Energy Update
BEIJING, Jan 6 (Reuters) - Sinopec Corp said it struck high-yielding oil and gas in a test well offshore Beibu Bay near China's southwestern coast, marking a rare offshore oil and gas find by the state firm that is largely focused onshore.
Guess what, it’s official: 2015 was a terrible year for commodities.
(Wed, 06 Jan 2016) Crude oil prices ended 2015 below $40 per barrel (b), the lowest level since early 2009. Spot prices for the international crude oil benchmark Brent averaged $52/b in 2015, 53% below the level in 2014 and 49% below the average price over 2010-14. Spot prices for West Texas Intermediate (WTI) crude oil were also down 53% in 2015 compared with 2014, averaging $49/b for the year.
With oil in the grip of sustained low prices, Britain’s North Sea oil companies are among those hoping against hope for a recovery. Nick Coleman looks at the future of both crude production, and the level of investment in exploration and production in the region, as well as the longer terms prospects for oil economics in the North Sea.
WILMINGTON, Del., Jan 5 (Reuters) - Swift Energy Co received U.S. bankruptcy court approval on Tuesday to borrow up to $15 million, giving the oil-and-gas exploration company time to negotiate a refinancing deal that is key to its turnaround.
Turkey said it will commission 101 new hydroelectric plants and dams worth US$3.44 billion in January, according to information published by Anadolu Agency, Turkey’s state-run news agency.
New statistics from grid operator National Grid show that 2015 was a record year for wind energy generation in the U.K.
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