Energy Sector

BHP dismisses its acquisition talk, and in its place committed to spend $80 Billion on Mines

BHP Billiton

The largest mining company of the world, BHP Billiton Ltd. dismissed talk that it’s seeking to make major acquisitions, instead the firm has committed to spend eighty billion dollars to expand and develop its own mines and oil fields.

If one takes a look at a buy versus build equation, the clear opportunity for the firm is to invest money in their own portfolio, stated the Chief Executive Officer Marius Kloppers, who is aged forty eight on a conference call today. Woodside Petroleum Ltd. and Anadarko Petroleum Corp. have been named as possible targets for BHP.

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Dutch Princess protests exploitation in Shell Gas

Shell

In a strange turn of events we see that there is a sense of serious move away from the royal tag when the Princess Irene of the Netherlands, unlike the other royal members of the family does not have any stake at the huge oil Shell. As a matter of fact she has come forward and broken all the royal shackles and come up with the open for a cause. She has joined hands with the RSA forces in its fight against the harmful exploitation in the shale gas in the Karoo.

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Petrol price sets record

Petrol price

Pump prices had reached record highs today, and created pressure on the government to reduce fuel duty.

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Oil inches higher above $87 a barrel in Asia

Oil inches higher above $87 a barrel in Asia

As the world economy is still fighting the after effects of the inflation, there are a lot of concern in the market since the price level of the oil continues to rise as the price have moved to $87 a barrel. The traders from Asia are weighing highly on President Obama’s policy towards the boosting of the US economy and China’s plan of raise the level of the interest rate in order to contain the rate of inflation.

Eskom has improved the quality of coal

Eskom

Eskom has improved the quality of coal at two of its power stations after completing the re-negotiation of coal contracts with suppliers, Dan Marokane, Eskom chief commercial officer stated yesterday.

Mr. Marokane further stated that Eskom had re-negotiated the coal contracts for its Matla and Duvha power stations, the two stations that suffered considerable load losses due to poor coal quality. The new coal agreements have cut down load losses by half at the Duvha power station located in Mpumalanga.

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The steep rise in China’s electricity consumption rate

Chinese Electric Council

The Chinese Electric Council presented a report on Monday which showed that despite the drop in investment in the electricity industry of China, the consumption rate of electricity in China recorded a steady growth. Figures show that around 4.19 trillion kWh were consumed during the last calendar year in China, increasing its growth rate by 14.56%. The statement issued by the Chinese Electric Council states that the electricity consumption growth rate was
8.12 % higher than that of the previous year.

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BP enters deal with Russia’s Rosneft

British Petroleum

British Petroleum, the oil and natural gas giant has gone into a historic deal with Rosneft of Russia. This deal is one of its kinds, where by BP will be swapping a stake worth $ 7.8 billion to acquire 9.5 percent of Rosneft, the oil giant controlled by the state of Russia. This deal between BP and Rosneft is a part of their drive and way forward to successfully extract petroleum in about billions of barrels above the area of Arctic Circle.

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Lawsuit opined that actions taken by BP had caused the worst oil spill

Lawsuit opined that actions taken by BP had caused the worst oil spill

Lawyers who had sued BP stated in a new court filing that the firm had placed profit over safety and is responsible for the explosion of the Deepwater Horizon rig that caused the largest offshore oil spill in the history of the US.

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Dearth of Fuel seen inland

Dearth of Fuel seen inland

On Wednesday the energy department has reported that there have been dearths of fuel in some inland areas.

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Dearth of Fuel in some petrol pumps of Guateng

Dearth of Fuel in some petrol pumps of Guateng

On Tuesday in Johannesburg some of the owners of petrol stations reported to Eyewitness News that they do not have petrol in their tanks.

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