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OIL AND GAS
British energy demand strains from winter Storm Emma wane
by Daniel J. Graeber
Washington (UPI) Mar 2, 2018

Demand strains from winter Storm Emma, which caused widespread problems across much of Europe, have eased somewhat, a British utility said Friday.

So-called Yellow Warnings remain in effect for wind and snow, according to the Met Office, the national weather service in Great Britain. Severe weather conditions with snow and ice are expected through the early weekend.

"Remaining very cold with periods of sleet and snow, and even freezing rain at times through the day," the latest forecast read. "The strong easterly wind will gradually moderate, however, but not before giving significant wind chill."

Utility company National Grid issued a warning early Thursday because of supply issues stemming from winter Storm Emma. The Met Office, meanwhile, was advising area residents to prepare for possible interruptions to power supplies.

National Grid told UPI in a statement that the warning lapsed early Friday morning local time and no further gas deficit issues are expected.

"The market has continued to respond over the last 24 hours and we have seen an increase of supplies into the network," National Grid said. "As the extremely cold weather continues we expect to see high demand on the gas network, so we are continuing to monitor developments closely."

Gassco, a Norwegian company that pipes gas to Great Britain, said several of its plans and infrastructure were curtailed by the severe weather. Its SEGAL pipeline system could be down for as long as four more days.

In the North Sea, a subsidiary of U.S. supermajor Chevron told Offshore Energy Today that production from the Alba Northern platform off the coast of Scotland was shut in because of a power outage. All personnel, however, are safe and communication systems are functioning on backup power.

The Met Office is forecasting temperatures moving higher through the weekend with diminishing winds. Temperatures return to normal, above 45 degrees Fahrenheit, by Sunday.


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OIL AND GAS
Chinese oil baron hit by investigation: report
Beijing (AFP) March 1, 2018
Shares of two firms linked to Chinese conglomerate CEFC China Energy tumbled Thursday after a report that its high-flying chairman was under investigation. Ye Jianming - dubbed China's "newest oil baron" by Forbes magazine in 2016 - quickly built CEFC China Energy into a global energy powerhouse, expanding into Eastern Europe, Africa and the Gulf States, and agreeing to buy 14 percent of Russian oil giant Rosneft last year. But Chinese financial news magazine Caixin, citing anonymous sources, ... read more

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