The board of Tony Hayward’s new energy fund, Vallares, which will see the former head of BP return to British corporate life, is taking shape. George Rose, the former finance director at BAE Systems, the defence contractor, is in talks to take up the position of chair of the audit committee.
If he agrees, it would be a good catch for Hayward. Rose, who stepped down from the board of BAE in March this year, was well-respected during his time at the defence company. He is currently also a non-executive director at National Grid, a position he has held since 2002, and where he chairs the audit committee, and was until recently a candidate for its chairmanship.
Photo by Felix Clay / Greenpeace
It’s not often that you meet a life size polar bear on your way into work but that is what greeted staff at Cairn Energy in Edinburgh this morning. The Scottish oil and explorer is being targeted by Greenpeace as part of an ongoing campaign to stop the company from exploring in the waters of the Arctic off Greenland.
Several activists – along with the bear – blockaded the entrance to Cairn’s office. Earlier in the day, Geenpeace along with other environment organisations WWF and Friends of the Earth wrote to Sir Bill Gammell, Cairn’s CEO, demanding he publishes the company’s emergency response plan to any incident or accident in the Arctic. Activists from the group scaled one of the rigs Cairn was using last year in Greenland and managed to stop work there for a bit.
I’m sad to say that after eight months of running Energy Source, I’m moving onto pastures new, to take up a position in Westminster as political correspondent. You can continue to read my posts (some may even be energy-related) in the FT and on the Westminster blog.
From Tuesday, May 31, Energy Source will be run by the FT’s energy team, led by Sylvia Pfeifer (there will be no headlines or post on Monday 30th because of public holidays in the US and UK). Please keep emailing firstname.lastname@example.org with your great ideas and comments.
Many thanks to all our readers, especially anyone who has contributed in any way to our coverage and comments.
As questions about hydraulic fracturing – fracking as it is known in the industry – continue to build, the oil and gas industry is finding investors asking for more transparency as to how companies are going to face the growing risks to production.
France has banned fracking, and US federal regulators are investigating the safety of the process.
But the real risk to the industry at this point is how some US states and cities have taken the issue into their own hands: Pittsburgh has banned such drilling, and the New York State Assembly approved a temporary moratorium. There are other efforts under way in pockets across the US to further control or bar the process.