Daily Archives: April 1, 2009

Ed Crooks

On Energy Source:

The Waxman/Markey clean energy bill – the main points

Greenland is the new oil frontier, but costs and risks are high

BP is hit by legal action in Alaska, and fears over its growth outlook


The Waxman/Markey US CO2 emissions reduction bill is tougher than president Obama asked for (Huffington Post)

…and it leaves open crucial questions on exactly how consumer and energy-intensive industries would be compensated (WSJ)

Ed Crooks

Cairn Energy, the small-ish UK oil company that had great success with its discoveries in India, has reported “lots of promise” from its exploration off the coast of Greenland, where it has more acreage than any other company.

Mike Watts, the company’s deputy chief executive, said:

“It is early days in Greenland, but everything we do is showing promise. Are the geological elements there for success? We think so.”

But how big will Greenland turn out to be?

Ed Crooks

BP has been sued by the US federal government and the state of Alaska for damages over the two oil spills from its North Slope pipelines in 2006. The Department of Justice said it was seeking “the highest amount of civil penalties possible by law.”

It sounds dramatic, but probably won’t be.

Fiona Harvey

For the first time, a bill to cap carbon emissions from industry has been
introduced in the US that has some chance of becoming law. This is not the
first attempt at a cap-and-trade bill for carbon – others have been
defeated or faced too many procedural hurdles to carry on with – but it is
the first in a Congress with a Democratic majority while there is a Democratic president.

Energy news from elsewhere:

- US House emissions bill postpones decisions on cost (WSJ)

- US sues BP unit over Alaska oil spills (Reuters)

- EU aims to open energy markets (WSJ)

- Venezuela’s Chavez pushes for Brazil entry to Opec (Platts)

- CNOOC to invest $6.5bn to expand Huizhou refinery (Reuters)

Energy news from the FT:

- Shell sends first LNG delivery from Sakhalin-2
Bittersweet moment for Shell after being forced to cut its stake

- Santander offloads Cepsa stake to Abu Dhabi group for €2.8bn
Deal is latest by International Petroleum Investment Company

- Australia approves China’s Hunan Valin stake in Fortescue
Move boosts confidence Chinese entities welcome to invest

- Steep ‘contango’ forces traders to adapt commodities plans
Crude oil market hit hard by unfavourable futures curve

- Opportunity for 3i to sell Venture stake
Executive of private equity group steps down from Venture board

- Cairn lifts India’s energy profile
Rajasthan project to help Indian economy

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