November 30, 2010
China leads clean energy surge (Page 10)
China spent a record amount on its wind power industry in the last quarter. The country’s spending on wind energy in the second quarter of 2010 amounted to about $10bn, or about half of the global total of $20.5bn.
BP commits to develop Canadian oil sands (Page 21)
BP is to fund the first $2.5bn spent on Sunrise oil sands project in northern Alberta in a move likely to provoke further criticism from environmental groups. Canada’s oil sands are second only to Saudi Arabia in terms of proven oil reserves, the company said.
November 29, 2010
Carbon to power energy upheaval (Page 4)
The Treasury will publish proposals that will set a price floor for carbon designed to give certainty to investors in low-carbon generation. The policies will support the £200bn-plus investment needed over the next 10 years
November 26, 2010
Pennon puts case against demerger (Page 20)
Pennon has maintained that there is still no clear rationale to separate its water and waste management operation. David Dupont, the group’s finance director, said “fundamentally they are both utility infrastructure businesses”. Viridor has called for a liberalisation of UK planning laws to allow construction of more “energy from waste plants”.
Regal shares leap following takeover talk (Page 20)
Shares in Regal Petroleum, the Ukraine focused oil and gas company, surged after takeover approaches by unnamed suitors.
November 25, 2010
Poor practices blamed for Australia oil spill (Page 9)
The report into the 2009 Montara oil spill off Australia’s northern coast could have been prevented has the operator observed “sensible oilfield practices”.
United Utilities cautions on regulation (Page 22)
There is no need to overhaul the regulation of water companies because consumers and investors alike do well out of the current system, according to Phillip Green, the outgoing chief executive of United Utilities.
Quito takes over Petrobras fields (Page 24)
Ecuador began the takeover of Petrobras’s oil fields on Wednesday after the Brazilian national oil company refused to bow to the president’s push for increased state control of the oil sector producing 475,000 barrels a day. Ecuador has hailed the negotiations as a victory after most foreign companies agreed to relinquish profit-sharing agreements in an exchange for a flat fee for oil production.
November 9, 2010
Chinese 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.
November 8, 2010
Chinese demand for energy pumps up M&A share (Page 21)
Chinese companies have spent $24.6bn on overseas oil and gas acquisitions so far this year, accounting for a fifth of deal activity in the sector over the period. China’s energy demand has doubled since 2000 and the country overtook the US to become the largest energy user this summer, according to the IEA.
China’s oil majors come of age in rush for M&A (Page 27)
China’s quest to secure natural resources to feed surging domestic demand for energy has become one of the dominant themes of international trade in recent years. One emerging trend from recent deals is a willingness among all the companies to embrace partnerships with their international peers, perhaps in recognition of the increasing competition for what is a limited number of attractive opportunities.
November 5, 2010
Opec optimistic on recovery as oil demand beats forecasts (Page 10)
Opec has delivered on optimistic assessment of the state of the world economy, finding that oil demand has grown by 1m barrels per day in 2010, more than double the forecast level. Opec notes that US interest rate differentials suggest credit risk levels are perceived to have returned to normal, while Germany’s “success in exports” has aided the “growth momentum” of economies in the EU.