LONDON, July 17 (Reuters) – Targeting major Russian energy
firms may come to be seen as the turning point at which U.S.
sanctions policy over-reached and spurred a major effort to
re-route financial transactions away from the United States.
Prohibiting core Russian energy companies such as Rosneft,
Gazprombank, Novatek and Vnesheconombank from arranging equity
or long-term debt finance from or through “U.S. persons” marks a
major escalation in the sanctions battle between the United
States and its European allies on the one hand and the Russian
Federation on the other.
LONDON, July 17 (Reuters) – Petroleum engineers are among
the best paid professionals in the United States. Only chief
executives and some specialist doctors earned more last year,
according to federal government pay data.
Petroleum engineers were paid an average of $132,000 a year,
with the top 10 percent on more than $187,000, according to the
Bureau of Labor Statistics (BLS).
LONDON, July 16 (Reuters) – As U.S. and EU policymakers have
imposed targeted sanctions on Russian individuals and firms in
response to the crisis in Ukraine, Western companies have sought
to insulate their own projects from the political imbroglio and
continue developing the country’s vast oil and gas resources.
Exxon Mobil and Shell have joint ventures
with Rosneft and Gazprom respectively to
explore and produce shale oil and gas from beneath the swampy
plains of Western Siberia and both want to be allowed to
continue operating there.
LONDON (Reuters) – By now everyone knows the shale revolution was made possible by the combination of horizontal drilling and hydraulic fracturing.
But although fracking has captured the popular imagination, and is often used as a synonym for the whole phenomenon, horizontal drilling was actually the more recent and important breakthrough.
LONDON, July 9 (Reuters) – The U.S. Department of Defense
has been using the wrong oil price in its budget, leaving the
largest single buyer of fuel in the world with liabilities
potentially hitting billions of dollars.
The Pentagon continues to rely on WTI prices even though
Brent oil is more relevant to the cost of fuels it buys on
behalf of the armed forces.
LONDON, July 9 (Reuters) – According to the popular
narrative, coal is locked in a fight to the death with natural
gas and renewables to supply clean electrical energy.
Promoters of gas, wind and solar often talk about coal as if
it were not just a rival but an enemy. Environmental campaigners
want to phase out coal-fired power plants and leave most of the
world’s coal reserves below ground.
LONDON, July 7 (Reuters) – Booming demand for food in
China’s southern and eastern cities is worsening water shortages
in arid northern provinces, adding to the country’s
environmental problems, new research shows.
“Consumption in highly developed coastal provinces is
largely relying on water resources in the water-scarce northern
provinces, such as Xinjiang, Hebei and Inner Mongolia, thus
significantly contributing to the water scarcity in these
regions,” an international group of researchers wrote in the
latest edition of the journal Environmental Science and
LONDON, July 7 (Reuters) – Exploring for oil and gas is like
gambling: it’s all about playing probabilities, and using
technology and skill to improve the odds.
Until a well is bored into the ground – possibly thousands
of feet below the surface, at a cost of millions or even tens of
millions of dollars – it is impossible to know for sure whether
it will find hydrocarbons in commercially producible quantities.
LONDON, July 2 (Reuters) – “Geopolitical risk” turns out to
have surprisingly little impact on the valuation of oil and most
Since the beginning of 2011, revolutions and
counter-revolutions have rocked the Arab world, sanctions have
slashed oil exports from Iran, and unrest has cut production in
South Sudan and Nigeria, and none of these events has had any
significant impact on oil prices.
LONDON, June 30 (Reuters) – “Equality of opportunity as we
have known it no longer exists,” Franklin Delano Roosevelt
warned gloomily in September 1932. “Our industrial plant is
built; the problem just now is whether under existing conditions
it is not overbuilt.”
In a campaign speech to the Commonwealth Club of San
Francisco, the Democratic Party’s nominee for president of the
United States told his listeners that “opportunity in business