Archive | August, 2010

In Wake of Recent Energy Disasters, Investors Press for More Information

The year’s two largest crises in the energy industry, BP’s Gulf of Mexico oil spill and Massey Energy’s coal mining disaster in West Virginia, are both being cited as reasons for investors who are working for measures to mandate that oil, natural gas and other energy companies disclose more information about the environmental and safety risks involved in their endeavors.

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Oil Industry Experiencing Obstacles to Growth in Nigeria

Nigeria is currently Africa’s top oil-producing nation, and with increasing output and rising crude prices, is experiencing a revitalized economy. However, the oil industry that is investing in Nigeria is experiencing many obstacles to its growth. Next month, the national assembly of Nigeria is predicted to approve legislation that many United States and European oil companies report could reduce investment in the most populated country of Africa

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Ad Campaigns Launch Soon to Debate California Greenhouse Gas Law

Signed into law in 2006, the Global Warming Solutions Act mandates that California cut their output of greenhouse gases, arguably linked to climate change, to the levels that the state produced in 1990, by the year 2020. The method by which this law would initiate that change would be through a cap-and-trade program, which would tax carbon emissions and charge businesses for the right to create any greenhouse gases.

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Recent Major Oil Discovery could Encourage Corruption in Uganda

With the recent discovery of large oil reserves in Uganda, the east African nation could see an unprecedented amount of prosperity in a country where more than a third of the population lives in poverty. The recently-discovered reserves contain a proven amount of two billion barrels of oil. That volume could put Uganda on the map as a major oil exporter, and will certainly attract large investments from foreign companies.

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Exxon & amp; Shell Selling German Natural Gas Storage Facilities

GDF Suez SA, and the infrastructure investment units of Deutsche Bank AG, AXA SA, and Prudential Plc, all made initial bids to purchase natural gas storage facilities in Germany which are currently owned by Exxon Mobil Corporation and Royal Dutch Shell Plc. After receiving initial bidding offers at the end of July, Exxon and Shell are planning on entering into negotiations with all four of the bidders. Exxon and Shell are both intending to sell the BEB Erdgas und Erdoel GmbH venture’s two smallest facilities. Additionally, Exxon has plans to sell more of its gas storage facilities. Estimates for the total value of the sales are at more than $1.29 billion.

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Woodside Petroleum Reports 40% Increase in Profit

Woodside Petroleum Ltd. of Sydney, Australia surpassed their estimates to achieve a 40% rise in profit for the first half of 2010. However, Woodside also announced a delay in their investment in a planned LNG project expansion, hinging upon the discovery of more gas reserves. Increased sales of liquefied natural gas (LNG) to Asia from Australia’s North West Shelf project were a determining factor in Woodside’s net profit increase to US$901 million, from a restated US$646 million a year ago. Their total revenue increased 45% over the same year period to US$2.1 billion.

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