Instability in the Middle East Makes Accurate Oil Market Predictions Impossible

The continuing conflict in Syria, and the slow spread of violence in the region around it, continue to make it difficult to make accurate predictions about the future of oil exports from the region. Within Syria itself production had fallen into decline about ten years ago, before the current struggle began. The precipitate drop over the last two years has, however, been much more dramatic. As

Weekly Energy Update: Keystone XL, The Safest Pipeline Ever Built

A leaky future with pipelines and the unresolved fallout from the Manhattan Project; water competition in dry states between frackers and farmers; and a look at exploration challenges in the forbidden (and forbidding) Arctic in this week’s premium newsletter.Pipeline leak detection is about to go another round in the media with TransCanada Corp.’s announcement that Keystone XL will be the safest

Commodity Update: Open Interest Analysis for June 20th, 2013

August WTI crude oil lost $3.34 on heavy volume of 812,238 contracts. Volume was the highest since June 7 when 871 598 contracts were traded and crude oil advanced $1.27 while open interest increased by 24,058 contracts. Additionally, the decline on June 20 was the largest of 2013, and the closest one to it occurred on April 3 when WTI declined $2.74 on volume of 675,832 contracts while open

Alfa Billionaires Launch L1 Energy Fund

The former owners of TNK-BP and the Alfa Group let it be known in March that they were shopping around with their eyes on the oil industry in a big way; this week, the Alfa Group announced it would invest $10-$20 billion or more in global oil and gas projects. They’ve been looking for somewhere to put the billions they made on the sale of their TNK-BP Russian venture last year. Alfa Group took in

Follow up to Crude oil, What’s his Next Energy Idea?

On 6/18 with Crude oil futures within 1.25% of $100/barrel I made a bold prediction that Crude would not cross $100 this time and instead it would retreat $3-5 in the coming weeks. An interim high was made in August futures the very next day at $99.21 and as of this post futures are nearly 6% off those levels. We are finding mild support at the 50% Fibonacci level at $92.75. In my opinion we may

CNPC to Build China’s First Ever Shale Gas Pipeline

CNPC has announced that it plans to build China’s first ever pipeline dedicated to transporting shale gas.The 57 mile long pipeline will run from shale gas fields in the Sichuan province to join with an existing pipeline in the Yunnan province.The EIA published a report last week that assessed shale reserves around the world, and they allocated the largest reserves to China, with an estimated 1.1

Indonesia and Chile to Build Thorium Nuclear Reactors

A small Canadian energy company may soon be about to install thorium-fuelled nuclear reactors in Indonesia and Chile, in order to generate energy for the grid, or desalination plants.The world currently has 435 commercial nuclear power plants, all of which run off uranium, but thorium is gathering support to replace uranium as a nuclear fuel, for several reasons. Thorium is much safer than

Is the Central-South Asian Energy Transmission Project just a Dream?

In early June, a newspaper in Pakistan announced the Asian Development Bank would withdraw from a much-anticipated energy transmission project that aims to connect Central and South Asia. The report stated that security fears in Afghanistan were prompting the ADB to drop its 40 percent interest in the project.The newspaper, the Express Tribune, cited a senior official from Pakistan’s Ministry of

Libya Investigates Pipeline Explosion

Libya says it is investigating the cause of an explosion late on Tuesday on its pipeline conveying oil and condensate to the eastern port of Zueitina.State energy firm, National Oil Corporation, NOC, said the blast happened at 10 pm local time on a section of the pipeline linking Field 103, which is operated by Zueitina Oil company, to the export terminal.But, Zueitina workers said repairs were

CNPC, Petronas Target Angola Oil, Gas Fields

China National Petroleum Corporation, CNPC, and its Malaysian counterpart, Petronas, are to bid for stakes in two oil and gas fields off Angola. The fields are owned by Marathon Oil.Reuters reports that this could be the third major energy deal to be sealed this year in Africa by Asian state energy firms looking for fresh sources of fuel for their economies.It estimated that at least $6 billion

The South China Sea Is An Important World Energy Trade Route

The South China Sea is an important world energy trade route.Stretching from Singapore and the Strait of Malacca chokepoint in the southwest to the Strait of Taiwan in the northeast, the South China Sea is one of the most important energy trade routes in the world. Almost a third of global crude oil and over half of global liquefied natural gas (LNG) passes through the South China Sea each year.

