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Turkish Diesel Oil Prices Fall for 2nd Time This Week

Turkish Diesel Oil Prices Fall for 2nd Time This Week

Turkish diesel prices dropped by an average of 0.05 liras per liter on Friday, according to official figures. In the Turkish capital Ankara, diesel will be sold at 3.38 liras per liter, while prices dropped to 3.32 liras in Istanbul and 3.35 liras in Izmir

Statoil Acquires 12 pct Share of Swedish Lundin Petr.

Statoil Acquires 12 pct Share of Swedish Lundin Petr.

Norwegian Statoil acquired around 12 percent share and votes of Swedish energy company Lundin Petroleum on Thursday. According to Statoil's announcement, the transaction fee is around $539 million (4.6 billion SEK). The company said the investment in Lundin Petroleum will increase its indirect exposure to core assets on the Norwegian Continental Shelf (NCS)

Electricity Consumption in Bulgaria Up 2.5% in 2015

Electricity Consumption in Bulgaria Up 2.5% in 2015

Consumption of electricity increased in 2015, reversing a downward trend observed in the past four years, an official with Bulgaria's Electricity System Operator (ESO) has said. The Central Dispatching Unit of ESO is the unit coordinating regimes of the electricity system and providing for its smooth and efficient functioning, also in charge of organizing the electricity market

Islamic State Resumes Attack on Libyan Oil Port

Islamic State Resumes Attack on Libyan Oil Port

Islamic State fighters resumed attacks on a key oil terminal in eastern Libya, setting a second tank on fire, a Libyan oil official said on Tuesday. The attacks stoked fears the North African country’s oil industry is the next target for the radical Islamist group. They came just weeks after representatives of Libya’s two rival governments signed a power-sharing agreement that called for the formation of a national-unity government by mid-January

Oil Market Shakes Off Iran-Saudi Clash

Oil Market Shakes Off Iran-Saudi Clash

Iran-Saudi tensions fuelled oil prices at the start of 2016 but weak Chinese economic data capped the gains. The oil price rose in early trade on January 4 after Saudi Arabia’s execution of a dissident cleric enraged Iran and caused concern over supply by two of the world’s top oil producers. However, weaker-than-expected Chinese manufacturing data and falling Asian stock markets renewed worries about demand from the world’s second biggest oil consumer, limiting crude oil gains

Bulgarias PM: Overgas Crisis Was Plot against Govt

Bulgaria's PM: Overgas Crisis Was Plot against Govt

Bulgarian Prime Minister Boyko Borisov on Monday described recent developments related to private gas supplier Overgas as a "plot against the government". In an interview with private national bTV station, he warned shortage in gas supplies to Overgas and its customers as of January 01 could have "brought about a collapse of the entire energy network of the country and mass protests against the cabinet."

Iran-Saudi Crisis Most Dangerous for Decades

Iran-Saudi Crisis Most Dangerous for Decades

Tensions have spiralled following the execution of Saudi cleric Nimr al-Nimr, the subsequent setting ablaze of the Saudi embassy in Tehran, and Riyadh's expulsion of Iranian diplomats. The struggle between Riyadh and Tehran for political and religious influence has geopolitical implications that extend far beyond the placid waters of the Gulf and encompass nearly every major conflict zone in the Middle East

Japan Switches Back to Nuclear Energy

Japan Switches Back to Nuclear Energy

Japan switched on its nuclear energy power plants. A major relief for the oil and gas industry that has seen prices tumble to 11-year lows was increased demand in Japan. Japan is about to reduce oil and gas imports for electricity production adding to the supply glut of the industry

Petroceltic Sheds Stakes, Mulls Sale

Petroceltic Sheds Stakes, Mulls Sale

Petroceltic has opted to exit stakes in Greece and Egypt, following an announcement by the company's board that it has initiated a formal strategtic review of its business and assets due to breaching debt repayment obligations

MIT: Our Energy Transformation in 2015

MIT: Our Energy Transformation in 2015

Like 1973, the year 2015 marked a decisive shift in the world’s energy economy. In 2015 a series of events combined to drive what may well to be profound shifts—even turning points—in the history of the energy sector

Russia’s Energy Minister Blames Saudi Arabia for Destabilized Oil Market

Russia’s Energy Minister Blames Saudi Arabia for Destabilized Oil Market

Saudi Arabia has destabilized oil market by increasing its oil output by 1.5 mln barrels per day, Russia’s Energy Minister Alexander Novak said in an interview with Rossiya 24 TV channel. "This year Saudi Arabia has ramped up production by 1.5 mln barrels per day, which in fact destabilized the situation on the market," - he said

Greece, Croatia, and Italy Chart a Course to More Solar Power

Greece, Croatia, and Italy Chart a Course to More Solar Power

In the wake of the COP21 climate conference in Paris, many nations are announcing plans to reduce future carbon emissions from their energy systems. But the pledges signed in Paris in December 2015 are mainly nonbinding commitments

Oil Price: How Low Can It Go?

Oil Price: How Low Can It Go?

The Organization of Petroleum Exporting Countries (OPEC) has said it expects oil prices to recover to $70 a barrel by 2020. The oil cartel, which has not shown any signs of cutting production, said oil prices would begin to rise next year and, longer term, would rise due to higher exploration costs

TAP Awards Two Contracts for Italy Onshore Construction

TAP Awards Two Contracts for Italy Onshore Construction

Trans Adriatic Pipeline AG (TAP) has awarded a contract for the Engineering, Procurement and Construction (EPC) of the Pipeline Receiving Terminal (PRT) and a contract for the EPC of the onshore pipeline in Italy (8-kilometre, 36-inch diameter)