Category Archives: Energy

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BP to raise $1.1bn from North Sea field sale

London, Dec 6, 2012: BP sells its stakes in its North Sea oil and gas fields for $1.06bn (£663m) to an Abu Dhabi’s energy group. Prime Minister David Cameron said agreement positioned the North Sea as a global energy hub and the takings from the deal will help cover huge amounts from the 2010 Gulf of Mexico oil spill.

Abu Dhabi National Energy (Taqa) will get hold of stakes in the BP-operated Harding, Maclure and Devenick fields. He said that the deal would show that changes to the North Sea tax regime are will help to generate jobs in Scotland and UK, making sure we do well in the global race. Chief executive of Taqa, Carl Sheldon, said the deal would add 21,000 barrels of oil equivalent a day to its output. Peter Hutton, energy analyst at RBC Capital Markets says the disposed assets produce 40,000 barrels of oil equivalent a day. Continue reading

US Natural Gas Fired Power Consumption Hits Record High

https://encrypted-tbn3.google.com/images?q=tbn:ANd9GcTxNML1Xw6yfAvdjW_ZgdYPuCM3YE8sju6o9t4h_IQkB74SbxqBData from the U.S. Department of Energy shows the nation’s energy sector used a record amount of natural gas-fired generation this past February, reports Reuters.

Consumption from natural gas power plants rose 34 percent from a year before in February, as prices lingered at a 10-year low and many utilities began to switch away from coal-fired generation in response to tightening environmental standards.

Through April 10 of this year, the gas-fired power plants consumed an average of 5 billion cubic feet per day more than over the same period last year, Arun Jayaram from Credit Suisse told the news source. Even Southern Company, which traditionally has relied on coal-fired power plants more than most utilities, saw coal fall below natural gas consumption. Continue reading

Suzlon Energy to set up 3000 MW Wind Energy Farms in AP, India

Suzlon Energy, one of the world’s leading wind turbine manufacturer and wind energy projects developer, said has informed the market that it plans to invest Rs 180 billion in the Indian state of Andhra Pradesh (AP) for development of wind capacity in the state totaling 3000 MW between 2012 and 2016.

Suzlon has entered into a Memorandum of Understanding (MoU) with the AP State Government. Under the MoU, the AP state government will help Suzlon to obtain necessary approvals and clearances for the development of the wind energy farms of 3000 MW capacity. In return, Suzlon will be the preferred wind energy developer and will channel wind energy investments into the AP state through its global customers base. The MoU covers the development of wind energy farms across the state. It should be noted that AP state has the largest coastline in India, and has high potential sites for wind energy that can use Suzlon’s new S9X range of wind turbines.

ONGC In Talks With ConocoPhillips For Oil & Gas Exploration

Business Line reported that Oil & Natural Gas Corporation Limited (ONGC) is in talks with ConocoPhillips to explore the possibilities of joining hands for the exploration of oil and gas in Indian deep sea and shale gas in North America. ONGC is planning to sign a memorandum of understanding (MoU) with ConocoPhillips for cooperation in exploration and development of shale gas and deep water opportunities.  Full Article