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.
FT Energy News 6 January
January 6, 2011US pins blame for BP spill (Page 1)
Systematic failures by the management of BP and other companies led to the Macondo well blow-out in the Gulf of Mexico last year, the official US inquiry has concluded, warning that industry complacency could cause a similar accident again. The report will be published on Tuesday and delivers a scathing verdict on the procedures followed by BP and its contractors on the project, Halliburton and Transocean.
Spill fears fail to bring curb on deepwater oil drilling (Page 2)
MPs will today rule out a moratorium on deepwater drilling in the North Sea but urge oil and gas companies to address shortcomings in their response plans to spills. A report by the Commons energy and climate change committee calls on the government to ensure that standardised response plans are replaced by site-specific guidelines that take into account local conditions.
China keeps turbines turning as European cuts affect demand (Page 23)
Government budget cuts will slow growth in the European wind power industry this year, but surging demand from China is helping advance the global push behind green energy according to Vestas Wind Systems, the world’s biggest wind turbine maker. Growth in new wind energy installations in Europe is forecast to shrink from 14% in 2010 to 1% this year, according to analysts at Citigroup.
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