Daily Archives: September 24, 2009

Kate Mackenzie

Finding new oil gets ever more expensive

Natural gas price worries

Banks’ flashy commodity trading positions

An EU-wide carbon tax?

Further reading:

Russia puts out the welcome mat to big oil, but will they care? (Rigzone)

Police are to probe DNO share deal (UpstreamOnline)

UK energy department under pressure to scale back CCS spending plans (Guardian)

Big oil considering shale gas (NPR)

Duke’s CEO says solar is more important than wind (BNet)

More cash-for-clunkers disappointment: Even Hummers got rebates (Consumer Energy Report)

Kate Mackenzie

Last month, Anadarko and Chesapeake said they were continuing to boost their shale gas drilling activities, with Chesapeake saying it was increasing its drilling budget by about 10 per cent this year.

But yesterday Chesapeake’s chief executive Aubrey McClendon voiced concern about current prices, saying that while the industry could “cope” with $4 gas, it couldn’t grow or sustain production at that price.

Ah, those mysterious ‘fixed income, currency and commodities’ divisions at banks like Goldman Sachs. They do so well, yet we never know exactly how much which bit is making or how.

Well, we’re pleased to report a little more light can be shed on these matters now.

As Reuters columnist John Kemp explained on Wednesday, since their conversion to bank holding company status last autumn, Goldman Sachs and Morgan Stanley are required to file quarterly statements about their consolidated financial condition using a form Y-9C.

This means, for the first time, we  — the humble public — can take a look at the quality and type of  assets being held on investment-bank balance sheets.

Kate Mackenzie

The European Union plans to propose a minimum carbon tax be introduced by its member countries, according to New Energy Finance, which has seen a draft directive:

The proposed directive introduces minimum levels of taxation on different types of fuels linked to the intensity of their emissions, to be effective from 2013. The tax would apply to fossil fuel users that fall outside the EU ETS, such as small installations. But under the EU document, member states can still impose higher taxes if they wish.

The EU’s emissions trading system, or ETS, only covers certain sectors and does not cover businesses below a certain size. A few smaller EU members already tax carbon from some users not covered by the ETS, and France is set to join them. But whether an EU-wide directive would be supported by member states is another question; as NEF notes, several countries including the UK have already stated they would oppose such a move.

James Fontanella-Khan

US backs ending of fossil fuel subsidies
Move will delight the low-carbon energy sector (FT)

Big oil traders cut shipments to Tehran amid sanctions talk
BP stopped shipments of gasoline; Total could follow (WSJ)

Gore urges US Senate to pass climate bill
Vote is ‘the crucial step’ in fighting climate change (FT)

Caterpillar, FedEx favour carbon tax over cap-and-trade measure
Cap would reduce emissions 17% from 2005 levels by 2020 (Bloomberg)

Chevron takes Ecuador fight to trade arbitrators
US oil giant faces $27bn claim in Ecuadorean court (Reuters)

Norway to monitor Asia investments
Green principles to assess Indian and Chinese groups (FT)

Scientists find fresh warming signs
Long-term changes in El Niño could affects weather worldwide (FT)

EU court overturns some emission caps
Move pushed the price of carbon credits lower (WSJ)

JP Morgan raises its offer for EcoSecurities
Move to seal the capture of the Dublin-listed carbon trading company (FT)

Colombia oil bonanza follows improved security and privatisation
Exploration lots long denied by the civil war have become available (FT)

Ceres Power to increase CHP production
Aim-listed group also set to start production of its fuel cell stacks (FT)

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