Drilling & production

In spite of the furore over the Macondo spill, deepwater drilling is continuing unabated in Africa.

The most recent EIC Monitor which tracks new energy projects has found that though there has been significant investment in the sector, total investment is still down 6% since the same quarter last year.

BP has taken a pre-tax charge of US$ 32.2 billion for the Gulf of Mexico oil spill, including the US$ 20 billion escrow compensation fund previously announced.

Macarthur Coal has been forced to cancel a AU$ 110 million deal with CITIC Resources over a coal joint venture, as it has failed to secure waivers of pre-emptive rights from all minority participants.

BP has announced that Tony Hayward is to step down as group Chief Executive with effect from 1 October, 2010. He will be succeeded as of that date by fellow Executive Director Robert Dudley.

PetroAlgae have signed a three year offtake agreement with Eco-Frontier to supply biocrude from its licensees.

The University of Aberdeen and global energy group Halliburton have signed a strategic partnership agreement.

Murphy Oil will sell three oil refineries and focus on its upstream and retail businesses in the US.

Yemen’s foreign minister has reiterated his countries desire to renegotiate its long term LNG supply contract with Korea Gas Corp.

Korea Electric Power Co. has announced the acquisition of a 20% stake in PT Bayan Resources for US$ 515 million.

The remaining five bodies have been recovered from a flooded coal mine in China, raising the death toll to 13.

Aker Solutions has won a contract worth NOK 150 million (US$ 24.25 million) to supply the vessel mooring system for the Goliat FPSO, owned by Eni Norge.

The EU has clamped down on state subsidies to the European hard coal sector, ruling that loss making mines can only continue to receive government help if plans to close them are put in place.

TAS Energy has been awarded a US$ 30 million EPC contract for Phase I of the San Emidio project, owned by US Geothermal.

The Energy Event will be hosting its inaugural Awards Dinner in September to showcase a more positive side of the energy industry.