Oil Industry Turns to Women in Hour of Need
Facing one of its worst crises in a generation, the oil industry is trying to open up - to women. Even when oil was selling at above $100 a barrel, most of the industry's top executives said they struggled to find and retain young talent. Year after year, it was cited as one of the biggest problems for the industry - one of the best paying in the world - during annual gatherings of its top brass on the sidelines of the World Economic Forum (WEF) in the Swiss Alpine resort of Davos. But never the issue of gender inequality…
Ukraine Faces Energy Crisis As Blockade Cuts Coal Supply
Ukrainian authorities vowed on Thursday to restore coal supply from the separatist-held Donbass and warned that a blockade by activists could deprive millions of heating and electricity, harm the steel industry and cost the country some $2 billion. Ukrainian President Petro Poroshenko said the blocking of a railway link in the east by opposition lawmakers and army veterans who fought against separatist factions was a "destabilising factor". The European Union and the United States called for action to prevent "a major energy crisis".
UK Energy Sector Under Pressure to Improve Transparency
British energy companies are under pressure to improve the way they announce outages or capacity reductions at their plants after regulator Ofgem found examples that could lead to market distortions. Under European Union regulation called REMIT, introduced in 2011, energy generators have to publish information related to any changes in capacity or use of their production, storage or transmission facilities, such as outages or shutdowns. Yet three years on, British regulator Ofgem is unhappy with the progress made by the sector, and it says it has initiated an industry review.
Cyber Attack Hits Oil Giant and Banks in Russia and Ukraine
Russia's top oil producer Rosneft said a large-scale cyber attack hit its servers on Tuesday and computer systems at some banks and the main airport in neighbouring Ukraine were also disrupted. A Moscow-based cyber security firm, Group-IB, said it appeared to be a coordinated attack simultaneously targeting victims in Russia and Ukraine. In Copenhagen, global shipping firm Shipping company A.P. Moller-Maersk said it had suffered a computer system outage caused by a cyber attack thought it was not immediately clear if it was connected.
Facebook's Zuckerberg Drills Down into North Dakota's Oil Patch
Facebook Inc Chief Executive Mark Zuckerberg toured a North Dakota drilling rig on Tuesday and peppered industry workers in the No. 2 U.S. oil-producing state with questions about automation, safety and fracking. The visit to North Dakota, which pumps about 1.1 million barrels of oil per day - more than some OPEC members - is part of Zuckerberg's plan to tour all 50 states this year and learn about their local economies and communities. While Zuckerberg, 33, is a vocal supporter of renewable energy development…
Scientists Turn to Big Data in Hunt for Minerals, Oil and Gas
Scientists searching for everything from oil and gas to copper and gold are adopting techniques used by companies such as Netflix or Amazon to sift through vast amounts of data, a study showed on Tuesday. The method has already helped to discover 10 carbon-bearing minerals and could be widely applied to exploration, they wrote in the journal American Mineralogist. "Big data points to new minerals, new deposits," they wrote of the findings. The technique goes beyond traditional geology by amassing data about how and where minerals have formed, for instance by the cooling of lava after volcanic eruptions.
Petron Malaysia says Supply Unaffected by Port Dickson fire
Petron Malaysia said a fire broke out at its Port Dickson oil refinery on Friday, but there were no injuries or supply disruptions. The fire started at 2100 local time (1300 GMT) and was put out two hours later, the company said on its Facebook page on Saturday. Petron Malaysia said it was assessing the damage and investigating the cause of the fire at the refinery, which has a capacity of 88,000 barrels per day. (Reporting by A. Ananthalakshmi; Editing by Mark Potter)
Update: Worker Missing after Oil Platform Explosion
The search continued for a worker missing from an oil production platform in Louisiana's Lake Pontchartrain that exploded and caught fire late Sunday, sending six others to hospital with injuries, the U.S. Coast Guard said. Coast Guard rescue crews and a helicopter failed to locate the worker overnight, according to Coast Guard Petty Officer Alexandria Preston. In addition, authorities on Monday were checking for any evidence of oil leaking from the facility, she said. The platform is operated by Clovelly Oil Co, said Donald Mackenroth, a Clovelly vice president reached by phone late Sunday.
Third Point Adds New bets on Energy, Cuts Stake in Dow
Billionaire investor Daniel Loeb's hedge fund Third Point added new bets in the energy and information technology sectors with investments in Whiting Petroleum Corp., Facebook and Activision Blizzard Inc, according to regulatory filings on Friday. Third Point, which invests roughly $16 billion and is widely followed because of its years of strong returns, also made new bets on Tesoro Petroleum and Devon Energy Corp. Last month Loeb wrote to investors that savvy bets on the energy market had helped the portfolio gain 4.6 percent in the second quarter, beating the broader Standard & Poor's stock market.
Seven Injured in Flash Fire at Texas Oil Terminal
An apparent flash fire injured seven workers working on a construction project at Sunoco Logistics crude oil terminal in Nederland, Texas on Friday, a company spokesman said on Saturday. "Seven employees of a contractor working on site were injured, four of them critically, in what appeared to be a flash fire involving a crude-oil pipeline connection," said Sunoco Logistics spokesman Jeffrey Shields. Marcus McLellan, a spokesman for Jefferson County Sheriff's office told 12NewsNow.com that the fire broke out while the workers were welding. Shields said the injured workers were employed by L-Con Inc.
