Daily Archives: November 12, 2010

Kiran Stacey

British Gas customers brace yourselves. From December 10 you will have to pay an average of £53 extra a year for gas and £29 extra for electricity.

But given this global gas glut that we keep hearing about, the question is why are prices about to rise?

The answer BG gives is that whatever is happening on the global scale, they are paying more now than they were last year for wholesale gas – 25 per cent more in fact. They are also paying more for extra costs like transportation and other overheads.

Sheila McNulty

Apache may have a history of flying under the radar. But its actions over the past six months mean it can no longer do that. Apache’s $11bn buying spree has made it the biggest US independent by production.

The approval on Wednesday of its $2.7bn cash and stock acquisition of Mariner Energy marked the final of a series of closings in a buying spree that began with acquisitions from Devon Energy, as it exited the Gulf of Mexico, and grew with still more picked up when BP sold assets to raise funds amid its Macondo crisis.

Steve Farris, Apache chief executive, said in an interview, that Apache has always been a growth company and will continue to be one. That is a strategy shareholders seem to like; Apache’s share price has risen from $97.95 to $111 in the past year.

Sheila McNulty

While Royal Dutch Shell waits to hear from the US government on whether it will be permitted to drill in Alaska next year, environmentalists are stepping up their campaign for a “no” vote.

The Pew Environment Group is the latest to speak out against drilling in the arctic. It has released the most comprehensive analysis done on the challenges to preventing and containing spills in the area. Highlights include noting that darkness, extreme weather and shifting sea ice could delay efforts to stop an oil blowout in the US Arctic Ocean for six months or more.

FT Energy Source

- Petrobras profits from robust oil price and demand – FT

- Oil within cents of $90 a barrel – The Telegraph

- Repsol buoyed by higher oil prices – FT

- The Chinese diesel situation – Bit Tooth Energy

- Arctic oil spill plans ‘inadequate’, industry warned – The Guardian

- Natural gas could be cheaper way for UK to meet climate targets – WSJ (£)

- Spot gas price could weigh on carbon price – Argus

- US senators propose gas tax hike – NY Times Green blog

- Nigerian rebels hold seven hostages after oilfield attack – Bloomberg

- Western Coal shares rise on record output – FT

- China’s soaring emissions challenge climate split – Reuters

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