A high-level Russian delegation was in Beijing last week to discuss long term exports of Russian crude oil and natual gas to China. The meetings settled various disputes over prices and tariffs on Russian oil exports and are said to have paved the way for higher Russian oil and gas exports in the years ahead.

China Petrochemical Corp., the nation’s biggest refiner, agreed to buy Daylight Energy Ltd. for C$2.2 billion ($2.1 billion) in cash, gaining Canadian crude oil and shale-gas reserves in its largest acquisition this year.

Gaffney, Cline & Associates (GCA) says Turkmenistan’s South Iolotan natural gas field is the world’s second-largest, with an estimated 21.2 trillion cu m (tcm) of gas reserves.

African natural gas that is now being liquefied for export could be redirected to domestic electric power generation as customers in Europe, Asia, and the US exploit shale gas resources in their own countries

A Japanese mayor has called on his government to decommission the nuclear reactor in his village, 110 km northeast of Tokyo, the first local leader to urge scrapping a reactor as Prime Minister Yoshihiko Noda tries to rehabilitate the tarnished nuclear sector to help meet the nation’s power needs.

Kuwait Petroleum Corp has signed a long-term contract to supply crude oil to Japan’s Fuji Oil.

UK inflation hit a 19 year high last month driven by high consumer prices for energy. Bills for gas, electricity and other fuels rose 18.3% on the year in September, while transport costs were up 12.8%.

The UK government has issued leases for new wave and tidal energy projects off the coasts and Scotland, Wales and Northern Ireland.

France launched its largest-ever solar energy farm, with an array of panels spread over about 200 hectares (500 acres) in the mountainous southern Alpes-de-Haute-Provence region.

Germany has allocated $138 billion (US) for renewable energy projects over the next 5 years as it begins to shut down its nuclear power plants. Germany will invest in a broad array of energy areas, including energy efficiency and smart grids, as well as wind and solar energy generation. By 2020, renewable energy sources are expected to account for 35% of the country’s energy output, soaring to 80% by 2050.  One of the current major shortfalls of the renewable energy market is its inability to store generated energy but Germany is working on this dilemma, focusing on the development of battery and smart grid technology.

The Korea Gas Corp. (Kogas) and the Iraqi Oil Ministry finalized a deal to develop Akkas, Iraq’s largest discovered dry natural gas field, which holds 5.6 trillion cubic feet of Iraq’s estimated 112 trillion cubic feet of gas reserves.

The head of Norway’s oil agency has sounded the alarm over high drilling costs on the country’s continental shelf that are putting a serious restraint on its ability to tap new reserves to reverse a production decline.

 

with h/t Tom Whipple