Stuff.co.nz - NZOG reports $234.6m full year revenue

New Zealand Oil and Gas (NZOG) is reporting full year revenue of $234.6 million, up from $4.2 million the year before due to earnings from the Tui area oilfields off the Taranaki coast.

NZ Herald - Not enough wind, not enough rain - TrustPower earnings slump

TrustPower says earnings will be hit by a lack of wind for its turbines and a lack of rain for its dams during the first part of this year.

Courier Mail - Qantas kicks economy passengers off flights

A NEW computer check-in system is causing chaos for Qantas passengers, with economy class customers being kicked off flights to make way for business class frequent flyers.
Dozens of travellers are being turned away at check-in desks across the country, following the launch of the new system on Saturday, The Courier-Mail reports.

The system limits seating for economy passengers to the rear of the plane - even if spare seats are available towards the front of the plane - giving priority to business class flyers.

While it has been labelled "a nightmare" by Qantas employees, bosses said it was a "supreme" way to manage bookings.

SMH - Beach Petroleum Limited Quarterly Report

A significant portion of oil hedges have been closed out, notably
for the period July to December 2008, allowing greater
exposure to potentially higher oil prices in global spot price
markets during that period, particularly noting the increasing
trend for Tapis benchmark prices to rise above WTI prices.

Otago Daily Times - Researchers say fuel will erode Air NZ profit

Air New Zealand is well placed to weather the fuel crisis affecting airlines around the world but it may come at high cost with slashed profits and a period of no dividends, a research report by brokers ABN Amro Craigs says.
Last year's after tax profit was $221 million but this year increased fuel costs are expected to be the main contributor to a 48% decline in profit to $112.8 million, followed by a further decline the following year to $95.5 million, the research forecast.

The Australian - Car tariff cuts 'no help to economy'

CUTTING tariffs and government assistance to the car industry would not benefit the wider Australian economy, according to new modelling for the sector released on the eve of the handover of the Bracks review of the sector

SMH - GE Energy to build 'clean coal' plant

Global giant GE Energy says it could build a coal-fired power station in Australia by 2015 that would be the first in the nation to bury its greenhouse gas emissions.

GE Energy is garnering support from governments and industry this week to build a commercial-scale Integrated Gasification Combined Cycle (IGCC) power plant that costs about $3 billion.

If approved soon, the plant could be ready to operate in another seven years, GE Energy says.

The Age - Aircraft could flock to save fuel, says academic

AIRCRAFT flying in geese-like formation, refuelling at service stations in the sky and making extra stops over long distances have been suggested as radical ways for airlines to save fuel.

Nick Lieven, dean of engineering at Bristol University, told the Asia Pacific Aviation Conference in Sydney that such "wacky" measures could be considered if the oil price kept rising.

Professor Lieven said studies had found that "flocking" could provide a fuel saving of about 20%.

Otago Daily Times - NZ is Saudi Arabia of wind, Meridian tells hearing

New Zealand is regarded as the "Saudi Arabia of wind" and is perfect for wind farm energy production, an Environment Court appeal hearing in Cromwell was told yesterday.

Meridian Energy wind technical strategy manager Paul Botha, of Wellington, said the 92sq km site proposed for Project Hayes was one of the best he had seen in 14 years of working on wind energy projects around the world.

"Wind farm sites of the size and wind quality of Project Hayes are rare in New Zealand and internationally. I don't believe there is another site in the country which has the same or comparable qualities and is matched by only a few others in the world," he said.

The Australian - Petrol watchdog quits after 3 months

AUSTRALIA'S first petrol commissioner has resigned less than three months after taking on the job of holding retailers to account.

ABC - Keep rail fares attractive, warns Iemma

New South Wales Premier Morris Iemma has warned the pricing regulator that any discussion about train fares should focus on making it a more attractive form of transport than the car.

The Independent Pricing and Regulatory Tribunal (IPART) has recommended CityRail increase fares by 30 per cent because its costs have increased significantly, but prices have not followed suit.

ABC - Traffic expert scathing about M4 extension

The New South Wales Government is facing further criticism of its transport plans for Sydney from the man it hand-picked to help solve the city's infrastructure problems.

Otago Daily Times - Wind power key, says leading scientist

A lead New Zealand scientist believes renewable energy production can minimise risks associated with climate change, outlining his views yesterday during an Environment Court appeal hearing for the largest wind farm development in the Southern Hemisphere.