Agip Accused Of Negligence Over Pipeline Leaks

The Environmental Rights Action/Friends of the Earth, ERA/FoE, has accused Nigerian Agip Oil Company, NAOC, of negligence in its operations with reference to the increasing rate of leakages from its pipeline on the Taylor Creek area of Ikarama community in Yenagoa Local Government Area of Bayelsa State.NAOC shut its operation in its swamp area oil fields in Bayelsa State on Monday, which produces

Contested Areas Of South China Sea Likely Have Few Conventional Oil And Gas Resources

Contested areas of South China Sea likely have few conventional oil and gas resources.Several countries have overlapping territorial claims to portions of the South China Sea, which stretches from Singapore in the southwest to Taiwan in the northeast. The Spratly Islands and Paracel Islands are two of the most contested areas (see dark blue islands on map above). However, unlike other parts of

Energy-related Carbon Dioxide Emissions Declined In 2012

Energy-related carbon dioxide emissions declined in 2012.Energy-related carbon dioxide (CO2) emissions in 2012 were the lowest in the United States since 1994, at 5.3 billion metric tons of CO2 (see figure above). With the exception of 2010, emissions have declined every year since 2007.The largest drop in emissions in 2012 came from coal, which is used almost exclusively for electricity

Angola Takes Step Towards Onshore Round

Angola’s government on Wednesday approved the guidelines of a plan to hold bidding for licences to explore for oil onshore in the Kwanza and Lower Congo basins, according to a report.The government said in a statement seen by Reuters that it has asked parliament to approve the plan.President Jose Eduardo dos Santos’ ruling MPLA party has a large parliamentary majority.Angola, which is Africa’s

ExxonMobil Issued Corrective Action Order

Federal US regulators have ordered US supermajor ExxonMobil to take corrective action before it can re-open a pipeline that burst in Arkansas and poured thousands of barrels of heavy oil into a residential neighbourhood.The US Pipeline and Hazardous Materials Safety Administration order restricts ExxonMobil from restarting the pipeline until the agency is satisfied that all safety precautions

US May Cut $600m Aid To Nigeria Over State Pardon

The United States of America may cut aid to Nigeria following the presidential pardon granted a former governor of Bayelsa State, Diepreye Alamieyeseigha and seven others.Nigeria is one of the biggest recipients of US aid in Africa. Last year the US gave Nigeria about $226 million in development aid and is expected to spend $600million this year.Alamieyeseigha was found guilty and convicted of

Egbema-Gbaramatu Oil Communities Tasked On Peace And Security

Newly elected Chairman of Egbema Gbaramatu Communities Development Foundation EGCDF, Chief Micheal Johnny yesterday stated that it is incumbent on indigenes and the oil bearing communities in Egbema and Gbaramatu kingdoms to ensure that the existing peace and security is sustained.He gave the charge yesterday in Warri, Delta State during the official inauguration of the new executives of the

Two Wyoming Mines Accounted For 20% Of U.S. Coal Production By Tons In 2012

Two Wyoming mines accounted for 20% of U.S. coal production by tons in 2012.Preliminary coal production data for 2012 show that 9 out of the top 10 producing coal mines in the United States are located in Wyoming; the top two producing mines in Wyoming account for 20% of total U.S. coal production by tonnage. Collectively, the top 10 mines accounted for 38% of total U.S. coal production by

Govt Strips Manitoba Hydro Of Concession Status

The Federal Government on Thursday declared that Manitoba Hydro International of Canada was never appointed as concessioneer over the Transmission Company of Nigeria, TCN.Minister of Power, Prof. Chinedu Nebo clarified that the role of Manitoba Hydro International in the running of the nation’s transmission network is that of delegated authority given to a management outfit with international

Sales Of Specialty Incandescent Bulbs Decline Despite Exemption From Efficiency Standards

