Monthly Archives: December 2010

Kiran Stacey

Energy Source will now be taking its annual Christmas break. We will be away from today (December 23rd) until January 4th. That is unless something major happens in the energy industry, in which case I promise to return promptly to my keyboard and keep you all up to date.

In the meantime, happy holidays to all our readers, and see you in the new year.

FT Energy Source

- Rio in A$3.9bn bid for Riversdale – FT

- US says Chinese wind power fund breaks trade rules – NY Times

- Spain’s solar power subsidy cuts attacked – FT

- Japan likely to shelve carbon trading scheme – Reuters

- Areva gets €400m German wind turbine contract – WSJ (£)

- Coal shortages worsen in China – NY Times Green blog

- Gulf spill lawyers want Feinberg reined in – AP

- Trafigura readies for battle – FT

- Shell pays $10m fine to Nigerian government – Bloomberg

- Anadarko clean up sites ‘may reach 2,800′ – Bloomberg

- Dwindling supplies keep oil above $90 – FT

- EPA poised to set emission standards – Argus

Kiran Stacey

Many apologies to all of those who sent in questions, but we are having to delay Chris Huhne’s Q&A session until the new year, as the energy secretary has not yet been able to answer all your questions.

His answers will appear on this site in early January – date to be confirmed in the new year.

Apologies again, and thanks for your patience.

In Beijing on Tuesday, long lines began to form around gas stations across the city. It was one of the first tangible signs of the government’s decision to raise fuel prices, which went into effect Tuesday at midnight.

Although the drivers waiting in line may have been worried about their pocket books, the increases are not all that large: gasoline now costs a maximum of 8,530 rmb per tonne (which is less than one dollar per litre), up from 8,220 rmb per tonnne. Diesel prices are now capped at 7,780 rmb per tonne, from 7,480.

FT Energy Source

- Ghana and Kosmos sign truce agreement – FT

- India’s ONGC eyes new Russian prospects – Argus

- State Grid views Brazil as another smart move – FT

- China raises gasoline prices as crude costs spike – Bloomberg

- Gulf oil and gas groups struggle after spill – FT

- Feinberg’s comments irritate lawyers – NY Times

- Trafigura net income falls as oil trading hit – FT

- Exco buys Marcellus shale assets for $459.4m – Upstream Online

- Why Bolivia stood alone in opposing Cancun agreement – Pablo Solon, The Guardian

- PPG to pay $3.75m to settle illegal export charges – WSJ(£)

- BG picks Vale man for finance role – FT

And then there were five. With the arrival of Dmitry Medvedev in New Delhi on Tuesday, India has completed an impressive diplomatic quintet. Russia’s president is the fifth and final leader from the five members of the UN Security Council to visit India in the past six months, following a path that has led to multi-billion business deals and burnished India’s sense of its rising global importance.

India and Russia signed 11 agreements on Tuesday, the first day of Medvedev’s two-day visit – including a deal through which ONGC, India’s state-owned energy company, will cooperate with Russia’s AFK Sistema in hydrocarbon development.

We didn’t think it would happen – but Aim-listed Xcite Energy has delivered an early Christmas present to punters in the oil exploration sector on Tuesday:

FT Energy Source

- Rio Tinto makes new £2.5bn Riversdale offer – The Telegraph

- EDF stake increase in Areva attacked – FT

- Shale gas success drives down prices – NYT/Breakingviews

- Norilsk sells 8% stake to Trafigura – FT

- ‘A wake-up call to the oil industry’ – The Times (£)

- Saudi trading links revived by US groups – FT

- Chevron builds up steam in the Middle East – FT

- Shell signs $6bn Qatari petrochemical deal – Bloomberg

- High costs put North Dakota CCS project on hold – Argus

- Texas takes a shine to solar power – Reuters

- Aggreko wins Olympic power contracted – The Telegraph

- Companies charged in EU Czech probe – FT

- EPA puts emissions rules on hold – WSJ (£)

- Iran cuts send diesel price soaring – FT

Kiran Stacey

The UK’s freezing temperatures are bad news for travellers, but decidedly good news for gas suppliers.

National Grid has forecast a record day for gas demand, and has been forced to issue a “gas balancing alert” to encourage suppliers to up supply and big consumers to switch fuels or reduce consumption. That’s the seventh time such an alert has been issued since 2005.

All this has been good news for prices too (as long as you’re a seller of course). This was from Bloomberg this morning:

Kiran Stacey

The Times is currently publishing extracts from Loren Steffy’s new book Drowning in Oil, about the BP oil spill, in addition to the extracts on Fuel Fix published earlier this month.

As Ed Crooks said in his review of the book, it is good on drama and detail but less so on telling us anything particularly new about the spill or the company.

The Times extracts are readable and interesting, however. In the first (£), he tells the story of the night of the explosion via two of the crew on board, Stephen Stone and Mike Williams. This is the from williams’ story:

Back in the electronics shop, the first explosion blew the three inch-thick steel door off its six hinges, knocked Mike Williams across the room, and slammed him into the far wall. The door followed and struck him in the head. A line containing carbon dioxide ruptured and began spewing gas into the room, clouding his vision. He couldn’t see. He couldn’t breathe. He crawled along the floor, knowing that oxygen would be more prevalent there, and made it back to the opening where the door had been.

The second is a similarly entertaining read, memorable for one quote in particular, from a “retired oil company executive”: “Tony’s a good guy, bright guy, but he can’t keep his mouth shut sometimes.”

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