Stein Faces Probe Over N. Dakota Pipeline Protest
Authorities in North Dakota are investigating possible charges against U.S. Green Party presidential candidate for allegedly damaging equipment during protests on Tuesday over construction of an oil pipeline in the state. Jill Stein allegedly was part of a group protesting the building of the Dakota Access pipeline and spray painted construction equipment, Morton County Sheriff's Department said. Protesters also attached themselves to bulldozers and broke a fence, the department said.
Statkraft in Talks with Firms to Set up Data Centers in Norway
Norwegian power firm Statkraft is negotiating with U.S. and other companies to build large data centers in its home country, favored by a recent change in Norway's tax system, the state-owned utility told Reuters on Thursday. Unlike its Nordic neighbours, which have attracted large data center investments from big-data firms such as Apple , Alphabet, Facebook and Hive Blockchain, Norway has not yet cashed in on the trend. Known for its cheap, plentiful supply of hydroelectric power, Norway…
The Investing Problem of Abundance
It is the season of abundance, but sometimes abundance is the last thing financial markets need. Shares fell on Monday as two stories troubled investors; the low and falling price of oil and the disappointing retail takings over the Black Friday shopping weekend. Both, in their own way, were stories about the risks of abundance. Brent crude fell to its lowest in five years, down an astounding 34 percent since June. While the immediate cause of a spectacular fall last week was the failure of oil-producing nations to agree on production cuts…
Passing Energy Bills, Ukrainian MPs Clear Path for New EU Loan
The Ukrainian parliament passed two bills on Thursday aimed at prising open the domestic energy distribution market to more competition, a reform demanded by the European Union in exchange for a 600-million-euro ($674.10 million) loan. The first bill will allow more companies to compete in the local distribution market - at present controlled by regional monopolies. The second measure creates an independent electricity commission responsible for setting power tariffs. Ukraine must adopt a series of reforms to secure tranches of aid money from its various international donors…
Sunoco Pipeline Spills Gasoline near Pennsylvania River
A pipeline breach on Friday spilled gasoline in the vicinity of the Susquehanna River in Lycoming County, Pennsylvania, environmental authorities said, prompting a utility firm to warn customers to reduce water use as a precaution. The breach occurred on a Sunoco Logistics Partners LP pipeline in the area of Gamble Township, around 100 miles (160 kms) north of Harrisburg, according to state authorities, who estimated the spill at about 1,300 barrels (55,000 gallons). The gasoline leaked into Wallis Run…
Brazil Oil Workers' Union Proposes Ending Petrobras Strike
Leaders of Brazil's largest oil workers' union said on Friday they had proposed ending a 13-day strike at state-run oil firm Petroleo Brasileiro SA . In a Facebook message, the union said a historic strike had been necessary to preserve workers' rights. (Reporting by Gustavo Bonato and Caroline Stauffer)
Philippines Eyes Exploration Deal with China in S.China Sea
The Philippines is looking to seal a pact with China within a few months to jointly explore for oil and gas in a part of the busy South China Sea waterway claimed by both countries, a Philippine official said on Monday. In February, the two countries agreed to set up a special panel to work out how to jointly explore for offshore oil and gas in areas both sides claim, without needing to address the touchy issue of sovereignty. "We're trying to see if we can achieve an agreement, hopefully within the next couple of months…
US Veterans Head to Pipeline Protest Camp in North Dakota
U.S. military veterans were set to arrive at a camp to join thousands of activists braving snow and freezing temperatures to protest a pipeline project near a Native American reservation in North Dakota. Protesters have spent months rallying against plans to route the $3.8 billion Dakota Access Pipeline beneath a lake near the Standing Rock Sioux reservation, saying it poses a threat to water resources and sacred Native American sites. State officials had issued an order on Monday for activists to vacate the Oceti Sakowin camp, located on U.S.
Trump Taps Congressman Zinke as Interior Secretary
President-elect Donald Trump has chosen first-term Republican U.S. Representative Ryan Zinke of Montana, a former Navy SEAL commander, as his interior secretary, a senior transition official said on Tuesday. Zinke, 55, will be nominated to head the Interior Department, which employs more than 70,000 people across the United States and oversees more than 20 percent of federal land, including national parks like Yellowstone and Yosemite. Zinke's choice was something of a surprise since some Republican officials wanted him to challenge Democratic U.S. Senator Jon Tester of Montana in the 2018 elections.
Wind Farms Boost Tax Base for Local US Governments
Wind farms have boosted local tax bases and generated new revenue as they expand across the United States, especially for rural areas, Moody's Investors Service said in a report on Monday."What we're seeing is wind farms generate new operating revenues, lower the tax burden for local residents," Moody's analyst Frank Mamo told Reuters. "In many cases, local governments are using this new money to address what was a growing backlog of deferred capital expenditures."In Adair County, Iowa…