Global News – Energy Tribune http://www.energytribune.com Mon, 23 Jun 2014 16:11:38 +0000 en-US hourly 1 https://wordpress.org/?v=4.6.1 Iran Oil Contractors Want Work Guarantees From Foreign Investors http://www.energytribune.com/80347/iran-oil-contractors-want-work-guarantees-from-foreign-investors http://www.energytribune.com/80347/iran-oil-contractors-want-work-guarantees-from-foreign-investors#respond Wed, 19 Feb 2014 19:44:10 +0000 http://www.energytribune.com/?p=80347 Iran’s association of oil-industry contractors and suppliers is seeking assurances it won’t lose business should foreign energy companies return to Iran.

The post Iran Oil Contractors Want Work Guarantees From Foreign Investors appeared first on Energy Tribune.

]]>
From Bloomberg

By Golnar Motevalli

Iran’s association of oil-industry contractors and suppliers is seeking assurances it won’t lose business should foreign energy companies return to Iran.

“We’re not concerned about the presence of foreign companies here, we are concerned about how they will operate here,” Hasan Kazemi, a member of the board of the Society of Iranian Petroleum Industries Equipment Manufacturers said in a phone interview on Feb. 17.

The association will attend a seminar on changes to the country’s oil-investment contracts to be held on Feb. 22-23 in Tehran. Oil Minister Bijan Namdar Zanganeh will discuss with local and foreign industry executives rules that would govern oil and natural gas production should Western curbs on Iranian energy exports be lifted, allowing international companies back in the country.

Click here to read more

The post Iran Oil Contractors Want Work Guarantees From Foreign Investors appeared first on Energy Tribune.

]]>
http://www.energytribune.com/80347/iran-oil-contractors-want-work-guarantees-from-foreign-investors/feed 0
Will Oxy’s Divorce Spur The Break Up Of Big Oil? http://www.energytribune.com/80345/will-oxys-divorce-spur-the-break-up-of-big-oil http://www.energytribune.com/80345/will-oxys-divorce-spur-the-break-up-of-big-oil#respond Wed, 19 Feb 2014 19:21:14 +0000 http://www.energytribune.com/?p=80345 ConocoPhillips spun out Phillips 66. Marathon Oil spun off Marathon Petroleum. BP has jettisoned $40 billion in assets since Deepwater Horizon. Apache has been shrinking to grow, as has Chesapeake Energy. And now Occidental Petroleum has decided to slim down as well.

The post Will Oxy’s Divorce Spur The Break Up Of Big Oil? appeared first on Energy Tribune.

]]>
From Forbes

By Christopher Helman

ConocoPhillips spun out Phillips 66. Marathon Oil spun off Marathon Petroleum. BP has jettisoned $40 billion in assets since Deepwater Horizon. Apache has been shrinking to grow, as has Chesapeake Energy. And now Occidental Petroleum has decided to slim down as well.

Oxy’s plan, announced last Friday, will be dramatic. Its California assets will be rolled into a separate publicly traded company described as the largest oil and gas mineral holder in the state with 2.3 million acres and 160,000 barrels per day of oil (and natural gas equivalent) production. It will generate roughly $2.75 billion of free cash flow and boast an enterprise value of about $20 billion. The remaining Oxy will generate about 600,000 boepd, most of it from vast operations in the Permian basin of Texas. Analyst Tim Rezvan with Sterne Agee expects Oxy to sell down its Middle Eastern and Bakken assets as well as its oil trading division in order to focus on Texas.

In so doing, Oxy CEO Steve Chazen will be unraveling much of what former CEO Ray Irani knitted together over his two decades at the helm. Rather than continuing to look for big projects in tricky places overseas (Irani’s specialty), the two Oxy companies will have plenty of opportunities in Texas and California to drill to their hearts’ delight.

But the plan makes sense. Occidental was smart enough to see that the Great American Oil & Gas Boom has turned the nature of the industry upside down. Being big confers very little advantage in developing shale assets.

The question remains: Will Oxy’s move be the tipping point that sets off a flood of other oil company spinoffs? It should be. The giants should absolutely spin off selected assets, boost returns to shareholders and take on more debt to rapidly build out their best new projects. But they probably won’t, because they’ve simply become too big and too risk-averse — just too scaredy-cat to change their stripes.

Click here to read more

The post Will Oxy’s Divorce Spur The Break Up Of Big Oil? appeared first on Energy Tribune.

