FT Energy News 13 December

Cancún seen as ‘beacon of hope’ for climate deal (Page 8)

A global agreement on climate change moved a step closer over the weekend as governments ended the UN Cancún talks with a series of accords on key elements of an overarching deal. A ‘green fund’ that will distribute money to help poor countries cope with climate change, a mechanism for international co-operation on low-carbon technology, and a way to help developing nations preserve their forests all emerged from the two weeks in negotiations in Mexico.

Regal board urges £77m sale (Page 18)

The board of Regal Petroleum has recommended a 24p per share cash offer by Energees Management Limited, a subsidiary of one of the biggest holding companies in the Ukraine. The bid values the oil and gas group at £77 and represents a 62% premium on the company’s average closing share price in November.

China taps into Argentina’s oil prospects (Page 20)

Chinese oil companies have spent more than $15bn in upstream deals in Latin-America. The shift toward the region is happening partly because China’s oil groups are increasingly confident of competing against their western peers in mergers and acquisitions.