Monthly Archives: August 2010

Sheila McNulty

While Iraq is still a difficult place to find work, companies continue to get business.

On Tuesday, Halliburton announced it had been awarded a contract by Eni to provide a range of integrated energy services to help redevelop the Zubair field in southern Iraq.

Sylvia Pfeifer

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.

Masa Serdarevic

Elsewhere this Tuesday:

- And you thought radiation was a problem just for nuclear plants?

- Risk-taking rises as oil rigs in Gulf drill deeper

- Ed Markey: Dangerous climate picture impossible to ignore

- How should progressives respond to the end of the Oil Age?

Masa Serdarevic

- Offers made for stakes in GMR’s US unit – FT

- Lenders back off environmental risks – NYT

- US proposes grading cars on emissions and efficiency – Reuters

- Climate panel faces heat – WSJ

- Nansei Sekiyu to shut Okinawa crude distillation unit because of typhoon- Bloomberg

Sheila McNulty

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.  

Masa Serdarevic

Elsewhere this Friday:

- Why our agricultural empire will fall

- China’s clean energy plan hinges on coal price

- Behind scenes of Gulf oil spill, acrimony and stress

- Preventing the next oil spill: Do consumers hold the key?

- Fifty years of OPEC: its achievements, failures and lapses

Masa Serdarevic

- Documents hint at BP planning failures – FT

- BP executives say they didn’t know who had command of rig before blast – Bloomberg

- Dana delays takeover defence – FT

- BHP chief not anxious over Potash bid – WSJ

- PetroChina vows global expansion as price controls curb profit – Bloomberg

Premier plans to double production – FT

Masa Serdarevic

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.

Masa Serdarevic

Elsewhere this Thursday:

- From climate science to climate activism – the sequel

- As sales fall, is the hybrid car fad over?

- Electricity crisis hits Venezuelan oil exports

- Cuba looks to cooperate on offshore safety

- The key players of the Deepwater Horizon

Masa Serdarevic

- BHP results underline financial strength – FT

- Big sporting events power up Aggreko – FT

- US spill panel question drilling policy – Reuters

- Diversification linchpin of BHP’s Potash plan – FT

- Missing piece in oil rig inquiry: Who was in charge? – NYT

- Dubai November oil prices at 20 cent discount to Oman’s – Bloomberg

- Tullow deal with Heritage meets fresh snag – FT

- India’s nuclear liability plans under fire - FT

- Report faults utility and contractor in fatal fire – WSJ

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