Daily Archives: September 22, 2010

Kiran Stacey

The journalist Andy Rowell wrote a blog last night asking “BP will survive, but what about the others?” He was specifically talking about the rest of the oil industry in north America, but the immediate fallout could yet cause further damage to the other two companies directly involved in the gulf oil spill: Halliburton and Transocean.

Transocean received a reminder that the pain has not yet eneded last month when Moody’s downgraded its credit rating from Baa2 to Baa3. Last night Kenneth Austin from Moody’s explained the ratings agency’s thinking.

“Regardless of the responsibility that Transocean will bear for the Macondo blowout, we do not believe that its risk profile reflects a Baa2 ratings.”

Kiran Stacey

At least that was the message from a new report published today by Oil & Gas UK and written by Pöyry Energy Consulting.

The report’s authors reckon the government’s commitment to renewables is coming at the detriment to affordability, security and decarbonisation. They say the target of providing 15 per cent of energy from renewables by 2020 should be pushed back and gas should be used to help bring down carbon levels in the meantime.

This may not be an easy argument for the industry to win. The Russian-Ukrainian row of 2009 has left a lasting impression to those in western Europe that gas is simply not a secure way of providing our energy needs.

FT Energy Source

- Huhne warns energy industry on price rises – FT

- Chris Huhne urges Lib Dems to back new nuclear power – The Guardian

- Senate renewable energy supporters to seek vote after election – Argus

- A bipartisan bill on green energy – NY Times Green blog

- Sinochem looks to spoil BHP’s Potash bid – FT

- Oil giants attracted by Wellstream’s flexible approach – The Times (£)

- Russia and China co-operate on gas – Bloomberg

- No legally-binding bill from Cancun, says US – Reuters

- Professor doubts US figures on deepwater drilling ban job losses – Fuel Fix

- BP will survive, but what about the others? – Oil Change

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