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Oil price dips on record US oil production

The price of Brent crude dipped on Monday June 4 to $75.53 a barrel before recovering most of its losses to trade at over $76 a barrel by lunchtime in the UK. The move was believed to be triggered by latest monthly data released by the US Energy Information Administration (EIA) last week.

In its latest data, the EIA has US oil production running at a new record of Continue reading Oil price dips on record US oil production

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ExxonMobil buys into Pakistan’s offshore drilling

Energy company ExxonMobil, which also makes extreme pressure gear oils like Mobilgear 600 XP 68, has acquired a 25% stake in offshore drilling in Pakistan. Prior to the acquisition, Italian energy firm Eni, Oil and Gas Development Company (commonly known as OGDCL), and state-owned Pakistan Petroleum Limited (PPL) all held equal third shares.

On Monday May 28, an agreement was signed at Continue reading ExxonMobil buys into Pakistan’s offshore drilling

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Researchers announce new method for making biofuel

Researchers at the University of Turku in Finland have announced that they have found a new efficient way to use algae to make biofuel. In the new method, the algae uses solar energy to split water into its constituent elements.

According to the researchers, the green algae uses collected solar energy from photosynthesis to convert water into Continue reading Researchers announce new method for making biofuel

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Profits rise at ExxonMobil

ExxonMobil, the energy giant behind Mobil UK distributors, showed a 16% year-on-year rise in profits after posting its first-quarter earnings. The company’s share price dipped slightly, though, amid perceptions that the profit rise had not met the expectations of analysts.

Revenue at the company did beat analysts’ expectations of Continue reading Profits rise at ExxonMobil