Monthly Archives: August 2010

Masa Serdarevic

Nothing like the words “Arctic” and “oil drilling” to get the environmental campaigners excited.

Add banks to the mix, and you have the perfect mix for a modern day witch-hunt.

The latest targets are Cairn Energy and the Royal Bank of Scotland. In a joint press release, PLATFORM, Friends of the Earth Scotland and the World Development Movement on Tuesday said they “condemn [the] link between public money and Cairn’s Arctic drilling – RBS provided loan to oil company one month before it acquired rig for arctic drilling.” Read more

Sheila McNulty

Testimony this week in the US Coast Guard and Bureau for Ocean Energy Management investigation has often been tedious and repetitive. Lawyers, representing more than a dozen clients, are asking the same questions, leading to those overseeing the proceedings to jump in repeatedly, trying to speed things up. But these are top lawyers, used to getting their way, and so the investigators relent, and the testimony drones on. That said, some nuggets have cropped up. So for those who can withstand the testimony, making it through the day with frequent trips to the back of the room for the hot coffee on offer, the hearing is worth attending. Read more

Masa Serdarevic

Elsewhere this Wednesday:
- The Gates path to an energy revolution
- Oil: Save it for the combine
- Will robots clean up oil spills in the future?
- Peter Tertzakian: As US economy sputters, China’s importance to oil producers grows
- Insurers paying high price for disasters Read more

Masa Serdarevic

- Cairn Energy switches focus to Greenland – FT
- Xstrata buys into Saharan iron ore – FT
- Natural gas futures premium is at narrowest in seven years – Bloomberg
- BHP faces hurdle of shareholder vote – FT
- Drillers may face months of waiting even after deep-water ban lifted – Bloomberg
- Study sees dissipating oil spill – WSJ
- India rejects Vedanta bauxite plans for Orissa – FT
- Toyota plans 5m cumulative hybrid sales by 2015 – Reuters
- John Wood upbeat in spite of profit fall – FT
- Biden says US on track to double renewable energy capacity – Reuters Read more

Masa Serdarevic

Elsewhere this Tuesday:
- The illusion of individual risk
- Can Africa break its ‘resource curse’?
- Rethinking how to cool the Indian Point nuclear plant
- Gulf oil spill investigators focus on who knew what and when
- Pemex and Statoil to talk Gulf Read more

Masa Serdarevic

- Potash in talks to block BHP hostile bid – FT
- Xstrata launches $381m deal for Sphere – Reuters
- Feinberg criticised for spill-compensation terms – WSJ
- Petrofac plans African and Asian expansion – FT
- Indian state-run companies said to consider Cairn counter bid – Bloomberg
- Korea pension fund eyes US pipeline stake – FT
- Japan’s gasoil exports to reach record as production increases – Bloomberg
- India rejects Vedanta mining plan – Reuters Read more

FT Energy Source

Here’s the latest from the FT’s Lex on the decision by KNOC to launch a hostile bid for Dana Petroleum:

Korea National Oil Corporation must want North Sea oil badly. Why else go hostile in its £18-a-share approach for Dana Petroleum, which values the UK-listed exploration and production group at nearly £1.9bn? The astonishing agression from the Asian state entity, which has seen similar deals slip away before because it was too timid in its approaches, has raised the stakes all around.

To continue reading, please go to the website. Read more

Small wonder there’s a mini mergers and acquisitions boom at the moment – just at look at the cost of borrowing for big, stable companies like BHP Billiton. Citigroup reckons the $45bn credit facility put in place by the miner to finance its hostile offer for PotashCorp is likely to be just 3-4 per cent. Obviously, this figure needs to be put in the context of sub-3 per cent 10-year US government bond yields and the Fed’s near zero interest rate.  Read more

Masa Serdarevic

Elsewhere this Monday:
- Can we solve two problems at once – unemployment and preparing for power down?
- Analysts warn of threat to oil price stability
- Peak oil alarm revealed by secret official talks
- What did we learn from the Gulf oil spill? Read more

Masa Serdarevic

- BHP in Canadian charm offensive – FT
- Outrage at UN decision to exonerate Shell for pollution in Niger delta – Guardian
- Petrofac first-half revenue jumps 34 per cent on new orders – Bloomberg
- South Korea’s pension service in talks to invest in US oil pipeline – Bloomberg
- Dana aims to convince KNOC to raise offer – FT
- Nuclear plant’s use of river water prompts $1.1bn debate with state – NYT
- Hedge funds cut bullish gasoline bets by most since 2006 – Bloomberg Read more