The world’s top oil companies are back in acquisition mode, targeting smaller exploration and development firms to boost oil and gas reserves rather than the mega-mergers that followed previous slumps in crude prices. Total acquisitions of oil and gas fields tripled to $31 billion in December from a month earlier. Source: Reuters
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Oil was on course for its largest third-quarter gain in 13 years as prices rose on Wednesday after the Iraqi oil minister said that OPEC and its partners are considering extending or deepening output cuts aimed at reducing a global supply glut. Brent crude futures were up to $55.62 a barrel. Source: Al Arabiya
China is expected to boast the world’s largest clean coal power system with high efficiency by 2020, the Xinhua-run Economic Information Daily reported on Wednesday.
Since 2014, the coal-fired power sector has been renovating facilities to reduce emissions and save energy. Source: China Daily
Swedish auto maker Volvo is doubling its investment in its first U.S. plant to a total of $1 billion, a bet that its nascent comeback in the U.S. market has staying power. Volvo will add a second production line to a factory under construction near Charleston, a Volvo spokesman said. Source: The Wall Street Journal