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Two small utilities are set to pay more than $50 million to Enron for electricity that they agreed to buy but that Enron will never deliver, under terms of a settlement that raises larger issues.
The Federal High Court in Port Harcourt, Rivers State, has ordered Shell Petroleum Development Company, SPDC, to pay $1.5 billion about N210 billion into the coffers of Central Bank of Nigeria, in favour of the Ijaw Aborigenes of Bayelsa State, between last Friday and noon tomorrow.
The leader of Bolivia on Thursday ruled out compensating oil companies for nationalized oil and gas fields as he came under questioning from European officials at the start of a high-level meeting on energy and trade.
Local communities in Nigeria are taking the World Bank before an internal auditor over claims that the lender neglected its duties and anti-poverty mission when it funded a controversial gas pipeline in the region, whose construction they say will harm the environment and area residents.
Bolivian authorities plan to scour the financial records of foreign energy companies and have threatened explicitly for the first time to seize company assets if new contracts giving the state greater control can not be negotiated.
President Evo Morales ordered soldiers to immediately occupy Bolivia's natural gas fields Monday and threatened to evict foreign companies unless they sign new contracts within six months giving Bolivia majority control over the entire chain of production.
The presidents of Argentina, Bolivia, Brazil and Venezuela confirmed their interest in moving together towards regional energy integration, in a summit held Thursday in the northeastern Argentine province of Misiones to discuss the impact of the Bolivian government's decision to reassert state control over the country's energy resources.
Chad on Monday softened threats to stop sheltering Sudanese refugees and halt oil production following rebel attacks as the United States offered to broker a solution to a dispute with the World Bank.
Skyrocketing energy prices propelled ExxonMobil (XOM) to the top of the 2006 Fortune 500 list, and consigned Wal-Mart (WMT) to the No. 2 spot on the magazine's annual ranking of the nation's largest publicly traded companies.
Venezuela has taken control of two oil fields operated by French firm Total and Italy's Eni.
Last month, the Bush administration confirmed that it expected the government to waive about $7 billion in royalties over the next five years, even though the industry incentive was expressly conceived of for times when energy prices were low. And that number could quadruple to more than $28 billion if a lawsuit filed last week challenging one of the program's remaining restrictions proves successful.
The oil executives were sworn in. This formality created the very kind of picture - six of the most powerful American executives lined up with their right hands up in the air - that they had sought to avoid. Otherwise, much of the theatrics were the same, and so were the arguments from the oil executives.
U.S. hostage Macon Hawkins and five other foreign oil workers kidnapped last month by Nigerian militants were freed today.
A House Republican began a broad investigation on Wednesday of an Interior Department program that is expected to give billions of dollars in benefits over the next five years to companies that pump oil and gas on federal territory.
The federal government is on the verge of one of the biggest giveaways of oil and gas in American history, worth an estimated $7 billion over five years.
Villagers in Okerenkoko, once a peaceful settlement along a creek in Nigeria's oil-producing delta region, have feared for weeks what a big military operation against a guerrilla insurgency could bring.