s […]

New Iraq receiving baptism of fire in Basra

This time President George W Bush has got it right. He describes the latest flare-up in the oil-rich southern city of Basra as a “defining moment in the history of a free Iraq”, and no one can argue with that. The US President’s record of public declarations on Iraq’s future has not always been happy. […]

The Clean Energy Scam

The Amazon was the chic eco-cause of the 1990s, revered as an incomparable storehouse of biodiversity. It’s been overshadowed lately by global warming, but the Amazon rain forest happens also to be an incomparable storehouse of carbon, the very carbon that heats up the planet when it’s released into the atmosphere. Brazil now ranks fourth […]

Pemex eyes full oil reserves replacement in 2012

Mexican state-owned oil monopoly Pemex still aims to lift its oil and gas reserves replacement rate to the industry ideal of 100 percent in 2012, a company official said on Wednesday . Exploration and Production Director Carlos Morales said confirmation of new discoveries would help Pemex stem a steady decline in reserves since 1999. He […]

Britain seeks loophole in EU green energy targets

Britain is seeking to change the rules governing renewable energy targets to make it easier for the UK to fulfil its commitment to promote clean energy, the Guardian has learned. At present, only 3% of the UK’s power comes from renewable energy, but ministers have agreed to increase this fivefold within 12 years. To help […]

Airlines Lighten Up to Cut Fuel Costs

Your ginger-ale doesn’t come in a glass anymore on most US Airways flights. On Delta you’ll find yourself in a thinner, lighter seat. If you fly JetBlue cross-country, you’ll get a dainty bag of 100-calorie crisps in place of the original snack box of cookies, crackers and spreadable cheese. With jet fuel prices so high, […]

Shell researching non-food crop biofuels

Oil company Royal Dutch Shell and U.S. bioscience firm Virent Energy Systems are to research a petrol alternative from non-food crops that would reduce CO2 emissions without driving up food prices. Shell said in a statement that unlike ethanol, currently the main biofuel alternative to petrol, the fuel it and Virent aim to develop will […]

‘Cheap $100 oil’ not to curb demand – Simmons interview

If oil at $100-plus a barrel is cheap, when do you think it will become expensive? Economists keep saying that when oil is $100 a barrel, people will stop using oil. Open your eyes. There is no substitute for oil. Ninety-eight per cent of transportation energy in the world comes from black oil. In the […]

Vladimir Putin bids for Iraq oil stakes

Moscow has stepped up its attempts to become Washington’s main rival in the Middle East with an audacious attempt to win a large stake of Iraq’s oil wealth. Glossing over his opposition to the American-led invasion and a prolonged period of poor relations with Baghdad, President Vladimir Putin wrote to Nouri al-Maliki, the Iraqi prime […]

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