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Japan Court Slams Tepco With Fukushima Damages Bill

September 22, 2017 Irina Slav 0

The Chiba District Court in Japan has ordered Tokyo Electric Power Company Holdings, or Tepco, to pay damages to a group of Fukushima prefecture residents who were forced to flee their homes after the 2011 nuclear disaster at the Fukushima Daiichi nuclear power plant. This is the second damages ruling against the utility, but unlike the first one, which came out in March, the Chiba court ruling did not find the Japanese government guilty of negligence. The court estimated the damages at US$3.36 million (376 million yen). The plaintiffs had asked…

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Total Joins Chevron In Gulf Of Mexico Development

September 22, 2017 Irina Slav 0

French Total has expanded its presence in the Gulf of Mexico by closing a farm-in agreement with Chevron for the development of seven prospects covering 16 blocks in the deepwater section of the gulf. The French company said the prospects it will develop are located in the Wilcox play in the central Gulf of Mexico, next to the Anchor discovery, and in the Norphlet area, close to the Appomattox discovery. Total will take stakes of between 25 and 40 percent in the prospects, to add to its already existing interests in producing fields in the GOM:…

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Goldman Chief Urges Riyadh To Get Vision 2030 Going

September 22, 2017 Irina Slav 0

Goldman Sachs’ chief executive, Lloyd Blankfein, has urged Saudi Arabia to pursue faster progress on its Vision 2030 economic diversification program. Speaking at the Bloomberg Global Business forum in New York, the executive explained that the reform should move ahead “so that what you want to have produce more stability in the long-run doesn’t produce instability in the short-run.” The task is challenging: it seems that Saudi Arabia does not have all the resources—not just financial but human—to make Vision…

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Peruvian Villagers Shut Down 50 Oil Wells In Protest

September 21, 2017 Irina Slav 0

Villagers in the Peru Amazon have shut down 50 oil wells in protest against the negotiations of a new oil field development contract between Lima and Canadian Frontera Energy Group. The Amazon communities, who have been complaining for years about the environmental pollution from oil production are now angered that the government of the country, led by President Pedro Pablo Kuczynski, has ignored an indigenous rights law passed in 2011. The law stipulates that the government must consult indigenous communities before it approves any plans that…

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Is Artificial Intelligence The Next Step In Total’s Tech Push?

September 20, 2017 Irina Slav 0

France’s top oil player Total has once again demonstrated that it is wasting no time to prepare for the future realities of an increasingly green, increasingly digital world. The company is in talks with Google and Microsoft regarding the development of custom-made artificial intelligence for the oil industry. The Telegraph quoted Total’s Chief Information Officer Frederic Gimenez as saying engineers from the company were working with software developers to find ways of implementing complex algorithms in oil and gas exploration…

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EIA Report Kills Bullish Sentiment

September 20, 2017 Irina Slav 0

Amid restarting refineries along the Gulf Coast and growing optimism about strengthening demand, the EIA dampened spirits somewhat by reporting a substantial increase in crude oil inventories for the week to September 15. These, according to the authority, stood at 472.8 million barrels as of last Friday, up by 4.6 million barrels from the previous week, which saw a 5.9-million-barrel increase. S&P Platts said at the start of this week that analysts it polled had forecast a 2.4-million-barrel build in crude oil stockpiles, with the agency warning…

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Venezuela’s Crisis Deepens As Hurricane Approaches

September 19, 2017 Irina Slav 0

Oil traders have started to divert fuel shipments from their original destination in Venezuela as Hurricane Maria approaches the Caribbean, Reuters vessel tracking data has shown. Yet the hurricane, which moves at speeds of up to 125 mph, is not the only reason Venezuela’s waters are quickly emptying of tankers. The state oil firm, PDVSA, cannot pay for the cargoes that have already been delivered. But sitting potentially indefinitely in tumultuous waters is now no longer an option, and in a bid to place these before the hurricane reaches…

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The Chinese Giant Taking Over Energy Markets

September 18, 2017 Irina Slav 0

Last week’s announcement of the US$9-billion acquisition by Chinese CEFC of a more than 14-percent stake in Rosneft sent ripples across the oil industry and among commodity traders. The Chinese conglomerate, which started as a small oil trader, bought the stake from none other than Glencore, which acquired it at the end of last year in tandem with the Qatar Investment Authority. The deal, besides making Glencore’s lenders breathe a deep sigh of relief, considerably expanded the access of the Chinese company to Russian oil. And it’s…

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Oil Price Volatility Is Set To Return

September 18, 2017 Irina Slav 0

Oil markets could experience more intense price volatility in the coming years because of insufficient investment in new production, according to the head of the International Energy Agency’s oil market and industry unit, Neil Atkinson. Speaking at a conference in Manama, Bahrain, Atkinson noted that investment is returning to the oil industry too slowly to eliminate the risk of tighter supply that would, in turn, cause price volatility even in the context of slowing global oil demand growth. Over the next five years, it is not impossible…

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Iran Eyes US$60B In Renewables Revenue By 2023

September 18, 2017 Irina Slav 0

Less than two years after it returned to the international oil markets, Iran is quick to embrace the alternative of oil: renewable energy sources. The country’s Deputy Energy Minister, Houshang Fallahatian, told media that Tehran plans to add 1,000 MW of new renewable power capacity every year over the next five years. Revenues from renewables should reach US$60 billion if the plan succeeds. At the moment, Iran’s power capacity is 77,000 MW, of which renewables make up a tiny 360 MW portion. Of this, wind power represents 141 MW, while…

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