Oil prices have increased above $48 a barrel after investors took advantage of a fall in crude for two days following Britain's vote to exit the European Union (EU).
The Department of Energy (DOE) announced $68.4 million for cost-shared research and development (R&D) projects that will help to secure the safe and permanent storage of carbon dioxide (CO2) during carbon capture and storage (CCS) operations. Funding is subject to the availability of appropriations.
The Canada-Nova Scotia Offshore Petroleum Board (CNSOPB) has conditionally approved Shell Canada's proposal to resume drilling in waters off Nova Scotia at its Cheshire L-97 exploration well.
Drilling was halted on 5 March following an operations incident on the Stena IceMAX drillship.
The Lianzi oil field is located in a unitised zone which includes parts of the Block 14 License (Republic of Angola) and the Haute Mer Permit (Republic of Congo) about 105km offshore, at water depths ranging from 820m to 1,070m.
Oil prices have increased above $50 a barrel after a report by the American Petroleum Institute (API) highlighted a fall in US crude inventories.
Brent crude rose 33 cents at $50.95 a barrel, while the US crude increased 46 cents to $50.31, Reuters reported.
The global oil glut will probably persist until at least next summer as markets take time to absorb excess crude in storage, according to the head of research at the world’s second-largest sovereign wealth fund.
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South Africa's 2010 Integrated Resource Plan (IRP) targeted 8.4 GW of wind and 8.4 GW solar capacity by 2030 and in 2011 the government launched its Renewable Energy Independent Power Producer Procurement Program (REIPPPP) to accelerate development.
The REIPPPP has thus far procured 3.4 GW of wind, 2.4 GW of PV and 400 MW of CSP capacity and has attracted 193 billion rand ($13 billion) of private sector investments.
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