Venezuela to Bring More Military Officials into PDVSA
The general appointed to run Venezuela's energy sector will bring more military officials into the senior ranks of state oil company PDVSA during a major shakeup intended to root out corruption, two company sources told Reuters on Monday. President Nicolas Maduro on Sunday named Major General Manuel Quevedo to lead PDVSA and the Oil Ministry, giving the already powerful military increasing clout in the OPEC nation. Industry sources said the appointment could quicken a brain drain in PDVSA and worsen operational problems. Reporting by Alexandra Ulmer and Deisy Buitrago
Kinder Morgan wins Trans Mountain Appeal
Canada's energy regulator ruled on Thursday in favor of Kinder Morgan Canada Ltd's appeal to sidestep some municipal permits for its Trans Mountain pipeline expansion, a major victory for the C$7.4 billion ($5.8 billion) project. The ruling, which came just three days after the regulator heard the case, could offset some of the construction delays afflicting the company, which said on Monday the project could be further set back if it could not get clarity about the permits.
Bibby Offshore Scoops Two Business Awards
Bibby Offshore, a provider of subsea installation, inspection, repair and maintenance services to the offshore oil and gas industry, has been recognized at the 2014 Northern Star Business Awards winning in the categories Commitment to People Development and Outstanding Contribution to the Energy Sector. The awards were announced September 25 at the AECC. The Commitment to People Development award recognizes the company that has shown the most commitment to developing its staff through skills and personal development, investment and achievement programs and outcomes.
Deutsche, Morgan Stanley Bullish on European Energy
Two big brokers have given a thumbs up to the European oil & gas sector on attractive valuations. The sector, the second-worst performers in the region so far this year, as stocks were hit by weakness in crude oil prices and have failed to keep up with their subsequent recovery. Oil and gas stocks are down 1.3 percent, compared with a 5.2 percent gain for the broader market. The energy sector, which last year jumped almost 23 percent, a gain second to only mining, was expected to continue its outperformance as one of the beneficiaries of a global reflation trade…
New Partnership to Train Iraqi O&G Workers
Stirling Group has partnered with the EU Iraq Energy Center (EUIEC) to provide risk management training to the Iraqi oil and gas industry to help build a highly skilled and competent workforce. The specialists in health, safety and environmental services, headquartered in the UAE, will deliver a series of three day courses on dealing with uncertainty and risk in the global energy sector from its training center in Erbil, Kurdistan. Aimed at graduates and developed in partnership with the KRG Ministry of Natural Resources’ Competency Development Program…
IEA Sets Out Pillars for Success at COP21
A peak in global energy-related emissions could be achieved as early as 2020 and at no net economic cost, the International Energy Agency (IEA) said on Monday in its new World Energy Outlook Special Report on Energy and Climate Change. The Agency showed how to achieve an early peak in emissions as one of four key pillars that it believes are needed to make the upcoming UN climate talks a success, from an energy perspective. According to the IEA, the world is at a critical juncture in its efforts to combat climate change…
UK Fraud Office Charges Two More in Unaoil Investigation
British prosecutors have charged two more people in an investigation into alleged bribery and corruption at privately-held Unaoil, a Monaco-based oil and gas services company. The Serious Fraud Office (SFO) said on Thursday it had charged Paul Bond, 65, and Stephen Whiteley, 62, with conspiracy to make corrupt payments to secure Iraqi contracts for an Unaoil client, SBM Offshore, between June 2005 and August 2011. Scotland-based Whiteley was a former vice president with SBM and Unaoil's general territories manager for Iraq, Kazakhstan and Angola.
Zambia's 2016 Investment Pledges up Marginally to $3.4 bln
Zambia recorded $3.4 billion in investment pledges in different sectors of the economy in 2016, representing a 0.7 percent increase from the previous year, the investment promotion agency said on Wednesday. The energy sector registered the highest amount of pledged investment, followed by manufacturing and agriculture, the Zambia Development Agency said in a statement. It said investment rose despite a general election last year, showing confidence in Zambia was not eroded, and forecast a further rise this year, especially in the energy sector.
ENGIE, MHI Join Forces for Energy Value Chain Development
Gérard Mestrallet, Chairman and CEO of ENGIE and Shunichi Miyanaga, President and CEO of Mitsubishi Heavy Industries, Ltd. (MHI) signed a Memorandum of Understanding (MoU) to develop their collaboration all along the energy value chain and technology. Following the meeting between the French and Japanese Prime Ministers, on October 5, 2015 in Tokyo ENGIE and MHI entered into a non-exclusive cooperation agreement that builds on the foundation of their long-term worldwide track record of successful purchaser-supplier as well as partner relationships.
Wipro Sees Stronger Quarters Ahead on Calmer Oil Prices
Wipro Ltd, India's third-biggest software services exporter, expects less volatile global oil prices to revive spending on IT outsourcing by its energy and utility clients. Wipro, also listed in the United States, makes about 18 percent of its sales from the energy sector, compared to about 5 percent at bigger rivals Tata Consultancy Services Ltd and Infosys Ltd. A drop in crude prices had made many energy sector clients cut back on spending, prompting Wipro to give a tepid forecast in the past quarter.
