As Angola prepares to host an Opec meeting for the first time, the country has done its best to welcome fellow nations of the oil cartel – a new convention centre, a five starts hotel and villas for the ministers on the outskirts of the capital, Luanda.
The display of wealth – and the contrast with poverty elsewhere – could backfire, however. The country is Opec’s biggest buster of the cartel’s official production limits, something Luanda justifies on the grounds of its dire economic situation.
Angola, the group newest member, wrote a letter earlier this year to the Opec secretariat asking for exemption from current quotas on the ground that the African nation is grappling with the impact of a 30-year civil war which only ended in 2002. Read more
Even as ExxonMobil was applauded this past week for finally plunking some real money down in the US natural gas scene, Royal Dutch Shell, which has long been in on the US gas play, made another move – this time into South Africa.
The South African Petroleum Authorities awarded Shell a Technical Cooperation Permit for a one-year study to determine the hydrocarbon potential in parts of the Karoo Basin in central South Africa. Shell will have the exclusive right to apply for exploration permits following completion of the study. This is being billed by Shell as a potential natural gas deal. Read more
Post-meeting coverage from FT Energy Source:
Key points in the Copenhagen accord
Climate experts’ forum: A disappointment, or a relief?
Europe falls into line
Post-meeting coverage from FT.com:
Business chiefs – especially Europeans – unhappy with deal
Q&A: Have environmental hopes been dashed?
Where will the money come from?
Analysis: A foundering forum
What the pundits say
Editorial: A dismal outcome
Comment: Not the season for giving for rich nations
Climate deal arms Obama for Congress fight
As it unfolded on Friday night/Saturday morning:
Full text of Obama’s statement and press conference after the meeting with China, India, Brazil and South Africa.
It’s meaningful but it’s only a start, says Obama
Copenhagen deal done? Brazil takes more cautious tone
EU says deal is NOT done
Copenhagen: Where it’s up to