One thing that keeps uniting the warring factions in the spilling-out-of-control civil war in Libya is crude oil revenues. Despite falling from a high of 1.7 mbd shortly before the toppling of Colonel Qadaffi, oil production hovers around 600,000 bpd today, which is still enough to pay for the subsidies and salaries of workers. Surprisingly,…
Royal Dutch Shell (RDSa.L) agreed to buy smaller rival BG Group (BG.L) for 47 billion pounds ($70.2 billion) in the first major energy industry merger in more than a decade, closing the gap on market leader U.S. ExxonMobil (XOM.N) after a plunge in prices. Anglo-Dutch Shell will pay a mix of cash and shares that…
Two senior energy executives are under investigation, authorities in China said on Thursday, as a corruption crackdown on state-owned enterprises continues to fell top officials. The deputy general manager and board member of state-run China Southern Power Grid, Xiao Peng, is under criminal investigation for “work-related crimes,” the procuratorate in Guangdong province said in a…