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Energy Blast – June 14, 2012

In the worst case scenario, the eurozone crisis could see Brent oil prices fall to $50, Credit Suisse analysts have told the Telegraph.  Prime Minister Medvedev has expressed his misgivings about the 60/66 tax system for oil and petroleum products.  As the government considers revising planned tax increases for the gas industry, it has been reported that it may reduce the planned hike on independent producers such as Novatek.  Bashneft and Lukoil’s Bashneft-Polyus venture have appealed a decision by Russia’s subsoil agency, Rosnedra, to revoke development rights at the Trebs and Titov oilfields in northern Russia.  Exxon Mobil’s plans to introduce fracking in Russia’s existing wells in Siberia may prove more fruitful in the immediate future than the long-term Arctic projects, says Bloomberg.  US energy-saving group Echelon is hoping to double sales of its smart meters in Russia in 2013 where consumers are reportedly keen to reduce energy waste.  Reuters reports on geological storage for nuclear waste.  ‘The state of Russia’s civilian nuclear power should cause the entire planet to shudder‘.  Iran’s oil exports have fallen by approximately 40% since the start of the year as a result of Western sanctions.  Venezuela has reportedly surpassed Saudi Arabia to become the world’s largest holder of proven oil reserves.  On the extravagant plans for Gazprom Export’s new St. Petersburg offices.