BP fourth-quarter bonus tied to safety (Page 1)
Health and safety will be the sole measure used to judge all 80,000 staff for their bonuses in the fourth quarter according to Bob Dudley, new chief executive.
Green investment divides ministers (Page 4)
Details of a green investment bank are likely to be left out of Wednesday’s comprehensive spending review as ministers cannot agree whether to grant the bank power to raise finance from the private sector, for instance by issuing bonds, green Isas, raising loans and other measures.
Subsidy for eight nuclear reactors rejected (Page 4)
“There will be no levy, direct payment or market support for electricity supplied or capacity provided by a private sector new nuclear operator, unless similar support is also made available more widely to other types of generation” said Chris Huhne, secretary of state for energy and climate change.
China feels the strain in rush to save energy (Page 7)
China is rushing to meet its energy saving target of 20% reduction in energy use per unit of gross domestic product. China’s energy intensity fell by 15.6% from 2005-2009, but rose 3.2% in the first quarter of this year.
Wave of closures set to hit US coal stations (Page 8)
Closures ot US coal fired power plants are set to accelerate sharply during the coming decade as a wave of environmental regulations hits the industry. Ageing plants are threatened by the cost of investment needed to cut pollution, as well as by competition from cheap gas supplies created by the boom in US production from previously uneconomic shale rocks.
Rockhopper seeks to extend Falklands drilling (Page 21)
Rockhopper, the Falklands Islands-focused oil explorer, is hoping to raise £200m through an accelerated bookbuilding to extend its drilling programme just days after cutting its resource estimates.
TNK-BP looks abroad with Venezuela and Vietnam deal (Page 21)
TNK-BP, the Russian venture half-owned by BP, will pay $1.8bn to buy BP’s production and pipeline assets in Venezuela and Vietnam, in a move that marks its most significant diversification outside Russia. The move puts TNK-BP on the path of international expansion as opportunities for growth in Russia diminish due to increasing resource nationalism and a burdensome tax regime.