News Archive - January 2009

Shell gets tough on costs as oil prices bite

Royal Dutch Shell has intensified its cost-cutting efforts in response to the collapse in oil prices and also plans to step up efforts to improve what it said was a "mixed" safety record.

Riksch BioFuels: Sustainable Advocate

Riksch BioFuels of Iowa is producing a high-grade biodiesel fuel for consumption in the Midwest.

Hughes Christensen: The Breakthrough Century

The history of Hughes Christensen, one of eight divisions of Baker Hughes Incorporated, reads like the stuff of fantasy.

Freedom Fuels

Is biodiesel the answer to our energy needs? Jim Blair, whose company is assisting in the management of the Freedom Fuels LLC plant, certainly thinks so

Lake Erie Biofuels

Energy Exec talks to Lake Erie Biofuels’ management team to find out more about its new biodiesel facility.

Kansas Ethanol: Fueling the future

This start-up joins an energy industry committed to delivering a cleaner and cheaper alternative to foreign oil

Law firm in wind farm deals

International law firm, Pinsent Masons, has just completed the latest in an impressive string of wind farm deals.

Oil prices rose 2 percent on Tuesday, reversing day-ago losses as traders focused on short-term factors such as cold U.S. weather and an Australian cyclone, despite forecasts of a further rise in U.S. crude stocks.

An employee fills a vehicle at a gas station in Hefei, Anhui province, China January 1, 2009. REUTERS/Jianan Yu

Lundin approves HudBay bid, but deal seen collapsing

Shareholders of Lundin Mining approved a takeover offer by HudBay Minerals on Monday, but the vote looks to be for naught as the market and analysts concluded the deal will collapse at the hands of HudBay's investors.

Key Ukraine meeting on Russia gas deal postponed

A meeting of top Ukrainian leaders to discuss the deal clinched with Moscow to restore gas flows to Russia has been postponed from Friday, President Viktor Yushchenko's office said.

Workers stand near pipes at a gas compressor station in the Ukrainian settlement of Orlovka, about 280 km (174 miles) west of the Black Sea port of Odessa, January 15, 2009. REUTERS/Gleb Garanich

Kinross to raise $360.5 mln in stock offering

Kinross Gold plans to seek out more acquisitions, the company's chief executive said on Wednesday, citing an "unprecedented" opportunity to bulk up due to the financial crisis and the rout of small players on stock markets.

Tye Burt, President and CEO of Kinross Gold Corporation speaks at the Reuters Global Mining and Steel Summit in New York, June 5, 2006. REUTERS/Eric Thayer

Oil rises, boosted by expectations of OPEC cut

Oil settled up 6.6 percent to above $43 a barrel on Wednesday as OPEC supply cuts outweighed additional evidence that a deepening global slowdown is crushing demand for fuel.

A gas pump is hung at a gas station in Seoul August 12, 2005. crude oil prices and firm raw materials costs. NTRES REUTERS/Kim Kyung-Hoon

Conoco cutting 4 percent of workforce

ConocoPhillips , citing a steep decline in oil and gas prices, said on Friday it will slash its capital spending 38 percent this year and cut about 1,300 jobs at the third-largest U.S. oil company.

A Conoco Phillips gas station in Boulder, Colorado, January 24, 2007. REUTERS/Rick Wilking

Youthful Regent brings experience to Barrick

Barrick Gold Corp's new chief executive, Aaron Regent, found himself on the wrong end of a multibillion-dollar battle for mining supremacy three years ago, but his current job will likely put him in the driver's seat for any future acquisitions.

Aaron Regent, newly appointed president and chief executive of Barrick Gold Corp listens during a news conference in Toronto, January 16, 2009. REUTERS/Adrien Veczan

World oil demand to drop sharply in 2009

World oil demand will contract sharply in 2009 as global economic slowdown further erodes consumption, the International Energy Agency (IEA) said on Friday.

A woman fills petrol into her car at a filling station in Puchheim westward of Munich December 12, 2008. REUTERS/Michaela Rehle

UBS sells its base metals, oil, U.S. energy to Barclays

Swiss bank UBS said on Friday that it has signed an agreement with Barclays on the further sale of parts of its non-strategic commodities businesses.

Rio Tinto names Jim Leng as new chairman

Mining group Rio Tinto said on Wednesday its new chairman would be Jim Leng, deputy chairman of India's Tata Steel , who will take over in April.

