Monthly Archive: November 2011

Cairn finds no oil in Greenland 0

Cairn finds no oil in Greenland

Greenpeace activists preparing to board a Cairn platform in the Arctic in a protest over drilling for oil in the pristine environment. Photograph: Jiri Rezac/Greenpeace A $1bn ( 640m) bet by a British firm to find commercial quantities of oil 1 in the Arctic has ended in failure and there is now mounting speculation there will be no more drilling by Cairn Energy 2 next year. The controversial exploration off Greenland was physically opposed by Greenpeace 3 but Cairn has been forced to retreat by complex geology and growing criticism in the City.

Shares in the business, which was set up by the former Scottish rugby star Sir Bill Gammell, fell by as much 6% at one point today to make it the biggest faller in the FTSE-100 index of leading companies after admitting no significant finds with its two latest wells off Greenland 4 . Simon Thomson, Cairn’s chief executive, said the company remained optimistic about the region generally but was looking for partners to take on some of the risk. Well placed sources admitted there may be no drilling in 2012.

Cairn made spectacular discoveries in Rajasthan, India which were sold off, partly to fund a new drive into the Arctic but the City is now losing patience. Angus McPhail, an oil analyst at the investment bank Investec, said: “They’ve drilled four wells they haven’t found anything. I think the company probably needs to refocus on another area, like Sri Lanka or the east Mediterranean.” Others noted that Cairn was now in discussions with potential partners about buying into its Greenland licences showing its diminishing commitment to going it alone in the far north.

Richard Slape, an analyst with Canaccord Adams, said: “People are going to question why Cairn is seeking to farm out after drilling a bunch of dry holes rather than 18 months ago. “They will find somebody to come in but it may not be on such good terms as they would have got before.” The biggest criticism came from Greenpeace 5 , which has repeatedly urged Cairn to abandon its operations on the grounds that they pose a huge risk to a region of paramount environmental importance. Vicky Wyatt, a Greenpeace campaigner, said: “However the company tries to spin this, Cairn’s Greenland misadventures have been an unmitigated disaster from day one, the company squandering a fortune drilling one dry hole after another. “These results show that the incredible technical, economic and environmental risks of operating in the Arctic simply aren’t worth it. Cleaning up a BP-type oil spill in the remote and freezing ‘high north’ would be impossible, with the devastating consequences this would have for the wildlife and people that live there. “Other oil companies, like Shell, who are planning to move into the Arctic, should pay close attention to this news.

Instead of drilling for the last drops of oil in some of the most extreme and hostile places on the planet, we should be using less oil in the first place.” Cairn has spent $1bn hiring rigs and other equipment to drill wells over the last two years. The pristine nature of the environment and the fact that the drilling took place after BP’s accident in the Gulf meant Cairn had to take more care than ever before. A well placed source said the company may not drill at all next year regardless of whether it picked up a partner and might concentrate instead on seismic tests.

But he added: “No definite decision on this has yet been taken.” References ^ More from on Oil ( ^ More from on Energy ( ^ controversial exploration off Greenland was physically opposed by Greenpeace ( ^ More from on Greenland ( ^ More from on Greenpeace (

Tony Fernandes confirms Formula One's Hingham departure … 0

Tony Fernandes confirms Formula One's Hingham departure …

Tony Fernandes has confirmed his motorsport teams will be moving out of their Hingham base this winter.

Source: 1 Other posts from this source: Norwich Evening News – Business News 2 Tags: Formula , formula one , Hingham , motorsport teams , tony fernandes , winter 3 4 5 6 7 8 This entry was posted on November 27, 2011 at 19:18 and is filed under Uncategorized.

You can follow any responses to this entry through the RSS 2.0 9 feed

Prisons' staff set to walk off job | Bendigo Advertiser 0

Prisons' staff set to walk off job | Bendigo Advertiser


27, 2011, 10:45 a.m. Prisons’ staff set to walk off job exit About 120 central Victorian prison staff will walk off the job for two hours this morning as part of the public sector pay dispute with the state government.Correctional officers at Loddon medium security prison near Castlemaine and the Tarrengower minimum security women s prison at Maldon will stop work at 7.30am, leaving the possibility of a prison lockdown.Security and emergency services group officers, as well as administration and program staff, will also stop work.The industrial action comes just two days after nurses at Bendigo Health agreed to end their strike over pay and conditions. A Corrections Victoria spokesperson said the department had strategies in place to manage all prisons, including Loddon and Tarrengower, during industrial action by staff.

These measures are in place to ensure the safety of the community, minimise disruption and maintain the security and good order of the prison, he said.Community and Public Sector Union Victorian branch secretary Karen Batt said the industrial action was a reaction to the length of time in reaching a new Enterprise Bargaining Agreement, which expired in June. It s in response to the delays they re having to experience with the government making a proper wage offer. The union has rejected the 2.5 per cent pay increase offered to public sector workers across the state.

We believe the wage deal that was made to the Victorian Police of 4.5 per cent has created a new benchmark for the public sector, she said.Workers will walk off in the morning before prisoners cells are opened for the day, delaying the unlock for two hours. Ms Batt said workers would continue with the protected industrial action until they were satisfied with the wage offer. The stoppages are part of the campaign to raise awareness and put the pressure on the government, she said.The two-hour stop work actions have been taking place in other prisons across the state.

A spokesman for the Coalition said decisions about industrial action are a matter for the union and individual members concerned.

The Victorian Government calls on the union to negotiate in good faith as we intend to do, he said.Earlier this month Department of Human Services staff at Malmsbury Youth Justice centre began a weekly two-hour stop work as part of industrial action over the same pay deal.At operational capacity, Loddon prison houses up to 410 prisoners and Tarrengower 54.