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Energy Roundup: BP Strikes Oil, Pemex-Global Deal, Galp and Petrobras go Bio, and More

oil_well.jpegBP reports oil strike in Gulf of Mexico -- BP America may one day go "beyond petroleum," but not quite yet. The oil giant has reported a new discovery in the Gulf of Mexico, in its Freedom Prospect area, about 70 miles off the Louisiana coast. Andy Inglis, the company's chief executive of exploration and production, said the find was the third in its Gulf deepwater area, following its Tubular Bells and Kodiak discoveries. [Source: Houston Chronicle]

Pemex awards $46 million contract to Global Industries -- Global Industries, a Louisiana-based offshore services company, was awarded a $46 million contract from Mexico's Pemex for pipeline work in the Ku-Maloob-Zaap field in Mexico's Bay of Campeche. The project will begin in March 2009 and is to be completed by the end of July. [Source: Fox Business]

Galp Energia to form biodiesel venture with Petrobras -- Brazil's state-owned oil company, Petrobras, and Portugese oil company Galp Energia, are forming a joint venture to produce 500,000 tons of biodiesel a year. The venture will use 600,000 tons of vegetable oil produced in Brazil annually. [Source: StrategyEye Cleantech]

First ethanol pipeline -- Iowa-based ALL Fuels and Energy, an ethanol firm, is set to partner with a pair of as-yet undisclosed infrastructure companies to plan a pipeline in the U.S. capable of transporting ethanol, biodiesel and liquid nitrogen. Helping secure capital for the first phase of the project is Trinity Ventures. [Source: StrategyEye Cleantech]

Massachusetts' CTP Hydrogen folds -- After failing to raise new funding for its technology, Westborough, Mass.-based CTP Hydrogen is set to close. The company had been spun off of CellTech Power in 2005 and had raised $4 million from investors, including the Massachusetts Green Energy Fund, Commons Capital and Sumitomo. But the money's run out and there are no takers. The company's technology was designed to convert propane- or kerosene-based fuels into hydrogen for fuel cells. Insufficient market demand has been blamed for the closure. (Still too early for fuel cells maybe?) [Source: StrategyEye Cleantech]

Soliant Energy wins $21 million in new funding -- Soliant which makes rooftop concentrating photovoltaic systems, has raised $21 million in new venture capital, with GE Energy Financial Services pitching in $2.5 million. The Monrovia, Calif.-based startup made the announcement at the Solar Power International conference in San Diego. The money will be used to help get Soliant's modular solar product to market next year. [Source: Earth2Tech]

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