Sales of specialty incandescent bulbs decline despite exemption from efficiency standards.Most specialty light bulb types, like three-way bulbs and appliance bulbs, are exempted from congressionally-legislated energy efficiency standards. But recent shipment data show that sales of these exempt incandescent lamps have declined. This effect points to broader lighting market transformation beyond

MEND Threatens Fresh Attacks On Oil & Gas Facilities Over Okah

Movement for the Emancipation of the Niger Delta (MEND), one of the largest militant groups in the Niger Delta region, said it will resume attacks on oil installations in the region, beginning tomorrow (Friday) to drive home its protest over the sentencing, of Henry Okah, leader of the group to 24-year jail term recently by a South African court.But the Joint Task Force, JTF, codenamed Operation

13 Fuel-Laden Ships To Discharge At Lagos Ports

No fewer than 13 ships are waiting to discharge petroleum products at the various oil terminals within the Lagos ports, the Nigerian Ports Authority, NPA, has said.The ‘Shipping Position’, a daily publication of NPA, stated in Lagos on Wednesday that three of the 13 ships would discharge petrol, six diesels, while four would discharge kerosene.According to the publication, two other ships will

U.S. crude oil production tops 7 million barrels per day, highest since December 1992

U.S. crude oil production tops 7 million barrels per day, highest since December 1992.Source:U.S. Energy Information Administration, Petroleum Supply Monthly. Note: Crude oil production includes lease condensate. U.S. crude oil production exceeded an average 7 million barrels per day (bbl/d) in November and December 2012, the highest volume since December 1992. The end-of-year data were reported

U.S. energy intensity projected to continue its steady decline through 2040

U.S. energy intensity projected to continue its steady decline through 2040Source:U.S. Energy Information Administration, Annual Energy Review and Annual Energy Outlook 2013.In the United States, energy intensity has been declining steadily since the early 1970s and continues to decline in EIA's long-term projection. A country's energy intensity is usually defined as energy consumption per unit

Saudi Arabia was world's largest petroleum producer and net exporter in 2012

Saudi Arabia was world's largest petroleum producer and net exporter in 2012.Source:U.S. Energy Information Administration, International Energy Statistics and Short-Term Energy Outlook.Note:Total petroleum production includes crude oil, natural gas liquids, condensates, refinery processing gain, and other liquids including biofuels.Saudi Arabia was the world's largest producer and exporter of

Homes show greatest seasonal variation in electricity use

Homes show greatest seasonal variation in electricity use.Source:U.S. Energy Information Administration, Electric Power MonthlyNote: The blue shaded areas show the range between maximum and minimum electricity sales values for each sector over this four-year period. Electricity use varies with the weather, as changes in temperature and humidity affect the demand for space heating and cooling. The

Power plant emissions of sulfur dioxide and nitrogen oxides continue to decline in 2012

Power plant emissions of sulfur dioxide and nitrogen oxides continue to decline in 2012Source:U.S. Environmental Protection Agency, Clean Air Markets Division.Emissionsof sulfur dioxide (SO2) and nitrogen oxides (NOx) from the electric power sector in 2012 declined to their lowest level since the passage of the Clean Air Act Amendments of 1990. The decline in emissions is due primarily to an

Shell declares force majeure on Bonny Light

The Shell Petroleum Development Company, SPDC, has declared force majeure on its Bonny Light crude following the shutdown of Nembe Creek Trunkline (NCTL) after a leak was observed on Sunday.Shell said in a statement, Tuesday, that the cause ogf the leak would be determined by a Joint Investigation Visit, which will be scheduled once the leak point had been excavated.Shell’s Corporate Media

British High Commission organises networking for oil, other sectors

The British High Commission in conjunction with ACIOE and UK Trade and Investment, UKTI, is putting together a two-day Business to Business Networking event for the Oil & Gas, Real Estate, Construction, Agriculture and Retail Industry sectors in Nigeria.The event for the 7th and 8th of March 2013 at the Four Points Hotel, Lagos.A statement by theTrade Development Manager of the British High

OPEC daily basket price clkose at $107.64/b

Vienna, Austrian - The price of OPEC basket of twelve crudes stood at 107.64 dollars a barrel on Wednesday, compared with $106.99 the previous day, according to OPEC Secretariat calculations.The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait

