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Libya appears to have taken another step towards nationalising its oil and gas industry by setting up the Supreme Council of Energy Affairs. On paper, the organ does not look terribly different to the Supreme Council of Oil and Gas Affairs. But in practice the new body is likely to wield a much different sort of influence. It will oversee production and development targets, contract negotiations and the development of alternative energy and will have regulatory as well as executive functions. But what will set it apart most of all, is the power-brokers behind it. Read more
Using natural gas instead of coal for power generation is a clear improvement in terms of carbon dioxide emissions: the carbon dioxide output from a gas-fired power station per kilowatt hour is about half that from a coal-fired plant, as is discussed in the FT’s special report on gas, published today.
It is an argument that is being made increasingly vocally by gas producers such as BP, and has found favour with senators John Kerry and Barbara Boxer, who have included measures to help the natural gas industry in their energy bill now before the US Senate.
However, there is a debate brewing about whether gas can really be anything other than a stop-gap, a transition “bridge fuel” on the route to a low-carbon future. Read more
Oil prices fell on Monday while base metals were mixed as commodity markets made a hesitant start to the new trading week amid concerns about the global economy’s recovery prospects.