Category: Energy

Britain to hold 2021/22 back-up power capacity auction next February

Britain to hold 2021/22 back-up power capacity auction next February

Britain will hold an auction to secure up to 50.1 gigawatts (GW)of back-up electricity generating capacity for 2021/2022 in February 2018, the government said on Friday. Britain began capacity auctions in 2014 looking to head off future winter power shortages as coal plants close and low power prices dissuade investors from building new ones. Owners are paid to have their power capacity […]

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Pakistan orders Shell subsidiary to pay at least $2 million for deadly tanker explosion

Pakistan orders Shell subsidiary to pay at least $2 million for deadly tanker explosion

Pakistan’s oil and gas regulator on Friday ordered the local subsidiary of Royal Dutch Shell to pay at least 210 million rupees ($1.99 million) in damages and compensation for tanker explosion that killed more than 200 people last month. A copy of the report on the June 25 explosion held Shell Pakistan Ltd responsible for the massive blast in southern […]

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Oil snaps rally; stocks, steady after Fed minutes

Oil snaps rally; stocks, steady after Fed minutes

Oil prices fell sharply on Wednesday after their longest rally in more than five years while stocks ended higher after minutes from the U.S. Federal Reserve’s last meeting showed contrasting opinions. Tumbling oil prices put pressure on the energy sector, which limited gains for Wall Street’s S&P 500 benchmark. Federal Reserve policymakers were split on the outlook for inflation and […]

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Oil dips on OPEC supply rise

Oil dips on OPEC supply rise

Brent crude oil remained below $50 per barrel on Wednesday, weighed down by another rise in OPEC supplies despite a pledge to cut production, but geopolitical tensions in the Korean peninsula and the Middle East put a floor under prices. Brent crude futures, the international benchmark for oil prices, were at $49.60 per barrel at 0651 GMT, little changed from […]

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Trump’s Risky Offshore Oil Strategy

Trump’s Risky Offshore Oil Strategy

Seven years ago, a BP oil well blew out off Louisiana, causing the Deepwater Horizon drill rig to explode, killing 11 workers and releasing several million barrels of toxic crude oil into the Gulf of Mexico. As co-chairmen of the bipartisan National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling, we investigated the causes of the disaster […]

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Gas distribution business Cadent refunds 54 million pounds to Ofgem

Gas distribution business Cadent refunds 54 million pounds to Ofgem

British gas distribution business Cadent has agreed to refund 54 million pounds of price control allowances to regulator Ofgem because the company will no longer be making some investments in its central London gas network. Cadent, formerly National Grid Gas Distribution, owns the gas distribution networks in north London, central England, the east of England and northwest England. It was […]

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Gambia ends talks with African Petroleum, seeks new bidders

Gambia ends talks with African Petroleum, seeks new bidders

Gambia has ended talks with African Petroleum to extend oil exploration in two of the West African country’s most promising offshore blocks and is now in preliminary discussions with new investors, a senior oil official told Reuters. Oslo-listed African Petroleum’s share price fell 57 percent after the story was published, prompting the bourse to temporarily suspend trading. The company, founded […]

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Britian’s GFG Alliance says signed binding agreement to buy Australia’s Arrium

Britian’s GFG Alliance says signed binding agreement to buy Australia’s Arrium

British consortium GFG Alliance on Wednesday said it has signed a binding agreement to acquire highly indebted Australian steel company Arrium Ltd (ARI.AX). “We aim to leverage the advantages of integration across the value chain, from raw materials and metal production to high-end engineered products, coupled with supply chain and value added financial solutions,” Sanjeev Gupta, executive chairman of the […]

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Iraq in favour of extending any OPEC-led oil output cut – PM Abadi

Iraq in favour of extending any OPEC-led oil output cut – PM Abadi

Iraq is committed to reducing oil production to decrease a glut in the global market, and will support extending output cuts in line with any OPEC decision, Prime Minister Haider al-Abadi said on Tuesday. The Organization of the Petroleum Exporting Countries meets in Vienna on May 25 to consider whether to extend output cuts agreed in December last year between […]

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Iraq replaces Saudi as top oil supplier to India in April – trade

Iraq replaces Saudi as top oil supplier to India in April – trade

Iraq replaced Saudi Arabia as top crude supplier to India in April as refiners moved to boost their processing margins by purchasing the cheaper Basra Heavy oil grade, ship tracking and Thomson Reuters trade flow data showed. India’s April imports from Iraq topped 1 million barrels per day (bpd) for the first time, up by about a third from March […]

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