Uduaghan explains delay in Refinery Road project

Delta State Governor, Dr. Emmanuel Uduaghan, Tuesday, said the delay in the completion of the five kilometre Refinery Road, Effurun, Uvwie Local Government Area, was caused by problem of compensation.Inspecting the project, he pointed out that the contending issues had been resolved. The governor, consequently asked the contractor, ARC Construction, to deliver the project by the end of May,

BPE reads riot act to bidders over Kaduna DisCo, Afam Power

Acting Director-General, DG, of Bureau of Public Enterprises, BPE, Mr. Benjamin Dikki, has warned that he would not bend the privatisation guidelines for any prospective investor with respect to selling the Kaduna Electricity Distribution Plc and the Afam Power Plc to private operators.Speaking at the pre-due diligence conference for the re-tender of Afam Power Plc and Kaduna Electricity

Nembe trunk line shutdown slashes Nigeria’s oil output by 140,000bpd

Nigeria’s oil output has dropped by about 140,000 barrels per day as a result of the shutdown of Shell-operated Nembe Creek trunk line in Bayelsa State. The trunk line delivers crude oil from Shell’s producing fields to its export terminal on Bonny Island, Rivers State.The company shutdown the facility after a leakage was detected on the pipeline.The development has led Shell Petroleum

PIB splits Nigerian Senate as discussion commences

Members of the Nigerian Senate, Tuesday split along Southern and Northern regional line when discussions on the new Petroleum Industry Bill, PIB, commenced on the floor of the Senate.Tuesday’s proceedings marks the beginning of a three-day debate on the bill.Members shouted down one another when the discussions started. The session was only prevented from being rowdy by the maturity of the

PIB Debate: North controls 83% of Oil Blocs

Chairman, Senate Committee on Rules and Business, Senator Ita Enang, has called on President Goodluck Jonathan to revoke and re-allocate oil blocs, saying that the northerners control 83 per cent of oil blocs in the country.Senator Enang said this, Wednesday, when discussions on the new Petroleum Industry Bill, PIB, entered its second day on the floor of the Senate in reaction to the position of

Presidential committee gives NDDC low marks

The Presidential Committee, which monitored the activities of the Niger Delta Development Commission, NDDC, has rated the commission’s performance since it commenced operation as low.The committee,which submitted its report to President Goodluck Jonathan, Tuesday in Abuja, ruled that the activities of the commission were characterised by abandoned projects, unjustified and arbitrary variation of

Oil falls below $111 on U.S. inventory data

London - Oil prices fell more than $1 per barrel on the international market, Wednesday after U.S. government data showed domestic crude inventories rose much more than forecast.U.S. crude stocks rose 3.83 million barrels in the week to March 1, the Energy Information Administration said in its weekly report.The rise came even as refinery utilization fell during winter plant maintenance season

Few transportation fuels surpass the energy densities of gasoline and diesel

February 14, 2013 Few transportation fuels surpass the energy densities of gasoline and diesel.Source: U.S. Energy Information Administration, based on the National Defense University.Energy density and the cost, weight, and size of onboard energy storage are important characteristics of fuels for transportation. Fuels that require large, heavy, or expensive storage can reduce the space available

EIA now delivers monthly electricity data in interactive data browser

February 15, 2013 EIA now delivers monthly electricity data in interactive data browserSource: U.S. Energy Information Administration. The U.S. Energy Information Administration recently posted an electricity data browser to show generation, consumption, fossil fuel receipts, stockpiles, retail sales, and electricity prices. The data appear on an interactive web page and are updated each

Newer U.S. homes are 30% larger but consume about as much energy as older homes

February 12, 2013 Newer U.S. homes are 30% larger but consume about as much energy as older homes.Source: U.S. Energy Information Administration, Residential Energy Consumption Survey.*Note: Averages for space heating and air conditioning reflect only those households that heated or cooled their homes in 2009. Analysis from EIA's most recent Residential Energy Consumption Survey (RECS) shows that

