Lease fears for offshore wind farms (Page 1)
Wind farm operators building offshore risk having their leases terminated without compensation if oil and gas companies decide they need the seabed plot for exploration, drilling or pipelines.
Petronas chemical arm IPO to raise double initial estimate (Page 22)
Petronas, the Malaysian state-owned oil and gas group, is on course to raise $4.8bn from an initial public offering of 35.6% in its newly formed chemicals subsidiary.
India’s ONGC eyes Angolan assets of Exxon and Total (Page 23)
India’s largest oil group is considering acquiring ExxonMobil’s and Total’s oil assets in Angola in a new partnership with the state-run Sonangol oil group. India’s growing dependence on energy imports has led the government to urge state-run groups to make at least one overseas acquisition this year.
Exco Resources chief executive in $4.4bn buy-out move (Page 23)
The chief executive of Exco Resources, the independent oil and gas company, has made a $4.4bn offer to buy the company at a 38% premium to last week’s closing share price. Taking Exco private would constitute a long-term bet on the future of natural gas.
FT Energy News 9th November
November 9, 2010Chinese Businesses fuel market for cleaner energy (Page 10)
China Clean Energy is collecting waste oil from restaurants and factories and turning it into bio-diesel and chemicals, helping cut carbon emissions.
BP cleared of putting cost above safety (Page 19)
BP did not put cost before safety in drilling the Macondo well that ruptured in April, according to the presidential commission investigating the spill in the Gulf of Mexico; which stated they had not seen a single instance where a human being made a conscious decision to favour dollars to safety.
Shell reduces Woodside stake to fund projects (Page 20)
Royal Dutch Shell is selling almost a third of its stake in Woodside Petroleum for $3.34bn as it looks to free funds to redeploy new projects. Shell plans to increase its LNG capacity by more than 20% by 2015.
Afren employees kidnapped in Nigeria (Page 20)
Five employees of Afren, the Africa-focused independent oil-company, have been kidnapped from an offshore oil rig in Nigeria.
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