Oil & gas news

The global carbon market saw 82 billion t of CO2 equivalent exchange hands in 2009, and increase of 68% on the previous year. Despite this, however, the value of the global carbon market remained virtually unchanged on 2008 figures due to low carbon prices.

Geotrace has completed of one of the world’s largest onboard data processing projects for BP’s Sirt Basin concession off the coast of Libya.

The south east coast of England will see a large expansion of offshore wind energy development as the go-ahead has been granted for companies to progress renewable energy sites.

Woodside Petroleum Ltd. has signed an agreement to supply Osaka Gas with LNG, they are also in discussions with other potential customers in the region.

Bucyrus International Inc. has announced an agreement to buy the mining equipment business of Terex Corp. for US$ 1.3 billion in cash. The acquisition will create a premier supplier of mining equipment with an addressable market of US$ 30 billion and about 10,000 employees in 100 locations around the world.

Trinidad Drilling Ltd has agreed to resume the construction of six new contracted drilling rigs that were delayed earlier in 2009 due to weak industry conditions.

Cold weather has boosted prices for LNG, drawing extra tankers to the US.

BP Norge has awarded Aker Solutions an engineering, procurement, construction and installation (EPCI) contract for a tieback from Oselvar to the Ula platform in the North Sea. Aker Solutions estimates the contract value to be approximately NOK 450 million.

The annual wintertime dispute over Russian payable pipeline tariffs rears its head again; the Russia-Belarus crisis ends after an oil cut-off lasting several days.

US energy secretary, has announced the selection of three new projects to accelerate the development of advanced coal technologies with CCS at commercial-scale.