Oil demand drops to 1993 levels -- The International Energy Agency has cut its oil demand growth forecast for 2008 to its lowest rate in percentage terms since 1993. The IEA cited economic weakness and "a spiraling liquidity crisis." [Source: Commodity Online Spectra selling gas interests to Keyera Facilities -- Spectra Energy is selling its natural gas interests in the Nevis and Brazeau River, Canada, natural gas facilities to Keyera Facilities Income Fund for $129 million. Spectra, based in Texas, owns 100 percent of the Nevis gas plant, and 40 per cent of Keyera Brazeau River gas plant. [Source: Red Deer Advocate.]
Canada's investment in non-conventional oil and gas extraction to hit $19.5 billion -- According to a report by Research and Markets, Canada's investments in non-conventional oil and gas extraction will reach $19.5 billion this year. Other key points of the "North America Oil & Gas Sectors: A Company and Industry Analysis" report include:
- The Conference Board of Canada CBC forecasts an 18 percent increase in oil sector profits to $22.84 billion in 2008.
- Declines in Alaskan oil fields are forecast to bring a 0.23 percent drop in U.S. oil production in 2008.
- U.S. petroleum consumption is expected to drop 210,000 barrels per day in 2008 as projected increases in domestic ethanol production meet domestic needs.
Mexican President Calderon proposes autonomy for Pemex -- As the global financial crisis continues to hit outside the financial sector, Mexican President Felipe Calderon said Wednesday he would propose giving autonomy Pemex, the country's state-run oil monopoly. The move would be designed to to "free the company from federal budget restrictions and give the government more money to spend next year," according to a report from Dow Jones Newswires. [Source: Rigzone]
Areva flips UraMin, selling it to Guangdong Nuclear Power Company after just one year -- French nuclear giant, Areva has agreed Tuesday to sell half of its UraMin uranium mining subsidiary to Chinese partners. Areva said it would sell the 49 percent stake in Canada's UraMin, which mines uranium in Africa, to China Guangdong Nuclear Power Company. The value of the deal has not been disclosed. Areva paid $2.5 billion for UraMin last year. [Source: AP via Forbes.com]
Standard Solar raises $8.5 million -- Solar systems provider, Standard Solar, has raised $8.5 million in its second round of funding. Standard, which is based in Maryland and operates in Maryland, Virginia and Washington D.C, says it plans to use this funding to expand throughout the Mid-Atlantic region. The round was led by Truecast Capital. [Source: Earth2Tech]