Energy Roundup: PetroChina Buys Overseas, G-8 Urges Energy Investment, and More

PetroChina buys 45.5 percent stake of Singapore Petroleum — In a sign that overseas investment by Chinese companies will continue unabated, PetroChina snapped up 45.5 percent of Singapore Petroleum for $1 billion from Keppel Corp., the world’s largest builder of offshore oil rigs. PetroChina’s purchase of Singapore Petroleum’s assets, which include a refining facility, is part of its “international strategy.” [Source: BusinessWeek]

G-8 leaders call for more energy investment in push to stabilize prices — The G-8 nations, which concluded its two-day conference in Rome on Monday, said an economic recovery could be threaten by volatile energy prices and called for increased investments in infrastructure and technology. The G-8 said oil financial markets need more regulation and energy companies must put more money towards boosting oil production. [Source: Deutsche Welle]

Deserts hold best solar power plant potential, study finds – Solar power plants located in deserts could generate up to 25 percent of the world’s electricity by 2050, according to a recent study by Greenpeace, the European Solar Thermal Electricity Association and the International Energy Agency’s SolarPACES group. To achieve that goal, however, there would need to be investments of 21 billion euros a year by 2015 and 174 billion a year by 2050. [Source: Reuters]

Alberta, OPEC make it official, forge new ties – Alberta’s government will have a seat at OPEC’s ‘dialogues’ on issues that impact the province, as part of a new official relationship with the oil cartel. The province has not been given status of official observer, which is reserved for major-oil producing countries Norway and Russia. But the relationship is seen as an important strategy to bring more investment to the oil sands industry. [Source: National Post]

Chevron shuts down Nigerian oil production after pipeline attack – Nigerian militant group, Movement for the Emancipation of the Niger Delta, attacked a Chevron Corp. pipeline, prompting the U.S. oil major to shut down 100,000 barrels a day of crude-oil production. [Source: WSJ]