Energy Roundup: Brazil, Russia Hinder OPEC Cuts, GE Blows Away Competition, and More

(MoneyWatch)  Brazil, Russia undermine OPEC's efforts to cut oil production -- OPEC-member countries, on a mission to keep oil prices from falling below $40 per barrel, have cut production at least three times. And their plan has worked -- sort of. U.S. imports from OPEC fell 14 percent to 5.02 million barrels a day in January compared to a year earlier. Unfortunately for OPEC, other countries anxious to capture the U.S. market have stepped in and substantially increased imports. Brazil has doubled its oil imports to the U.S., and Russia increased it nearly ten-fold, while crude inventories continue to rise to their highest level since 1993. [Source: Bloomberg, Blogging Stocks]

GE Energy 2008 leader in new wind installation -- GE Energy installed 30 percent more new wind power capacity in the U.S. than Vestas, the world's largest wind turbine maker, according to annual rankings from the American Wind Energy Association. Forty-three percent of all new U.S. wind power capacity in 2008 came from GE, with Vestas ranking second at 13 percent. [Source: Power Engineering, AWEA]

Total sweetens UTS bid, steps up negotiations on Chinese, Venezuelan venture -- French energy giant Total has two major deals in play. The company recently increased is offer for Canadian oil-sands developer UTS Energy for 35 percent to $676 million. Total also is in advanced negotiations with China and Venezuela on a multi-billion oil production and refining venture. Officials from Total, state-owned Petroleos de Venezuela and China National Petroleum are expected to meet in May to discuss a 20-year pact to send 200,000 barrels a day of Venezuelan oil to China. [Source: WSJ]

Feds OK rate incentives for 'Green Power Express' transmission project -- The Federal Energy Regulatory Commission approved investment incentives for ITC Holding Corp.'s 'Green Power Express,' a 3,000-mile transmission project that would supply wind-powered electricity to the Midwest. The project is estimated to cost between $10 billion and $12 billion and carry 12,000 megawatts in an effort to improve reliability in the transmission grid and update aging electricity infrastructure. [Source: Greenwire]

Ecopetrol to acquire stake in Brazilian oil block from Anadarko -- Colombia's state-run oil company Ecopetrol has agreed to buy a 50 percent stake in an oil block located offshore Brazil from U.S. independent oil and gas explorer and producer Anadarko. This latest acquisition will help broaden Ecopetrol's activities outside of Colombia, a strategy it has already implemented with expansion of its concessions in Peru, Brazil and the U.S. Gulf of Mexico. [Source: Reuters]