Energy Blast – May 28, 2008

Rosneft and Gazprom have agreed on splitting offshore deposits, limiting foreign and private access. President Dmitry Medvedev officially left Gazprom’s board of directors this week, praising “our company’s” achievements. The company has increased pipeline supplies to Turkey by about 36%, following a disruption in flows from Iran. BP and a group of Russian billionaires publicly aired their differences over their TNK-BP venture. The Russian shareholders argue that TNK-BP should be able to expand abroad even if that means coming into direct competition with BP itself. Analysts say the dispute could lead to the venture being sold to Gazprom or Rosneft. Denmark, Russia, the US, Canada and Norway will hold a conference in Greenland this week to evaluate claims over natural resources including oil and gas in the North Pole waters. “Iraq has the potential to supply much more oil.”