Carola Hoyos The Source: Cepsa stake changes hands, the green economy, Russia’s God-given gift, deep drilling 101

On Energy Source:

BHP stalks Rio Tinto: That old chesnut


Santander sells Cepsa stake to Abu Dhabi fund IPIC (Reuters)

Grumbles about ineffective government stimuli for the green economy came from both sides of the Atlantic. The Guardian got its hands on a report that concludes Britain’s economic rescue package contains “negligible” spending on green measures. The report compares the £120m earmarked for the green economy with the £775m worth of bonuses are paid to staff at the Royal Bank of Scotland. Meanwhile, the New Yorker makes intelligent arguments against the principles that green job creation helps to cut unemployment and hybrids cars improve our climate dilemma. Instead, the recession will prove the biggest help to our adapting to climate change.

But even cap-and-trade is flawed as its suffers from one long chain of unintended consequences, Fast Company writes, detailing a Greenpeace a report concluding that carbon credits for forest preservation would crash the price of carbon by as much as 75 per cent.

The Wall Street Journal has an interview with Igor Sechin, Russia’s energy czar, who believes oil is Russia’s “God-given good”. But the most interesting thing he says is well within the body of the story: “It would be irresponsible for Russia to join Opec because we can’t directly regulate the activity of our companies,” as nearly all are privately owned. His assertion of the Kremlin’s light touch when it comes to energy may not be entirely believable, but at least this should put to rest the perennial speculation that the world largest oil producer has any ambition to join the cartel. One can almost hear Riyadh sigh with relief.

Another reason Russia is in no hurry to voluntarily reduce its oil production appeared in the Telegraph , which wrote about the IMF’s dire predictions for Russia’s economy.

And finally, if you are a real oil nerd, head to Rigzone for all you ever wanted to know about the state of the world’s deepwater and ultra-deepwater drilling projects.