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Monday, Aug 31st

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Oil Industry Needs to Find Half a Trillion Dollars to Survive

Oil indusctry needs a trillion dollarsAt a time when the oil price is languishing at its lowest level in six years, producers need to find half a trillion dollars to repay debt. Some might not make it.

The number of oil and gas company bonds with yields of 10 percent or more, a sign of distress, tripled in the past year, leaving 168 firms in North America, Europe and Asia holding this debt, data compiled by Bloomberg show. The ratio of net debt to earnings is the highest in two decades.

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Aircraft to start hunt for Atlantic oil off East Coast

Aircraft hunting oil

An aerial hunt for oil and natural gas reserves in the Atlantic Ocean is poised to launch, a first step in the plan to lease waters off Georgia, North Carolina, South Carolina and Virginia to drilling.

But controversial seismic cannons, considered the best method to find where the oil and gas is, won’t be unleashed off the coast until at least next year.

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Solar plane takes off in 'moment of truth' for longest solo flight in history

Solar planeA solar plane took off for what could be the longest solo flight in history on Monday, with its Swiss pilot confronting the “moment of truth” of a journey around the Pacific Ocean and around the world.

The Solar Impulse 2 set off about 3am from Nagoya, Japan, en route to Hawaii, a trip expected to take five days and nights of continuous flight.

The Pacific crossing represents the most difficult leg of Andre Borschberg’s attempt to circumnavigate the world in a multi-stage flight.

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Oil Services Co.,Baker Huhes, lays off 10,500

Baker Hughes "Extreme market forces" are in play in the global energy sector, oil services company Baker Hughes said Tuesday in announcing widespread layoffs.

The company said it was cutting about 17 percent of its workforce, or around 10,500 jobs, as it works to streamline its finances amid the drop in exploration and production. During the first quarter, Baker Hughes reported revenue of $4.59 billion, a 20 percent decline year-on-year.

"Our first quarter results are a reflection of the extreme market forces faced by our industry since late December," Baker Hughes Chairman and Chief Executive Officer Martin Craighead said in a statement. "Consistent with past downturns, many of our customers have curtailed or canceled projects."

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Japan now has more car charging points than gas stations

Japanese charging pointsNissan Motor Co. has reported that Japan now has more places to charge electric vehicles than gas stations. The country has roughly 34,000 gas stations, compared to 40,000 charging points. The charging points range from stations to home setups.

"An important element of the continued market growth is the development of the charging infrastructure," Nissan Chief Financial Officer Joseph G. Peter told analysts on a conference call, according to Bloomberg Business.

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Researchers turn solar energy into liquid fuel

Solar energy to liquid fuelA small number of vehicles on U.S. roads are already indirectly powered by the sun. Ostensibly, some of America's electric cars use power derived from solar panels. And the fuel cells that bolster a growing fleet of hybrid cars and buses rely on hydrogen converted by photovoltaic cells.

But America is a liquid fuel kind of nation. To help wean American's off their love of gasoline, researchers at Harvard have found a way to turn solar energy into liquid fuel. It's like gas -- only good for the environment.

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PlayStation 4 And Xbox One Are Energy Hogs

playstation and XboxFor all their graphical improvements and multimedia functionality, there's one place where Microsoft's Xbox One and Sony's PlayStation 4 are sorely lacking: energy efficiency.

This is according to a report released on Thursday from the Natural Resources Defense Council (NRDC), which found that both the Xbox One and the PlayStation 4 consume two to three times more electricity than the previous generation of consoles. The Nintendo Wii U is the only next-gen console that consumes less energy than the Wii that came before it, the NRDC found.

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