Daily Archives: March 5, 2009

Ed Crooks

Come back here for regular updates…

You can find the webcast here. And look at the slides here.

Ed Crooks

Sheila McNulty in New York writes:

As the US independents lay off staff and scale back development plans, ExxonMobil is continuing to invest at record levels. At this morning’s annual meeting with analysts, Rex Tillerson, Exxon’s chief
executive, said the company would continue with plans to invest between $25bn and $30bn annually over the next five years, despite the economic downturn.

Ed Crooks

Venezuela puts the squeeze on its suppliers as $45 oil bites

Crude holds gains after its boost from US data on inventories and demand. China’s stimulus also helps

The fall in the dollar may persuade Opec not to cut production on March 15, and the cartel is giving mixed signals

Oil producers should have thought more about the prospect of $45 oil when it was at $145, says Walid Khadduri of Dar Al-Hayat

Unconventional gas production in the US has been a “black swan”: an unexpected disruptive event. However, the number of US gas rigs in operation is at its lowest for five years (second row, middle chart). The cut in development spending has knocked Chesapeake Energy off its perch as the number one US gas producer, to be replaced by BP. It has also raised fears of a fall in US output

But on a more cheerful note, the EIA highlights a potential source of another 4.3bn barrels of oil in North America

James Fontanella-Khan

Energy news from elsewhere:

- Crude oil trades near $45 as China to boost commodity imports (Bloomberg)

- Fire breaks out at quake-hit Japanese nuclear plant (Reuters)

- Denis Morozov back in running to lead TNK-BP (Times)

- EU carbon rises to highest since January after coal dropped (Bloomberg)

- Airlines that break emission rules could have planes seized (Guardian)

James Fontanella-Khan

Energy news from the FT:

- BP promises to ‘refresh’ board
Peter Sutherland confirmed his exit

- Suez ditches its profit targets
Chief said the priority was to preserve cashflow

- Armed agents raid Ukraine gas group
Tension between president and premier grows

- Fiscal sun shines on renewables groups
Green stimulus generates new hope for alternative energy

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