It’s been a fortnight of corporate comebacks for former BP executives. First out of the blocks was Tony Hayward, the former chief executive of the UK oil group, with the launch last week of his energy fund, Vallares. Read more
Sylvia Pfeifer reports from “Gas City” or Doha, the capital of the state of Qatar. Located halfway along the Western coast of the Arabian Gulf, Qatar has been enjoying a construction boom fuelled by its hydrocarbon riches, in particular the world’s largest single gas field, the North Field. The field contains more than 900 trillion cubic feet of gas, equivalent to 150bn barrels of oil, or more than 10 per cent of worldwide gas resources. Read more
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. Read more
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. Read more
BP will find out on Thursday whether its proposed alliance and share swap with Russia’s state-oil champion Rosneft broke the UK oil group’s shareholder agreement with its other Russian venture TNK-BP. Read more
Shares in BP hit a 6-month high this morning after a report that Shell considered an opportunistic takeover bid for the UK oil group in the summer during the Gulf of Mexico spill. Read more
BP marked a return to the deep water today – in Africa.
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. Read more
With just over a fortnight to go before climate talks start again in Cancun, a new report warns that the renewables share in final energy consumption will be “very difficult to meet”. Read more
Royal Dutch Shell’s announcement this morning that it is selling its holding in six oil and gas fields in the Gulf of Mexico is by no means a signal that the Anglo-Dutch major is about to reduce its presence in the area. The company is doing what most of its peers have been doing - selling non-core assets and focusing on higher-quality ones.
At the same time, most of the supermajors are also increasing their capital expenditure budgets in an attempt to increase production growth – one of the themes to come out of the third quarter reporting season that just ended which saw Exxon and Shell report sharply higher profits, fuelled by strong crude prices and better refining margins.