Greenland, mining costs, disintegrating oil companies
In this week’s podcast: Greenland – is oil exploration the key to economic independence? High oil and gas prices push up costs for global mining; and, we ask whether integrated oil companies have a future or will others follow ConocoPhillips, and split in two?
Presented by David Blair with William MacNamara and Vincent Boland in the studio in London and Sylvia Pfeifer in Greenland. Produced by LJ Filotrani
Turkmenistan has started to sell gas to China through the world’s longest natural gas pipeline as it continues to develop an international export market for its vast energy reserves.
Israel may be considering its energy options after a pipeline bringing gas from Egypt suffered four attacks in the space of five months.
This link provides Israel with 40 per cent of its gas and the most recent explosion, which took place at a monitoring station near the Egyptian town of Al-Arish, was the second incident in as many weeks.
Chevron, the US energy company, will carry out oil exploration off the Liberian coast later this year, giving the west African country the possible chance to join its neighbours as an oil-producing nation.
Jim Mulva, chief executive of ConocoPhillips, has been in a hurry to establish his legacy. In the beginning, it was going to be as the head of one of the world’s biggest international oil and gas companies. And he got there, boosting Conoco into 5th place, in terms of production.
But then the economic downturn hit, and the weaknesses in his grow-through-acquisition strategy were exposed. It was no longer enough to be big, and Conoco was forced to slash capital spending, lay off staff and sell billions of dollars in assets.