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SSE shares rise but Cairn Energy among fallers
London’s leading shares index fell to its lowest point since December today as fears that Greece will crash out of the eurozone continued to plague world markets.
The FTSE 100 Index was down 32.4 points at 5,405.3 as investors continued to fret that another election in Greece next month will see anti-austerity parties gain power.
Heavily-weighted mining stocks suffered more falls, while banks recovered some of their earlier losses.
The FTSE 100 Index was down 32.4 points at 5,405.3 as investors continued to fret that another election in Greece next month will see anti-austerity parties gain power.
Heavily-weighted mining stocks suffered more falls, while banks recovered some of their earlier losses.
16/05/2012
16/05/2012
Tax break to benefit Ithaca developments
Aberdeen-based oil and gas firm Ithaca Energy yesterday said all of its current and future developments would get a boost from the March Budget.
Chancellor George Osborne expanded the criteria for the small field tax allowance – a tax break for fields smaller than 45million barrels of oil equivalent.
Ithaca said this would benefit its planned Stella area development, approved last month, plus all of its future developments.
Chancellor George Osborne expanded the criteria for the small field tax allowance – a tax break for fields smaller than 45million barrels of oil equivalent.
Ithaca said this would benefit its planned Stella area development, approved last month, plus all of its future developments.
15/05/2012
11/05/2012
Taqa’s pre-tax profits double
Abu Dhabi national energy firm Taqa said yesterday its first-quarter pre-tax profits had nearly doubled to around £237million, from £162million a year ago.
Taqa, which operates in the North Sea through Aberdeenshire-based subsidiary Taqa Bratani, made a gain of nearly £64million by selling some non-core assets in Canada during the latest quarter. It also booked a one-off gain of £15.5million after a revaluation of the Otter field, which it acquired last year, in the UK North Sea. Taqa said its revenue for the latest period came in at £960million, up 5% on a year earlier.
o Oil prices were mixed in choppy trading yesterday as weaker-than-expected Chinese trade data, higher Opec output and a better picture for the US jobs market muddled the demand outlook. In London, ICE Brent crude for June settled down 27 cents at $112.73 a barrel while US crude rose 28 cents to settle at $97.08 a barrel.
Taqa, which operates in the North Sea through Aberdeenshire-based subsidiary Taqa Bratani, made a gain of nearly £64million by selling some non-core assets in Canada during the latest quarter. It also booked a one-off gain of £15.5million after a revaluation of the Otter field, which it acquired last year, in the UK North Sea. Taqa said its revenue for the latest period came in at £960million, up 5% on a year earlier.
o Oil prices were mixed in choppy trading yesterday as weaker-than-expected Chinese trade data, higher Opec output and a better picture for the US jobs market muddled the demand outlook. In London, ICE Brent crude for June settled down 27 cents at $112.73 a barrel while US crude rose 28 cents to settle at $97.08 a barrel.
11/05/2012
Weir Group upbeat over prospects
Scottish engineering firm Weir Group said yesterday it continued to expect a year of good progress, in line with its previous guidance. A drop in orders in its oil and gas division – down 5% on a year ago during the first quarter – would be offset by strong trading in the minerals and power/industrial divisions, it added.
10/05/2012
FTSE 100 Index down for third day running
The ongoing eurozone crisis put more pressure on markets today, with London’s FTSE 100 Index suffering a third straight session of losses.
It was down by 80 points at one stage but recovered late in the session to close 24.5 points lower at 5,530.5.
Despite the rally, the Footsie has lost around 4% of its value in the three sessions since Thursday night and is now well below the 5,572 seen at the start of the year.
It was down by 80 points at one stage but recovered late in the session to close 24.5 points lower at 5,530.5.
Despite the rally, the Footsie has lost around 4% of its value in the three sessions since Thursday night and is now well below the 5,572 seen at the start of the year.
09/05/2012
Petrofac lands Nexen deal
International oil and gas facility service provider Petrofac said yesterday it had won a deal in the North Sea worth nearly £1million.
The firm said its plant asset management (PAM) team would work on Nexen’s Golden Eagle development in the central North Sea and provide the operator with a maintenance regime for the project.
John Morrison, European operations manager at Petrofac’s PAM team, said: “While we already have experience of similar projects thanks to our work on the Quad 204, Clair Ridge and Andrew Area Development projects for BP, this continues our expansion in the provision of maintenance excellence solutions into the North Sea offshore market, and we look forward to building on this further.”
The firm said its plant asset management (PAM) team would work on Nexen’s Golden Eagle development in the central North Sea and provide the operator with a maintenance regime for the project.
John Morrison, European operations manager at Petrofac’s PAM team, said: “While we already have experience of similar projects thanks to our work on the Quad 204, Clair Ridge and Andrew Area Development projects for BP, this continues our expansion in the provision of maintenance excellence solutions into the North Sea offshore market, and we look forward to building on this further.”
09/05/2012
Tullow biggest riser on bad day for Footsie
Fears that Greece will crash out of the euro triggered a global sell-off today that left London’s leading shares index at its lowest close of 2012.
The FTSE 100 Index was down nearly 2%, or 100.5 points at 5,554.6, after the leader of Greece’s left-wing Syriza bloc said he would try to form a coalition based on tearing up the terms of the country’s bailout deal, which would likely cause chaos by seeing the country ejected from the eurozone.
The turmoil wiped £26billion from the value of London’s blue chip shares index, with banks among the biggest losers.
The FTSE 100 Index was down nearly 2%, or 100.5 points at 5,554.6, after the leader of Greece’s left-wing Syriza bloc said he would try to form a coalition based on tearing up the terms of the country’s bailout deal, which would likely cause chaos by seeing the country ejected from the eurozone.
The turmoil wiped £26billion from the value of London’s blue chip shares index, with banks among the biggest losers.
08/05/2012
Kuwaitis end talks on oil and gas takeover
The national oil company of Kuwait has walked away from takeover talks with North Sea-focused oil and gas explorer Ithaca Energy, a report in the Middle East has said.
Kuwait Foreign Petroleum Exploration, the international arm of Kuwait Petroleum Corporation, could not be contacted yesterday and a spokesman for Ithaca was unable to comment.
A Kuwaiti newspaper cited high-level, unnamed sources at KPC saying the door to negotiation was now firmly closed.
Kuwait Foreign Petroleum Exploration, the international arm of Kuwait Petroleum Corporation, could not be contacted yesterday and a spokesman for Ithaca was unable to comment.
A Kuwaiti newspaper cited high-level, unnamed sources at KPC saying the door to negotiation was now firmly closed.
07/05/2012
