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Energy Blast – July 6, 2012

Gazprom’s decision to slash prices for its European customers may dent revenues now, but Reuters explains how in the long-term, the company could stand to gain.  Lukoil has revealed plans to build a $500 million pipeline that would ferry gasoline and other fuels to the Moscow area.  The semi-autonomous republic of Kurdistan has initiated the export of crude oil across the border to Turkey in a move described by the Telegraph as ‘politically controversial’.  According to a report by Petroleum Intelligence Weekly, BP Plc has apparently been excluded from the pre-qualification bidding process to develop Abu Dhabi’s largest onshore oil fields.  ‘Whatever the precise reason, it represents a humiliating snub for the UK major.’