Daily Archives: January 28, 2011

Speculation about the potential closure of the Suez canal is mounting on Friday, probably the reason that WTI prices are heading higher.

Notably, prices of Brent crude (which is not continent-blocked; it comes from the North Sea and doesn’t tend to get transported through the Suez canal) are not climbing.

Sheila McNulty

ExxonMobil has made some interesting – if not surprising – forecasts in its annual Outlook for Energy, in which it projects long-term energy trends. The report is not just what Exxon hopes will happen but rather based on detailed analysis of 100 countries, 15 demand sectors and 20 fuel types.

It says energy demand in developing nations will rise more than 70 per cent through 2030 even as energy efficiency measures keep demand flat in the developed world. So, combining the developing and developed world, overall global energy demand will rise 35 per cent from 2005 levels.

Sheila McNulty

The strong profits for the fourth quarter of 2010 reported by ConocoPhillips underline just how much its efforts to slim down and focus on organic growth are paying off. Indeed, the results are so good that the strategy is something other companies might want to consider.

Conoco reported net profit of $2bn in the fourth quarter of 2010, up from $1.3bn in the year-earlier period. Asset sales and organic growth, combined with higher oil prices, improved its bottom line. Excluding gains from asset dispositions, impairments and other items, its adjusted earnings for the quarter were $1.9bn, or $1.32 per share.

Kiran Stacey

In this week’s readers’ Q&A session, Ian Simm, chief executive of Impax Asset Management, answers your questions.

Below, he discusses impediments to biofuels, EU support for Chinese renewables and gas’ future as a clean energy source.

Next in the hotseat is James Cameron, vice chairman of Climate Change Capital. He will be answering your questions next Friday, February 4th. Send in your questions for consideration by the end of Sunday, January 30th to energysource@ft.com.

But for now, over to Ian:

FT Energy Source

- BP faces legal challenge to Russian bid – FT

- Rosneft strikes oil deal with Exxon – The Times (£)

- Dispute looks set to end up in UN mediation – The Telegraph

- Fridman lawsuit shocks Moscow – FT

- BP might be best to buy out AAR – FT Lex

- Europe extends carbon market freeze indefinitely – The Guardian

- Exxon forecasts 35% global energy demand growth by 2030 – Bloomberg

- Court clears OMV chief of insider trading – FT

- Iberdrola to invest $365m in Mexico projects – WSJ (£)

- ConocoPhillips, GE, NRG to form joint venture – Argus

- Oil and gas companies exposed to Egypt – The Telegraph

- Smart investors are avoiding WTI – FT Short View

- Green investment bank: Not green, not a bank – Caroline Lucas, The Guardian

- Obama green job vision faces challenge from abroad – Reuters

- Dealing with an overflow of solar energy – NY Times Green blog

- Game of two halves for Eaga – FT

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