BP Reluctant to Proposed Ban to Prohibit Deepwater Drilling
Submitted by Omaka Nelson on Fri, 09/03/2010 - 08:33
Citing the mishap that occurred in the Gulf of Mexico, it is probable that the Government may exercise some stringent regulations on the U.S. offshore oil industry and could impose a ban on deepwater drilling.
The legislation could pose a threat to the business of BP. Responding to Government’s proposed ban, BP presages Congress that if such a law is passed, it won’t be able to pay money for the disruption caused in the Gulf of Mexico by its oil spill.
Exelon to buy Deere's wind power unit for $860 million
Submitted by Omaka Nelson on Thu, 09/02/2010 - 09:14
Exelon Corporation has disclosed its plan of purchasing the wind energy commercial owned by Deere & Company for a deal worth $860 million with a view to enlarge its assortment of engendering electricity which is devoid of carbon.
Owing to Severe Drought, Mighty River’s Revenues Plunge
Submitted by Omaka Nelson on Wed, 09/01/2010 - 10:06
Mighty River Power's revenues have witnessed a plummet in profits owing to a drought that punched its Waikato hydro system at a time when spot prices were at their peak. For the year till June 30, it posted a profit of $139.6 million, which was downbeat $72.1 million as compared to the year before.
ONGC asks Cairn to submit details of deal with Vedanta
Submitted by Manish Verma on Wed, 09/01/2010 - 05:10
India's state-owned oil company, ONGC has asked Cairn to submit all the details related to its deal with Vedanta Resources.
The company which has stake in Cairn's India operations was caught off guard when the company decided to sell 51 per cent to Vedanta. This would mean that Vedanta, the London listed firm would have the majority stake and also the decision-making authority in it.
BP's life on frontiers of energy industry at risk
Submitted by Omaka Nelson on Tue, 08/31/2010 - 08:45
Last year the claims made by the Chief Executive Officer of BP Tony Hayward at the centenary of the oil boring firm about the company's existence on the frontlines of the oil market have all gone in vain with severe damages inflicted to the company due to the Gulf of Mexico spill which has jeopardized the theoretically worthwhile certificate by which the company could drill oil in the shoreline of Greenland.
Genesis Gained Profits after $136m Loss of Last Year
Submitted by Omaka Nelson on Mon, 08/30/2010 - 18:10
It has been reported that the state-owned power Company, Genesis has gained $69 million post tax, after coming across a significant loss of $136m last year because of the downward evaluation of thermal generation assets at Huntly.
According to the reports, for this year EBITDAF was $249m and in 2008/2009, it was $202m, whereas underlying earnings of the Company sit at $88m and last year it was $82m.
