Energy Sector

President Obama’s Latest Proposals on Oil Drilling Exclude Alaska

President Obama’s Latest Proposals on Oil Drilling Exclude Alaska

On Tuesday, the Obama administration outlined a politically fraught plan to allow offshore oil and gas drilling in the United States. The proposal has not only imposed new restrictions on northern Alaska's environmentally fragile water, but has also opened parts of Atlantic Ocean, including the North Carolina coast.

The finalization of the proposal will lead to the birth of first drilling platforms along a stretch running from southern Virginia to Georgia.

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China Sinopec unit to sell 30% stake in Retail arm

China Sinopec unit to sell 30% stake in Retail arm

According to a Hong Kong stock exchange announcement, China's biggest Petrochemical Corp Sinopec has struck a deal with 25 local and foreign investors to sell 30% stake in its retail arm.

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Gas prices in Massachusetts increase for the second consecutive week

Gas prices in Massachusetts increase for the second consecutive week

According to AAA Southern New England's weekly survey released on Monday, gas prices in Massachusetts have witnessed an increase for the second consecutive week, partly due to Iraq turmoil.

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Novel Solar Cell with Tin Pervoskite Instead of Lead

Novel Solar Cell with Tin Pervoskite Instead of Lead

Researchers at the Northwestern University have created a new environment friendly solar cell with the help of tin, as light-absorbing material, offering high efficiency. Mercouri G. Kanatzidis, an inorganic chemist at Northwestern University said that tin has shown very positive results when used in creation of solar cell. By avoiding the use of hazardous material lead, the research team has successfully created environment friendly solar cell.

Environmental Groups Request Norway to Withdraw its Oil-Exploration Blocks License

Environmental Groups Request Norway to Withdraw its Oil-Exploration Blocks Licen

Norway authorities have been requested by environmental groups including WWF and the Greenpeace to withdraw all of its oil-exploration blocks proposed for the next licensing round. According to the recent government proposal declared in 23rd licensing round, about 61 blocks have been offered in Norwegian region.

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DA asks Eskom Directors to Refund R31 million bonus

DA asks Eskom Directors to Refund R31 million bonus

The Democratic Alliance has asked Eskom Directors to return the bonus awarded to them for purchase of generators for emergency services. Nine members of Eskom Board of directors have received R31 million in bonus.

The emergency services in the country have been impacted due to power crisis. After heavy rains this week, the coal stock at Eskom has become wet, causing massive power cuts across the region.

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NNPC Accounts Audit Started

NNPC Accounts Audit Started

Nigerian National Petroleum Corporation account auditing has started as more than 20 auditors from Office of the Auditor General of the Federation (AGF) will check the spending at the state-owned petroleum corporation.

After suspended governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi alleged $20 billion fraud at the state-owned petroleum corporation. The senate passed a resolution to audit the accounts of NNPC.

Ngozi Okonjo-Iweala, the Minister of Finance, asked for foreign audit to uncover the issue of missing funds.

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ANC Sells Hitachi Power Africa Stake

ANC Sells Hitachi Power Africa Stake

The ruling ANC has sold its 25 percent stake in Hitachi Power Africa. The deal size has not been disclosed. The stake has been purchased by Hitachi Power Europe. The investment arm of ANC, Chancellor House, has sold its complete stake in the power company.

ANC was criticized for conflict of interest as Hitachi Power Africa was granted government contracts. The government granted R38.5 billion contract to install boilers at the Medupi and Kusile power plant projects to Hitachi Power.

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Impressive Move in Nuclear Fusion Experiment

Impressive Move in Nuclear Fusion Experiment

Scientists have taken a giant leap in harnessing nuclear fusion to develop clean and limitless fusion energy. For the first time, researchers have been successful in developing fusion energy more than the amount of fuel used to ignite the reaction.

Omar Hurricane, the physicist of the US government-run National Ignition Facility (NIF) in California along with his team conducted two experiments in September and November 2013. Researchers shot 192 laser beams at two-millimeter gold cylinder coated with inner frozen layer of deuterium-tritium fuel.

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Oil Majors Continue to Divest their Stake in Nigeria

Oil Majors Continue to Divest their Stake in Nigeria

International Oil companies are divesting their stake in Nigerian oil fields. Shell, Total and Chevron are among the companies which have sold their stake in shallow water assets in Nigeria.

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