European oil giant Total says the market overreacted to the company's natural gas leak in the North Sea and that after plugging the leak it anticipates resuming production by the end of the year, Bloomberg reports.
LAGOS, Nigeria (AP) — French oil company Total SA said Sunday it stopped a natural gas leak at one of its plants in Nigeria's crude-rich southern delta after 54 days, an emergency that forced the firm to shut down the field and evacuate the area.
Total said it used heavy fluids and cement plugs to stop the gas flow from its Obite natural gas field in Rivers state, in the heart of the country's Niger Delta. Workers will put a cement seal on the well to permanently staunch the flow from the well, Total said in a statement.
Fred Ohwahwa, a spokesman for Total's Nigerian subsidiary, said Sunday that the company hoped to restart gas production at the plant soon, but that he didn't know an exact date. Crude oil production at the facility continued while the gas plant there was shut down during the leak, he said.
French oil company Total saw its revenues grow strongly in the first quarter of the year but said Friday that a drop in European demand for petrochemicals hit profits.
While energy prices have soared amid unrest in the Middle East and tension in Iran, the economic slowdown in Europe has weighed on demand. Those high prices have buoyed Total's production business, but other sectors are struggling amid the poor economic environment.
Analysts were speculating on whether the bear market in oil has found its floor, as prices increased early Wednesday on expectation data would show that gasoline stockpiles dropped last week. West Texas Intermediate crude for December delivery was up 22 cents to $82.71 a barrel in electronic trading on the Nymex, while in London Brent gained 59 cents to $86.81, Bloomberg reports.
Big mining companies like BHP Billiton are producing more metallurgical coal, hoping that their economies of scale will help them make a profit even though prices remain stubbornly low, The Wall Street Journal reports.
Some critics of the Nuclear Regulatory Commission praised departing chair Allison Macfarlane for her concerns about the safety of spent fuel, while the NRC itself refused to speculate on who might replace her after her exit in January, Politico reports.
Rep. Joaquin Castro, D-Texas, praised the partnership between Skyonic’s new carbon capture facility and Zachry Corp.’s neighboring cement plant as a model for the future, at Tuesday’s dedication ceremony for the Capitol SkyMine plant, the San Antonio Express-News reports.
More than 125,000 ads in 2014 Senate campaigns have the environment and climate change as their subjects, a record number that reflects the priorities of some of the wealthy donors who are paying for them, The New York Times reports.
If Democrats make a good showing on Election Day against Rep. Fred Upton, R-Mich. and chairman of the House Energy and Commerce Committee, it would give them a boost toward winning the seat in two years’ time, National Journal reports.
Saying the bill had strong support from lawmakers and merely reinforces existing measures, Michigan Gov. Rick Snyder Tuesday signed legislation backing the power of auto dealers and preventing Tesla Motors from selling directly to consumers, The Washington Post reports.
Talks between Russian and Ukrainian officials in Brussels Tuesday failed to produce a gas deal, but the issue remains on the table and EU Energy Commissioner Guenther Oettinger would like to see an agreement – which would secure gas supplies for Europe this winter -- signed next Wednesday, The New York Times reports.