Wind industry installs almost 5,300 MW of capacity in December

February 11, 2013 Wind industry installs almost 5,300 MW of capacity in December.Source: U.S. Energy Information Administration, Annual Electric Generator Report (Form EIA-860) and U.S. Energy Information Administration, Monthly Update to the Annual Electric Generator Report (Form EIA-860M).Note: Data are preliminary. Approximately 40% of the total 2012 wind capacity additions (12,620 MW) came

Alkylation is an important source for octane in gasoline

February 13, 2013 Alkylation is an important source for octane in gasoline.Source: Occupational Safety and Health Administration. Alkylation (al-kuh-ley-shun) is a secondary refinery unit operation that many refineries in the United States have because it adds high octane hydrocarbons to motor and aviation gasoline. High octane hydrocarbons are needed to help prevent autoignition of gasoline (

Oil Rises With US Gasoline Supply Concerns

Oil prices edged up on Thursday as fears about US gasoline supply pulled the complex higher, overshadowing concerns of weakening economic output in the euro zone.

Gasoline prices rose more than 2% on the expectation that a busy refinery maintenance season could draw down stockpiles, despite current healthy levels.


“About the only thing going on is a panic attack regarding gasoline. There is a

NUPENG, PENGASSAN Call Off Plans To Shut Down Oil Operations

Nigerian Union of Petroleum and Natural Gas Workers, NUPENG, and the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, have called off their plans to shut down oil operations in Rivers, Bayelsa, Akwa Ibom, Cross River and six other states over alleged unfair labour practices by the management of Onne, Rivers State, Free Trade Zone.The industrial action slated to have

Precision Off The Mark As Oil Rig Work Drops

Onshore driller Precision Drilling plunged to a fourth-quarter loss as revenue was hit by lower utilisation of its North American land rig fleet.The Calgary-based contractor reported a net loss of C$116 million ($115.9 million) in the quarter, reversing a year-earlier profit of $28 million as revenue tumbled 9.1% year-on-year to C$534 million.The quarterly result was also negatively impacted by

Parker Drilling Reaches N2.5bn Settlement Over Nigerian Bribery Charges

Parker Drilling Company, a global contract drilling firm with presence in Nigeria has reached a $15.8 million (N2.496 billion) settlement with the United States’ Security and Exchange Commission, SEC and Department of Justice over bribery allegations in its transactions in Nigeria and Kazakhstan.According to a statement by the company, the settlement ends a three-year investigation that found out

Eni Records 7% Increase In Fourth Quarter Oil Output

Italian major ENI reported that its average oil and gas output for the fourth quarter of 2012 averaged 1.75 million barrels of oil equivalent per day, in line with expectations.The figure was a seven per cent improvement over fourth quarter 2011 and a 3.6 percent improvement over the previous quarter.ENI confirmed that it had made a record amount of discovered resources during the year, with 3.64

OPEC Daily Basket Price Close At $114.67/b

The price of OPEC basket of twelve crudes stood at 114.67 dollars a barrel on Thursday, compared with $114.94 the previous day, according to OPEC Secretariat calculations.The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es

Why Excess Crude Is Not Designated In Dollars, CBN

The Central Bank of Nigeria, CBN, has given an insight into why the bank does not designate Excess Crude account in dollars, saying it was constrained by the country’s constitution.Answering questions, yesterday, when he appeared before Senator Bassey Otu-led Senate Committee on Banking, Insurance and other Financial Institutions, CBN Deputy Governor, Suleiman Barau, said the apex bank was still

Financial Market Update

Local and international financial market update.NIGERIA: The Central Bank of Nigeria (CBN) in its fourth quarterly report just released said, “at N13,957.43 billion (N13.96 trillion), aggregate banking system credit (net) to the domestic economy, rose by 4.4 per cent at the end of the fourth quarter of 2012, compared with the growth of 0.4 and 37.4 per cent at the end of the preceding quarter and

JTF Adheres To Court Ruling, Releases Arrested Vessel In Rivers

The Joint Task Force, JTF, operating in the Niger Delta, Thursday, released a vessel suspected to be involved in illegal oil bunkering in compliance with a Federal High Court ruling on its detention.The Media Officer Personnel of the force, Ft.-Lt. Chris Erondu, announced the release of the vessel in Bonny Island, Rivers State.A Federal High Court sitting in Port Harcourt on November 19, 2012,

