Shale gas from U.S. has begun shipment to Europe. The world-largest LNG carrier Ineos Intrepid has bound for Norway carrying 27,500 m3 of liquified ethane gas.
Saudi Arabia's state-owned oil major Aramco will takeover Port Arthur Texas refinery in the US. Saudi Arabia will refine its oil shipped from Middle East at Port Arthur refinery and also sell it in the huge North American market.
U.S. coal industry is facing tough times as one by one files Chapter 11. Due to high debts, decline in demand and stricter regulations, most have no other choice but to shut down. Lately, Peabody Energy announced that it may go bankrupt.
Peabody is facing difficulties as it shares declined sharply the past year. It is considering to file Chapter 11 sooner or later to protect it from creditors while restructuring the company and recovers from the large loss.
Chancellor George Osborne has announced a £1-billion rescue package for trouble-hit North Sea oil industry. The government is also extending £730 million support for renewable electricity.
Pacific Exploration & Production Corp is actively examining six buyout offers. The Canada-listed company is in the process of avoiding bankruptcy. The company's board is likely to take its final decision by this weekend.
South Africa's energy crisis will now be answered by the launching of the largest solar farm built in Northen Cape. It could generate power that could supply electricity from renewable energy to 75,000 households yearly.
Citing drop in revenues, Moody's Investors Service has lowered Houston's $3 billion of general obligation debt by one level to Aa4. Lower oil prices and restrictions on raising taxes are keeping further pressure on Houston's economy.
Federally backed $2.2 billion solar plant in California may be forced to close. The solar plant failed to supply electricity to Pacific Gas and Electric Co as promised.
French energy company Electricité de France SA asked for financial support from French government. The company is facing problem in a £18 billion ($25 billion) nuclear power plant project in Sommerset, England.
Wall Street faced slight losses in the stock market on Monday as the drop in oil price burdened energy stocks. Investors are shying away from these energy stocks owing to the fall in crude prices.
Solar panel provider SolarCity has sold $235 million in asset-backed securities (ABS) market this year. The number is a record high despite a steep drop of the company's shares in stock market.
Oil prices might have propelled above $40 a barrel level in the past week as Iran was expected to join other producers to freeze its oil output. However, Iran wants to help its ailing economy, regardless of the oversupply.
The US drilling activity for oil and natural gas declined to record low since 1940 in the wake of weaker oil prices in the global markets. Oil firms are also reducing their spending budgets this year owing to adverse conditions in the markets
China has decided to implement its stringent anti-pollution efforts despite slowing down of economy. China is propelling up economy growth without compromising on environment protection.