Energy

Greece

Athens goes for gas grid privatization

The crisis-hit European nation Greece is heading towards privatization of its energy sector. The country is also in favor of reforms in several sectors to give a new life to the ailing economy.

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Pump jack

Oil price up 27% in just 3 sessions; OPEC agrees on a fair price deal

The oil price surged to one-month high at $47.31 a barrel on New York Mercantile Exchange (NYME). Oil futures reached $48.09 indicating its highest since 31 July. The rebound in oil prices was mainly due to two factors.

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Saipem

Italian oil explorer Eni discovers 'supergiant' gas field off Egyptian coast

It appears that a supergiant gas field was recently discovered in an Egyptian coast by an Italian oil group called 'Eni'. According to a recent report by Telegraph, "a supergiant gas field holding the equivalent of 5.5 billion barrels of oil has been discovered off the coast of Egypt, the largest ever find in the Mediterranean."

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Oil refinery

The reason Saudi Arabia won't hold off oil production

It has been nine months since OPEC made a choice to abandon its production target unalterable and pursue market share rather than trying to prop up prices, the group is now faced with a set of complicated issues and decisions going forward.

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NYSE

Oil price gets below $39 for first time since 2009, China economic slowdown to blame?

When oil prices went below $42 per barrel, there were analysts that predicted it might even go as low as $15. It seems like this may soon happen as oil price continues to down, presently at $39.

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Traders

US energy stocks slip as oil price drop continues to 6-year low

The oil price in the global market continued to skid further on Wednesday touching a new low since March 2009 while crude inventories in the US are increasing.

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Oil drilling in Arctic Ocean

Feds give Shell go signal to drill for oil in Arctic Ocean off Alaska

The US government has finally given Royal Dutch Shell permission to pursue their oil exploration in the Arctic Ocean near Alaska. For more than 20 years, exploratory drilling allowed in the northwest coast of Alaska.

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Pump jack

Continued oil price crash reached lowest level

The U.S. crude oil's price continued to crash allowing it to reach its lowest level in more than six years. Benchmark U.S. crude oil has fallen to $1.88 equivalent to 4% making it settle at $43.08 a barrel In New York City, which is at its lowest since March 2009. The front-month continuation contract for U.S. crude had previously struck a 2015 low of $42.03.

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Oil drilling rig

Falling world oil prices result in job cuts

Collapsing oil prices are prompting energy firms to lay off workers. Royal Dutch Shell and Centrica -- two of Britain's leading energy firms -- are cutting more than 12,000 jobs this year.

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Baker Hughes Inc.

Major oil companies layoff more employees due to U.S. crude oil price drop

As the price of crude oil continues to slip down, the oil companies are cutting jobs to survive the business. In the first quarter of this year, blue collar jobs were deterred, this point, engineers and scientists will be affected.

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Oil drilling rig

Running out of steam: Energy sector is underperformer among all 10 sectors in S&P 500

Energy sector was the prime culprit among other stocks including materials and biotech, that pulled S&P 500 and Dow Jones lower recently. S&P 500 fell 2.2% and Dow eased 2.9% during the week ended 24 July. S&P 500 suffered biggest weekly decline since March.

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Pump jack

Oil drops on concerns of glut in refined products

Oil dropped on Monday as signs of a growing glut in refined products outweighed a fall in Saudi crude exports and slower U.S. rig activity.

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Juan Carlos Zepeda

Mexico auctions oil blocks to increase production but failed to attract giant international companies

Mexico kicked out foreign companies 77 years ago, but just last Wednesday the tables seem to turn as its government auctioned 14 exploration blocks to attract international energy companies, which will hopefully redeem the country's dwindling production.

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Wind turbines operate at a wind farm near Milford, Utah May 21, 2012. The Milford Wind Corridor Project, developed by the First Wind energy company, is a 306-megawatt, 165-unit wind farm. Picture taken May 21, 2012. REUTERS/George Frey  (UNITED STATES)

Amazon builds first wind farm in North Carolina; 208 MW renewable energy facility is expected to produce 670,000 MWH yearly

Amazon Inc., through its subsidiary Amazon Web Services (AWS), will be building a 208 megawatt wind farm in North Carolina. The wind farm will be built and jointly operated by AWS and Iberdrola Renewables, LLC of Portland, Oregon, and is the first utility-scale wind farm in the state.

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WPX Energy

WPX Energy to enter Permian basin with $2.35 billion deal

Oil and gas producer WPX Energy Inc (WPX.N) said it would acquire privately held RKI Exploration & Production LLC [REPI.UL] for $2.35 billion, the latest in a series of deals brought on by a steep drop in crude prices.

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