Even more trouble for the oil majors. Venezuela’s President Chavez has announced a new law that nationalizes the last remaining oil production sites that are under foreign company control. The nationalizations, which affect oil production in the heavy fuel Orinoco Oil Belt, will take effect on May 1st of this year, until which time companies … Read More
Month: February 2007
Kremlin Increases Pressure over BP’s Kovykta Field
More trouble for the oil majors. Russia has stepped up the pressure on a key asset held by TNK-BP, BP’s Russia venture, as Lord Browne, BP embattled chief executive, arrived in Moscow for talks on the transfer of BP’s key asset to the Russian state. Oleg Mitvol, the official who led the state campaign against … Read More
Scientists Urge Global Action on Clean Energy
The United Nations Foundation and Sigma Xi, the Scientific Research Society, has released the results of a two year study which is calling for drastic reductions in fossil-fuel emissions around the world and rapid increases in spending on clean-energy research. The report concludes that global warming is “unequivocal”. If nothing is done global temperatures could … Read More
Formula One Goes Green
Someone’s taking the proverbial here. This is Greenwash to the extreme. Many people think Formula One is one of the most extravagant and polluting sports there is. Some people would not even call it a sport. Despite its cars doing little more than four miles to the gallon, the Honda Formula One team tried to … Read More
Iraqi Cabinet Approves Draft Oil Law
The Iraqi Cabinet approved the highly controversial draft oil law yesterday, despite international condemnation that its gives huge control to multinational oil companies. The Iraqi Parliament will take up the measure when it reconvenes early next month after a recess. With all major parties endorsing the bill, approval is likely. “I very much hope the … Read More
London Aims 60 per Cent Cut in Carbon Emissions
London’s Mayor, Ken Livinstone will announce radical plans to slash London’s carbon emissions by 60% within 20 years. Livingstone wants a quarter of London’s electricity supply to be shifted from the national grid to local combined heat-and-power systems by 2025.
Kurds to Back Iraqi Oil Law
Iraq’s hugely controversial oil law edged closer to approval after Kurds said some key issues had now been resolved between them and Baghdad. “Some of the issues in debate between the Kurdish regional government and the federal government in Baghdad were solved recently,” said Fauad Hussain, the head of the presidency board in Kurdistan.
Melting Ice Reveals New World
Antarctica’s melting ice sheets have given scientists a new insight to the weird and wonderful life in the seas around the continent that have been sealed off for 12,000 years. This unique and thriving underwater world is being transformed by climate change. The break-up of the Larsen ice shelves opened up a pristine area of … Read More
Sinopec Seals US$3.5b Refinery Contract
China Petroleum & Chemical Corp – better known as Sinopec – has signed a $3.5 billion contract with Saudi Aramco and Exxon Mobil for a refinery in southern China‘s Fujian province. The refinery in Quanzhou will have a crude refining capacity of 240,000 barrels a day and is expected to be operational in early 2009.
UK Climate Bill Downgraded
The UK Government’s commitment to tackling climate change is once again under scrutiny after it has emerged that the long-awaited climate change Bill has been downgraded. The measure will be published next month as a draft Bill for consultation rather than as a fully fledged piece of legislation. Critics claim that it means that David … Read More