As Decision Time Approaches, UK PM May Mulls Hinkley Options
Theresa May could announce as soon as Thursday whether Britain will go ahead with a $24 billion nuclear power project, laying down a marker on energy policy and her approach to investment from China. Hours before a deal was due to be signed in July, the new prime minister stunned investors by putting it on hold. May said she needed time to assess the terms of a project that would see French utility EDF build Britain's first new nuclear reactor in decades, backed by $8 billion of Chinese cash.
Brexit Uncertainty Weighs on Commodities, Gold
But for how long? Amid the horror for many, the elation for others and the shock for virtually everybody of the British vote to exit the European Union, perhaps the most measured and predictable response was from commodity markets. As it became clear on Friday that the Leave camp was going to pull off an unexpected victory, commodities did what they normally do in a period of heightened risk, they declined. The outlier of course was gold, which…
Niger Delta Avengers urge Nigeria's Buhari to Visit Oil Hub
The Niger Delta Avengers, a Nigerian militant group which has claimed responsibility for a series of attacks on oil facilities in the country's southern energy hub, has urged President Muhammadu Buhari to visit the region. The militant group says it wants a greater share of Nigeria's oil wealth to go to the impoverished Delta region. Crude sales make up about 70 percent of Nigeria's national income and most of that oil comes from the southern swampland.
World Stocks Tumble as Britain Votes for EU Exit
Global capital markets reeled on Friday after Britain voted to leave the European Union, with $2 trillion in value wiped from equity bourses worldwide, while money poured into safe-haven gold and government bonds. Sterling suffered a record plunge. The blow to investor confidence and the uncertainty the vote has sparked could keep the Federal Reserve from raising interest rates as planned this year, and even spark a new round of emergency policy easing from major central banks.
Oil Dives as Britain Votes to Exit EU
Market contagion hits oil hard; Brent, WTI both fall more than 6 percent. Oil prices slumped by more than 6 percent on Friday after Britain voted to leave the European Union, raising fears of a broader economic slowdown that could reduce demand. Financial markets have been worried for months about what Brexit, or a British exit from the European Union, would mean for Europe's future, but were clearly not fully factoring in the risk of a leave vote.
Oil, Stocks Surge on Oil Rally Hopes
European stocks, oil drive risk rally; Credit Agricole, Glencore the big movers. Oil and stocks jumped on Wednesday, as European earnings and hope that top oil producers will convince Iran to agree to a production freeze overcame initial caution in Europe. Banks and resources stocks led the way, with French bank Credit Agricole soaring 12 percent after publishing its latest results and UK-listed miner Glencore up 10 percent after announcing the refinancing of its debt.
Bibby Offshore Hosts Scotland Minister
Bibby Offshore, a subsea services provider to the oil and gas industry, hosted Secretary of State for Scotland David Mundell, and Scotland Office Minister Andrew Dunlop, as they announced a new trading partnership between Aberdeen and the Mozambique town of Pemba. Mundell and Lord Dunlop formally announced the move during their visit, when they met with representatives of the offshore industry and Aberdeen City and Aberdeenshire Council. A tour was conducted of The Hangar…
Total Plans Exploration Well in UK North Sea
French oil major Total plans to drill an exploration well at its Sween site in the British part of the North Sea, it announced on Thursday, expanding near its existing infrastructure in defiance of weak oil prices. Total said it will start drilling in the third quarter at the prospect located 150 kilometres east of the Shetland Islands and near its Alwyn platform. The North Sea is one of the oldest and therefore costliest areas to look for oil, resulting in a sharp reduction in exploration and output in recent years.
UK Energy Investment Could Suffer If Britain Leaves EU -BP Boss
Investment in Britain's energy sector could suffer if the country left the European Union, the chief executive of BP Bob Dudley said on Wednesday. "Being outside the EU would be worse for the country as many of the rules would still apply and Britain would be in danger of losing influence on the world stage," he told the BBC. "I think many of the trade regulations would still apply even if Britain were outside," he said. Prime Minister David Cameron…
VW Set for Easier Ride in Europe on Emissions Scandal
Volkswagen is unlikely to face U.S.-style fines in Europe over its emissions scandal because of a softer regulatory regime and its home country Germany's determination to protect its car industry, EU sources and legal experts say. The carmaker has been embroiled in crisis since last September, when it admitted it had cheated U.S. emissions tests using software known as "defeat devices". The U.S. Justice Department is suing the German company for…
Progress Made in Chinese-British Nuclear Deal
Substantial progress has been made over a deal for two Chinese companies to help finance a British nuclear plant, one of a number of agreements on the table during Chinese President Xi Jinping's visit to Britain next week, his ambassador said. Several pacts would be announced during the Oct. 19-23 trip, though it was still unclear whether the long-mooted deal for the Hinkley Point nuclear plant would actually be signed then, China's ambassador, Liu Xiaoming, told reporters.
