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Daily: Crude oil drops on concerns about Chinese demand
Crude oil prices dropped on Friday, prolonging losses amid worries over slipping Chinese demand after the world’s second-largest oil consumer ordered factories to cut production fearing about an excess of capacity. Brent futures for September delivery eased 48 cents to settle at $107.17 per barrel, after registering a 46-cent gain on Thursday. U.S. light crude for September slipped 79 cents to settle at $104.70 a barrel. The North Sea benchmark's premium to West Texas Intermediate was $2.45.
read more... 29/07/2013
New gas discovery in Italy’s PO Valley
Sound Oil plc, an independent oil and gas company, which activates mainly in Indonesia and Italy, has announced a new gas discovery at Nervesa well, in Italy’s Po Valley. A further announcement on total estimated quantities at the site will be made in the coming months, with possible production envisaged for 2015.
read more... 25/07/2013
China: first in the world to achieve 3 GW of solar power
China becomes the first country in the world to hit the 3 GW solar power target. The Asian nation has built 40 new solar plants with over 1 GW of production capacity since December last year. China runs on a large 132-utility scale solar plants which places them closer to their goal of producing 15 GW by 2015.
read more... 23/07/2013
UK revealed it intends to create the most generous tax breaks in the world for shale gas producers
Britain's finance minister George Osborne has announced that Britain could become a leader in shale gas extraction as he intends to create world's "most generous" regime. He revealed that it plans to cut from 62% to 30% the tax on a proportion of production incomes, in a move which aims to encourage shale gas exploration.
read more... 22/07/2013
Italy’s Eni to diminish production targets at Iraq oil field
The Italian oil giant Eni decided to diminish production targets at its major oil field in Iraq-Zubair, while extending the duration of the Technical Service Contract for an additional five years, until 2035.
read more... 16/07/2013