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From TheJournal.ie The Daily Fix: Monday Daily Fix

The Daily Fix: Monday

Our collection of the day’s news, developments and random tidbits.

From TheJournal.ie Financial supports for wind, wave and tidal energy creation "not appropriate" Energy

Financial supports for wind, wave and tidal energy creation "not appropriate"

ESRI Review of Irish Energy Policy also makes case for bringing Corrib gas field to production “rapidly” – and says nuclear power will not work for Ireland.

Happy birthday, Enda and Eamon... we got you a little something Birthday Boys This post contains images

Happy birthday, Enda and Eamon... we got you a little something

Taoiseach Enda Kenny and Tánaiste Eamon Gilmore share a birthday – and our readers have been suggesting some gifts…

From TheJournal.ie The 9 at 9: Saturday 9 At 9

The 9 at 9: Saturday

Nine things you need to know at 9am: Men in court over republicanism and Dublin assaults, Brian Lenihan says we were forced into the bailout, and Lindsay Lohan’s about to lay low…

From TheJournal.ie BP faces protests at shareholder meeting BP

BP faces protests at shareholder meeting

BP will face protests at a shareholder meeting in London today, as fishermen complain of poor compensation for the oil spill and investors condemn excessive executive pay packets.

From TheJournal.ie Oil prices jump back up after Kuwait halts exports Oil

Oil prices jump back up after Kuwait halts exports

Sandstorms in Kuwait have forced the temporary suspension of oil exports – forcing the price of oil back up after yesterday’s drop.

From TheJournal.ie Oil prices down 3 per cent despite lower Libyan production Oil

Oil prices down 3 per cent despite lower Libyan production

Price of oil had risen 33 per cent since the middle of February over fears of reduced supplies during protests in oil-producing states.

From TheJournal.ie Gaddafi forces continue to push rebels eastwards Libya

Gaddafi forces continue to push rebels eastwards

International leaders’ conference yesterday agreed it was time for Gaddafi to resign – but not on how to push him out.

From TheJournal.ie Qatar offers to sell Libyan rebels' oil Oil

Qatar offers to sell Libyan rebels' oil

Libyan rebels have gained a valuable ally in Qatar, the first Arab nation to recognise the opposition council.

From TheJournal.ie Gaddafi troops take key oil town from rebels and push towards Benghazi Libya

Gaddafi troops take key oil town from rebels and push towards Benghazi

Rebels call for UN to impose no-fly zone as Libyan army spokesperson claims rebel-held city Benghazi will pose no serious problems to the military.

From TheJournal.ie Underground oil laundering plant discovered in Monaghan Laundering

Underground oil laundering plant discovered in Monaghan

Plant had capacity to launder an estimated 10 million litres of fuel per year.

From Business ETC Retailers call on government to reduce fuel prices Fuel Prices

Retailers call on government to reduce fuel prices

Fuel retailers are calling on the new government to reduce taxes charged for petrol and diesel – as prices at the pumps reach record highs.

From Business ETC Spain to introduce raft of energy saving measures Spain

Spain to introduce raft of energy saving measures

The Spanish government has fast-tracked a range of energy saving initiatives to offset sharply rising oil prices.

From TheJournal.ie Here's what happened last time ECB rates rose in an oil spike Oil

Here's what happened last time ECB rates rose in an oil spike

Chart showing impact of rate increase in July 2008 might not inspire confidence in European banking body employing same tactic this year.

From Business ETC Oil prices rise in response to Libya unrest Oil

Oil prices rise in response to Libya unrest

The price of crude oil increased in Asian trade today in response to continuing bitter fighting in Libya – and growing unrest in Oman and Yemen.

From TheJournal.ie Ernst and Young warns of oil price rise impact on Ireland Oil

Ernst and Young warns of oil price rise impact on Ireland

Report also says if oil price hits $150 a barrel, at least one eurozone country will default and trigger a recession for the whole region.

From TheJournal.ie Iraq's largest oil refinery damaged in explosion Iraq

Iraq's largest oil refinery damaged in explosion

The oil refinery of Baiji – the largest in Iraq – produces 11 million litres a day, but is closed following a suspected attack.

From TheJournal.ie Ireland 'needs more Libyan oil' than any other country Oil

Ireland 'needs more Libyan oil' than any other country

Statistics compiled by the International Energy Agency shows Libyan oil matters more to Ireland than any other nation.

From TheJournal.ie Take 5: Monday Take 5

Take 5: Monday

Five things you need to know: Newstalk, Fine Gael and Fianna Fail release confusing statements over Enda interview, a new peak in the price of oil, and is Twitter really about to set up in Ireland?

From TheJournal.ie Oil price jumps on back of Libyan protests Oil

Oil price jumps on back of Libyan protests

Unrest and protests in Libya are forcing oil prices to rise today as international oil companies prepare to evacuate their expat staff from Libyan operations.

From TheJournal.ie Chevron fined $8.6bn for Amazon pollution Amazon

Chevron fined $8.6bn for Amazon pollution

The oil giant has been fined billions after a court ruled it had dumped toxic waste in the Amazon’s rainforest and rivers – at a massive environmental and human cost.

From TheJournal.ie Fears of oil crisis in Egypt unrest ease - but price stays above $100 a barrel Egypt

Fears of oil crisis in Egypt unrest ease - but price stays above $100 a barrel

Suez Canal has not been disrupted by violence in the Middle East but traders keeping a close eye on further flare-ups that might cut off supplies.

From TheJournal.ie Ryanair reports surprise €10m loss after snow cancellations Ryanair

Ryanair reports surprise €10m loss after snow cancellations

Higher fuel costs, industrial action and snow cancellations see Ryanair lose €10m in the three months to December 31.