]]>
http://www.energytribune.com/80345/will-oxys-divorce-spur-the-break-up-of-big-oil/feed 0
German Village Resists Plans to Strip It Away for the Coal Underneath http://www.energytribune.com/80343/german-village-resists-plans-to-strip-it-away-for-the-coal-underneath http://www.energytribune.com/80343/german-village-resists-plans-to-strip-it-away-for-the-coal-underneath#respond Wed, 19 Feb 2014 19:10:21 +0000 http://www.energytribune.com/?p=80343 A grove of apple saplings grows on the lee side of Ulrich Schulz’s barn. He did not plant them for the fruit, he said, but as an act of rebellion against a nearby mining company that wants to raze his farm, which his family has owned since 1560, to get at the coal beneath his land.

The post German Village Resists Plans to Strip It Away for the Coal Underneath appeared first on Energy Tribune.

]]>
From The New York Times

By Melissa Eddy

A grove of apple saplings grows on the lee side of Ulrich Schulz’s barn. He did not plant them for the fruit, he said, but as an act of rebellion against a nearby mining company that wants to raze his farm, which his family has owned since 1560, to get at the coal beneath his land.

“A nod to Martin Luther,” said Mr. Schulz, 53, gesturing at the two rows of spindly trees. “He said that if he knew the world was coming to an end, he would plant an apple tree.”

It may not be the end of the world, but it could be the end of Atterwasch, population 241. While Chancellor Angela Merkel has promised her country a future virtually free of fossil fuels, it may seem strange that this village in eastern Germany, and two neighboring ones, are still fighting plans to wipe them, quite literally, off the map.

But Germany’s sudden hunger for coal has emerged as the dirty side of Ms. Merkel’s ambitions to shut down the country’s nuclear power plants by 2022 and eventually move Germans mostly to renewable energy. In fact, last year Germany burned more brown coal than at any time since its Communist-era factories began closing in 1990, according to AG Energiebilanzen, an association that tracks energy consumption.

Click here to read more

The post German Village Resists Plans to Strip It Away for the Coal Underneath appeared first on Energy Tribune.

]]>
http://www.energytribune.com/80343/german-village-resists-plans-to-strip-it-away-for-the-coal-underneath/feed 0
Japan to Fast-Track Some Nuclear Restarts; May Break Logjam http://www.energytribune.com/80340/japan-to-fast-track-some-nuclear-restarts-may-break-logjam http://www.energytribune.com/80340/japan-to-fast-track-some-nuclear-restarts-may-break-logjam#respond Wed, 19 Feb 2014 19:06:12 +0000 http://www.energytribune.com/?p=80340 Japan will fast-track the restart of some nuclear reactors, the regulator said on Wednesday, potentially breaking a logjam that has kept the country without nuclear power in the wake of the 2011 Fukushima disaster.

The post Japan to Fast-Track Some Nuclear Restarts; May Break Logjam appeared first on Energy Tribune.

]]>
From Trust.org

Japan will fast-track the restart of some nuclear reactors, the regulator said on Wednesday, potentially breaking a logjam that has kept the country without nuclear power in the wake of the 2011 Fukushima disaster.

Making a priority list for a few nuclear plants will move them forward in an approval process that has become bogged down in laborious safety checks and paperwork.

It remains unclear when any of Japan’s 48 reactors could come back on-line, but fast-tracking the process is good news for the nuclear industry, which had been hoping to begin the restarts by the middle of this year.

The Nuclear Regulation Authority (NRA), an independent body created in 2012, said it will craft a priority list of plants that meet its earthquake and tsunami criteria as early as next month, selecting a few to expedite from six pressurised water reactors run by Kansai Electric Power Co, Kyushu Electric Power, Hokkaido Electric Power and Shikoku Electric Power.

Click here to read more

The post Japan to Fast-Track Some Nuclear Restarts; May Break Logjam appeared first on Energy Tribune.

]]>
http://www.energytribune.com/80340/japan-to-fast-track-some-nuclear-restarts-may-break-logjam/feed 0
LNG Faces Challenge From Methane Hydrates in Japan http://www.energytribune.com/80338/lng-faces-challenge-from-methane-hydrates-in-japan http://www.energytribune.com/80338/lng-faces-challenge-from-methane-hydrates-in-japan#respond Wed, 19 Feb 2014 18:37:01 +0000 http://www.energytribune.com/?p=80338 From LNG Industry Douglas Westwood has released a report that poses the question, ‘Could Methane Hydrates Challenge LNG in Japan?’ While the shale gas boom has taken off, transforming the energy industry, other sources of natural gas have not been exploited. Methane hydrates, the report states, is the ‘dark horse’ of future energy. Methane hydrates, […]

The post LNG Faces Challenge From Methane Hydrates in Japan appeared first on Energy Tribune.

]]>
From LNG Industry

Douglas Westwood has released a report that poses the question, ‘Could Methane Hydrates Challenge LNG in Japan?’

While the shale gas boom has taken off, transforming the energy industry, other sources of natural gas have not been exploited. Methane hydrates, the report states, is the ‘dark horse’ of future energy. Methane hydrates, commonly known as ‘burnable ice’ are a potential significant resource of natural gas.

