BP first quarter profits are lower than last year, after selling off production to help pay for the damages of the Gulf oil spill. BP announced yesterday that its “replacement cost” profit had fallen from $5.6bn in the first quarter of 2010 to $5.4bn (£3.3bn) in 2011. This is despite oil price being 31pc higher in 2011 than in 2010.
BP sues Transocean over oil spill
A year on from the deepwater horizon oil rig explosion, BP is suing Transocean for at least £24m BP has launched a $40 billion USD (£24bn) lawsuit against Transocean, the owners of the Deepwater Horizon oil rig that exploded last year in the Gulf of Mexico. The tragic explosion one year ago that killed 11 people, lead to the worst … Read More
Shale gas may be dirtier than coal
Study suggests new method for obtaining gas from shale beds could be more harmful to the environment than coal Shale gas refers to gas obtained from shale beds through a new and more complex process of hydraulic fracturing or “fracking”. “Fracking” consists of blasting water, sand and various chemicals into a shale bed two to three kilometres below ground, to … Read More
E.ON sells Central Networks to US firm
RWE E.ON has agreed to sell its UK electricity distribution company, Central Networks, to US firm PPL. The German-owned energy giant E.ON is selling Central Networks, the second largest distributor of electricity in the UK, to Pennsylvania Power and Light for £4bn. Central Networks operates an 80,000 mile power grid that delivers electricity to over 5 million customers in the … Read More
Gulf Oil spill has cost BP 3.8 billion pounds
BP says they have spent nearly four billion pounds since April, when the Deepwater Horizon rig exploded in Mexico. The staggering sums have accumulated in scarcely three months since the disaster. BP attribute the majority of the sum to their initial spill response, namely the 31,000 people deployed in the numerous containment attempts. The gushing oil well was finally stopped … Read More
The effects of the BP oil spill
BP hit hard in the aftermath of the disaster in the Gulf of Mexico It’s almost two months since the widely reported disastrous oil spill in the Gulf of Mexico, where the Deepwater Horizon BP oil rig exploded and was sunk on April 20, killing 11 workers and leaving a hole in the ocean floor spewing around 5000 barrels of … Read More
OPEC decides on no cuts to crude oil output
The intergovernmental consortium has decided not to further reduce the amount of crude oil exported in fear of damaging the global economy. The Organisation of Petroleum Exporting Countries (OPEC) controls 40% of the world’s oil. The decision came at a meeting in Vienna, and it was unclear as to what OPEC would decide, given that Algeria and Libya were calling … Read More
President Obama backs renewable energy
US President voices support for green energy alternatives Speaking on Monday, President Obama claimed that the country to make power from renewable energy sources such as solar and wind available to customers at a similar price to energy from fossil fuels will become the economic superpower of the future. He acknowledged the fact that whilst the costs for generating renewable … Read More
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