Chinese company signs oil exploration contracts with Ecuador

QUITO – A Chinese-owned consortium has signed two contracts with the Ecuadorian government to explore two oil blocks in the southern province of Pastaza. The contracts with Andes Petroleum marked the start of oil exploration in Ecuador’s southeastern region and showed foreign investors’ trust in the Ecuadorian government, Ecuadoran Minister of Hydrocarbons Carlos Pareja said on Tuesday.

Climate Deal’s First Big Hurdle: The Draw of Cheap Oil

Barely a month after world leaders signed a sweeping agreement to reduce carbon emissions, the global commitment to renewable energy sources faces its first big test as the price of oil collapses. Buoyed by low gas prices, Americans are largely eschewing electric cars in favor of lower-mileage trucks and sport utility vehicles.

At crunch time for U.S. drillers, warm weather threatens meltdown

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(Repeats item for additional readers with no changes to headline or text) By Joshua Schneyer and Scott DiSavino Dec 21 Strapped for cash, Chesapeake Energy Corp canceled its traditionally grand display of holiday lights this year, but like most oil and gas drillers it is still dreaming of a white Christmas.

Fuel-laden freighter sinks after collision with chemical tanker in Singapore Strait

Six crew members were reported missing after a freighter bearing the Antigua and Barbuda flag sank late on 16 December in the Singapore Strait, one of the world’s busiest shipping lanes. Singapore’s Maritime and Port Authority (MPA) said the freighter Thorco Cloud – laden with 560 tonnes of bunker fuel – went down after a collision with the Cayman Islands-registered chemical tanker Stolt Commitment at 8.14pm.

Oil export ban hypocrisy

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If you were wondering how seriously world leaders took the obligations they imposed on themselves in Paris over the weekend, the early returns would indicate: not very. Barely 48 hours after all the back-patting at the climate conference had ended, word leaked out in Washington that the administration and Congress were preparing to lift the 40-year ban on oil exports, a major gift to the oil industry.

Toxic NJ: The Hidden Liabilities of Hidden Oil Tanks

It’s caked in clay, but looks solid enough as the backhoe gently hoists Joan Fitzgerald’s 500-gallon fuel oil tank out of the ground and into the air and deposits it on her front lawn in Clifton. But back in the excavated hole, dark residue stains the dirt and the odor of petroleum is heavy above the pit.