Labour will legislate to give the regulator the power to order energy companies to cut their prices by the end of the year if the party gains office at the UK general-election in May, Ed Miliband is promising. The Labour leader has indicated that one of his first acts in government would be to push through a bill requiring Ofgem to conduct a review of energy prices by the autumn, with the power to enforce reductions if they are deemed to be too high.
Energy service giant Wood Group has been awarded a contract by Statoil, on behalf of Gassco, for engineering modifications and upgrades to its Kollsnes gas plant, west of Bergen, Norway. The estimated value of the contract, including options and procurement, is more than £41million.
North Sea explorer Iona Energy has asked its bondholders to extend terms on its debt by about £90million until it can reach first oil on its Orlando field later this year or at the start of 2016. Last year the Toronto and Aberdeen-based raised £185million from lenders. But it has been hit by a double whammy of both falling oil prices and production problems at its main North Sea field in production, Huntington.
Canadian energy firm Husky Energy has started oil production at the Sunrise Energy Project in northern Alberta. Chief executive Asim Ghosh said: "Sunrise is the latest in a series of resilient, low sustaining capital projects to come online from our diverse portfolio.
A North Sea oil and gas company has saved £600,000 by cutting Sky TV services from its offshore sites. Talisman Sinopic Energy UK has axed the subscription satellite TV service on its North Sea locations in an effort to save costs during downturn in the Scottish oil and gas industry.
The UK Government “sailed too close to the wind” before taking measures to keep the lights on, at a cost to taxpayers and the environment, peers have said. An inquiry by the Lords science and technology committee, prompted by concerns over blackouts as the country’s capacity to meet peak demand was squeezed, found it would take an “improbable” sequence of events to put the lights out nationally.
The entire board of Spain’s Banco de Madrid has resigned after its Andorran owner was accused by the US of siphoning money from Venezuela's state oil on behalf of clients. The seven-member board stood down to “defend the interests of employees and clients” and “eliminate any doubt about the stability” of the bank.
GDF Suez Exploration and Production UK and co-venturers today announced a new discovery in the UK central North Sea. The 22/16-6 well on the Dalziel structure flowed at rates in excess of 8,000 barrels of oil equivalent per day.
The UK is to use its "world-leading" climate and adaptation expertise to help countries successfully tackle climate change, Energy Secretary Ed Davey said today. Launching the initiative at a round-table meeting of leading environmental organisations and UK Government officials in London, he said: "The UK is a global leader in tackling climate change and the major threat it poses to our prosperity and security.
British Foreign Secretary Philip Hammond raised concerns in India today over a £1billion tax bill charged to oil explorer Cairn Energy. Mr Hammond said Finance Minister Arun Jaitley had explained the Cairn case was started by the previous government and that he was powerless to stop it, but repeated his promise of no fresh retrospective tax litigation.
Celtic Renewables, said to be the world’s first company to produce biofuel capable of powering cars from residues of the whisky industry, has received £500,000 in a new round of investment. The latest cash injection takes the Edinburgh company's valuation to £10million.
French oil major Total is reportedly selling its stake in the North Sea Laggan-Tormore oil and gas field as it seeks to shed assets after a steep fall in oil prices. According to banking sources, Total hopes to get up to £1billion for its 80% operating stake in the field, located about 78 miles north-west of Shetland.
Europe’s biggest oil companies are gaining support from an unlikely source as they confront the industry’s worst slump since the financial crisis: lower oil prices. Although better known for their oil fields, refineries, and petrol stations, BP, Royal Dutch Shell and Total are also the world’s biggest oil traders.
Subsea 7 boss Jean Cahuzac had his pay cut by more than half during the year the oil service giant booked hefty losses. The French national saw his pay, including base salary, bonus and benefits-in-kind, fall to just £798,000 from £1.7million in 2013.
An explosion has killed three people and injured one at an oil and gas field in west Texas, well owner Parsley Energy said yesterday. America's Occupational Safety and Health Administration said it was investigating the disaster about 50 miles south of Midland.
A shale company has decided it will not appeal against decisions to refuse planning permission to explore for oil and gas at two sites. Celtique Energie had applied to drill a temporary well to test for oil and gas in the South Downs National Park, near the village of Fernhurst, West Sussex, but the application was turned down in September last year.
Greenpeace has appealed to Britain's transparency watchdog, the Information Commissioner, over the UK Government’s "repeated refusal" to publish the full version of a heavily redacted report on the impacts of fracking. The environmental campaigners want ministers to release the report in full before a crucial vote by Lancashire authorities on whether to allow shale firm Cuadrilla to frack in the area.
After taking a battering from the crash in crude prices, Europe’s oil and gas producers are gaining some relief from the relentless slide in the euro. France’s Total, Italy’s En and Repsol of Spain will benefit most from earning revenue from oil and gas sales in US dollars, the industry’s dominant currency, while paying a large chunk of salaries, rent and other costs in euros, according to data compiled by Bloomberg Intelligence.
Onshore US oil and gas exploration and production company Northcote outlined its hopes for Mexico as it announced the appointment of a full time executive vice president for operations in the country. Mexico has recently reopened its vast energy sector to international companies.
The pilots of a solar-powered aircraft on an historic round-the-world journey say they want the people of India to support their campaign for clean energy to save the global environment. Bertrand Piccard and Andre Borschberg spoke to reporters in the western Indian city of Ahmadabad a day after Mr Piccard flew the single-seat plane there from Muscat, Oman.
Subsea 7 has refused to say if more jobs will go across its global operations after it revealed 1,000 were shed in 2014. The energy service giant is also reducing its fleet capability by 10 vessels over a two-year period as it continues to look for ways to slash costs in the wake of the big drop in oil prices.
Australian oil and gas, upstream exploration company Global Petroleum today reports a widening of first half pre-tax losses to £1.54million. The latest trading deficit comes after losses of just over £1million a year earlier.
The largest new gas field to be discovered in the southern North Sea for 25 years is expected to lead to an economic boost across the east of England and a“massive benefit for UK industry". Gas will start flowing into Bacton later this year from the Cygnus field, one of the biggest projects in the southern North Sea for years.
Dutch communities rattled by earthquakes are upending Europe’s energy market. Towns in the northern province of Groningen sit atop the continent’s biggest gas field, where the Dutch government says exploration by oil and gas majors Royal Dutch Shell and ExxonMobil has triggered 196 earthquakes since 2013, damaging buildings and making home sales difficult.
US "fast track" power firm APR Energy has commissioned a 20 megawatt (MW) expansion of its generation plant in Myanmar. The Jacksonville, Florida-based company said the investment would provide the Myanmar Electric Power Enterprise with a guaranteed minimum of 102MW of power generation.