FT Energy News 23 February

Libya chaos threatens oil crisis (Page 6)

Libya’s oil output has plunged by at least a fifth as foreign companies have shut down production, running the risk of turning the political revolt in the Middle East into an oil crisis. Opec are understood to be ready to boost production of offset any loss from Libya and for now the oil market is well supplied.

BP to offload British fields (Page 15)

BP plans to seel ageing British oil and gasfields valued at about $1bn as part of a strategy of focusing on higher-growth assets. The sale will be recycled into investments that BP believes have better prospects of future growth.

Drax raises biomass project hopes (Page 18)

Draz said it hoped government incentives would help it proceed with a £2bn biomass project later this year. The plan would see generation of power through co-firing – burning biomass from straw or other plant material alongside coal.