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Energy Blast – April 19, 2012

Lawmakers in Argentina have begun the controversial process of nationalizing the country’s No. 1 oil company with a Senate committee-drafted outline for how YPF will be placed under state control.  Argentinean deputy economy minister Axel Kicillof has fanned the flames of the expropriation dispute with Spain, by stating that his country ‘will not pay‘ the $10 billion compensation for YPF-Repsol.  Bruce Misamore, former chief financial officer of defunct oil company Yukos, argues that the Exxon-Rosneft deal has ‘done nothing to “legitimize” Rosneft’s takeover of virtually all of Yukos’ assets’.   Russia’s energy czar Igor Sechin tells the WSJ about plans to develop Russia’s untapped and remote reserves with the participation of foreign companies.  Rosneft apparently plans to boost hydrocarbon output by 43% to 3.7 million barrels per day by 2020.  ITAR-TASS reports on how Iran’s plans for using Caspian Sea to irrigate its cities have raised the alarm of experts in Russia.  BP’s joint Russian venture, TNK-BP has asserted its independence from the British giant by agreeing to distribute the motor oil of one of its major competitors.  Gas producer Novatek is apparently negotiating an Arctic LNG project with EDF.