CIC Energy, which plans to build a coal mine and power station at its Mmamabula project in Botswana, this week unveiled the next step in its ambitious plans for the coalfield with an option agreement for a licence on technology from fuel giant Royal Dutch Shell.
Posts on ‘August 8th, 2008’
Militant attacks on oil infrastructure in Nigeria continue…
BP, a shareholder in the pipeline consortium, said the partners had declared force majeure on exports, freeing themselves from contractual obligations.
Investors like predictability and normally punish such miscreants. In some cases, chief executives walk the plank. Think of Phil Watts at Royal Dutch Shell or the débacle at Dutch retailer Ahold.
Just possibly, it means that what investors refer to in shorthand as the great “oil up” story has finally revealed itself not as the fundamental reflection of scarce supply that its adherents liked to claim, but as a simple, speculative bubble that was always going to burst.
The fishermen have been given less than 48 hours by Shell EP Ireland to accept the offer. The deadline is noon today.
Shell’s income for the six months ended June 30, 2008 was $20,955 million, an increase of 29% compared to 2007…