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Statoil and Total: significant gas discovery in the North Sea
The Norwegian oil and gas company Statoil and the French giant Total have made a significant gas discovery in the Southern part of the Norwegian North Sea, in the King Lear prospect. Until now 7 new oil and gas discoveries were made on the Norwegian Shelf, from which 4 were made in the North Sea, 2 in Norwegian Sea and one in Barents Sea.
read more... 12/07/2012
Turkey could become a major energy hub
Turkey is on the verge to overpass UK as Europe’s third largest electricity consumer in ten years and could become a major energy hub, due to its booming population and economy, as well as a favorable geographical position close to 71.8 % of the world’s proven gas and 72.7 % of oil reserves, in particular those in the Middle East and Caspian basin.
read more... 12/07/2012
Daily: Nordic power spot prices decline on high wind capacity
Brent crude oil climbed above $98 a barrel on Wednesday, recovering a little bit from the previous session’ losses, ahead the publication of U.S. inventory data that are expected to show crude oil stocks declining for a third week in the USA. However, the gain was limited by another round of cuts by the EIA to its world oil demand growth forecast for 2012 and 2013.
read more... 11/07/2012
Nord Stream pipeline is ready to become operational
The second underwater gas pipeline of Nord Stream has been successfully completed, ahead of the schedule. The 1,224 km offshore pipeline will join the onshore landing between Russia and Germany in August. This second line is expected to become operational in the last quarter of this year.
read more... 11/07/2012
French government to impose one-off 4% tax on oil stocks
France has recently revealed that it would impose an exceptional tax on oil inventories that will cost French refiners and distributors 500 million euros ($624 million).The move came to help country’s depleted budget, but it is likely to hurt refining industry.
read more... 11/07/2012