Diplomats rush drilling rights agreement before Donald dunks the “doughnut” deal Twenty-four hours to go and the United States, Mexico and Cuba need to decide what to do with the “Doughnut hole” –an area in the Gulf of Mexico where technically they all share the right to drill for oil. Three diplomatic figures familiar with issue told Reuters there was a race to jam an agreement in [...]
Deep sea oil exploration dips to a new low Oil exploration has sunk to a level not seen since the 1940's according to the energy consultant, Rystad. Discoveries offshore fell 90 per cent since 2010 when oil was still in its $70 (£57) range. In minimising costs, the oil and gas industry has played it smart and cut investment in exploration, where it would [...]
The French Touch Abounds in Tech The French tech scene has the most active sovereign wealth funds in the world, according to research firm, CB Insights. Two French funds make the top half of the top-ten, which also includes state funds from Singapore, Malaysia, Kuwait, Qatar, Saudi Arabia and China. France’s Banque Publique d’Investissement (Bpifrance) sits atop the list as the [...]
Last hurrah for North Sea oil expected this year according to Wood Mackenzie January 18, 2017 North Sea oil production will peak this year before falling back in 2018, according to a new report by Wood Mackenzie, a global energy consultant. This is because of a lack of investment and exploration, the analysts say. In 2017 British oil production will rise for the third straight year, but analysts say this is the peak. [...]
Cairn ploughs on in the North Sea January 17, 2017 Cairn Energy says it has the funds to fuel its projects through to production. The independent oil and gas explorer expects first oil from its Catcher and Kraken developments east of the Shetland Islands this year. The wells are expected to produce 25,000 barrels of oil equivalent per day. Simon Thomson, Chief Executive, Cairn Energy PLC said: “Cairn [...]
MEPs vote to put robots on the agenda to tackle safety and legal concerns January 17, 2017 MEPs have started on a European health and safety standard for robots – before the fracking toasters short circuit and become our overlords. Or before other countries like Japan and the US establish their standards first. A “kill” switch and creating a status for “electronic persons” that would bear legal responsibility are among recommendations that MEPs on [...]
Wonga’s hire hopes: Lender nabs Worldpay finance boss as new chief financial officer January 16, 2017 Wonga has appointed Joanna Baker as its new chief financial officer in the hopes that she'll put the payday lender back into the black. Baker joins from payments processing firm Worldpay, where she was chief financial officer of the UK business. She is taking over from Paul Miles, who is leaving Wonga to take up [...]