China tax breaks in progress for heavy oil

Global Petroleum Club ImageBEIJING -- 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. ...

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Bulgaria, Greece insist on new pipeline agreement

Global Petroleum Club ImageSOFIA -- 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.

"We are determined that the agreement should be signed by year end... We discussed the need to speed up work on the project. If in the next days we do not receive a proposal from Russia, Bulgaria and Greece are ready to each submit their own proposals" for the text of the agreement, Bulgaria's Economy and Energy Minister Rumen Ovcharov said.

Greek Development Minister Dimitris Sioufas, who arrived in the Bulgarian capital Sofia on Thursday after visiting Moscow, said Russia was also willing to sign the agreement by the end of the year. ...

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Hydrogen key to cleaner future

Global Petroleum Club ImageAACHEN, 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.

There are currently around 500 hydrogen vehicles worldwide according to Linde, the world's largest industrial gases group. Reitzle urged politicians to be more active in long-term planning for a greener future with hydrogen, which emits only water vapour when burned. ...

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Chevron makes big discovery in Australia

Global Petroleum Club ImageSAN 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.

The Clio-1 well was completed in September. It was drilled in water depths of approximately 3,000 feet with total vertical depth of drilling to 15,500 feet.

The announcement said Chevron would carry out a 3-D seismic survey program beginning in December and other work to better determine the find's potential. Two Chevron affiliates, Chevron Australia Pty Ltd. and Texaco Australia Pty Ltd., operate the well and hold 67 percent interest. ...

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Oil industry seen pursuing image makeover

Global Petroleum Club ImageNEW 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.

The ads will attempt to convince Americans that high energy prices are not the result of some industry conspiracy but rather an effect of tight supply and high demand, the Wall Street Journal reported.

The goal, according to the paper, will be to avoid higher taxes on energy companies and make it easier for them to drill in areas like the Rocky Mountains or off the coasts....

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International oil companies give Ethiopa a lift

Global Petroleum Club ImageADDIS 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.

Mines and Energy Minister, Alemayehu Tegenu told ENA that the number of companies engaged in the sector is steadily increasing. The Minister said that the on-going activities have proved promising in improving the contribution of the sector to the growth of the national economy.

Joint geological and geophysical research studies have been launched in South Ethiopia while the Pexco, one of the international companies operating in the country, is engaged in petroleum exploration and development activities in the Ogaden basin, he said....

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TNK-BP 'settles Russian tax claim' of $1.44 billion

Global Petroleum Club ImageMOSCOW -- 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.

The sum represents the second largest ever back tax bill paid by a Russian firm after a $27.5 billion claim against fallen oil major Yukos, which the firm said was politically motivated and led to its bankruptcy.

TNK-BP made the massive payment amid increased pressure from state officials and gas monopoly Gazprom on its gas projects including the landmark Kovykta gas field.

It also comes amid market expectations that TNK-BP's Russian billionaire shareholders will soon sell their 50 percent stake in the venture to a state firm such as Gazprom. TNK-BP has paid billions of dollars in dividends for 2004-2006....

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US energy companies fear Democratic Congress

Global Petroleum Club ImageHOUSTON -- US energy companies are looking for a tougher environment in Washington when the new Democrat-controlled Congress goes into session in January.

Democratic leaders have said one of their top priorities next year will be to roll back some of the benefits accorded to the oil and gas industry and direct more funding to research and development of alternative energy. Republicans have been considered more friendly to the energy industry, but even some prominent Republican leaders were critical of the industry when high world oil prices started producing record-breaking profits for major companies in the past year....

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Concerns over China's strategic oil reserves

Global Petroleum Club ImageSINGAPORE -- 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.

"It's a problem to know how Chinese authorities will use their stocks," Claude Mandil, executive director of the energy watchdog, said on the sidelines of an industry conference in Singapore. "Our strong thought is that they should only be used in real supply disruptions," he said.

"It's bad for everybody to use strategic stocks for market purposes."

China has rented out a third of the storage space at its first strategic oil reserve to state-run refiner Sinopec, stoking fears that Beijing may use its emergency stocks more readily than Western nations. ...

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Australia shuns Kyoto, targets China and India in pollution row

Global Petroleum Club ImageSYDNEY -- 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.

Australia and the United States are the only two countries to have failed to ratify the agreement, which imposes targets for reducing emissions of the greenhouse gases blamed for global warming.

Prime Minister John Howard led strong government defiance of renewed pressure to ratify Kyoto in a rowdy session of parliament, saying China and India were major polluters who would not be curbed by Kyoto....

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