Vast resource

The hydrates are most stable at low temperatures and high pressure, which is why they are found below deep waters and in arctic regions. In theory, the report states, methane hydrates could “revolutionise the energy industry, potentially providing significant upside to natural gas production”. However to date there have been no commercial scale developments of this vast resource.

While companies have discussed the possibility of development in the Gulf of Mexico and in Columbia, it is the possibility for commercialization offshore Japan that remains the most interesting. A large-scale development could considerably impact the country’s existing and growing energy trade deficit.

Click here to read more

The post LNG Faces Challenge From Methane Hydrates in Japan appeared first on Energy Tribune.

]]>
http://www.energytribune.com/80338/lng-faces-challenge-from-methane-hydrates-in-japan/feed 0
Duke Energy Turns Profit of Nearly $3B http://www.energytribune.com/80336/duke-energy-turns-profit-of-nearly-3b http://www.energytribune.com/80336/duke-energy-turns-profit-of-nearly-3b#respond Wed, 19 Feb 2014 18:10:26 +0000 http://www.energytribune.com/?p=80336 Duke Energy hit its 2013 earnings target on the strength of its merger with Progress Energy, higher customer rates and a strong finish to the year.

The post Duke Energy Turns Profit of Nearly $3B appeared first on Energy Tribune.

]]>
From Charlotte Observer

By Bruce Henderson

Duke Energy hit its 2013 earnings target on the strength of its merger with Progress Energy, higher customer rates and a strong finish to the year.

Profits of $2.7 billion for the year earned $3.76 a share, compared with the $1.8 billion and $3.07 a share in 2012, Duke said Tuesday.

Adjusted for one-time items, earnings were $4.35 a share, at the midpoint of Duke’s target range and ahead of analysts’ estimates. That’s up from $4.32 a year ago.

Revenue growth for the year was boosted largely by Duke’s mid-2012 merger with Progress Energy, which added territory in the eastern Carolinas and Florida.

CEO Lynn Good said five rate case settlements in Duke’s six-state territory helped the year’s earnings, along with modest (0.6 percent) but steady growth in electricity demand and better-than-expected merger savings. Nonfuel operations savings were 9 percent, beating the expected 5 to 7 percent.

For the fourth quarter, Duke’s reported earnings of 97 cents a share beat the 62 cents of a year ago. Adjusted earnings were $1, compared with 70 cents last year.

Click here to read more

The post Duke Energy Turns Profit of Nearly $3B appeared first on Energy Tribune.

]]>
http://www.energytribune.com/80336/duke-energy-turns-profit-of-nearly-3b/feed 0
Fracking Doesn’t Threaten Russia’s Gas Power http://www.energytribune.com/80334/fracking-doesnt-threaten-russias-gas-power http://www.energytribune.com/80334/fracking-doesnt-threaten-russias-gas-power#respond Wed, 19 Feb 2014 17:36:56 +0000 http://www.energytribune.com/?p=80334 It is an uncomfortable fact for European politicians professing resistance to Russia’s geopolitical assertiveness that their energy dependence on Russia is growing.

The post Fracking Doesn’t Threaten Russia’s Gas Power appeared first on Energy Tribune.

]]>
From Live Mint

By Leonid Bershidsky

It is an uncomfortable fact for European politicians professing resistance to Russia’s geopolitical assertiveness that their energy dependence on Russia is growing. In 2013, the Russian state-controlled natural-gas monopoly, Gazprom OAO, increased its market share in Europe and Turkey to 30%, the company proudly announced. This share is bigger than the 2011 historic maximum of 27%. Gazprom’s exports to Germany increased by 21%, to Italy by 68% and to the UK by 54% in 2013.

While hydraulic fracturing—or fracking—of shale formations is helping the US achieve energy independence, giving it a freer hand in Middle Eastern policy, the expected effects of the shale revolution for Europe haven’t materialized. Liquefied natural gas from the Persian Gulf could have been diverted from the US, where demand has shrunk, to Europe. But in 2013, LNG supplies to Europe actually dropped: They mostly went to Asian markets where exporters could command higher prices. If the U.S. manages to export LNG in significant quantities, its price will be roughly the same as what Gazprom charges, a little less than $11 per million British thermal units, not counting delivery costs from ports to the heart of the continent, according to the International Energy Agency (IEA).

The US shale revolution, then, isn’t doing much to help Europe expand its range of energy sources. Sustainable energy subsidies are going out of fashion even in Germany: They are too much of a burden on industry, which already pays three times US rates for electricity. Only a shale boom of its own could help Europe out of this predicament. Or could it?

Click here to read more

The post Fracking Doesn’t Threaten Russia’s Gas Power appeared first on Energy Tribune.

