Genel, the energy group led by former BP chief Tony Hayward, is set to part ways with one of its founders at time when falling oil prices are hitting companies in the sector.
Several of the world's wealthiest state-backed funds are in talks to provide financial backing for O2's industry-changing �10bn tie-up with rival UK mobile operator Three.
FTSE 100-listed oil and gas giants BP and BG Group are set to announce a $21bn (�13.9bn) reduction in capital spending plans and swingeing job cuts in order to protect dividend payments as the tumbling oil price sees profits more than halve.
Taoiseach Enda Kenny has said that the Government has not yet seen any details of the proposed take-over bid of Aer Lingus by IAG, the British Airways parent group.
The bar is empty but for four oil men ordering a round. The Albyn is a favourite haunt among industry bosses, conveniently placed at the foot of a row of grand columned granite offices boasting a who's who of the UK's energy and financial services sector.