A tipper truck climbs out of an iron ore mine at Tom Price, about 1,300 km (800 miles) north of Perth, in this May 28, 2008 file photo. REUTERS/Tim Wimborne

Amec sees 2008 profit toward top end of forecasts

Oil services and engineering group Amec said business was holding up well despite the economic downturn as it forecast 2008 profit would top 200 million pounds and a better 2009.

Conoco may take fourth-quarter writedown for Lukoil: analysts

U.S. analysts said on Tuesday that ConocoPhillips may need to take a big write-down in the fourth quarter related to its investment in Russian oil major Lukoil , as weakness in the crude oil market and other factors sap the value of the venture.

Jim Mulva, chairman and CEO of ConocoPhillips, speaks to Reuters in New York October 25, 2007. REUTERS/Brendan McDermid

Rolls-Royce to start tidal power turbine tests

Engines and power systems maker Rolls-Royce will test a one megawatt turbine to generate electricity from tidal power next year, Ric Parker, director of research and technology, said.

Petrol prices edge up to end six-month fall

Retail petrol and diesel prices rose slightly this week, ending a six-month decline, the Automobile Association (AA) said on Friday.

Drivers queue for petrol at a service station in Boroughbridge, northern England, June 13, 2008. REUTERS/Nigel Roddis

BP finalises deal with TNK-BP partners

BP made a new concession to its oligarch partners in Russia's third-largest oil company, TNK-BP, as it sealed an agreement aimed at settling a battle for control of the venture.

A sign for a BP petrol station is seen in London October 28, 2008. REUTERS/Toby Melville

Chevron sees major drop in 4th-quarter earnings

Chevron Corp expects its fourth-quarter earnings to be significantly lower than the previous quarter due to the impact of lower energy prices on its exploration and production business.

A Chevron Corporation gasoline tank truck delivers gas to a Chevron service station in Redondo Beach, California August 10, 2005. REUTERS/Fred Prouser

Teck cuts 1,400 jobs, 2009 coal production

Teck Cominco Ltd will cut about 1,400 jobs, or 13 percent of its staff, as part of a plan to lower costs and keep competitive following a sharp drop in commodity prices, the mining company said on Thursday.

The Teck Cominco smelter plant sits overlooking the small city of Trail in southern British Columbia in this July 6, 2006 file photo. The company will cut about 1,400 jobs, or 13 percent of its staff, as part of its plan to clip costs and keep competitive as commodity prices remain weak, the Canadian mining company said on Thursday. REUTERS/Andy Clark

Kinross plots 32 percent jump in '09 gold output

CALGARY, Kinross Gold Corp said on Wednesday it plans to spend $460 million this year boosting production by 32 percent to as much as 2.5 million ounces.

BP shares down on rumour guiding lower on earnings

Shares in BP fell 4 percent on Wednesday as the oil major was, yet again, dogged by rumours it told analysts earnings would be lower than expected.

A British Petroleum (BP) sign is seen at a petrol station in south London July 29, 2008. REUTERS/Dylan Martinez

Scottish & Southern placing set to raise 470 million pounds

Scottish & Southern Energy will raise upwards of 470 million pounds from a share placing to help fund acquisitions and investment, particularly in wind farms.

Scottish & Southern Energy employees work on powerlines in an undated handout photo. REUTERS/Scottish & Southern Energy/Handout

Crisis talks continue at Tara Mines

Management and union officials are due to hold a meeting today, January 7, to discuss the row over cost-cutting plans.

Scottish & Southern to place 40 million shares

Scottish & Southern Energy is to place about 40 million shares to boost its balance sheet, representing up to 5 percent of its share capital, it said on Wednesday.

Oil surges over 3 percent on Gaza and gas row

Oil was steady above $48 on Tuesday after rising 5 percent overnight, as Israel's deepening incursion into Gaza and a spat between Russia and Ukraine over gas prices stoked fears of severe supply disruptions.

A petrol station employee fills the tank of a car near a price board in Nanjing, Jiangsu province December 19, 2008. REUTERS/Sean Yong

Russia gas row disruption spreads

Ukraine's state energy company Naftogaz said on Tuesday that Russia's Gazprom had cut gas supply to Europe via Ukraine to around a third of its normal flow and that the shortage would hit Europe in a few hours.