From TheJournal.ie Egyptian upheaval takes toll as oil heads to $100 Oil

Egyptian upheaval takes toll as oil heads to $100

The price of oil will today breach the $100-a-barrel mark for the first time since 2008, over concerns about Egyptian supply.

From Business ETC BP sign deal with Russia to drill in the Arctic Fossil Fuels

BP sign deal with Russia to drill in the Arctic

BP has teamed up with Russian state-owned oil company Rosneft to explore for natural gas and oil off the Siberian coast.

From TheJournal.ie World oil prices continue six-month record rallies Oil

World oil prices continue six-month record rallies

The price of a barrel has risen above $86 – just as the western world needs extra home heating.

From TheJournal.ie Yoga guru could be ousted from oil board over dividend row Tony Quinn

Yoga guru could be ousted from oil board over dividend row

Health guru Tony Quinn could be overthrown as a director of a company drilling for oil in Belize because it isn’t paying dividends.

IRAN HAS SAID that it is willing to return to negotiations with western powers about the exchange of nuclear fuel, despite the European Union imposing harsh new sanctions on the country on Monday.

Iran denies that the sanctions will hurt, but has stated that it plans to return to talks in the Autumn.

EU countries agreed to self-impose investment restrictions in Iranian oil and gas in response to Iran’s nuclear programme. Sanctions will also include a suspension on EU dealings with Iranian banks and insurance companies.

These are the latest extension on sanctions against Iran, against following similar UN, EU and US actions earlier in the year.

Despite Tehran insisting that the country is enriching uranium for peaceful purposes (medicinal and energy uses), suspicions that Iran is attempting to build a nuclear weapon have brought a slew of economic sanctions.

Last June, Turkey and Brazil agreed a fuel swap with Iran in an attempt to reduce escalating international tension surrounding Tehran’s nuclear ambitions. Under the terms of the agreement 1200 kg of Iran’s 3.5% enriched uranium would be sent to Turkey in exchange for 120 kg of 20% enriched fuel.

Nevertheless, the following day the United States, Britain, France, Germany, China and Russia all agreed to impose economic sanctions on Iran.

The nature of the sanctions are designed to hit Iran hard. Despite the country being the fifth largest crude oil exporter in the world, it has a extremely limited capacity to refine petroleum and so relies on foreign imports for about 40% of its domestic consumption.

Refined oil, such as gasoline, is essential for personal and commercial transport and business.  The country has been relying on friendlier nations like Turkey and China for gasoline imports.

Mark Fitzpatrick, an Iran specialist at the International Institute for Strategic Studies, told Reuters that the EU did not fear other countries rushing in to provide commercial imports for Iran as the areas chosen for the sanctions are ones in which Europe has “substantial leverage.”

She continued by adding: “Not so many other countries can provide the kind of financial services that will be cut off. Few other countries supply technology for liquefied natural gas, nobody else does re-insurance … The European Union has very wisely found areas over which it has real leverage and cannot be supplanted.”

However, some countries object to the new round of sanctions, including Russia. Iranian IRNA news quotes Maxim Shevchenko, president of the Center for Strategic Research on Modern Religion and Politics, as saying that “any pressure on the country to stop its program will be unjust, unacceptable and discriminatory,” and that “Iran maintains cordial relations with several powerful countries including Indonesia, Malaysia, China, Turkey, Brazil and Japan… (which  would) foil the effects of sanctions on Iran.”

SHARES of Irish oil company, Tullow Oil rose almost 6% on the news that the firm has discovered a major new oil field off Ghana.

The find is thought to be equivalent to one billion barrels of oil. The shares stand at $66 at 9.28am.

This is the second major discovery Tullow has made off the Ghana coast. Indications suggest the field is ‘world class’. Tullow had a 49.95% stake in the Owo field and a 22.895% stake in its other Ghana oil field – Jubilee.

Tullow exploration director Angus McCoss said: “Owo-1 has made a very substantial light oil discovery and continues the success of Tullow’s Equatorial Atlantic exploration campaign in West Africa. Given this success, we are immediately drilling an appraisal sidetrack to further assess the size of this find. Accelerated appraisal drilling will now focus on maturing the resources in both Owo and the adjacent Tweneboa accumulation towards commercialisation.”

Tullow has interests in over 85 exploration and production licences across 22 countries and focuses on four core areas: Africa, Europe, South Asia and South America. Tullow also has interests in the North Sea in addition to other interests in the Netherlands, South Asia and several African countries.

BRITISH PRIME MINISTER David Cameron has met with US senators who believe that BP may have made an deal in exchange for the release of Abdelbaset al-Megrahi.

Senators believe that Libya, an oil-rich country, struck a profitable oil deal with BP in return for Scotland allowing the Lockerbie bomber to return home.

Al-Megrahi was released from his prison sentence by the Scottish authorities on compassionate grounds, following a medical report that said he had no more than three months to live as he was suffering from terminal cancer.

However, al-Megrahi is still alive one year later.

The Scottish government said yesterday that it had published all information relating to al-Megrahi’s release ‘where we had the necessary permission to do so’.

Senators met with Cameron for nearly an hour last night to discuss an investigation into the possible oil deal that might have secured al-Megrahi’s release.

New York senator Chuck Schumer said: “We made the case that there’s just too much suspicion here to sort of brush this aside.”

However, while Cameron condemned the prisoner’s release, he seems reluctant to investigate the possibility of an oil deal being struck between BP and Libya. He has already quashed calls for an investigation in the UK.

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