Canada's Harper: Not the Time to Put Tax on Energy Sector
It would be inappropriate to apply additional taxes on energy now at a time when the energy sector is struggling, Canadian Prime Minister Stephen Harper said on Tuesday. Speaking to reporters about the sector's troubles because of low prices, he said: "I think that most Canadians understand that when you get a downturn in a sector, you don't turn around and raise taxes on the sector." Harper is campaigning for the Oct 19 federal election against parties which have spoken of the need to put a price on carbon in order to fight global warming. Reporting by Randall Palmer
Half Projects in March Investment Conference to be in Energy
Half the projects Egypt will propose at a March investment summit will be in the energy sector, the minister of international cooperation said on Tuesday. The government of President Abdel Fattah al-Sisi sees the conference, partly supported by Gulf allies and due to be held in the resort town of Sharm el-Sheikh, as playing a key role in turning around an economy battered by four years of turmoil. Securing financing for Egypt's energy sector, which has seen an increase in foreign investment in past months…
Merkel: Closer Energy Cooperation with Qatar Likely
German Chancellor Angela Merkel said she expected cooperation with Qatar in the energy sector to grow in the years ahead, saying progress was already being made in the area of liquefied natural gas (LNG). "I believe that we will have closer cooperation in the energy sector in the years to come," she said on Wednesday at a joint news conference with visiting Qatari ruler Emir Sheikh Tamim bin Hamad Al Thani. "First steps have been taken in the area of LNG.
Gazprom to Stay Ahead in Global Energy
The Gazprom Board of Directors took notice of the information about new trends in the global energy sector and their possible impact on the world gas market structure. In order to evaluate the influence of such phenomena on the global gas market, the relevant stress-scenarios envisaging the conservation and development of the outlined mid-term and long-term trends, were formed and reviewed. The meeting emphasized that the considered trends did not have a serious negative impact on Gazprom’s positions.
Georgia to Build Natural Gas Storage, Coal-fired Power Plant
Georgia plans to build its first underground natural gas storage facility and construct a coal-fired power plant as part of moves to develop its energy sector. Georgia's state Oil and Gas Corporation (GOGC) has obtained the right to build the gas storage facility on a capped oil field in the capital Tbilisi and has finished the feasibility study, GOGC's general director told Reuters. "Several companies have expressed their interest to participate in the tender for the construction," David Tvalabeishvili said.
Rosneft, Siemens Ink Partnership Deal
Rosneft and Siemens AG signed a Cooperation and Partnership Agreement. The document was signed by Rosneft Chairman of the Management Board Igor Sechin and Siemens AG Chairman of the Management Board Joe Kaeser. The agreement provides for the companies to study opportunities for cooperation in the development of technical solutions and manufacturing allocation of equipment for the fuel and energy sector. Areas of cooperation include projects of hydrocarbon production, refining and transportation, as well as shipbuilding.
Baker Hughes' Sell-Off Could be Buying Opportunity -Barron's
A recent sell-off in the stock of Baker Hughes, a GE-owned company, might mean a chance to buy the shares at a bargain, a report in Barron's financial newspaper said. The stock lost 7.4 percent over two days last week after General Electric outlined steps to shrink its array of businesses. It said it planned to get rid of its 62.5 percent stake in Baker Hughes. GE, which completed its merger with Baker Hughes in July, is required by contract to wait two years from the completion date before it can sell unless Baker Hughes gives it permission to start exiting before then…
Brazil: Energy Sector Model 'Collapsed'
Brazil's energy sector regulation is exhausted and the country needs to develop a new design, less dependent on government subsidies, Energy Ministry deputy Paulo Pedrosa said on Thursday. "The current model collapsed. It is a fact, not an ideological view," said Pedrosa, adding that changes are being evaluated, for the electricity and oil sectors for example, eyeing the attraction of private investments. Reporting by Marcelo Teixeira
US Govt's Nuclear Watchdog Victim of Cyber Attacks
The U.S. Nuclear Regulatory Commission was "successfully hacked" three times in recent years in attacks involving tainted emails, according to an internal investigation on cyber attacks at the agency, Nextgov.com reported on Tuesday. At least two of the attacks originated overseas, according to the report obtained by Nextgov, a rare public report with details of a cyber attack on the energy sector. The publication said it obtained a copy of a report by the NRC's Office of the Inspector General, which reviewed 17 suspected breaches from 2010 to 2013.
Speedcast Acquires Hermes Datacommunications
SpeedCast International Limited, a global satellite communications service provider, has signed a definitive agreement for the acquisition of Hermes Datacommunications International Ltd, a global provider of managed network services for the upstream oil and gas industry. The acquisition will create a new global force providing communications and IT services to the energy sector; strengthening SpeedCast’s capabilities to serve and support energy customers worldwide…