Latest news
Libyan oil output reaches 500,000 bpd
According to the Libyan interim oil and finance minister, the war-hit Libya is gradually resuming its production, which has now reached 500,000 barrels due to Sharara field resuming operation, which belongs to the Spanish oil group Repsol.
read more... 26/10/2011
BP to change its strategy on lower production
The British oil giant, BP announced its decision to sell off some $15bn (£9bn) of its assets following the Gulf of Mexico spill which took place last year, as BP engaged to pay increased returns to shareholders and to boost cash flow by 50% by 2014.
read more... 26/10/2011
Daily – oil up for a second day in line
Crude oil futures increased for a second day in line on Monday supported by optimism that European leaders will present a solution to come out of the euro zone debt crisis and encourage manufacturing data from China.
read more... 25/10/2011
EU Commission to award 12.5 billion dollars for transmission systems
As to reach its targets of generating 20% of green power of the total electricity demand, the European Commission released its energy infrastructure plan worth 9.1 billion Euros (12.5 billion dollars) as to modernized its transmission systems for its smart grid (installing new pipelines and power grids) and for the renewable energy applications for the period 2014-2020.
read more... 25/10/2011
The Longannet carbon project on the way to collapse
The UK government announced that it cancelled the plans to invest £1bn in the construction of the Carbon Capture and Storage (CCS) project at Longannet in Scotland, blaming that the technology is too expensive and stating that the new project does not meet the Britain’s ambition to become a clean technology leader.
read more... 25/10/2011