A worker checks the valve gears in a natural gas control centre of Turkey's Petroleum and Pipeline Corporation, 35 km (22 miles) west of Ankara, January 5, 2009. REUTERS/Umit Bektas

EDF declares British Energy bid unconditional

EDF said on Monday its Lake Acquisitions vehicle bidding for British Energy had declared its offer wholly unconditional.

Flags fly in the breeze outside the British Energy Hunterston

Rio Tinto restarts Australian iron ore mines

World No. 2 iron ore miner Rio Tinto Ltd/Plc is restarting its iron ore mines in western Australia after a two-week closure to cut production by about 10 percent due to lower demand from steel mills in China.

A tipper truck is parked above the main pit at a Rio Tinto iron ore mine at Tom Price, about 1,300 km (800 miles) north of Perth May 28, 2008. REUTERS/Tim Wimborne

EU says gas supply commitments must be honoured

The European Union called on Friday for an immediate resumption of full deliveries of Russian gas to EU member states, saying supply and transit commitments had to be honoured under all circumstances.

A meter shows the gas pressure in pipelines at oil and gas group MOL's gas transmission subsidiary in Vecses January 2, 2009. Pressure on Hungary's natural gas pipeline that ships Russian gas via Ukraine has dropped but it is not causing any disruption in gas supply, oil and gas firm MOL said on Friday. REUTERS/Karoly Arvai

Oz Minerals gets bank lifeline as assets go on block

Oz Minerals, which mines industrial and precious metals in Australia and Laos, was given another two months to persuade lenders to refinance $560 million in debt as it tries to raise cash by selling assets to combat sharp falls in metals prices.

Rio wants to meet Guinea govt on iron ore project

Mining group Rio Tinto is seeking a meeting with the new military junta in Guinea to discuss its $6 billion (4 billion pound) Simandou iron ore project, the firm said on Monday.

A driver climbs from a haul truck at Rio Tinto's Bengalla coal mine in the Hunter Valley north of Sydney in this October 3, 2006 handout photograph. REUTERS/Rio Tinto/Handout

Gasoline prices fall to lowest since February 2004

The average price for a gallon of gasoline in the United States fell 5 percent from two weeks earlier, hitting its lowest level since February 2004, according to the nationwide Lundberg survey released on Sunday.

A customer pumps gasoline on Manhattan's lower east side in New York October 23, 2005. REUTERS/Keith Bedford

Schlumberger posts lower quarterly profit

Schlumberger Ltd said on Friday profits sank and warned of spending cuts by customers in 2009, but its stock bounced off 3-1/2-year lows as investors expect the oilfield services leader to weather the turmoil well.

$Chairman and CEO of Schlumberger Andrew Gould attends a plenary session during the World Petroleum Congress in Madrid, July 3, 2008. REUTERS/Susana Vera \$

Husky VP resigns amid questions over project fate

CALGARY, The head of Husky Energy Inc's oil sands business has resigned, the Canadian company said on Thursday, as questions linger about the fate of its multibillion-dollar project with the oil industry in a downturn.

Suncor cuts 2009 spending, posts loss

CALGARY, Suncor Energy Inc reported its first quarterly net loss in 16 years on Tuesday, as it slashed capital spending and halted construction on a massive expansion of its Canadian oil sands operations to cope with plunging commodity prices.

Suncor Energy President and Chief Executive Officer Rick George listens to a shareholder at the companies annual general meeting in Calgary, April 24, 2008. REUTERS/Todd Korol

OPEC chief says supply curbs to boost price

OPEC is fully enforcing its deepest ever oil supply curbs, which should be enough to boost prices that have slumped below $40 a barrel, the group's president told Reuters on Tuesday.

Jose Maria Botelho de Vasconcelos arrives at the OPEC headquarters for an extraordinary OPEC meeting in Vienna, October 24, 2008. REUTERS/Herwig Prammer

Federal government offers financial backing for Arctic pipeline

CALGARY, Canada has offered financial support for a C$16.2 billion ($13 billion) Arctic gas pipeline, the country's environment minister said on Monday, aiming to revive a struggling proposal to tap vast northern reserves with industry conditions worsening.

TSX could get early boost from energy shares

Toronto's main stock index closed moderately lower on Monday as weakness in commodity prices pulled down energy and gold mining issues.

A general view of the TSX (Toronto Stock Exchange) Broadcast Centre in Toronto in this June 20, 2008 file photo. REUTERS/Mark Blinch

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