Do not mistake ExxonMobil’s announcement of a $600m partnership with Craig Venter, the pioneer of human genome research, to study making biofuels from algae as any indication that it has succumbed to pressure that it follow the pack into alternative fuels.
First of all, it is a research partnership, and Exxon has a number of those as its 14,000 scientists and engineers pursue breakthrough technologies in a variety of areas. Read more
On Energy Source this week:
- Why Exxon’s $600m plan for biofuels research is not so shocking Read more
Number of the week:
Where Philip Verlerger sees oil prices in the near future (analyst survey averages are around the low $60s). Read more
BP has formally pulled out of its jatropha-planting joint venture with UK-based D1 Oils:
D1 Oils plc (“D1″ or “the Company”) announces that it has reached a conditional agreement with BP International (“BP”) to acquire BP’s 50 per cent interest in D1-BP Fuel Crops Limited (“D1-BP Fuel Crops” or “the Joint Venture”), its joint venture with BP for the planting of Jatropha curcas, and thereby to take back into D1′s sole ownership the global planting assets and interests of the Joint Venture. Read more
Goldman Sachs last month made waves with its renewed bullishness on the outlook for oil, and it’s retaining this view despite the fall in crude prices since then from around $70 to hovering around $60. In a new note, Goldman’s commodities analysts say this recent sell-off “provides a compelling entry point” and have maintained the forecast for $85 for 2009 and $95 for 2010.
From the note: Read more
BP, the third largest US wind generator, will still invest $5bn over seven years into alternatives, with more focus on advanced biofuels. Shell spent $1.7bn over five years to reduce its carbon footprint. Chevron invested $3.2bn into renewables since 2002 and is the world’s largest geothermal energy provider. By contrast, Exxon’s $1.5bn in spending over the last two years was focused on energy saving. That provided few photo-ops for its annual report. Read more
Wind farm group seeks £1bn loan from EIB
Loan to cover almost half the costs of the project’s first phase (FT)
EU proposes rules to help prevent gas-supply crisis
Move to to ensure the EU is better prepared to face shortages