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Botswana was once a darling of investors on the African continent. Long loved for its placidity and its diamonds, the world’s largest producer of the gem is now on the map of resource-hungry Brics for another resource: coal.
India’s JSW Energy on Wednesday agreed to acquire Canadian mining company CIC Energy for US$414m (C$422 mn), adding Botswana – where CIC is developing a major coal field, as its second African coal asset. The 43 per cent premium JSW is prepared to pay, according to Wednesday’s proposed offer of C$7.42 per share, reveals how the growing appetite of Indian energy consumption is reaching far corners of the world.
Seven months after its accident in the deep waters of the Gulf of Mexico, the UK oil group announced it has made a significant discovery in the deepwater West Nile Delta area in Egypt.
The Hodoa discovery – Hodoa means ‘horseshoe’ – is located in the West Mediterranean Deepwater, some 80km northwest of Alexandria. The WMDW-7 well was drilled to a depth of 6350m and is the first Oligocene Deep Water discovery in the West Nile Delta area.
There have already been some noises off between the UK government and the green energy industry over the green investment bank, the government’s proposed investment vehicle for funding clean energy projects. Apart from anything, many in the sector simply don’t think the £1bn promised by Chris Huhne, the energy secretary, is enough.
But another faultline opened up today at a briefing attended by both Sam Laidlaw, the chief executive of Centrica (pictured), and Huhne himself. Specifically, the pair seemed to be at odds over whether the green investment bank could be used to fund energy efficiency initiatives.
When Chris Huhne, the UK energy secretary, announced last month that he was cancelling public funding for the Severn barrage – the massive tidal power project which was due to provide around 5 per cent of the UK’s electricity needs – it initially looked like the project was dead in the water.
But the government had left itself some wriggle room. As Sylvia Pfeifer reported at the time (italics mine):
Mr Huhne also confirmed there would be no state funding for the Severn tidal power project, saying the government did not see “a strategic case at this time for public funding”.
Our US energy editor Ed Crooks last night won the UK Foreign Press Association’s print and web news story of the year for his inside story on BP’s response to the Gulf spill.
You can read the story, which judges called a “rigorous and balanced” piece on “one of the biggest stories of the year”, here.
- Hess extends Bakken footprint with $1bn deal – Rigzone
- XTO cited for Pennsylvania spill – Upstream Online
- China group’s Cuba oil deal – FT
- Record seen for Chinese coal imports – NY Times Green blog
- Salazar outlines plans to boost offshore wind – WSJ (£)