Oil price rises due to middle east conflict, UK energy secretary says UK needs to become more energy independent. UK Energy Secretary Chris Huhne has called for the UK to speed up a move away from foreign oil vulnerable to factors such as civil unrest. The recent turmoil throughout the Middle East has sent the price of oil up dramatically, … Read More
Centrica in £2billion Qatar gas deal
Parent company of British Gas has landed a £2billion liquefied natural gas deal with Qatargas. Centrica have signed a new 3 year deal with Qatargas for the supply of 2.4 million tonnes per annum of liquefied natural gas (LNG), equivalent to 10% of annual UK domestic demand. Centrica have displayed some strategic ability as the deal has been struck at … Read More
BP looking at North Sea asset sale
British Petroleum are thought to be looking at the sale of North Sea assets worth £633 million ($1 billion). The sale is thought to be being considered to help the company ease the financial burdens caused by the Gulf of Mexico oil spill. The spill, a saga which started in mid April of this year, has cost BP billions of … Read More
EDF’s UK Distribution network taken over
A Hong Kong consortium has announced the takeover of EDF’s UK distribution network for £5.7 billion The completion of the purchase was announced on 30 October. The Hong Kong consortium is comprised of Cheung Kong Infrastructure Holdings (CKI) and Hongkong Electric Holdings, and is fronted by Hong Kong’s richest man, Li Ka-shing. Both CKI and HK Electric hold a 40% … Read More
Oil found off coast of Greenland
Scottish firm Cairn energy have found new oil just off the coast of Greenland Edinburgh based energy company Cairn Energy have struck oil for the first time just off the coast of Greenland. Early analysis indicates two types of oil have been found, with natural gas also present in the Baffin Bay basin. Further analysis is needed to determine the … Read More
Iberdrola in £3 billion Scotland investment
Spanish energy giant Iberdrola are planning to invest £3 billion in the Scottish economy. Iberdrola, owner of British energy firm Scottish Power, have announced plans to invest £4 billion in the UK over the next two years, with around two thirds of the total going to Scotland. First minister Alex Salmond has hailed the investment package as “immensely important”. The … Read More
Gulf Oil spill has cost BP 3.8 billion pounds
BP says they have spent nearly four billion pounds since April, when the Deepwater Horizon rig exploded in Mexico. The staggering sums have accumulated in scarcely three months since the disaster. BP attribute the majority of the sum to their initial spill response, namely the 31,000 people deployed in the numerous containment attempts. The gushing oil well was finally stopped … Read More
The effects of the BP oil spill
BP hit hard in the aftermath of the disaster in the Gulf of Mexico It’s almost two months since the widely reported disastrous oil spill in the Gulf of Mexico, where the Deepwater Horizon BP oil rig exploded and was sunk on April 20, killing 11 workers and leaving a hole in the ocean floor spewing around 5000 barrels of … Read More
New pipeline deal means less dependence on Russia
Less dependence on Russia for the EU as Turkey and four other EU countries sign a new pipeline deal. The Nabucco project, formally agreed by Turkey and four other EU nations, is intended to reduce the EU’s reliance on Russian gas by allowing a new pipeline to be built through their countries. The prime ministers of Turkey, Austria, Bulgaria, Romania … Read More
Oil demand to rise in 2010, says IEA
The IEA has claimed the demand for oil will increase by 1.7 percent next year as the world recovers from the recession. Oil price has most recently dropped below $60 per barrel, amidst concerns about the state of the global economy. The IEA (International Energy Agency) has predicted demand to fall by 2.9% in 2009.