The China-based Asian Infrastructure Investment Bank (AIIB) and the International Renewable Energy Agency (IRENA) have signed a memorandum of understanding committing to work together to support Asia’s energy transition and mobilise greater private capital for renewable energy. Significantly, the AIIB has been viewed in some quarters as a potential rival to the World Bank and IMF.
The owner of UK North Sea oil firm Ithaca Energy has been granted a temporary injunction against a lender who demanded the immediate repayment of a £46 million loan.
Aberdeen status as Europe's energy capital is not in doubt following Brexit, according to Conservative MEP Ian Duncan.
Petroceltic could be bought over by Worldview Capital, after recently putting itself up for sale. The move comes after Worldview released a statement in which it said it was in the process of "evaluating and preparing for a possible all cash offer" for the shares in Petroceltic.
Seismic company CGG said it plans to launch a $379million capital increase in a bid to finance its transformation plan following the decline in oil price. The French firm plans to make the move, which would help support an on-going reorganisation process.
Ophir Energy said it will continue to reduce its capital expenditure and cost base into the next year as it looks to strengthen its balance sheet. The company, which said it was edging closer to agreement on the Fortuna project off Equatorial Guinea, expects its capital expenditure for 2015 to be around $250million.
Lundin Petroleum has cut its expenditure for 2015 by 31% and said it would be focusing its sending on development projects. The company has set its development, appraisal and exploration budget would at $1.45billion. Development projects have been budgeted at $980million which represents a 30% decrease on forecast 2014 expenditure.
Tullow Oil said it will focus the majority of its exploration and appraisal expenditure in its East and West African assets. The company released an interim management statement which said it was looking to re-allocate capital as a result of recent oil prices and reduced commercial success from offshore drilling. The TEN development project, Jubilee production and the non-operated West Africa portfolio is expected to generate “significant value”, attracting the greatest share capital in 2015.