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BP says world's demand for energy will grow 41 per cent by 2035

LONDON - Oil giant BP forecasts world demand for energy to grow by 41 per cent by 2035, driven by growing consumption in the booming economies of China and India. That represents a drop from 55 per cent growth in the previous period, and BP says the growing use of renewable energy will help energy suppliers meet the world's needs. BP Chief Executive Bob Dudley says competition is "unlocking technology and innovation to meet the world's energy needs." Dudley says "trends in global investment and policy leave us confident that production will be able to keep pace."

Population growth to drive energy demand higher: U.S. expert

HOUSTON, Dec. 7 (Xinhua) -- Growing economies and an increasing population would drive up energy demand for decades, despite the world becoming more energy efficient, a U.S. oil expert said here Saturday. The growth would largely come from emerging economies, where average gross domestic product is expected to grow 2.8 percent annually for years, David Khemakhem, an energy and technology advisor for Exxon Mobil, told an energy conference.

Appeals court hands BP another win in its bid to block settlement payments to many businesses

NEW ORLEANS - A federal judge has temporarily suspended BP oil spill settlement payments to businesses while he reconsiders the company's arguments against compensating those that cannot trace losses directly to the nation's worst offshore oil spill. Judge Carl Barbier (BARB-yay) issued an order Thursday noting the claims office will continue taking and processing business claims but won't make final decisions or payments until the matter is settled. BP is trying to block what could be hundreds of millions of dollars in payments to Gulf Coast businesses.

Official: Alaska looking at equity stake in pipeline to protect its interests, advance project

JUNEAU, Alaska - An Alaska official said Monday the state is looking at taking a multibillion-dollar equity stake in a major natural gas pipeline project as a way to protect its interests and help make the long-hoped-for project a reality. Natural Resources Commissioner Joe Balash said Gov. Sean Parnell's administration views a potential equity stake of 20 per cent to 30 per centfavourably. But he said any level of participation would depend on legislative buy-in and the terms the companies pursuing the project are willing to accept.

Exxon faces $2.7 million fine for Arkansas pipeline spill

WASHINGTON (Reuters) - Exxon Mobil Pipeline Co <XOM.N> faces a fine of nearly $2.7 million for a pipeline spill of thousands of barrels of Canadian crude oil in an Arkansas suburb last spring, the U.S. pipeline safety office said on Wednesday. The Pipeline and Hazardous Materials Safety Administration (PHMSA) found nine probable violations of safety rules in the rupture of the nearly 70-year old Pegasus pipeline that forced residents to evacuate their homes.

Federal appeals court to hear objections to judge's approval of BP settlement in oil spill

NEW ORLEANS - A year ago, lawyers for BP and Gulf Coast residents and businesses took turns urging a federal judge to approve their settlement for compensating victims of the company's massive 2010 oil spill.

Big Oil faces pressure from shareholders over costs

By Andrew Callus and Anna Driver LONDON/HOUSTON (Reuters) - Oil industry shareholders concerned about poor returns and costly projects urged executives from Big Oil this week to return cash to shareholders - and at least one of the world's top five petroleum companies fully acquiesced. As they posted third-quarter results, the leading oil companies vowed to control spending and to put cash in the pockets of investors through asset sales, share buybacks or dividends while analysts grumbled about lagging stock prices.

Exxon says considering Edmonton rail terminal to move Kearl crude

HOUSTON (Reuters) - Exxon Mobil Corp <XOM.N> is looking into building a rail terminal in Edmonton, Canada to move crude from its Kearl tar sands field to refineries in the United States, the company said on Thursday. Production from the Kearl field is expected to ramp up to a peak by 2015, when Exxon would hope to move the crude via pipeline, including the proposed, but politically controversial Keystone XL pipeline.

State of Montana, federal government to seek damages over Exxon crude spill into Yellowstone

BILLINGS, Mont. - Montana and federal officials say they'll seek compensation from Exxon Mobil Corp. for natural resource damages caused by a crude oil spill into the Yellowstone River. Thursday's announcement comes two years after an Exxon pipeline near Laurel broke during flooding and released 63,000 gallons of oil. More than 70 miles of riverbank were contaminated. The state and Department of Interior say fish, birds and other wildlife and their habitat were harmed. Government officials will now determine how much they want Exxon to pay in compensation.

Spending cutbacks will damage oil industry: Shell CFO

LONDON (Reuters) - Cutbacks in oil company investment to fund higher shareholder payouts will damage investors' long term interests and encourage boom-bust oil prices just as such actions did at the turn of the century, a top Shell executive said on Thursday.
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