Miscellaneous Energy News -- May 10, 2016

Red Queen update: 2:00 p.m. Central Time; Thursday, May 12, 2016.

***********************************

GE Expands Energy Portfolio

GE will acquire Doosan Engineering for $250 million, all cash -- this will expand GE's combined-cycle power plant portfolio.

Heat recovery steam generator technology, a key component of a combined-cycle power plant, converts water into steam by capturing the exhaust heat from a gas turbine. The steam is then used to drive a steam turbine to produce more power.

GE is in the process of shedding its banking business and has been shifting back to an industrial base. In November 2015, GE said it completed its long-running acquisition of Alstom SA ’s power business. Alstom Power and GE Power & Water combined to form GE Power.

NOTE: this is not an investment site. Do not make any investment, financial, relationship, travel, or employment decisions based on what you read here. I do not own any shares of GE. Having said that, it may be time. Does GE pay a dividend? Does a bear poop in the woods? About 3% of the time, I suppose. Does Warren Buffett own any GE? Back in 2014, his GE holdings were said to be 10 million shares; in 2015, GE was listed among Warren's top 8 dividend-paying companies.

****************************

More Layoffs In Houston

Freeport-McMoRan Oil & Gas will lay off 170 workers in its Houston offices.

*********************************

Diversifying Its Financing Sources -- LOL 

Petrobras is said to be seeking, sooner than expected, a $1 billion loan from the Export-Import Bank of China. Bloomberg/Rigzone reports that Brazil is facing debt service costs surge in the coming years amid the worst oil market in a generation. In February, just a couple of months ago, Petrobras secured a $10 billion loan from China Development Bank Corp that was part of a deal to supply crude oil to China.

Takeaway: Saudi Arabia is competing with Iran and Brazil for market share.

This was priceless: "The $1 billion loan announced Monday is part of Petrobras' strategy of diversifying its financing sources, it said."

*********************

Going From Bad To Worse In Nigeria

Updates

May 11, 2016: breaking news now -- Nigeria lifts controversial gas subsidy, nearly doubling the price of fuel.

Original Post

Bloomberg/Rigzone is reporting that oil producers are evacuating workers from the Niger Delta -- not because of global warming -- but because of the deteriorating security situation in Nigeria's most-important oil producing region.

I was too tired to post this story that a reader sent me yesterday. This is another great story on the deteriorating situation in Nigeria as reported by The New York Times. Part of the reason I did not think this was going to be that big a story; I was way wrong (not uncommon; I miss a lot of stuff).

So, now in the last couple of days we have a double whammy: heavy oil out of Canada impacted by huge fires; and now this in Nigeria. From The NYT story, this sounds like Venezuela:

Plummeting oil prices have set off an economic unraveling in Nigeria, one of the world’s top oil producers, and the collective anger of a fed-up nation was pouring out.

“Starvation in the land of plenty,” said Tony Usidamen, a public relations consultant waiting for fuel.

For months, many Nigerians have endured painfully long lines for gasoline and power failures that last for days — with no fuel for backup generators. Scant power means water cuts for homes that rely on electricity to pump it. Everyday items are missing from stores, and those that remain cost more than usual.