Editorial: Energy bill prospects
What if US congressional conferees actually manage this time to reconcile sharply different energy bills passed by the House and Senate? What if they don’t, and comprehensive energy legislation fails again? It’s not too soon to ask.
Analyst: US needs 850 rigs in 5 years to meet demand
The US will need 850 more drilling rigs in the next 5 years, said J. Marshall Adkins, Raymond James & Associates Inc.
API: US gasoline demand growth slows as prices rise
The growth of US gasoline deliveries fell in the first half to 0.4% from 1.9% a year earlier as prices climbed to their highest point
Company News: Chevron raises its offer for Unocal about 5%
Chevron Corp. raised its offer for Unocal Corp. to $63.01/share of Unocal, up from its previous $60/share offer in a complicated deal that is 40% cash and 60% Chevron stock
Sakhalin II project’s Phase 2 cost estimate rising
Sakhalin Energy Investment Co. (SEIC) has warned of sharply higher costs for Phase 2 of the Sakhalin II project in Russia’s Far East, according to Royal Dutch/Shell Group, parent of the lead partner.
Study predicts spending surge for offshore wind energy
Offshore wind energy installations, mainly off Europe, will attract $13.6 billion in investment during the next 5 years, predicted analysts Douglas-Westwood Ltd.
UK increasingly reliant on oil, gas
The UK will be increasingly reliant on oil and gas to meet its primary energy needs during the next 10-15 years despite efforts to promote renewable energy sources, the UK Offshore Operators Association Ltd.
Watching the World: Indonesia eyes fuel use cuts
I ndonesia plans to raise import duties for luxury cars as one of several possible measures to reduce fuel consumption.