Progress Energy News
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Changes to Canada’s rules governing investment by foreign state-owned enterprises may discourage Indian oil companies from participating in projects to ship natural gas from the North American country, India’s top diplomat in Ottawa said.
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Brazilian energy acquisitions, on a steady decline after a record $57 billion deals in 2010, are showing signs of a revival, led by Chinese and Malaysian state- owned buyers seeking lower valuations for offshore oil fields.
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Petroliam Nasional Bhd. will pay $850 million for a share in a field owned by OGX Petroleo e Gas Participacoes SA, the Brazilian oil producer whose output dropped 86 percent in three months.
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Scott Lee, an ardent fisherman from Oak Ridge, Tennessee, has an opinion as to whether Barack Obama should sell the federally chartered Tennessee Valley Authority to private investors: Don’t do it.
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China National Petroleum Corp., China’s largest oil producer, is in talks to acquire Barra Energia Petroleo e Gas, a Brazilian oil startup, for about $2 billion, people with knowledge of the matter said.
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Duke Energy Corp., the largest U.S. utility owner, said first-quarter profit rose as cooler temperatures than a year earlier boosted demand for power.
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Canada probably won’t extend limits on takeovers by state-owned enterprises beyond the oil sands unless the target resource is deemed “strategic,” Natural Resources Minister Joe Oliver said.
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More than half the U.S. states with laws requiring utilities to buy renewable energy are considering ways to pare back those mandates after a plunge in natural gas prices brought on by technology that boosted supply.
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Petroliam Nasional Bhd., Malaysia’s state energy company, said its proposed $5.2 billion takeover of Progress Energy Resources Corp. will help Canada develop gas resources and find an alternative market.
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Petroliam Nasional Bhd, Malaysia’s state-owned oil and natural-gas company, agreed to buy Progress Energy Resources Corp. for C$4.8 billion ($4.6 billion), in its biggest deal as it moves to export Canadian gas to Asia.
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