News on Energy Sector

Coal prices ready to burn hot in 2010?

2010-03-19T19:15:26Z

<div id="subtitle">Ways investors can play this commodity</div><div><p>For most of the past 50 years, since the birth of environmental awareness, coal has been the "black sheep" of the power-production family. Now, thanks to more efficient furnaces, better exhaust-scrubbing systems and other technological advances, coal is regaining favor in the world's energy markets. However, the biggest factor in coal's recent price surge is steadily increasing demand for the fossil f...

Baker Hughes, BJ Services to reconvene meetings

2010-03-19T10:15:18Z

<div id="subtitle">Baker Hughes, BJ Services to reconvene meetings at end of month about sale</div><div><p>Shareholders of oil services company Baker Hughes Inc. and BJ Services Co. voted Friday to adjourn their meetings until the end of the month, as both sides continue to see antitrust approval for the sale of BJ Services to Baker Hughe...

Oil prices drop, driven by strong dollar

2010-03-19T07:45:19Z

<div><p>World oil prices fell further on Friday as a strong US currency dented investor enthusiasm for dollar-priced crude, analysts said.</p><p>New York's main contract, light sweet crude for April delivery fell 59 cents to 81.61 dollars a barrel.</p><p>London's Brent North Sea crude for May delivery was down 65 cents to 80.83 dollars.</p><p>"To...

Arrow shares halted; Shell/PetroChina to sweeten bid?

2010-03-19T04:15:14Z

<div><p>SYDNEY (Reuters) - Australia's Arrow Energy Ltd <AOE.AX> asked for trading in its shares to be suspended on Friday, stoking speculation that Royal Dutch Shell <RDSa.L> and Bureau of Land Management released results of the 2009 Nevada geothermal energy land lease auction in mid-August, it looked like the industryÕs balloon had burst.</p><p>A year ago Nevada was hailed as the geothermal energy...

Reid, Ensign work to reclaim ruralsÕ geothermal revenue

2010-03-19T02:16:56Z

<div><p> Nevadas congressional delegation is scrambling to try to reverse a 5-month-old change in federal appropriations that is costing some of the states rural counties hundreds of thousands of dollars each month.</p><p>At issue is the way the federal government divvies up royalty and lease payments from geothermal power companies that are using federal land.</p><p>The 2005 Energy Policy Act allocated a quarter of that revenue to counties where geothermal pl...

Amargosa Valley warms up to solar plan

2010-03-19T02:15:28Z

<div id="subtitle">Environmentalists, off-roaders still opposed</div><div><p> When it comes to finding a place to build a solar power plant, what a difference a few miles can make.</p><p>The latest solar plant plan for Amargosa Valley looks more popular with area residents than previous pitches because its farther out of town. And for that same reason, it is likely to be opposed by off-roaders and environmentalists.</p><p>Pacific Mexico's state-owned Pemex oil company said that the new oil fields it discovered two years ago in the Gulf of Mexico could yield more than two billion barrels of oil.</p><p>Pemex director Juan Jose Suarez said the Ayatzil-Tekel r...

Wind farm plans stir up storm over military radar

2010-03-18T16:45:14Z

<div id="subtitle">General says turbines would blowing ill wind for military radar, calls for better planning</div><div><p>The U.S. military is growing increasingly concerned that proposed wind farms can disrupt or block radar designed to detect threats and protect America's skies, a problem that is stalling the alternative energy projects around the...

Ecuadoreans appeal allowing of Chevron arbitration

2010-03-18T16:15:31Z

<div><p>SAN FRANCISCO (Reuters) - Ecuadorean plaintiffs have appealed a U.S. judge's decision to allow Chevron Corp to seek arbitration of a case of alleged pollution in the Amazon rainforest with a potential $27 billion liability.</...

Summary Box: Consumer prices flat in February

2010-03-18T15:46:02Z

<div id="subtitle">Summary Box: Consumer prices flat in January as weak economy keeps inflation in check</div><div><p>COST OF LIVING FLAT: The price of clothing, shelter and other goods was unchanged last month, the government said, as a drop in energy prices offset a rise in food costs.</p><p>NO INFLATION: The report shows that the weak economy is keeping a lid on inflation. That enables the ...

Regulators approve Suncor oil sands expansions

2010-03-18T12:45:58Z

<div><p>CALGARY, Alberta (Reuters) - Regulators have approved three expansion stages at Suncor Energy Inc's Firebag oil sands project that will eventually add output of 188,000 barrels of bitumen a day, Suncor said on Thursday.</p><p>The production p...

More regulation needed for Canada oil sands: report

2010-03-17T15:15:47Z

<div><p>CALGARY, Alberta (Reuters) - Steam-driven projects to extract crude from Canada's oil sands, often held up as more environmentally friendly than mining, have major drawbacks of their own that require more stringent regulation to fix, an environmental think tank said on Wednesda...

Marathon Oil CEO's 2009 pay falls 21 pct

2010-03-17T15:00:22Z

<div id="subtitle">Marathon Oil CEO's 2009 total compensation falls 21 percent to $6.6M</div><div><p>As Associated Press calculation shows that Marathon Oil Corp. paid its president and chief executive officer $6.6 million in 2009, 21 percent less than in 2008.</p><p>An analysis of a March 8 filing by the

Gulf lease sale draws $949.3 million in high bids

2010-03-17T14:01:03Z

<div id="subtitle">Energy companies put out $949.3 million in high bids for offshore leases</div><div><p>With oil prices up $30 a barrel from last year, energy companies issued $949.3 million in winning bids Wednesday for federal offshore petroleum leases off the coasts of Louisiana, Mississippi and Alabama.</p><p>The

Oil prices climb on back of OPEC output freeze

2010-03-17T13:15:53Z

<div><p>Oil prices climbed sharply Wednesday after OPEC, the cartel that produces 40 percent of world crude, held current output quotas unchanged despite a recent runup in prices.</p><p>New York's main contract, light sweet crude for April delivery rose 1.23 dollars to close at 82.93 dollars a barrel.</p><p>London's Brent North Sea crude for May delivery leapt 1.43 dollar...

Massey plans doubling of metallurgical coal sales

2010-03-17T12:00:05Z

<div id="subtitle">Massey Energy says buyout of Cumberland will lead to doubling of metallurgical coal</div><div><p>Mine operator Massey Energy Co. said Wednesday that its $960 million acquisition of rival Cumberland Resources this week will help double sales of expensive coal used in steel mills by 2012.</p><...

The quest for energy solutions

2010-03-17T11:46:02Z

<div id="subtitle">The essential role of private enterprise</div><div><p>After a great deal of hype and hope, the Copenhagen climate summit produced no more than a vague promise to continue to work together. The only real point of consensus was to agree to meet again in November in Mexico to continue the discussions. </p><p>Last month, we noted the lack of measurabl...

Oil prices rise as OPEC holds output

2010-03-17T11:16:45Z

<div><p>World oil prices rose slightly on Wednesday as OPEC members agreed as expected to hold the cartel's output, while the weekly US energy inventory report was broadly in line with forecasts.</p><p>New York's main contract, light sweet crude for April delivery rose 51 cents to 82.21 dollars a barrel.</p><p>London's

Austria OPEC Meeting

2010-03-17T07:33:15Z

Mohamed bin Dhaen Al Hamli, Minister of Energy from the United Arab Emirates talks to journalists as he arrives at a hotel for a meeting of the Organization of the Petroleum Exporting countries, OPEC, in Vienna, Austria, on Tuesday, March 16, 2010. (AP Photo/Ronald Zak)