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Two Biggest Mining Company, BHP and Rio Tinto : BHP Billiton backs off bid for Rio Tinto
One of the biggest planned mergers in corporate history, between mining groups BHP Billiton and Rio Tinto, was scrapped yesterday after a year of preparation, in a move that spread further gloom about the state of the global economy.
The hostile takeover by BHP was once worth $140bn (£92bn) but the collapse in commodity prices and [...]
Pressure on oil companies grows to end gas flaring in Nigeria
For three minutes, on the day last May when Royal Dutch Shell released its first quarter earnings figures, a flame shot high into the air in front of the company’s head office in The Hague, scorching a human chain of about 40 protesters that circled it, a few meters away, to block police efforts to [...]
Aabar in $446mn oil rigs sale
Abu Dhabi-based Aabar Petroleum Investments Co. said on Sunday it agreed to sell its oil-rigs unit for $446 million to focus on petroleum exploration and production.
Aabar, the Middle East’s first publicly listed oil and gas company, sold Dalma Energy to GulfCap Group, it said in a statement. GulfCap is owned by investors in Saudi Arabia, [...]
Soaring costs take shine off oil bonanza
The cost of building and developing offshore oil and gas projects has risen by more than 50 per cent over the past few years, one of the world’s leading energy consultancies has warned. The huge surge in cost has been overshadowed by the record profits the oil majors have generated in recent years.
Last week, ExxonMobil, [...]
Petro-Power and the Nuclear Renaissance
With global demand for energy constantly rising and supplies contracting (or at least failing to keep pace), the world is being ever more sharply divided into two classes of nations: the energy haves and have-nots, says Michael Klare.
Not “Islamo-fascism” but “Energo-fascism” — the heavily militarized global struggle over diminishing supplies of energy — will dominate [...]
Hydro to Pursue Long-Term Growth as Focused Aluminium Company
Hydro will continue as one of the world’s leading, integrated aluminium companies following the recommended merger of Hydro’s oil and gas activities with Statoil.
“The restructuring of Hydro’s aluminium activities is nearly complete. Hydro is ready to move on as a strong and focused aluminium company aimed at growing profitably through targeted international business development, operational [...]
Norsk Hydro to Grow From Broader Oil and Gas Portfolio, Maintains Speed in Aluminium Repositioning
Hydro is well-positioned for long-term profitable growth in its energy and upstream aluminium operations but industry capacity constraints delay oil and gas production growth, the Norwegian-based company said at its Capital Markets Day. Growing Hydro’s oil and gas resource base, pursuing upstream aluminium growth opportunities and maintaining cost control remain top priorities, together with completing [...]
Venezuela Strengthens Its Relationships in the Middle East
Venezuela has long cultivated ties with Middle Eastern governments, finding common ground in trying to keep oil prices high, but its recent engagement of Iran has become a defining element in its effort to build an alliance to curb American influence in developing countries.
In a visit late last month to Tehran by President Hugo Chávez [...]
Peak-oil theory warns tank’s almost empty
FORGET pipeline problems in Alaska. The real elephant in the corner is “peak oil”. This issue is in the same category as global warming – although there is a division of opinion as to whether or not it’s real, it is probably prudent to assume the worse-case option.
Peak oil is the point at which it [...]