UK Subsidy Cuts Eliminate Solar Jobs
Hundreds of jobs will be lost at British solar panel insulation firm Mark Group after administrators were called in late on Wednesday, the company said, blaming recent government subsidy cuts. Managers had tried to save the company by buying it from owner U.S. solar giant SunEdison on Wednesday but after taking legal advice decided shortly after it must close. Administrator Deloitte said 939 staff had already been made redundant while a further 226 skeleton staff had been retained in the hope a buyer could be found for the company.
Scotland Widens Shale Moratorium
Scotland has placed a moratorium on underground coal gasification, a form of unconventional gas extraction, adding to a ban on shale gas that it imposed in January in conflict with the pro-shale stance of Prime Minister David Cameron. The Scottish government also said on Thursday it would start an in-depth investigation into the impact of shale gas fracking, the process whereby water, sand and chemicals are blasted at underground rocks to release trapped gas.
Britain's Hammond to Reopen Ransacked Embassy in Tehran
In a signal of the most striking thaw in the Western ties with Iran for over a decade, Foreign Secretary Philip Hammond will reopen the British embassy in Tehran nearly four years since protesters ransacked the elegant ambassadorial residence and burned the Union Jack. The nuclear deal that the Islamic Republic struck with six major world powers last month has prompted a flurry of European visits - including from German and French ministers - aimed at positioning for the end of Iran's long economic isolation.
UK Struggles With Shale Gas Laws
British PM Cameron says still wants shale gas to go ahead; government, industry have met to discuss shale gas. Pressure is mounting on Britain's pro-shale government to make changes to the planning system after local politicians rejected two projects that could have become Britain's first shale gas producing wells. Prime Minister David Cameron, who has promised to go "all out for shale", said he respected the planning process but still wanted shale gas to go ahead.
UK Delivers Blow to Local Shale Project
British local government officials rejected a shale gas project in northwest England on Monday, dealing a blow to Britain's shale gas sector that is supported by Prime Minister David Cameron's government. Officials at Lancashire County Council spurned a shale gas planning application lodged by Cuadrilla Resources, saying the project would have an "unacceptable" visual and noise impact. The unexpected refusal came four days after the same officials rejected another Cuadrilla shale gas application…
Argentina: UK's Cameron 'almost ill-mannered'
Tensions over the Falkland Islands flared again on Wednesday, with Argentine President Cristina Fernandez referring to Britain's leader as "almost ill-mannered" in his comments to an official of her government over the contested archipelago. At a meeting of Latin American countries with the European Union in Brussels, Foreign Minister Hector Timerman had a heated exchange over dinner with Prime Minister David Cameron over the South Atlantic islands' sovereignty. The two countries fought a brief war over the islands in 1982, which Britain won.
Britain's New Government to Kick-Start Shale
Britain's new Conservative government could take control of planning decisions to speed up the development of shale gas and prevent investor money from drying up, lawyers say. Britain is estimated to have enough shale gas trapped below its surface to meet its gas needs for decades. But deployment of the controversial fracking technology required to release gas trapped in rocks has been slow as planning hurdles and environmental protests have prevented companies from digging in the ground.
Coriolis Energy, ESB to Develop UK Wind Farms
Coriolis Energy and Ireland's Electricity Supply Board (ESB) have agreed to jointly develop nine onshore wind farms across Britain capable of generating enough electricity to power 225,000 homes, they said on Tuesday. The nine projects would have a combined capacity of around 400 megawatts (MW), with the first expected to be in operation in 2019, they said. The majority of the wind farms will be in built in Scotland but opportunities for new wind farm developments would be pursued throughout the United Kingdom, they said.
Cameron Taps Rudd as UK Energy Secretary
British Prime Minister David Cameron has named Amber Rudd, one of the lesser known names from his party, as energy minister to tackle such controversial issues as government support for onshore wind farms and shale gas. Rudd, a former investment banker who previously served as parliamentary under-secretary in the Department of Energy and Climate Change for less than one year, replaces Ed Davey, a member of the Liberal Democrat Party who lost his parliamentary seat last week.