Shale Oil To Boost World’s Crude Supply By 12% In 2035

Global shale oil production will raise world’s oil supply by 12 per cent in 2035, to 14 million barrels per day.The increase, according to a report by PwC, could reduced oil prices in 2035 to between 25 per cent and 40 per cent (between $83 and $100 barrel) in real terms.The report said potential emergence of shale oil presents “major strategic opportunities and challenges for the oil and gas

Oil Prices Mixed As Equities Drift Lower

Further supporting the WTI contract on Monday was the announcement by Hess that they are closing their east coast Port Reading refinery (basically a cat cracker) in February as they complete their exit from the refining business. In addition they have put up their east coast wholesale terminal system (about 18 million barrels) for sale as they move more toward being an E&P company. This has been

Natural Gas Gaining Importance for China

Price Reforms Needed Amid Limited Domestic SupplyHeating China's cities is a "dirty task largely fueled by coal," and reducing dependence on polluting material is rising on the list of government priorities as air quality becomes an increasingly sensitive issue, according to the Economist Intelligence Unit.Natural gas "will thus become more important as an energy source in China," Economist

Is Saudi Output Cut A Response To U.S. Oil Boom?

Reduction a Surprise Given Iran SanctionsSome want but can't; some can but won't - This is how we can best describe the current OPEC crude supplies, according to Petromatrix GmbH, a Switzerland-based consultant.Saudi Arabia's production in December was down about 800,000 barrels compared with the same month in 2011, a decline similar to that of Iran, which has been hindered by sanctions over its

Warm Weather Equals Pressure On Nat Gas Prices

I know I sound very repetitive but the weather is pretty much the primary driver of Nat Gas futures prices and many cash locations around the country. Not only is the nearby temperatures balmy in many area over the eastern half of the US but the latest short term temperature forecasts from NOAA are biased to the bearish side also. Today the Feb Nat Gas futures contract expires and as it stand as

US Should Heed The UK’s Economic Woes

According to the U.K. Office for National Statistics, the U.K. economy contracted by 0.3% in the fourth quarter of 2012. As an observation in the U.K. Telegraph put it, the economy is now on the threshold of an “unprecedented triple-digit recession”. However, when you think about it, saying that the U.K. faces a triple-digit recession is a bit of misnomer, given that the economy got an

Coal stockpiles at electric power plants were above average throughout 2012

Increased competition between fuels as well as a warm winter 2011-12 led to lower consumption of coal and, thus, higher coal stockpiles at electric power plants in the United States through November 2012. Stockpiles in November were above the levels of 2011 as well as the five-year average for an eleventh straight month.Coal stockpiles typically decline during summer and winter as power plants

Coking is a refinery process that produces 19% of finished petroleum product exports

Coking is a refinery unit operation that upgrades material called bottoms from the atmospheric or vacuum distillation column into higher-value products and, as the name implies, produces petroleum coke - a coal-like material. Exports of petroleum coke accounted for about 19% of the nation's finished petroleum product exports through October 2012 with most going to China and other Asian countries.

Iranian Oil Tanker Security Guards Clash With Somali Pirates

Iranian Oil Tanker Security Guards clashed with a group of 15 Somali pirates who tried to attack and hijack an Iranian Oil tanker.The pirates had no idea 6 heavily armed Iranian security guards were on Board (a fully loaded supermax oil tanker can be worth up to 2 billion dollars).After the clash, 6 Somali pirates lay dead, 9 were arrested and no iranian security guard was harmed.Providing useful

Access Bank Sanctioned, Maduka Retires

The Central Bank of Nigeria, CBN, has sanctioned Access Bank Plc for violating the Banks and Other Financial Institutions Act, BOFIA, 1991 in 2011.This came as Dr Maduka Cosmas has retired from Access Bank’s Board of Directors.The apex bank, in the sanction, fined Access Bank N3 million for violating its rules and regulations on granting of loans.However, CBN disclosed that the issue at stake is

Total moves its foreign staff from Abuja to other cities

Christophe de Margerie, the chief executive officer of Total, the French oil giant with considerable investment in Nigeria, says the company has its expatriate employees from Abuja following the kidnapping of a French national last month.This is the first time in recent history that a company has said it has evacuated foreigners from Nigeria’s capital due to security concerns, Reuters

