Daily Archives: September 7, 2010

Sheila McNulty

Two US oil and natural gas industry task forces have come up with more recommendations to the Department of Interior in a bid to have a say on how best practices are achieved following the Macondo well disaster. The American Petroleum Institute,  the industry’s national trade association, said the recommendations are part of a comprehensive effort by the industry to strengthen all aspects of off-shore safety while continuing to produce energy and create jobs.

The task forces provided more than 50 recommendations, including ways to respond faster and more effectively to a runaway well and to better remove oil from water to block it from the coastline. In May, two other industry groups provided another set of recommendations. Erik Milito, API’s Upstream director, said in a statement:

We will continue to build on what has been achieved since the accident, and we must remain vigilant. However, producing the energy our nation needs and creating jobs are also important. It is time to end the deepwater moratorium that has sent many Gulf workers to the unemployment lines. People are hurting and have to get back to work.

Certainly the pressure is on the Obama Administration to lift the moratorium on new deepwater drilling and support the oil and gas industry at a time of slow recovery. API said its more than 400 oil and natural gas company members supply most of America’s energy, support more than 9.2m US jobs, account for 7.5 per cent of the US economy, and, since 2000, has invested nearly $2tn in US capital projects to develop all forms of energy, including alternatives, while reducing the industry’s environmental footprint.

But the US government is holding fast.

Sylvia Pfeifer

BP will publish its report into the Gulf of Mexico spill on Wednesday. It should make for some very interesting reading.

The report, which has been prepared by Mark Bly, the UK oil group’s head of safety, is the first of many investigations into the accident on April 20 which killed 11 workers and led to almost 5m barrels of oil spewing into the waters of the gulf.

Mr Bly and members of his team will hold a briefing in Washington, DC on Wednesday. We can expect the report to be detailed and technical and to focus on the sequence of events leading up to the explosion of the Deepwater Horizon rig.

FT Energy Source

The FT’s Lex has a column about coal in the US out on Tuesday:

Naughty boys and girls in the US who got only a lump of coal in their Christmas stockings over the past few years have had insult added to injury – coal’s price dropped sharply during the downturn. Those receiving the Appalachian variety, which enjoys a hefty price premium to western coal from the Powder River Basin, seemed to do better. With high transport costs, PRB producers saw the sharpest effective price declines in the recession. Now there are reasons to be bullish.

To continue reading, please go to the website.

Masa Serdarevic

Elsewhere this Tuesday:

- Taming the Arctic: How to govern the spoils of climate change

- Turkey joins Europe, electrically speaking

- Asian shale investors want more

- Mexican drug cartels crippling Pemex operations in basin

- But there’s booty in a Salvadoran oil drum

Masa Serdarevic

- Oil tycoon says PWC caved to pressure – WSJ

- Suzlon turns to emerging markets growth – FT

- Transneft risks downgrade on sale as bonds decline – Bloomberg

- BHP needs to strike balance on Potash price – FT

- UN agency says Iran is impeding inspections – WSJ

- Brazil stakes future on $75bn Petrobras offer – FT

- New Delhi looks to energy stake sales – FT

- Brazil extends sovereignty for oil drilling before UN approval – Bloomberg

- German groups agree €30bn nuclear deal – FT

- Merkel confident on nuclear plan despite opposition – Reuters

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