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Oil & Gas

Cuadrilla’s UK fracking scheme gets planners’ go-ahead

15/06/2015

roposals for fracking for shale gas at a site in Lancashire should be approved, planning officers have recommended. Lancashire County Council has published reports with recommendations on planning applications from shale company Cuadrilla to develop two new sites between Preston and Blackpool to explore for shale gas by drilling, fracking and testing the flow of gas. The report recommended that the application for a site at Preston New Road near Little Plumpton be passed, subject to a lengthy number of conditions being met, said the council. But planning officials recommended an application for a similar site at Roseacre Wood should be turned down because of an increase in traffic. The council’s development control committee is due to make decisions on the planning applications next week. Cuadrilla submitted revised plans after planning officers recommended refusal for both sites in January for different reasons.

Oil & Gas

Big Oil saves Putin’s top investor show, again

15/06/2015

Some of the world's most powerful oil executives will attend Russia's top investment show this week, once again helping the organisers shrug off a meagre turnout from other leading Western industrialists and bankers.

Africa

Amplats offers to help investors set up fuel-cell manufacturing in South Africa

15/06/2015

Anglo American Platinum Ltd. is offering to help investors set up South African production of hydrogen fuel cell-based products, which use the precious metal as a catalyst to generate electricity, as a way to encourage demand. Amplats, as the Johannesburg-based unit of Anglo American Plc is known, is among producers that see fuel cells consuming as many as 600,000 ounces of platinum a year by 2025. Fuel cells can be used to bring power to areas where supply is constrained. Platinum prices are down more than 40 percent since August 2011.

Oil & Gas

Helicopter crash survivors sue CHC for millions

15/06/2015

Survivors of the 2013 Super Puma crash which killed four oil workers have launched a damages claim worth more than £5million. Nine passengers who were on the aircraft when it went down off the coast of Shetland are taking legal action against CHC Helicopter claiming their lives have been "destroyed" by the accident. Four of their colleagues were killed when the AS332 L2 - operated on behalf of offshore giant Total - plunged into the North Sea about two miles west of Sumburgh Airport. Lawyers for the group of survivors said their claim was being raised for the physical, emotional and financial losses suffered by the workers. CHC Helicopter said last night it "deeply regretted" the loss of life and that it had paid out more than £500,000 in interim insurance payment to those affected by the crash. A spokeswoman added: "Throughout the period of investigation, there has been much work undertaken to provide financial assistance to the families impacted by the accident." The survivors seeking damages claim they suffered a range of injuries, from a fractured spine to the effects of swallowing aviation fuel which leaked from aircraft. One said he suffers flashbacks to the tragedy and had been diagnosed with post-traumatic stress disorder. Lisa Gregory, partner at legal firm Digby Brown in Aberdeen, who is representing the group, said: "It has been the most horrific experience and we can't imagine how it is going to affect them for the rest of their lives.

Oil & Gas

Billionaire Anil Agarwal’s Vedanta to absorb Cairn India

15/06/2015

Billionaire Anil Agarwal’s Vedanta Ltd. will absorb unit Cairn India Ltd., combining India’s biggest miner of aluminum and copper with its largest onshore oil producer. The all-stock deal will offer each Cairn India shareholder one ordinary share, and a 7.5 percent-redeemable preference share of Vedanta Ltd. with a face value of 10 rupees, according to statements from both the companies on Sunday. Post-merger, London-listed parent Vedanta Resources Plc’s holding in Mumbai- listed Vedanta Ltd. will drop to 50.1 percent from 62.9 percent.

Middle East

Iran will seek to guard secrets in nuclear talks, Rouhani says

15/06/2015

Iran will resist efforts to compromise its nuclear and military secrets as part of talks on the nation’s atomic activities, President Hassan Rouhani said. A nuclear accord “is within reach” provided the six countries with which Iran is negotiating make no “excessive demands,” the moderate cleric said Saturday at a press conference in Tehran. The extent to which inspectors from the International Atomic Energy Agency will be free to roam inside Iran is a sticking point for the talks.

Americas

Slumped oil price forces Colombia to redraw its deficit

15/06/2015

Colombia’s fiscal deficit will widen next year to the most since 2010 amid lower crude prices, according to the government’s latest financial plan. The government is targeting a 2016 budget deficit of 3.6 percent of gross domestic product, from 3 percent this year, and 2.4 percent in 2014, according to the nation’s updated Medium Term Financial Plan, published Friday in Bogota.

Americas

Hunt joins creditors’ $19billion Oncor bid

14/06/2015

Hunt Consolidated Inc. is teaming up with a group of creditors of bankrupt Energy Future Holdings Corp. to offer almost $19billion for its profitable power-line unit, a person involved in the bid said. The proposal may threaten efforts by NextEra Energy Inc. to buy the unit, Oncor Electric Delivery Co., because it requires the auction for that asset to be canceled, according to the person. NextEra was said to be leading the competition to be named the lead bidder, or stalking horse, for the auction.

Oil & Gas

North Sea firm Trap Oil running out of time

13/06/2015

North Sea company Trap Oil said yesterday it could be force to sell assets to guarantee its survival beyond July. The eight-year-old company warned in April that it may go bust and urgently needed a “viable funding solution”. Yesterday, it said: “The company's directors, in conjunction with the company's advisers, are continuing to urgently assess a number of potential funding sources, including the potential disposal of certain of the group's licence interests.”

Oil & Gas

Diversified Scottish group to spin off its oilfield services division

13/06/2015

J Denholm said yesterday it was to spin off its oilfield services division to focus on its other “traditional” activities, such as seafood processing, shipping and logistics. John Denholm, the family-owned company’s chairman, said the oilfield services division’s “hunger for capital” was holding other parts of the group back. A demerger would allow it to seek the capital it needs from other sources, he said, announcing plans for its listing on the Alternative Investment Market.

Oil & Gas

Indian red tape could mean firm pulls out

12/06/2015

India-focused Hardy Oil and Gas said yesterday it may have to change tack and turn its attention to other areas. Aberdeen-based Hardy is led by former KCA Deutag director Ian MacKenzie as chief executive. Alasdair Locke, the former executive chairman of Abbot Group, now KCA Deutag, is its chairman. The company’s portfolio includes exploration, appraisal and development assets.

Oil & Gas

Iran seeks $100 billion for gas as world fixates on nation’s Oil

12/06/2015

Iran needs $100 billion to rebuild its gas industry and has met with European energy giants as an end to decades of international sanctions looms, according to the state-run company in charge of discussions. “We welcome and appreciate investment by companies; we welcome new technology,” Azizollah Ramazani, international affairs director at National Iranian Gas Co., said in an interview in Paris. “During the last 18 months we have had many discussions with foreign companies.” While commodity markets fixate on a return of Iranian oil, the importance of gas in the longer term was underlined Wednesday as BP Plc data showed the Islamic Republic held its position as the nation with the largest proven reserves of the fuel after snatching the crown from Russia in 2011.

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