Daily Archives: February 11, 2011

Kiran Stacey

Apologies to our loyal Energy Source readers, but we’ve had to delay the Q&A session with Josh Fox. We will post an update on Monday, soon after which (fingers crossed) we will publish the entire session.

Apologies again.

Sheila McNulty

When Michael Bromwich, head of permitting for the Gulf of Mexico (pictured), comes to Texas oil country on Friday, the message the industry hopes to deliver is that deepwater drilling will continue – with or without the US.

Last year Chevron, a lead investor in the Gulf, said it acquired acreage in nine major deepwater areas. This year it will drill in deepwater off China, Australia, West Africa, the UK, Brazil, and, if permitted, the Gulf. Bobby Ryan, Chevron’s vice president for Global Exploration, explains:

Deepwater is a major component of our exploration program. The only place we are not drilling is the Gulf of Mexico.

Sheila McNulty

The Ensco deal to buy Pride International looks like it is going to get a bit messy. A class-action lawsuit has been filed on behalf of shareholders in Pride International to stop what it alleges is an unfairly priced merger with Ensco, the UK-based drilling services company.

The lawsuit also alleges Pride’s directors breached their fiduciary duty to shareholders by agreeing to a low share price and a restrictive merger contract that would preclude considering other offers. From the filing:

Even if the Pride Board receives an intervening bid that appears to be superior to Ensco’s offer, they are precluded from even entering into an alternate agreement. This provision prevents the Pride board from exercising their fiduciary duties and precludes an investigation into competing proposals.

FT Energy Source

- WTI-Brent price divergence hits record $16 – FT

- Divergence puts oil traders on different track – FT

- Weak demand and rising costs hit Gazprom – FT

- Race for cash to store carbon under the North Sea – The Telegraph

- Cairn takes tough line on oilfields sale – FT

- Republicans seek to slash DOE, EPA spending – Argus

- Chinese hackers hit energy groups – FT

- China vice premier urges reforms to tackle energy worries – Bloomberg

- Hopes of 30% cut in greenhouse emissions dashed – The Guardian

- Kinder Morgan IPO set to raise $2.9bn – FT

- Icahn gets green light to acquire Dynegy – WSJ (£)

- Suitors approach Eon over UK network – FT

- Compensation skews profitability of India’s IOC – Argus

- Energees Investments set to acquire Regal – FT

- Yet another route to cellulosic ethanol – NY Times Green blog

- Court extends injunction on BP Rosneft deal – FT

- Lawsuit filed to stop Pride merger with Ensco – FT

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