Daily Archives: May 4, 2011

Kiran Stacey

North Sea oil rigOil and gas operators in the North Sea have ramped up their lobbying efforts to persuade the government to reverse, or at least dilute, its tax hike on those companies to pay for the cut in fuel duty.

Early on Wednesday Oil & Gas UK, the industry’s lobby group, produced figures showing confidence among producers in the area had slumped.

On a scale from 1 to 100, with 50 being neutral, overall confidence dropped 12 points to 51. For E&P companies, the fall was particularly pronounced, with a 25 points drop to 46, the lowest ever for the sector. Confidence among major producers, meanwhile, was 21 points lower at 39.

The giant Dalrymple coal loading terminal lies idle near Mackay on January 7, 2011 as bulk carriers (top) wait to be loaded with coking coal.India’s hunger for coal is just as insatiable as China’s, and in the race with the Middle Kingdom for foreign acquisitions, it would appear that India is outpacing China.

One acquisitive Indian company to watch is India’s Adani Enterprises, the country’s largest coal importer, which made a $2bn acquisition of Australia’s Abbot Point coal terminal this week. The deal, Adani’s second in Australia, underlines its ambitions to play a role in country’s coal sector. 

Adani enterprises became one of the first developers of private ports in India when the government first allowed the entry of private businesses in the late eighties. The firm, the largest coal importer in India, earned $5.8bn in revenues last year.

By Patricia de Leon of mergermarket

Thai companies are keeping up the pace with their overseas deals, boosted by a maturing domestic economy and and a stronger baht.

In the latest  deal announced this week, Ratchaburi Electricity, one of the country’s largest power generators, is paying Bhat6.7bn ($223m)  for 56 per cent in Australia’s Transfield Services Infrastructure Fund – a power and water company.

This will not be Ratchaburi’s last foray overseas, says Jirasee Kasuwan, energy sector banker at The Quant Group, a Bangkok-based independent investment bank. The company has “a very huge ambition to expand internationally,” he says, which began with  investing in a greenfield power plant in Laos a couple of years ago.

FT Energy Source

- BP to pay $25m for 2006 spill in Alaska – FT

- Energy prices boost Statoil – WSJ

- Discord over European nuclear plant tests – FT

Turmoil, disasters cloud atomic energy pact – WSJ

- Sharp rise in European anxiety on nuclear safety – FT

- German nuclear shift hits Eon – WSJ

- Five arrested at Sellafield nuclear site – FT

- Sellafield terror arrests prompt London police raids – The Guardian

- Takeover panel blocks reduced Chinese offer for Kalahari – FT

- Adani buys Australian coal port for $1.98bn – FT

- UK will ‘utterly destroy’ North Sea industry – The Telegraph

- Treasury should rethink North Sea oil tax hike – FT Lex

- Madagascar oil initiates arbitration – FT

- Hoof power returns on small farms – NY Times

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