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Renewables/Energy Transition

UN environment chief warns against UK renewable approach

Cuts in Government support for renewable energy send a “perverse signal” to other countries about the UK’s attitude on the issue, the head of the UN environment programme has said. As other countries embrace renewable energy Britain looks to be going the other way, Professor Jacqueline McGlade said. Recent moves by the Government to cut support for clean onshore wind and solar power send out the wrong message, she said, ahead of the UN climate change conference which begins in Paris at the end of next month.

Markets

Budget 2015: Politicians call for North Sea tax measures

John Swinney has urged the Chancellor to ditch his “fundamentally flawed“ economic policy and call an end to “deep spending cuts”. The Deputy First Minister also demanded George Osborne use his pre-election Budget to bring in a package of measures to help the North Sea oil and gas industry. Scottish Conservative leader Ruth Davidson and shadow Scottish Secretary Margaret Curran also joined in demands for Mr Osborne to take action in the wake of the “emergency in the North Sea”, where plunging oil prices have seen firms cut staff. Holyrood ministers have been urging the UK Government to reverse previous hikes in the supplementary charge, which is paid by the sector.

Markets

Premier Oil to cut contractor rates

Premier Oil said it expects to book a $300million impairment charge due to the plunge in oil prices. The company plans to cut jobs as well as rein in investments costs. The announcement comes just a day after it was reported Tullow Oil would be making job reductions.

Oil & Gas

BP could make deeper cuts to its 2015 budget

Oil major BP said deeper cuts could be made to its 2015 budget on the back of OPEC’s recent position and falling oil prices. The company has already announced up to $1billion in restructuring costs as it cuts thousands of jobs across its global oil and gas business. BP head of upstream, Lamar McKay, announced the company’s future plans at a meeting of investors in London.

Markets

BP to incur $1billion in restructuring charges

Oil major BP said it expects to incur restructuring charges of $1billion over the next five quarters. The company will present its future strategy to investors in London following an announcement earlier this week that job cuts would be made. Chief executive of BP Upstream, Lamar McKay, and a senior members of the management team are set to outline its changing position on the back of falling oil prices.