George Osborne has said that he will introduce further tax cuts for the oil and gas industry in the upcoming budget, to help offset the fall in global oil prices.
Further evidence of a slowing British economy came on Friday as official figures showed a surprise drop in construction in November and falling industrial output as oil and gas output declined sharply.
EDF, one of the UK’s big six energy suppliers, could be in line for a £1bn windfall each year for three years from its existing coal and nuclear power stations under a controversial government-designed auction which starts on Tuesday.
As energy prices have been hammered in recent weeks, some of Wall Street's biggest players are nonetheless ready to write billion-dollar checks to finance a nearly $16 billion Gulf Coast natural-gas project for Cheniere Energy, according to documents and people familiar with the matter.
On one side are Tony Blair, a powerful consortium of energy interests, including BP, and the autocratic ruler of a former Soviet bloc country. On the other are the olive growers of Puglia and a comedian turned political maverick.
Chevron plans to increase its oil and gas production by 20 percent by 2017, but most of the growth will be abroad, in part because U.S. policy isn't "pro-development," CEO John Watson told CNBC's "Closing Bell" on Tuesday.
The best part of Ed Miliband's new energy policy is the plan to abolish Ofgem.
BP is at the centre of one of the world's biggest gas sales agreements, worth up to $100bn (£62bn) over 25 years, after signing a deal to supply energy from a Caspian Sea project that could reduce Europe's reliance on Russian fossil fuels.
Britain and other member states have agreed with the European commission on new regulations that would see lifetime bans for traders and fines of up to 15% of their annual turnover for companies if they are caught rigging markets.