On Energy Source:
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The week ended with Cnooc poised to take over more of Africa’s oil provinces, in the minds of some, as reports indicated the Chinese state-owned oil company was “in talks” with the Ugandan government about investing with London-listed Tullow Oil to develop the Lake Albert fields in western Uganda. Read more
The Prius paved the way for stylish green cars, but we are seeing the rollout of electric vehicles that would not be out of place in the opening scene of a James Bond film. Tesla’s electric Roadster has gotten rave reviews: “The car looks hot and rides hot. It’s a smile machine”, Scientific America’s reviewer says.
Morgan Motor’s fuel-cell electric prototype, the LIFECar, is now in prototype form eliciting reactions at a recent Morgan show in Pebble Beach. Morgan, the (cult) classic English carmaker that limits production of its 1930s-style roadsters to a few thousand a year, is developing the project in connection with Qinetiq. Very sleek, retro-chic (and, more than likely, prohibitively expensive), the Lifecar will set a new standard for green vehicles when it makes its long awaited debut. Read more
There is still risk of falling in to political quicksand but Iraqi Kurdistan continues to draw oil explorers eager to own a piece of the next big thing. For Gulf Keystone, that means exiting Algeria in favour of Kurdistan, if it can find a buyer for its Algerian joint venture interest before the joint venture falls apart. Read more
Monday marked the official start of oil exports from Iraq’s Kurdistan region, celebrated by a ceremony complete with strobe lights and a musical score.
For investors who have attempted to follow the byzantine politics leading up to this event, Monday might have appeared the breakthrough that has been anticipated for a long time, after lengthy tussling between Iraq’s central government and the Kurdistan Regional Government over who had the right to authorise exports, and under what terms.
Except for the payment problem. Read more
The Kurdistan Regional Government (KRG) of Iraq claimed this morning that oil would soon be commercially exported from its large fields, in an apparent resolution of a long-running dispute between the KRG and Iraq’s central government about who grants Kurdistan’s oil licenses and how Kurdish oil revenues will be shared.
But the Iraqi oil ministry denied any deal had been completed, according to Reuters reports from Baghdad, and the oil companies that stand to gain most from a resolution backed away from the statement, saying they had not yet received word of anything concrete. Read more
The uranium trade resembles the diamond market in some ways: it is rather opaque and mysterious, and also lends itself to “it can only go up” narratives. In the case of diamonds this narrative is, “Asians will earn more and more money and buy more and more engagement rings, and meanwhile no one is building new diamond mines.”
In uranium it boils down to, “Asians are building more and more nuclear power stations to solve their energy problems, and meanwhile no one is building new uranium mines.”
Once again, it is a new dawn for uranium prices and uranium miners, according to a report by RBC Capital Markets. Read more