Business Live: North Sea oil review plus headlines

Live text

Reporting:

  • Edwin Lane 
  • Rebecca Marston 

Last updated 24 February 2014

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Edwin Lane, Business reporter, BBC News

Morning everyone, the politicians are in Scotland to talk about the future of North Sea oil today. We'll bring you the latest on that plus the rest of the business headlines. Get in touch at bizlivepage@bbc.co.uk or @BBCBusiness.

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Rebecca Marston, Business reporter, BBC News

Good morning. And among those other business headlines later will be results from HSBC, Bovis Homes and interim results from Associated British Foods, which is these days better watched for its Primark clothing business results.

STANDARD 06:03 NORTH SEA OIL

north sea oil

There are two separate cabinet meetings taking place in Scotland today, as both the UK and Scottish governments turn their focus to North Sea oil ahead of the independence referendum. The meetings coincide with Sir Ian Wood's review of the industry, which is due to be published later today.

STANDARD 06:10 MOBILES

BBC World News
Huawei

The world's smartphone makers are at the Mobile World Congress in Barcelona this week. The BBC's Mark Gregory speaks to Shao Yang, head of marketing at the Chinese maker Huawei, which is showing off what appears to be a new tablet/smartwatch/blue tooth ear piece combination.

STANDARD 06:16 NORTH SEA OIL

BBC World News

Lawrence Gosling, editor in chief of Investment Week, tells World Business Report the uncertainty over Scottish independence could encourage big oil companies to look elsewhere. "The likes of BP and Shell might say 'we'll go and spend our exploration money in another part of the world'," he warns.

STANDARD 06:21 NORTH SEA OIL

Radio 4

Sir Ian Wood, the author of a review into North Sea oil, is on Today, down the line from Aberdeen. He says overall production and efficiency is down in the North Sea. He says he wants to see operators working better together, and wants a new regulator with bigger and broader powers to make that happen.

STANDARD 06:28 NORTH SEA OIL

Radio 4

Sir Ian Wood is doing his best to stay out of the politics of the North Sea oil debate. He says his concern is how to make the most of the oil reserves, regardless of who's in charge of them after the referendum.

STANDARD 06:30 NORTH SEA OIL

Radio 5 live

Around 42 billion barrels of oil have been taken out from the North Sea in the past 40 years, but estimates for what's left vary widely. Professor Paul Ekins, an expert on resources and environmental policy at University College London's Institute for Sustainable Resources tells Wake Up to Money: "The data is quite clear, you need to leave a lot of the oil and gas underground if you're going to meet the climate targets".

STANDARD 06:36 MOBILES

Samsung

Samsung is expected to release the new Galaxy S5 model later today at the Mobile World Congress in Barcelona. The BBC's Mark Gregory reports that sales of Samsung's flagship handset have flagged recently. The competition used to be at the top end of the market, but now companies are fighting it out for the cheaper range of phones.

STANDARD 06:42 VODAFONE

Radio 4
Vodafone

Vodafone shareholders are bracing for a huge windfall, following the completion of the sale of Vodafone's stake in US firm Verizon, which closed last week. They look to receive about £50bn, which is the biggest single return of value to shareholders in history. "It's massive," says Stuart Welch, head of TD Direct Investing, tells Simon Jack on Today.