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Energy Blast – April 3, 2012

According to Finance Ministry analyst Alexander Sakovich, the average price for Russia’s main crude oil export blend, Urals, reached a record level of $122.60 per barrel in March of this year.  In the same month, Russian oil output remained at the post-Soviet high of 10.36 million barrels per day reached in February, Energy Ministry data has revealed.  The gas leak from Total’s Elgin platform is apparently costing the company $2.5 million a day in lost income and response costs.  An oil spill has occurred on refueling in the Zolotoy Rog Bay in Vladivostok, sending 60-70 kilograms of fuel oil into the sea.  In an attempt to wean the country off Russian gas, Azeri state energy company SOCAR has unveiled plans to build a $250 million oil refinery in Kyrgyzstan with an annual capacity of around 40,000 barrels per day.  Bloomberg reports on the stumbling blocks faced by Australian liquefied-natural gas projects.  Alaska has reportedly reached a settlement with Exxon Mobil and its partners to develop a mammoth long-fallow oil and gas field, which could in turn lead to the creation of a $26 billion pipeline.