OPEC Daily Basket Price Close At $110.15/b

The price of OPEC basket of twelve crudes stood at 110.15 dollars a barrel on Monday, compared with $110.20 the previous Friday, according to OPEC Secretariat calculations.The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es

China consumes nearly as much coal as the rest of the world combined

Coal consumption in China grew more than 9% in 2011, continuing its upward trend for the 12th consecutive year, according to newly released international data. China's coal use grew by 325 million tons in 2011, accounting for 87% of the 374 million ton global increase in coal use. Of the 2.9 billion tons of global coal demand growth since 2000, China accounted for 2.3 billion tons (82%). China

Nigeria Delays $23 Million Manitoba Contract

The management contract for the Transmission Company of Nigeria (TCN) awarded to Canadian firm, Manitoba Hydro International, is yet to be activated following government’s reluctance to hand a schedule of delegated authority to Manitoba to enable it take over full control of TCN.The management of the TCN was contracted to Manitoba Hydro at the sum of $23 million for a period of three years, and

Barge Hits Miss. River Bridge; Oil Cleanup Ongoing

Cleanup crews with booms skimmed oily water from the Mississippi River a day after a barge with more than 80,000 gallons of oil struck a railroad bridge near Vicksburg, spreading a sheen of light crude that kept part of the waterway shut to ship traffic Monday, authorities said.It remained unclear Monday morning how much oil had leaked into the river, according to the Coast Guard and Army Corps

How Much Electric Supply Capacity Is Needed To Keep U.S. Electricity Grids Reliable?

The North American Electric Reliability Corporation (NERC), the electric reliability organization certified by the Federal Energy Regulatory Commission to establish and enforce reliability standards for three major electrical interconnections serving the United States, issues a reliability assessment each year. NERC estimated in November 2012 that the United States would have 966 gigawatts (GW)

NUPENG Blames Pipelines Vandalism On NNPC Failure

The leadership of the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) has berated the management of the Nigerian National Petroleum Corporation (NNPC) for not concluding on security of pipelines with local communities and their leaders.NUPENG alleged that the NNPC previously had an arrangement with communities to secure pipelines across the country for a fee, but which the

Ezekwesili Challenges Maku To Public Debate Over $67bn Controversy

Former Minister of Education, Dr. Obiageli Ezekwesili has challenged officials of the Federal Government to a public debate following the government’s rebuttal to her comments alleging that the governments of Presidents Umaru Musa Yar’Adua and Goodluck Jonathan, squandered $67 billion (about N10.6trn) in foreign reserves.Minister of Information, Mr Labaran Maku who addressed a press conference in

ALSCON: RUSAL wants $502m compensation

Rusal, the Russian company which bought the controlling shares of the Aluminum Smelter Company of Nigeria, ALSCON, Ikot-Abasi, Akwa-Ibom State, has demanded $502 million (about N78.8 billion) compensation for it to quit the nation’s only aluminum manufacturing company, in line with the Supreme Court order.A top source at the Presidency said the Russians made the demand as an alternative to their

Financial market update

Nigeria was the third most rewarding stock market globally in 2012 behind Egypt and Kenya, as investors harvested 35.45 percent yield- to- date return on investment from the Nigerian Stock Exchange (NSE).Bonds - Another bullish session yesterday as it became apparent that market participants were waiting to cross year end before going in heavy on bonds. It is clear that market participants see

Horizontal drilling boosts Pennsylvania's natural gas production

Between 2009 and 2011, Pennsylvania's natural gas production more than quadrupled due to expanded horizontal drilling combined with hydraulic fracturing. This drilling activity, which is concentrated in shale formations that cover a broad swath of the state, mirrors trends seen in the Barnett shale formation in Texas. The animation illustrates Pennsylvania's relatively recent transition from

Ivory Coast aims to boost oil output

Ivory Coast hopes to raise its oil output to around 200,000 barrels per day in five years from 32,000 bpd now thanks to recent discoveries and ongoing exploratory drilling, a top oil official said according to a report.Oil exploration off Africa’s west coast has risen sharply since Ivory Coast’s neighbour Ghana discovered a large field in 2007 and brought it into production in record time in late

