Libyan oil production will take years, not months, to return to full capacity once a political solution to the conflict is found, according to Barclays Capital.
“The reincorporation of Libyan oil into the world market increasingly seems a distant possibility” according to the study, which warns of a lasting political vacuum after the potential fall of the Gaddafi regime. Read more
BP, solar, De Beers, Centrica
In this week’s podcast: Interim results from BP fail to please investors; solar power – how economic is it? We ask CEO of Canadian Solar, Dr Shawn Qu; diamond company De Beers gets a new chief executive; and, Centrica – what should we expect from its results? Read more
Uganda is planning to build only the second oil refinery in East Africa by 2015.
Following the recent discovery of 2.5 billion barrels of oil, Uganda aims to develop a refinery in Hoima, according to Fred Kabagame Kaliisa, permanent secretary at the energy ministry. Read more
Greenland, mining costs, disintegrating oil companies
In this week’s podcast: Greenland – is oil exploration the key to economic independence? High oil and gas prices push up costs for global mining; and, we ask whether integrated oil companies have a future or will others follow ConocoPhillips, and split in two? Read more
Chevron, the US energy company, will carry out oil exploration off the Liberian coast later this year, giving the west African country the possible chance to join its neighbours as an oil-producing nation. Read more
Jim Mulva, chief executive of ConocoPhillips, has been in a hurry to establish his legacy. In the beginning, it was going to be as the head of one of the world’s biggest international oil and gas companies. And he got there, boosting Conoco into 5th place, in terms of production. But then the economic downturn hit, and the weaknesses in his grow-through-acquisition strategy were exposed. Conoco was forced to slash capital spending, lay off staff and sell billions of dollars in assets.
Several years ago, analysts covering the oil industry were raising alarm bells about how the majors would be making money in the decades to come. With conventional oilfields maturing and no sign of the shale gas revolution at that point, there was pressure from shareholders for the majors to get into renewables. The majors responded by delving into projects to extract biofuels from chicken fat and soybeans. But that phase is over.
When the Republic of South Sudan becomes the world’s newest state on Saturday, the new government in Juba will begin to assess how it can establish an independent export route for its vast oil reserves. Read more
India seems to hold the upper-hand over Iran in a dispute over payments for crude oil shipments that has been rumbling for over six months.
Iran supplies India with 12-14 per cent of its total imports, making it India’s second biggest provider after Saudi Arabia. But a payments dispute has left India owing debts estimated at anywhere between $2-6 billion. In effect, this means India has been importing Iranian oil on credit since December 2010. Read more
The weekend oil spill by ExxonMobil into Yellowstone River gives environmentalits more ammunition in their long-running battle against granting the oil industry increased access to US oil resources.