]]>
http://www.energytribune.com/80334/fracking-doesnt-threaten-russias-gas-power/feed 0
Energy Dept. Set to Approve Loans for New Nuclear Power Plants http://www.energytribune.com/80332/energy-dept-set-to-approve-loans-for-new-nuclear-power-plants http://www.energytribune.com/80332/energy-dept-set-to-approve-loans-for-new-nuclear-power-plants#comments Wed, 19 Feb 2014 17:30:08 +0000 http://www.energytribune.com/?p=80332 The Energy Department is poised to approve $6.5 billion in federal loan guarantees for the first nuclear power plants built from scratch in this country in more than three decades.

The post Energy Dept. Set to Approve Loans for New Nuclear Power Plants appeared first on Energy Tribune.

]]>
From FoxNews

The Energy Department is poised to approve $6.5 billion in federal loan guarantees for the first nuclear power plants built from scratch in this country in more than three decades.

Energy Secretary Ernest Moniz was expected to announce final approval of the deal at a speech on Wednesday, a day before he visits the $14 billion Vogtle nuclear plant now under construction in eastern Georgia.

Three government officials familiar with the deal confirmed its details Tuesday. They asked not to be identified because the deal has not been made public.

Atlanta-based Southern Co. is building the plant with several partners about 30 miles southeast of Augusta, Ga. The project is widely considered a major test of whether the industry can build nuclear plants without the endemic delays and cost overruns that plagued earlier rounds of building in the 1970s. Vogtle was originally estimated to cost around $14 billion, but government monitors have warned the final cost is likely to be higher.

The Energy Department tentatively approved an $8.3 billion loan guarantee for the project in 2010 as part of President Barack Obama‘s pledge to expand nuclear power and other energy sources.

Click here to read more

The post Energy Dept. Set to Approve Loans for New Nuclear Power Plants appeared first on Energy Tribune.

]]>
http://www.energytribune.com/80332/energy-dept-set-to-approve-loans-for-new-nuclear-power-plants/feed 1
Natural Gas Hits $6 For First Time in Four Years http://www.energytribune.com/80330/natural-gas-hits-6-for-first-time-in-four-years http://www.energytribune.com/80330/natural-gas-hits-6-for-first-time-in-four-years#respond Wed, 19 Feb 2014 17:24:46 +0000 http://www.energytribune.com/?p=80330 Natural-gas prices climbed above $6 for the first time in four years Wednesday, as traders anticipated higher demand for the heating fuel following forecasts of continued cold weather.

The post Natural Gas Hits $6 For First Time in Four Years appeared first on Energy Tribune.

]]>
From The Wall Street Journal

By Nicole Friedman

Natural-gas prices climbed above $6 for the first time in four years Wednesday, as traders anticipated higher demand for the heating fuel following forecasts of continued cold weather.

Natural gas for March delivery soared as high as $6.007 a million British thermal units on the New York Mercantile Exchange, a level last seen on Jan. 7, 2010. Prices were recently up 7.3% at $5.956/mmBtu.

The frigid winter has increased natural-gas demand as people in the Midwest and Northeast have kept their furnaces running.

Click here to read more

The post Natural Gas Hits $6 For First Time in Four Years appeared first on Energy Tribune.

]]>
http://www.energytribune.com/80330/natural-gas-hits-6-for-first-time-in-four-years/feed 0
Why China’s Reputation as The Clean Energy King is Overblown http://www.energytribune.com/80328/why-chinas-reputation-as-the-clean-energy-king-is-overblown http://www.energytribune.com/80328/why-chinas-reputation-as-the-clean-energy-king-is-overblown#respond Wed, 19 Feb 2014 17:01:58 +0000 http://www.energytribune.com/?p=80328 Despite the pictures of Beijing wreathed in soupy smog, China still enjoys the reputation of a country committed to leading the world into a clean-energy future.

The post Why China’s Reputation as The Clean Energy King is Overblown appeared first on Energy Tribune.

]]>
From Global Post

By Benjamin Carlson

Despite the pictures of Beijing wreathed in soupy smog, China still enjoys the reputation of a country committed to leading the world into a clean-energy future.

Recall New York Times columnist Thomas Friedman’s 2010 pronouncement that “when historians look back at the end of the first decade of the 21st century, they will say that the most important thing to happen was not the Great Recession, but China’s Green Leap Forward.”

While Americans merely “intend to fix Afghanistan,” he wrote, China is “determined” to satisfy surging energy demand “with cleaner, homegrown sources.”

Reading this, it would be reasonable to assume that China must be cleaning America’s clock when it comes to using renewables.

Click here to read more

The post Why China’s Reputation as The Clean Energy King is Overblown appeared first on Energy Tribune.

]]>
http://www.energytribune.com/80328/why-chinas-reputation-as-the-clean-energy-king-is-overblown/feed 0