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Best of the Blogs, Energy: US Oil Stocks Faring Better Than UK's


Plus, GM's electric "Holden" sets record.

This column highlights the most interesting and useful business and financial commentary on energy from around the Web.

Daily Finance
Link: Oil Supermajors: Britain vs. America
"Shares of oil companies have recovered strongly since the mini-market meltdown of May. US pair ExxonMobil (XOM) and Chevron (CVX) have recently hit new 52-week highs. Shell (RDSB.L) and BP (BP.L) have also risen, although both companies -- particularly BP -- are still some way below their highs."

Seeking Alpha
Link: Momentum Will Carry Exxon Mobil Up but Not For Long
"Exxon Mobil has risen substantially as it has mirrored the rise in oil prices. While it is perplexing why oil has risen like it has, I still believe XOM is not done going up with the price of oil -- at least for the short term. Let's explore speculations as to why oil prices have risen and then I'd like to advise a short term income play using Exxon Mobil as it continues to move up."

Fuel Fix
Link: Asia-Pacific Oil Drillers in US Gulf Seen With BP Sale
"BP's plans to sell almost $8 billion of deep-water oilfields in the Gulf of Mexico is paving the way for the biggest influx of Asian-Pacific cash into offshore US energy exploration.

"Energy companies eager to hone their skills in advanced drilling techniques such as China Petrochemical Corp. (1314.TW) and the Australian minerals supplier BHP Billiton Ltd. (BHP) are prime candidates as they have deeper pockets than many competitors in North America, according to analysts Lyndon Fagan of JPMorgan Chase & Co. (JPM) in Sydney and Adrian Loh at Daiwa Capital Markets."

Link: Leni Gas & Oil Sells GoM Offshore Leases
"Leni Gas and Oil US Inc, a subsidiary of LGO, has agreed to sell its interests in two exploration leases; South Marsh Island-6 and Ship Shoal-180 (the 'Leases'), in which it holds a 20% interest. The sale is to Byron Energy Inc. ('Byron') the lease operator and 80% interest holder. Byron has agreed to pay a consideration of US$400,000. There are no conditions precedent attached to the sale which is expected to complete immediately on acceptance of the assignment of the Leases by the US Bureau of Ocean Energy Management."

Link: KBR Wins Project Management Contract for 242 MW Gas-Fired Power Station
"KBR (KBR) announced it has been awarded a project management services contract for construction of the Diamantina Power Station, a 242 MW gas-fired power station in northwest Queensland, Australia. Located about four miles (six kilometers) from the mining community of Mt. Isa, the station will provide power to Xstrata's MIM copper mine and will be a secure long-term energy supplier to the region."

Link: All-Electric Holden Sets 'Unofficial' 24-Hour Record With 1,172 Miles
"A battery-electric Holden Commodore set what its builders say is an unofficial record for miles driven purely on electric power over the course of 24 hours.

"Australia-based EV Engineering said that the Holden (the brand is General Motors' (GM) Australian division) traveled 1,172 miles in 24 hours using a smaller version of the battery-switching system that Better Place is using in Israel and Denmark. The powertrain of the Commodore, which has about a 100-mile single-charge range, was built by UQM Technologies (UQM). EV Engineering is a collaborative venture that includes companies like Bosch and General Electric (GE) in addition to Better Place. Its goal is to "develop a proof of concept Australian electric vehicle."
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