Oil & Gas UK calls on government to “vigorously champion” investment in the North Sea September 27, 2016 Industry body Oil & Gas UK has called on the government to "vigorously champion" investment in the UK Continental Shelf, as exploration activity falls to an all-time low. It comes as chancellor Philip Hammond prepares to set out the government's economic policies in the Autumn Statement on 23 November. The group's 2016 economic report released today [...]
Rio Tinto unveils $3bn debt reduction plan September 26, 2016 Miner Rio Tinto has launched a new debt reduction programme, which analysts said could boost its credit rating. Rio announced tender offers for up to $1.5bn (£1.16bn) of its 2019, 2020, 2021 and 2022 US dollar-denominated notes. It also issued a redemption notice for about $1.5bn of its 2017 and 2018 notes. The company’s shares closed [...]
Green group criticised for “misleading” fracking claims by advertising watchdog September 26, 2016 Friends of the Earth (FoE) has been criticised for misleading the public about the health and environmental impacts of fracking by the advertising watchdog. The green group published leaflets falsely claiming that fracking could cause cancer, contaminate water supplies, increase asthma rates and send house prices plummeting, according to a draft ruling by the Advertising Standards Authority. [...]
Gemfields’ profits soar following “record operational year” September 26, 2016 Shares in Gemfields jumped as much as 5.5 per cent to 47.50p per share today after the coloured stones specialist reported a "record operational year". The figures Gemfields' net profit nearly doubled to $23.5m (£18.2m) in the the year ended 30 June 2016, up from $12.3m in 2015. This came as the firm's revenue rose 13 per cent to $193.1m during this [...]
London still in the running for mega-IPO post-Brexit vote, Saudi Aramco says September 26, 2016 Saudi Aramco confirmed today that it's considering listing what could be the world's most valuable company in London. It comes despite warnings from a string of financial firms that the UK's vote to leave the European Union could push them to relocate outside of the City. Read more: Saudi Aramco set to be valued at more than $2 [...]
Oil industry spending expected to grow for the first time post-downturn September 26, 2016 Analysts reckon oil firms are ready to flash the cash for the first time since mid-2014. BMI Research said that the oil industry's capital expenditure will grow by 2.5 per cent year-on-year to $455bn (£351.80bn) in 2017. This marks the first annual growth since crude prices started plummeting just over two years ago. It will be [...]
Optimism pervades as Opec prepares to meet in Algiers September 26, 2016 A wave of optimism swept through global oil markets this morning as the world's biggest producers prepare to meet on the sidelines of an international conference in Algeria later this week. Positive comments made by the country's energy minister helped send Brent crude, the global benchmark, up as much as 1.15 per cent to $46.42 per barrel. [...]
MPs warn smart meters carry cyber attack risk September 24, 2016 MPs have warned today that the government's plan to install smart meters in every house and business across the UK by 2020 carries cyber security risks. The science and technology committee called on the government "to do more to convince and reassure customers that the technology is safe from being hacked". This came despite it finding "GCHQ’s involvement [...]
