Daily Archives: February 3, 2010

Kate Mackenzie

The Ugandan government appears to have agreed to back Tullow’s purchase of Heritage’s oil fields in the country, ending a bitter dispute with Eni of Italy.

Peter Lokeris, the Minister of State for Mineral Development, tonight told Uganda’s New Vision news website – where official news is often leaked:

“We met on Wednesday and considered the pre-emption right of Tullow and approved it. The decision is final,” he said in a phone interview yesterday.

“We appreciate what Tullow has done in finding the oil and we respect the sanctity of the law,” Lokeris said.

The FT has independently verified that his statements are correct. It appears Tullow has come out on top, however, Uganda has in the past sent mixed signals and no official statement has yet been made.
 Read more

Fiona Harvey

The ongoing storm over climate change science is cheering up climate change sceptics no end. What with last November’s email scandal (in which emails sent among climate scientists were hacked and exposed on the web), the chaotic scenes at Copenhagen in December, and last month’s revelations about shortcomings on the part of the Intergovernmental Panel on Climate Change, it’s been a heady few months for the sceptics.

But before we get carried away, let’s examine some of the claims against climate science more closely. Read more

Kate Mackenzie

On FT Energy Source:

- Oil services make a comeback

- CNOOC’s big ramp-up is small beer

- Superbowl and fuel prices

- More East Anglia science and BP analysis in Energy headlines

Further reading:

- Obama goes nuclear

- Japan leads race for hydrogen fuel-cell car

- Alternative energy moves from boutique to industrial scale

- Is BYD the Suntech of 2010?

- Texas’ power supply could run out

- Why senators don’t see the clean energy boom

- ‘Green’ coal and Dr Suess’s The Lorax

- Some good news for refiners in Asia
 Read more

Barclays Capital has a bullish report on the global oil service industry, which it says will grow this year after passing the low point for activity in the fourth quarter of 2009. The reports predicts an 11 per cent rebound in worldwide spending on exploration and production this year.

James West of Barclays expects E&P spending to accelerate in 2011 as the cycle gains momentum: Read more

Kate Mackenzie

Stephen Schork of the Schork Report oil newsletter has been writing quite a lot lately about gasoline consumption in the US – namely, how it is declining (see here and here).

But we won’t begrudge him that, because it’s an important subject. Plus, he pursues an interesting line of thought in today’s missive: comparing how much Superbowl tickets have risen since 1966, compared to rises in the price of gasoline. Read more

Kate Mackenzie

CNOOC, China’s offshore oil producer, has raised its capital expenditure and production targets substantially. The company is targeting net production of 275m – 290m barrels of oil equivalent for the year, compared to 226m – 228m in 2009. It is basing its target on an average price for WTI of $75.

It’s also raising capital expenditure quite a bit:  Read more

Kate Mackenzie

East Anglia climate scientist calls for more transparency (FT)

BP offers downbeat outlook for 2010; Refining BP’s weak point; BP sets sights on Exxon’s crown (FT)

Steelmakers buy coking coal at peak prices (FT)

Falklands plan angers Argentina (FT)

Siemens targets Indian renewable energy industry (FT)

EU carbon slips further ahead of auctions (Reuters)

Exxon deep dives into high-risk exploration (WSJ)

CNOOC rises most in eight months on higher production targets (Bloomberg)

Oil, trucking industries launch lawsuit against Californian fuel rules (LA Times)

Missouri representatives propose blocking EPA rules (AP)

South Korea seeks 52% rise in renewable spending in 2010 (Bloomberg)

Australian opposition’s climate plan fails to win over key senator (AAP)

Anadarko CEO: Obama meeting favourable for gas producers (Dow Jones)

White House completes indirect biofuels emissions review (Greenwire) Read more