China tax breaks in progress for heavy oil
BEIJING -- China, the world's biggest energy user after the United States, is drafting policies such as tax incentives and discounts to boost exploration for heavy oil resources such as oil sands and oil shale to meet demand.
Oil prices between US$30 and US$40 (HK$234 and HK$312) a barrel would make it economical for companies to extract oil from sand and rock in China, said Zhao Xianliang, deputy director of mineral resources and reserves at the Ministry of Land and Resources, Sunday.
Exploration for oil sands and oil shale is part of China's push to maximize domestic energy resources as it struggles to meet rising energy demand without adding to a swelling import bill. Oil imports rose 14 percent to 120 million tonnes in the first 10 months of this year and the cost of importing the fuel climbed 44 percent to US$56.1 billion in the same period. ...
del.icio.us
Digg
Facebook
Twitter
LinkedIn
Google
Yahoo
Favorite
MySpace
StumbleUpon
Technorati
SOFIA -- Bulgaria and Greece insisted Friday they wanted to sign an agreement with Russia by the end of the year to begin a long-stalled pipeline project to channel oil from the Caspian Sea to the Aegean.
AACHEN, Germany -- The chief executive of Germany's Linde Group expects more than 6 million hydrogen-powered cars on Europe's roads by the end of the next decade as consumers seek to cut pollution and avoid high oil prices. "This is a conservative estimate," Wolfgang Reitzle told a conference of automotive engineers in Aachen, Germany. 
SAN RAMON, California -- Chevron Corporation has announced a "significant" natural gas discovery at its Clio-1 exploration well, 90 miles offshore northwestern Australia. Chevron said it discovered 623 feet of net gas sands, which makes Clio one of Australia's top wells in total net pay. 
NEW YORK -- Facing mounting public pressure over high gasoline prices and now a potentially less-friendly Democrat-controlled Congress, the oil industry is mounting its first-ever major ad campaign, according to a report Thursday.
ADDIS ABABA -- Ministry of Mines and Energy said that five international companies are engaged in petroleum exploration and development activities in different parts of the country.
MOSCOW -- British-Russian oil firm TNK-BP said on Friday it had settled back-tax claims for 2002-2003 which a source close to the company said amounted to $1.44 billion.
HOUSTON -- US energy companies are looking for a tougher environment in Washington when the new Democrat-controlled Congress goes into session in January.
SINGAPORE -- The International Energy Agency said Thursday that China's strategic oil reserves should only be used in the case of real supply disruptions and not for commercial purposes. 
SYDNEY -- Australia pointed an accusing finger at China and India as major polluters as it refused to ratify the Kyoto Protocol on climate change despite a major new report warning of impending catastrophe.
