Europe

Companies & Finance

Statoil output rises on Brazil, Angola, Norway startups

Norway’s Statoil reported an 11% increase in equity production during the first quarter because of field startups in Brazil, Angola and Norway, the company said in a statement on Tuesday.

9 May 2012
Policy & Regulation

UK govt proposes elecricity market reform

The UK government outlined a series of proposals to reform the electricity market on Wednesday in the Queen’s speech at the opening of Parliament.

9 May 2012
Companies & Finance

Oil and Gas gross revenues increase by 28%

Trade body Oil and Gas UK said on Wednesday that the gross revenues from the oil and gas industry in the country increased by 28% to $2.8 billion in 2011.

9 May 2012
LNG

UK becomes third biggest LNG importer - analysts

The UK became the third largest importer of LNG in the world in 2011 and the main importer in Europe, as indigenous supplies dwindled and the UK became a transit country for spot LNG deliveries, according to analysts from the Oxford Institute for Energy Studies.

9 May 2012
EU Energy Policy

German market abuse law not compatible with EU regulation

In an attempt to clamp down on market abuse, a draft law recently approved by the German government has proposed setting up a market transparency agency for the reporting and monitoring of trades in German power and gas markets. Market abuse in gas markets can, for instance, include trading on the back of insider information such as outages at gas

9 May 2012
Companies & Finance

OMV's earnings rise as Libyan production stabilises, gas sales rise

Austria's OMV released its first quarter financial results for 2012 on Wednesday, announcing increased earnings buoyed by the consistently high oil price and a return to production stability in Libya.

9 May 2012
Exploration & Production

Czech government drafting two-year shale moratorium

The Czech government is preparing to implement a two-year moratorium on shale gas exploration while legislation is drafted to manage the sector, the Ministry for Environment said on Monday.

9 May 2012
Policy & Regulation

Hollande seeks an energy policy to please allies

François Hollande’s energy, climate change and environmental policies could, in theory, make or break political alliances, and undermine his relationship with the unions.

8 May 2012
Policy & Regulation

Commission to present renewables report in 2012

Most EU countries are on track to meet their renewable energy target for 2020, a senior European Commission official said on Friday.

8 May 2012
Companies & Finance

EIB approached for Italian gas and solar finance

he European Investment Bank (EIB) is mulling over an application from Italy's regional gas distribution company in Tuscany, Toscana Energia, for the development of its transmission network and some small solar photovoltaic projects. The sponsor is applying for €75 million ($95 million) of the $190 million total cost of the scheme.

4 May 2012
Companies & Finance

Bank mandated for Norwegian players' second LNG vessel - report

Norwegian developer Hoegh LNG has mandated local DNB Nor as structuring bank for a $273 million project finance deal to back a floating storage and regasification unit (FSRU) vessel, Reuters service PFIE reported on Thursday.

4 May 2012
Companies & Finance

E.On posts 50% income slide on Germany’s nuclear shutdown

Germany energy company E.On’s 2011 net income fell sharply, to nearly 50% lower than in the previous year on the back of the German government’s decision to curb the country’s nuclear industry, the company said on Thursday.

4 May 2012
Supply & Demand

Is Nabucco worth the trouble?

The news that Hungary's MOL is thinking about withdrawing from the Nabucco consortium has raised new questions over not just the viability of the ambitious project, but also the economic feasibility of transmitting gas from the Caspian region to the European market.

4 May 2012
EU Energy Policy

Oil-indexation debate reaches Parliament

With oil and gas prices diverging, Gazprom has come under increasing pressure to link more of its long-term supply agreements to spot gas markets instead of oil. The issue was raised during last week’s EU-Russia event in the European Parliament.

4 May 2012
Exploration & Production

Russia gas processing capacity may reach 132.5 bcm/y by 2030

Russia’s gas processing capacity could increase to between 125.5 and 132.5 billion cubic metres per year by 2030 under a new gas sector development scheme. Processing capacity of 92.5-99.5 bcm is expected to be commissioned between 2016-2020, according to the website of the second international Big Chemistry Forum.

4 May 2012
Pipelines, Storage & Power

Government seeks comments about gas future

The UK government is set to publish a new gas generation policy document this autumn, and the signs are that it will be favourable for the fuel.

3 May 2012
Policy & Regulation

Bidding zone resizing may help fight unplanned power flows

The splitting of the German bidding zone for power transmission capacities into smaller units may help provide a short-term solution to the problems caused by unplanned electricity flows mainly from North Germany which have threatened the stability of electricity grids in Central Europe, a top European Commission official said last week.

3 May 2012
Companies & Finance

Cadogan reports 2011 net profits of $153.1 mln

British oil and gas company Cadogan Petroleum, which has onshore gas, condensate and oil assets in Ukraine, made net profits of $153.08 million in 2011 versus $1.318 million in 2010, thanks to "the completion of a major transaction with Eni resulting in the Italian company owning 60% of the group's interest in the Zagoryanska licence and 30% of the

3 May 2012
Companies & Finance

BG sells Comgas stake for $1.8 bln as Q1 profits rise

BG Group reported a 21% increase in operating profits for the first quarter on Thursday, as well as announcing the $1.8 billion sale of its 60% interest in Brazilian gas distributor Comgas.

2 May 2012
Exploration & Production

Marine environment uncontaminated by Elgin leak

Chemical analysis of fish samples at the Elgin platform in the North Sea, which has recently been closed due to a gas leak, has shown that there is no hydrocarbon contamination, according to the Scottish government.

2 May 2012

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