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Daily Archives: January 17, 2011
[Ian Simm] Many thanks for all your questions forMagued 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, cheif executive of Impax, the specialist UK environmental and clean tech investment company. Read more
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. Read more
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. Read more
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.