While Iraq is still a difficult place to find work, companies continue to get business.
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Cairn Energy has been forced to suspend its operations on one of its rigs in the Arctic after four Greenpeace campaigners scaled the rig early on Tuesday morning in a bid to stall oil drilling in the region.
The UK oil and gas explorer has plans to drill four wells in the waters of Baffin Bay Basin, off Greenland’s west coast, but the recent BP oil spill in the Gulf of Mexico has raised fears over the risks of offshore drilling.
Cairn announced last week that its first well had shown evidence of hydrocarbons.
A Greenpeace ship, the Esperanza, has been in a stand-off with the Danish navy off Greenland for the past few days. Many environmentalists argue that Arctic drilling is fraught with risks, from drifting icebergs to hostile weather, but as oil companies scramble to find new reserves around the world to meet demand its reserves have caught they eye of the industry.
The oil industry is taking its lobbying to the streets on September 1, when it will stage rallies in three Texas cities – Houston, Port Arthur and Corpus Christi.
The American Petroleum Institute, a key organiser, says more than 5,000 people - and more likely 7,000 considering RSVPs from oil and gas companies, supporting agricultural and other companies – are expected to show up.
The last time the industry held a rally it did fill the venue as companies urged their staff to attend in hope of drumming up support for the industry.
The oil industry is the lifeblood of Texas. The API, the industry’s national trade organisation, estimates the oil and natural gas industry supports more than 1.7m jobs in Texas and accounts for almost 25 per cent of the state’s economy.
- Dana delays takeover defence – FT
If you’re looking for yet more examples of BP’s slowness to grasp the sheer scale of the Deepwater Horizon disaster look no further than its chairman’s stock dealings following the explosion.
A full seven days after the accident, Carl-Henric Svanberg bought about 175,000 BP shares, according to reports in the Swedish press on Thursday. Presumably to take advantage of their fall – to £6.19 from £6.55 on April 20, the day of the explosion.
He also bought about 750,000 BP shares at £5.75 in February, a month after taking the top job at the company.
The shares have now rebounded from their crisis-lows… to, erm, £3.86.
Fortunately, according to an online biography, Mr Svanberg “was always drawn to a challenge and to doing things that seemed hard”.
So he should be really drawn to the challenge of getting BP’s share price back to pre-explosion levels.
- US spill panel question drilling policy – Reuters
- Dubai November oil prices at 20 cent discount to Oman’s – Bloomberg