LONDON, Oct 28 (Reuters) – “Grangemouth now has a great
future,” its operator Ineos said on Friday, a remarkable
turnaround from a week earlier, when the company described
Scotland’s sole refinery as financially distressed.
But Grangemouth’s reprieve will still leave all seven of
Britain’s oil refineries under intense pressure in the coming
LONDON (Reuters) – There is probably no long-term commercial future for the oil refinery and associated petrochemicals plant at Grangemouth in Scotland even if the current owners, Ineos and PetroChina, can resolve their dispute with workers and the labor union.
Excess capacity in the refining industry, especially in Europe, and the shale revolution in North America will continue to pressurize Grangemouth and Britain’s other oil refineries.
LONDON, Oct 24 (Reuters) – There is probably no long-term
commercial future for the oil refinery and associated
petrochemicals plant at Grangemouth in Scotland even if the
current owners, Ineos and PetroChina, can resolve their dispute
with workers and the labour union.
Excess capacity in the refining industry, especially in
Europe, and the shale revolution in North America will continue
to pressurise Grangemouth and Britain’s other oil refineries.
LONDON, Oct 22 (Reuters) – Britain may be reaching the limit
of voters’ willingness to pay for policies needed to transform
its energy system and avert climate change.
Following the latest round of price rises announced by the
country’s Big Six energy utilities, the combined cost of gas and
electricity for an average household is set to hit 1,500 pounds
per year, nearly 5 percent of average household income.
LONDON, Oct 21 (Reuters) – “Bank holding companies ought to
confine their activities to the management and control of
banks,” the Senate Banking Committee wrote in 1955, reporting
favourably on legislation that eventually became the 1956 Bank
Holding Company Act.
“Bank holding companies ought not to manage or control
nonbanking assets having no close relationship to banking,” the
committee went on.
LONDON, Oct 18 (Reuters) – Oklahoma is emerging as the next
big shale oil play, with production growing faster than in any
other U.S. state apart from Texas and North Dakota.
Thanks in big part to shale, the state’s oil output in May,
June and July hit the highest level since January 1990.
LONDON, Oct 17 (Reuters) – Sceptics are too quick to dismiss
the potential expansion of horizontal drilling and hydraulic
fracturing to other shale areas in the United States and around
Based on early setbacks and the slow rate of progress
outside Bakken and Eagle Ford, they doubt whether the revolution
can be replicated. But shale entrepreneurs are
investing heavily to prove them wrong.
LONDON, Oct 16 (Reuters) – North Dakota’s rapidly rising oil
output continues to defy the sceptics, who have predicted that
production would stop growing as declining output from existing
wells offsets extra production from new drilling.
Oil production soared to 911,000 barrels per day in August,
up more than 200,000 bpd compared with the same month last year,
the state’s Department of Mineral Resources (DMR) said this
LONDON, Oct 4 (Reuters) – LNG-powered locomotives could be
in widespread use on North American railroads as early as 2016
or 2017, according to Railway Age, one of the industry’s leading
technical publications – which is far sooner than most energy
Burlington Northern Santa Fe (BNSF) railroad, owned by
Warren Buffett’s Berkshire Hathaway, made headlines earlier this
year when it announced it would begin experimenting with an
LNG-fuelled locomotive and might in future switch a large
proportion of its train fleet from diesel to cleaner-burning and
cheaper natural gas.
LONDON, Oct 3 (Reuters) – BP has finally found a
court prepared to look sympathetically on its arguments about
the eligibility and calculation of compensation claims stemming
from the Deepwater Horizon oil spill.
In the ruling published on Wednesday, a panel of three
federal judges from the 5th Circuit Court of Appeals instructed
the U.S. District Court in New Orleans to look again at whether
the class-action settlement requires claims for business
economic losses to be based on accrual rather than cash