Other News

OPEC to release production cut country quotas

OPEC to release production cut country quotas

OPEC plans to publish a document detailing voluntary output cut quotas for its members and allies, including Russia, in an effort to secure oil prices. The release of the document was confirmed in a letter written by OPEC’s secretary general, which had been seen by Reuters. Mohammad Barkindo said the […]

Centrica to legally challenge energy price cap

Centrica to legally challenge energy price cap

Centrica has announced plans to launch a legal challenge against Ofgem over the energy price cap that is to be introduced to some energy bills next month. The company that owns British Gas confirmed it was seeking judicial review of the way in which the energy regulator calculated the cap […]

France extends state guarantees for Russian LNG projects

France extends state guarantees for Russian LNG projects

France is set to extend its guarantees for Russian LNG projects Yamal LNG and Artic LNG 2 projects, according to French Economy Minister Bruno Le Maire. Following a meeting with his Russian counterpart Maxim Oreshkin, Le Maire said France would also provide longer terms for loan repayment to the projects. […]

Faroe board tells shareholders to reject DNO bid

Faroe board tells shareholders to reject DNO bid

North Sea producer Faroe Petroleum has encouraged its shareholders to turn down an offer from rival firm DNO, which is pursuing a hostile takeover attempt. Norwegian firm DNO has offered shareholders 152p per share, valuing Faroe at £610 million on a fully diluted basis. However, this off was dismissed as […]

Scotland promotes possibility of exploration incentives

Scotland promotes possibility of exploration incentives

Scotland’s energy minister Paul Wheelhouse has suggested Scottish and UK ministers could join forces to provide incentives for North Sea exploration. The minister said more UK discoveries were needed to ensure self-sufficiency ahead of the UK’s low carbon transition, as demand for oil and gas remains high across the UK. […]

Centrica names new head of consumer division

Centrica names new head of consumer division

Centrica has appointed Sarwjit Sambhi as its chief executive of its consumer division, replacing Mark Hodges who is moving to Swiss Re. Sambhi’s promotion to head Centrica’s consumer facing division, which provides energy to residential customers across the UK, US and Ireland, comes ahead of the controversial price cap that […]

IEA: coal demand to increase to 2023

IEA: coal demand to increase to 2023

A new report has found that global demand for coal will creep higher through to 2023 with growth from Asia leading the trend. The International Energy Agency (IEA) said consumption of coal will rise by an average of 0.2pc each year to reach 5,418 million tonnes of coal equivalent (Mtce) […]

Oil and gas projects to accelerate in 2019

Oil and gas projects to accelerate in 2019

A new report has found that the number of new oil and gas projects is expected to rise to five times that of a depression in 2015, although spending is not expected to be enough to meet future demand. Although company boards are expected to stay in line with spending […]