Chancellor George Osborne has announced a £1-billion rescue package for trouble-hit North Sea oil industry. The government is also extending £730 million support for renewable electricity.
Energy
Toscana names Anand Ramnath as chief financial officer
Toscana Energy said that Anand Ramnath has been named as chief financial officer with effect from March 18, 2016. Ramnath, with more than 19 years of experience in financing and accounting, has been the acting chief financial officer of Toscana from July 31, 2015.
Some US energy chiefs make more cash amid oil turmoil
Contrary to a notion that oil rout is impacting everyone in the industry, there are few bosses at energy companies making more money based on their performance. Few top managers are excelling in meeting targets and getting hefty paychecks.
Ineos Started Shipping US Shale Gas to Europe
Shale gas from U.S. has begun shipment to Europe. The world-largest LNG carrier Ineos Intrepid has bound for Norway carrying 27,500 m3 of liquified ethane gas.
Saudi Arabia to takeover largest US refinery
Saudi Arabia's state-owned oil major Aramco will takeover Port Arthur Texas refinery in the US. Saudi Arabia will refine its oil shipped from Middle East at Port Arthur refinery and also sell it in the huge North American market.
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Pacific Exploration & Production Corp is actively examining six buyout offers. The Canada-listed company is in the process of avoiding bankruptcy. The company's board is likely to take its final decision by this weekend.
South Africa's energy crisis will now be answered by the launching of the largest solar farm built in Northen Cape. It could generate power that could supply electricity from renewable energy to 75,000 households yearly.
Citing drop in revenues, Moody's Investors Service has lowered Houston's $3 billion of general obligation debt by one level to Aa4. Lower oil prices and restrictions on raising taxes are keeping further pressure on Houston's economy.
Federally backed $2.2 billion solar plant in California may be forced to close. The solar plant failed to supply electricity to Pacific Gas and Electric Co as promised.
Wall Street faced slight losses in the stock market on Monday as the drop in oil price burdened energy stocks. Investors are shying away from these energy stocks owing to the fall in crude prices.
French energy company Electricité de France SA asked for financial support from French government. The company is facing problem in a £18 billion ($25 billion) nuclear power plant project in Sommerset, England.
Solar panel provider SolarCity has sold $235 million in asset-backed securities (ABS) market this year. The number is a record high despite a steep drop of the company's shares in stock market.
Oil prices might have propelled above $40 a barrel level in the past week as Iran was expected to join other producers to freeze its oil output. However, Iran wants to help its ailing economy, regardless of the oversupply.
The US drilling activity for oil and natural gas declined to record low since 1940 in the wake of weaker oil prices in the global markets. Oil firms are also reducing their spending budgets this year owing to adverse conditions in the markets
