PARIS (AP) — French oil company Total said Friday that its net profit fell 58 percent in the first quarter after it took a heavy loss to pull out of a Canadian project it said was no longer worth the investment.
Christophe de Margerie, chief executive of Total, and Charles Pasqua, former French interior minister, appeared in court today for corruption charges stemming from the United Nations oil-for-food program in Iraq, Reuters reports.
Iraq has asked French oil giant Total S.A. to choose between working with the self-ruled northern Kurdish region or to quit developing one of the major oil fields in southern Iraq.
Last month, Total said it signed a deal with the Kurds to search for oil in two areas, defying Baghdad. Iraq's central government insists the country's energy resources should be managed on a national level.
Continuing concerns about a supply glut and worries about turbulence in China’s stock market were pressuring U.S. oil prices Tuesday, on top of the sharp drop a day earlier. U.S. benchmark crude for August delivery lost 20 cents to settle at $52.33 a barrel on the Nymex, while in London, Brent gained 31 cents to $56.85, Dow Jones reports.
The crew of Shell's icebreaker MSV Fennica, on its way to the Chukchi Sea carrying a critical piece of equipment, found a leak Friday in the ship's ballast tank and it has turned back for repairs, FuelFix reports.
Analysts with the Carbon Tracker Initiative say the push to keep cutting carbon emissions increases the long-term risk of wasted capital expenditure on natural gas projects that end up being surplus to requirements, E&E reports.
In a move that appears to target rebel rancher Cliven Bundy and others who might follow his example, House Democrats hope to amend the Interior Department/EPA spending bill to block anyone from being granted a grazing permit if they haven't paid the fees they already owe the federal government, National Journal reports.
Officials in the handful of water districts that reported a surge in May water use despite Gov. Jerry Brown’s order to cut consumption by a quarter are struggling to come up with explanations, the Los Angeles Times reports.
With its Mirai hydrogen fuel cell sedan - now claimed to be the zero emission car with the longest range – Toyota will start offering a direct challenge to Tesla’s plug-in Model S in the U.S., Business Insider reports.
Tesla hopes to start selling batteries in Australia early next year, in a market Morgan Stanley says may be worth $18 billion and where half of all homes are projected to be using solar power by 2040, Bloomberg reports.