On Energy Source
Europe’s greenhouse gas emissions fall, along with emissions permits
…but carbon prices may rise in the next decade
Oil exports from the Kurdish region of Iraq may be close
The US is backing Abu Dhabi’s bid to develop nuclear power, showing Arab and other countries that they can develop civil nuclear programmes with the blessing of the US, so long as they do not move on into military capability. Iran take note. And as a spin-off, Abu Dhabi’s plans are creating $20bn worth of contracts for nuclear negineering groups (WSJ)
Jean-Claude Gandur of Addax Petroleum, one of the Iraq-invested oil E&Ps closest to reaching commercial viability in the Kurdish region of Iraq, said last week that Baghdad and Erbil were closer than ever to reaching an agreement that would allow Kurdish oil to start reaching international markets through a pipeline running from Iraq to Turkey.
“The [Kurdish regional government] oil minister says he has a full understanding with Baghdad,” Mr Gandur said. They know how to share oil. After weeks and weeks of disagreement, the disagreements have essentially come to nil.”
The fall of about 4-6 per cent in the European Union’s carbon dioxide emissions – depending on which analyst you believe – shows that the carbon market is working, according to Henrik Hasselknippe of Point Carbon, the research group.
Yes, the recession was a prime cause of the decline, and that has cratered the price of carbon permits in the EU’s emissions trading scheme, but Mr Hasselknippe and other analysts believe the price will recover.
The EU’s greenhouse gas emissions from industry and power generation fell by 6 per cent last year, according to Point Carbon, the research group. Great news, right? Not really: it just shows that the easiest way to cut emissions is to batter the economy, and particularly the industrial sector.
Still, that does not mean the cuts are likely to be swiftly reversed.
Energy news from elsewhere:
- Russia and US agree to start new nuclear-arms treaty talks (Bloomberg)
- The EU’s greenhouse gas emissions fall by 6 per cent (WSJ)
- French energy executive charged with spying on Greenpeace (Guardian)
- BP cuts 620 jobs from its solar business (Reuters)
- Iran, Syria got indirect US nuclear aid (WSJ)
- Cnooc to spend $6.5bn on oil refinery expansion (Bloomberg)
- Total sells Canadian oil sands stake to Sinopec (Reuters)
- Areva to start operations at 8 new factories in India (WSJ)
Energy news from the FT:
- McKillop steps down as BP non-executive
Move follows strong criticism from big investors
- Roles reversed in gold scrap sales
Importers such as Turkey turn exporters
- Energy sale raises Hungarian ire
Mol accused OMV of acting as a front for Russian interests
- BP Alaska unit to face fresh civil complaint
Government alleges violation of clean air and water laws
- Newmont and Sumitomo told to divest shares
Dispute watched as a barometer of how Jakarta treats foreign investors
- Gem Diamonds’ loss reflects industry distress
Miner reported annual pre-tax loss of $577m
- Berlin agrees carbon capture rules
Ministers agree on guidelines for the new technology