Daily Archives: December 16, 2010

Sheila McNulty

Chevron is pressing on in hope with new projects in the Gulf of Mexico. Its latest announcement, which came Thursday, was for the $4bn development of its Big Foot project in the deep water.

This follows its announcement in October to move forward on the $7.5bn development of two large fields in the Gulf of Mexico. That previous announcement represents the largest  investment in the Gulf of Mexico since the BP oil rig disaster in April and is the strongest signal that companies expect the region’s reserves will continue to be produced in spite of the spill. Read more

Yes, says Fred Lucas of JPMorgan, who notes that BP is trading on an implied reserve multiple that’s 30 per cent below its peers and equal to ExxonMobil’s long run finding and development costs. Read more

[huhne1] Chris Huhne this morning criticised a Telegraph headline – suggesting bills would rise by £500 because of his energy reforms – as “ludicrous” and “absolutely bonkers”. Read more

Wednesday’s weekly EIA oil inventory data is worth coming back to on Thursday.
Not only did the EIA report an exceptionally large and unexpected crude draw, it turns out the draw was the largest of its kind for this time of year since 1989. Read more

Fiona Harvey

The Cancun climate change conference scored “eight out of 10″ as far as Chris Huhne, the UK’s energy and climate change secretary, was concerned. He told MPs on Wednesday afternoon that the conference marked “real progress”, and added that although there was hard work still to be done – he singled out agreeing on a legal form for any future climate deal as the toughest nut to crack – the willingness to move forward shown at Cancun was a good omen for the negotiations to come. Read more

FT Energy Source

- BP sued in $21bn US Gulf spill action – FT
- BP ‘failed to move safety strategy offshore’ – Argus
- BP suffered Azerbaijan leak, says Wikileaks – FT
- Big oil sells assets at record pace as China inflates prices – Bloomberg
- Oil sands report charges lax oversight – NY Times
- Icahn agrees to buy Dynegy for $665m – FT
- China’s push into wind worries US industry – NY Times
- Huhne heralds green energy upheaval – FT
- The biggest energy market shake-up in 25 years – Chris Huhne, The Telegraph
- Chris Huhne admits green bank may be scaled back – The Guardian
- Senate votes to extend ethanol subsidy for 2011 – Reuters
- Japan to impose higher environmental taxes – Argus
- Ghana enters new era with oil field launch – FT/Reuters
- ‘Resource curse’ looms over southern Sudan – FT
- Why Cancun gives us hope – The Guardian
- Origin and CLP acquire Australian power assets – FT Read more