Daily Archives: October 14, 2010

Kiran Stacey

The oil industry is not the sexiest place to be right now. The combined effect of the BP oil spill, competition from the highly-paid financial services sector and the emphasis from governments around the world on creating green jobs has left some in the industry worrying about how they can continue to attract top talent. Read more

Sylvia Pfeifer

Is Rosneft about to buy its first foreign refining assets? That is the speculation doing the rounds today as Venezuelan president Hugo Chavez arrived in Moscow on a state visit. Talks with Russia’s leaders will focus on plans for cooperation between the two countries, including in the energy sector. Read more

Kiran Stacey

It looks like Opec will keep production levels unchanged, as predicted by the FT a month ago. Read more

Sheila McNulty

Oil company stocks may have risen on the news that the Obama Administration was lifting the moratorium on deepwater drilling in the Gulf of Mexico, but analysts are not rushing to change their outlooks for these companies. The bottom line is that the decision does not mean it is business as usual for anyone operating in the Gulf of Mexico.

The administration has imposed new regulations, including those requiring outside auditors to certify blowout preventers are in working order. The companies must file a more comprehensive cleanup plan than in the past, with enforceable obligations that ensure that containment resources are available. And chief executives must certify that they have complied with all the new regulations.  Beyond that, the authorities plan to inspect rigs to ensure compliance before permitting them to get back to work.

The reality is that this will take time. The regulators were underfunded and undermanned before the disaster, and it is unlikely the extra funding granted last month to heighten oversight of offshore drilling – $25m – is going to drastically change things.  Read more

FT Energy Source

- EDF offers to buy out Constellation – FT
- Opec ministers to keep production target unchanged – Argus
- North Sea oil companies angry at new EU rules – The Telegraph
- Treasury locked in battle over green investment bank – The Guardian
- Occidental set to replace chief – F
- Solar spat flares over subsidies for solar-panel installations – WSJ
- Oil drilling and the Senate clinch hold – NY Times Green blog
- Wall Street lobbyists besiege CFTC over derivatives trading – Bloomberg
- EPA raises limit for ethanol blend in petrol – FT
- EPA decision angers… just about everyone – Fuel Fix
- Potash and BHP woo Saskatchewan – FT
- Rockhopper shares tumble on Falklands doubts – The Telegraph Read more