Oil industry has new risk factor: terrorism
Although the oil and gas industry has always encountered elements of risk, traditional risk meant dry holes, foreign investments, unstable nation states, new ventures, and the occasional natural hazard.
Bush sending mixed signals about SPR, alternate fuels
The administration of President George W. Bush sends conflicting signals when it wants to expand purchases for the Strategic Petroleum Reserve despite unusually high prices while vigorously promoting alternatives to end the nation’s “oil addiction,” Democrats on the Senate Energy and Natural Resources Committee charged.
WATCHING GOVERNMENT: Governors push alternative energy
Oil and gas were pushed to the sidelines during the National Governors Association’s 2008 winter meeting in Washington, DC.
Poor capital efficiency affects UKCS competitiveness
Falling capital efficiency for operators on the UK continental shelf (UKCS) is threatening the area’s global competitiveness for upstream investment, offshore trade association Oil & Gas UK has warned.
European biofuels policy fraught with problems
Quantity targets to introduce biofuels into the European Union’s energy mix should be scrapped in favor of a low-carbon policy approach, according to a senior environmentalist.
WATCHING THE WORLD: Chavez wants to dump Citgo
Is Venezuela’s President Hugo Chavez selling off his country’s oil and gas assets to pay off debts? Reports say his government is selling overseas assets owned by Petroleos de Venezuela SA (PDVSA) and its US-based refining branch, Citgo Petroleum Corp.
Russia, Serbia sign natural gas pipeline deal, create new firm
Russia has signed several agreements for oil and gas with Serbia, largely aimed at underscoring its political support for the Balkan country.
COMPANY NEWS: Total reveals $19 billion capital budget for 2008
Total SA plans a $19 billion capital expenditure for this year, with refining and marketing accounting for $2.5 billion and petrochemicals $1.3 billion.
PERSONNEL MOVES AND PROMOTIONS: Imperial appoints successor to retiring chairman, CEO
Imperial Oil Ltd., Calgary, has named B.H. March, currently president, to succeed current Chairman and Chief Executive Officer T.J. Hearn, who will retire Mar. 31.