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Eni: South Stream Study At Advance Phase; No Decision Yet

The study of the South Stream project that aims to transport Russian natural gas into Europe via the Black Sea is at an advanced level, but the final decision on investment still hasn't been taken, Eni SpA (E) Chief Executive Paolo Scaroni said Thursday.

BP Says Gulf Leak Could Be Up To 5,000 Barrels/Day

A BP executive on Thursday agreed with a U.S. government estimate that the oil leak in the Gulf of Mexico could be pumping up to 5,000 barrels a day of crude into the ocean, far more than previously thought.

Carbon Trade - Romania

The Romanian government yesterday gave its go-ahead to a carbon-trading scheme to cut greenhouse gas emissions, hoping to earn up to 2.5 billion euros ($3.3 billion) until 2012. “Romania can trade about 300 million credits, divided into 1-million-ton packages,” Economy Minister Adriean Videanu said during a press conference.

China in Pakistan Nuclear Deal

China has agreed to build two new civilian nuclear reactors in Pakistan, according to Chinese companies and officials in Islamabad and Beijing, in a deal that could reignite debate about nuclear commerce and proliferation.

Saudi Arabia Global Oil Exports to Wane Post-2010

Saudi Arabia’s long-standing status as a swing producer of crude oil could be drawing to a close according to the head of national oil company Saudi Aramco.Global oil exports from Saudi Arabia, the world's largest oil producer alongside Russia, will start to wane in the coming years as domestic demand surges and spare capacity drops, warned Khalid al-Falih, chief executive officer of Saudi Aramco

Kazakhstan Investigates Kazakh Oil Giant $1.25 bln Embezzlement Scam

Kazakh authorities have launched a criminal investigation against the directors of the oil consortium Karachaganak Petroleum Operating (KPO) suspected of embezzling 187 billion tenge ($1.25 billion), a Kazakh financial police official said on Thursday.

Gulf of Mexico Leak Grows, Oil Slick Nears Shore

The U.S. Coast Guard said on Wednesday five times as much oil as previously estimated was leaking from a well beneath the site of a deadly drilling rig explosion as the slick threatened wide-scale coastal damage for four U.S. Gulf Coast states.

Putin: Russia May Cut Export Duties For Caspian Oil – Interfax

Russian Prime Minister Vladimir Putin said Wednesday it is possible that the country could reduce export duty for oil from the Caspian Sea, Interfax news agency reports.

IEA's Birol: $85/Bbl Oil Hurts Developing Countries

Current world oil prices around $85 a barrel are hurting lesser developed countries and restricting their growth, Fatih Birol, chief economist of the International Energy Agency said Wednesday.

Obama Administration Approves First US Offshore Wind Farm -Source

The Obama administration has decided to approve what would be the nation's first offshore wind farm, delivering a major symbolic victory for a fledgling industry after years of litigation and lobbying over the project, according to a person familiar with the decision.

Russia's Lukoil Launches Korchagin Oil Field In Caspian Sea

Russia's biggest independent oil producer OAO Lukoil Holdings (LKOH.RS) said Wednesday it started commercial production at the Caspian offshore field Yuriy Korchagin, which could reach annual output of 2.5 million metric tons of oil at peak.

China: Must Step Up 2010 Efforts To Reach Energy Saving Goals

Romanian Government Approves Carbon Trading Scheme

The Romanian government Wednesday gave its go-ahead to a carbon trading scheme aimed at cutting greenhouse gas emissions, hoping to earn up to EUR2.5 billion until 2012. "Romania can trade about 300 million credits, divided into 1 million-ton packages," Economy Minister Adriean Videanu said during a press conference.