Wednesday, 17 October 2012 02:12
Posted by Muhammad Iqbal
MILAN: Italy intends to double its domestic production of oil and gas by 2020 and boost renewable energy power generation as it moves to cut consumers' energy costs and boost flagging economic growth.
A new energy strategy, presented to the cabinet on Tuesday, said it aims to have 14 percent of its energy needs met by domestic production by 2020 from the current 7 percent.
The move is part of a packet of measures Rome says will help reduce imports to 67 percent of the country's energy needs from 84 percent at present, while also slashing 14 billion euros ($18.23 billion) per year off its 62 billion euro energy import bill.
Copyright Reuters, 2012 ...
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MILAN: Italy intends to double its domestic production of oil and gas by 2020 and boost renewable energy power generation as it moves to cut consumers' energy costs and boost flagging economic growth.
A new energy strategy, presented to the cabinet on Tuesday, said it aims to have 14 percent of its energy needs met by domestic production by 2020 from the current 7 percent.
The move is part of a packet of measures Rome says will help reduce imports to 67 percent of the country's energy needs from 84 percent at present, while also slashing 14 billion euros ($18.23 billion) per year off its 62 billion euro energy import bill.
Copyright Reuters, 2012 ...
LONDON: Iran's oil supply, which has fallen to the lowest in more than two decades, is unexpectedly continuing to decline due to Western sanctions, putting further strain on the country's financial resources.
In a report on Friday, the International Energy Agency estimated Iranian supply fell by 220,000 barrels per day (bpd) to 2.63 million bpd in September, a steeper decline than other estimates of Iranian output last month.
The drop in Iranian supply is supporting oil prices ...
LONDON: Oil fell below $115 a barrel on Friday, as a prediction of a further decline in oil consumption and higher supplies offset concerns about potential output disruptions in the Middle East.
The International Energy Agency (IEA) said ample supply from North America and Iraq coupled with declining global demand could lead to an easing of oil prices over the next five years.
Brent crude had fallen $1.18 to $114.53 a barrel by 0924 GMT. US crude ...
LONDON: Brent crude oil headed for its highest close in a month on Thursday, lifted by escalating tension between Syria and Turkey, maintenance in the North Sea and a supply crunch in oil products.
November Brent crude rose 69 cents to $115.02 a barrel by 0856 GMT after a volatile session on Wednesday that saw the contract up to $115.59, its highest since Sept. 17, before settling down slightly.
US crude edged up 48 cents to $91.73 ...
LONDON: The UK's National Grid expects peak gas demand at 516 million cubic meters/day (mcm/day) in the coming winter, 9 mcm/day above its preliminary forecast, it said in its outlook report on Wednesday.
"For security planning the 2012/13 peak gas demand forecast assumes a high level of gas demand for power generation," it said.
Copyright Reuters, 2012 ...
LONDON: British prompt gas prices rose on Tuesday morning as renewed problems with Norwegian exports reduced supplies to the UK. Gas for within-day delivery rose by 2.05 pence per therm between Monday and Tuesday morning to 64.25 pence at 0845 GMT, and gas for delivery the next day rose by 1.4 pence to 63.70 pence per therm.
Traders and analysts said the price rises were a result of ongoing problems at Norway's gas export facilities.
"Norwegian production ...