Nigeria, Cameroon partner on environmental data

Nigeria is to partner with Cameroon to establish framework for exchange of hydro-meteorological and environmental data to prevent flooding, a statement said.The statement, signed by Mrs Modupe Ogundoro of the Federal Ministry of Water Resources in Abuja, said the agreement was reached after the Technical Committee on the issue of Lagdo dam visited Cameroon in December, 2012.It said the two

Monthly coal and natural gas-fired generation equal for first time in April 2012

Recently published (April 2012) electric power data show that, for the first time since EIA began collecting the data, generation from natural gas-fired plants is virtually equal to generation from coal-fired plants, with each fuel providing 32% of total generation. In April 2012, preliminary data show net electric generation from natural gas was 95.9 million megawatthours, only slightly below

Electric generator dispatch depends on system demand and the relative cost of operation

U.S. Energy Information Administration.Note: The dispatch curve above is for a hypothetical collection of generators and does not represent an actual electric power system or model results. The capacity mix (of available generators) differs across the country; for example, the Pacific Northwest has significant hydroelectric capacity, and the Northeast has low levels of coal capacity.The variable

NUPENG tackles Chevron over deployment of soldiers

Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, has deplored alleged deployment of armed soldiers and other security operatives to Chevron installations in Escravos, Warri, PortHarcourt and other locations over the ongoing industrial dispute with the union, warning that the deployment could worsen the already tense situation.The union claimed the armed soldiers and other security

Enugu Police arrest 503 suspects, record 99 kidnap cases in 2012

About 503 persons were arrested by the Enugu State police command for various offences between March and December 2012.The state commissioner of police, Mr. Musa Daura, disclosed this while briefing newsmen on the achievements of the command last year.He said suspects arrested within the period under review, included 99 for kidnapping, 201 for armed robbery, 37 for cultism, 21 for car snatching,

Uprates can increase U.S. nuclear capacity substantially without building new reactors

Uprates can increase U.S. nuclear capacity substantially without building new reactors. Originally published July 17, 2012.As of July 2012, there are 104 commercial nuclear reactors in the United States. In 2011, these plants provided 786 billion kilowatthours of electricity, or nearly one-fifth of total generation. The electrical output of the nuclear power plant fleet can be increased either by

OPEC to cut crude exports this month

The Organisation of Petroleum Exporting Countries will cut crude shipments this month by 1 percent as demand tapers off after peaking for the northern hemisphere winter, according to tanker tracker Oil Movements.The group that supplies about 40 per cent of the world’s oil will export 24.02 million barrels a day in the four weeks to Jan. 19, down 250,000 barrels from the previous period, the

Arctic oil and natural gas resources

The Arctic holds an estimated 13% (90 billion barrels) of the world's undiscovered conventional oil resources and 30% of its undiscovered conventional natural gas resources, according to an assessment conducted by the U.S. Geological Survey (USGS). Consideration of these resources as commercially viable is relatively recent despite the size of the Arctic's resources due to the difficulty and cost

Community debunks rumour of plot to attack Chevron

Amadiwei, Chairman of Benikrukru Community in Warri South-West Local Government Area of Delta State, Chief Jeffrey Ojogun, has said there was no security threat to the operations of Chevron Nigeria Limited, CNL.Speaking in Benikrukru Community Town Hall during a general meeting of the community, where leaders of the community passed a vote of confidence on him and his exco, Ojogun specifically

OPEC daily basket price close at $109.15/b

The price of OPEC basket of twelve crudes stood at 109.15 dollars a barrel on Thursday, compared with $108.96 the previous day, according to OPEC Secretariat calculations.The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es

Brent oil price falls under $111 on US concerns

Oil fell below $111 a barrel on Friday after US Federal Reserve policy makers indicated they may slow the quantitative easing stimulus programme or stop asset buys altogether later this year.Further talks in Washington next month to tackle the debt ceiling, and signs of hesitation within the Fed about more increases to the central bank’s $2.9 trillion balance sheet, weighed on prices.Brent crude