Often in the 24 hour news world, stories are reported at such a rate that no one ever takes a step back to see if they are joined up. No one ever seems to ask searching questions to see if two different stories are connected and therefore what are the consequences of that connection. You … Read More
Arctic Oil and Gas
“Cowboy” Cairn Gags Greenpeace
One of the many ways in which powerful polluters try to silence their critics is through legal intimidation. And Cairn Energy, which is involved in controversial drilling in the Arctic, is no exception. For months Cairn has been dogged by Greenpeace, which has been campaigning against its Artic operations off Greenland. On Monday about 60 … Read More
Two More Oil Spills…
Just as BP slowly begins to rebuild its tarnished reputation, it has slipped up again. Not in a catastrophic company-threatening way like it did last year but a much smaller spill, this time in Alaska. Although the amount spilt – some 2,100 to 4,200 gallons of fluid – is infinitesimal compared to the Deepwater Horizon, … Read More
And for Shell We Present an “Erratum”
Sometimes the best protests are the most simple and symbolic. Yesterday, Shell’s shareholders and senior management at the company’s AGM in the Hague were presented with an “erratum” to the company’s recent Annual Report. The spoof report by Friends of the Earth looks like a real Shell report, until you start to read it. For … Read More
BP’s Credibility in Tatters Again
BP’s long-term strategic direction and its credibility with City analysts is in tatters this morning after its bid for a strategic alliance with Rosneft, the Russian state oil champion, collapsed late last night. A year on from the Deepwater disaster, this was the deal that was meant to revitalise BP’s reputation. This was the deal … Read More
Bolshoi Petroleum is “environmental villain number one”
Ever since BP’s complex deal with Russian giant Rosneft was announced late last Friday, the list of critics to the deal has been growing. Take today’s leader in the Financial Times that calls the deal “risky, ethically vexing” and a “difficult transaction to spin.” I am surprised that a tabloid newspaper hasn’t spun the deal … Read More
Reserves Replacement Ratio: past its sell-by date?
Is a key valuation metric used by analysts to assess oil companies pushing big oil towards riskier and riskier projects? Those of us outside the financial sector may not be too familiar with acronyms such as RoACE, NAV or RRR. But the last one in particular has been intriguing me lately because of its implications … Read More
Free at Last?
For 300 long years Greenland has been part of Denmark. Denmark pumps $620 million into Greenland’s anaemic economy every year—more than $11,000 for each Greenlander. But this may be all about to change. In November 2008 its citizens voted overwhelmingly for increased independence from Denmark, which has officially ruled Greenland in some form since 1721. … Read More
“Unacceptable Consequences” of Arctic Oil Drilling
Following on from an earlier blog this week, we know now from Tony Hayward that BP was woefully unprepared for the Deepwater oil spill. So if BP was not prepared in the warm accessable waters of the Gulf of Mexico, what about the cold remote and inhosbitable waters of the Arctic where oil could take … Read More
Are We Heading for An Arctic Oil War?
The next resource war may happen not in the Middle East, but in the Arctic. That is the view of the one of NATO’s most senior commanders, Admiral James Stavridis, the supreme allied commander for Europe. The Admiral’s argument is that as the ice melts because of climate change, the race for resources could lead … Read More