Brazil says it has found another “elephant.” This time it is a huge natural gas field called, Jupiter, which could match the recently discovered Tupi oil field in size. The field has been found a short distance off Rio de Janeiro’s coastline.
While not providing any specific details on the size of the new reserve, Petrobras […]

The US state of Alaska has received five natural gas pipeline applications, including one unexpected bid from a Chinese energy titan.
The state also received an alternative proposal from Conoco Phillips that didn’t meet the state’s application criteria. The other two oil giants operating on the North Slope, BP and Exxon Mobil, submitted nothing.
Gov. Sarah Palin […]

BP agreed last night to pay $303m to settle charges that it had manipulated the propane gas market in the United States.
BP was charged last year with price-rigging by cornering the propane market during illegal energy trading in 2004. A Department of Justice lawsuit alleged that one trader told another: “Dude, you’re the […]

Iran has warned France it is prepared to go ahead with a major gas project with Total using Iranian firms alone if the French oil giant gives in to political pressure and does not swiftly implement the deal.
‘I have a message for French President (Nicolas) Sarkozy,’ Caretaker Oil Minister Gholam Hossein Nozari told reporters late […]

Costs for the troubled Mackenzie gas pipeline could top the last estimate of C$16.2 billion, “T-Rex” Tillerson, Exxon’s CEO has warned.
“It could be C$16 billion or C$14 billion or C$20 billion,” Tillerson reports the Dow Jones newswire. “All we can say is that it’s large, it’s larger than we previously thought.”