Daily Archives: January 17, 2011

FT Energy Source

Kiran Stacey

Many thanks for all your questions for Magued Eldaief, head of GE’s UK energy business. His answers will appear on this site on Friday, January 21st.

Next week, the person in the hotseat will be Ian Simm, chief executive of Impax, the specialist UK environmental and clean tech investment company.

This is your chance to ask one of the UK’s top green investors about everything from whether environmental investments can bounce back after a difficult 2010, to how government policies around the world will affect returns, to how significant China’s commitment to green power is.

Email all your questions to energysource@ft.com by the end of Sunday, January 23rd.

Say hello to $100 a barrel oil.

Yes, West Texas Intermediate and Brent, the two most-followed benchmarks, have yet to hit the triple-digit level, but the cost of several high-quality crude grades in the physical market has already reached that mark.

WTI and Brent represent only a fraction of the hundreds of different crudes traded globally each day. Petroleum Intelligence Weekly’s International Crude Oil Market Handbook – the crude oil traders’ bible – lists almost 200 different crude grades, from Kutubu of Papua New Guinea to Caño Limón of Colombia.

It’s not just US Congressmen who are concerned about BP’s Global and Arctic Strategic Alliance with Rosneft.

BP’s partner in Russia is also worried.

From the FT:

BP’s landmark deal with Rosneft, the Russian state oil company, was on Sunday night facing a backlash from the billionaire shareholders in its other main venture in the country.

AAR, the consortium through which the shareholders hold their stake in TNK-BP, said it was examining whether the deal breaches their agreement which stipulates that BP can only pursue new opportunities in Russia via the venture.

If anybody understands the difficulties of doing business in Russia it is BP chief executive Bob Dudley. in 2008, as head of the TNK-BP joint venture he had to flee the country in a bitter dispute with BP’s Russian partners.

So why is he now upping the ante - expanding its commitment to Russia with a separate $16bn tie-up with Rosneft, the state-controlled oil group? The answer is oil – the Arctic reserves at the heart of the deal could for the embattled group be a new North Sea.

Oil companies have to go where the oil is. And there is plenty of oil in Russia.

FT Energy Source

- Backlash over BP deal with Rosneft – FT

- Yukos warns Rosneft assets are ‘stolen’ – The Telegraph

- BP will increase ex-Yukos assets after Rosneft deal – Bloomberg

- BP looks to Russia to rebuild reputation – FT

- The oil drama with a billion dollar cast – The Times (£)

- BP deal could be a bargain for both sides – FT Lex

- Call for UK shale gas moratorium – BBC

- Alaska pipeline to re-open soon – NYT/Reuters

- Pledge boosts Europe’s pipeline plans – FT

- Energy efficiency unpopular with Europe’s lawmakers – NY Times

- India’s petrol prices rise by 4.5% – FT

- Chile’s energy minister replaced amid gas price protests – Argus

- Joint UK-Cuban venture to build power plants – FT

- Justice Dept makes defence of CO2 rules priority – Reuters

Energy Source is no longer updated but it remains open as an archive.

Insight into the financial, economic and policy aspects of energy and the environment.

Read our farewell note

About the blog

Archive

« Dec Feb »January 2011
M T W T F S S
 12
3456789
10111213141516
17181920212223
24252627282930
31