Energy Blast – May 25, 2012

A consortium of oil companies, including Italy’s Eni and Russia’s Lukoil have reportedly made a major oil discovery in the eastern part of the Libyan Desert in Egypt.  The Brazilian offshore area Spain’s Repsol is exploring with China Petroleum apparently contains the equivalent of at least 1.25 billion barrels of oil.  China National Offshore Oil Corporation has made new oil discovery in the Bohai Sea, says Oil and Gas Eurasia.  Statoil has attempted to scotch rumors that Royal Dutch Shell may be taking its place in Russia’s Arctic Shtokman gas project.  The oil arm of Gazprom, Gazprom Neft, has announced it will supply gasoline to Ukraine and seeks to open about 100 franchised filling stations.  Oil major BP has stated that it will not agree to transport gas from its Shah Deniz Stage 2 Gas field in Azerbaijan through the Nabucco pipeline, pushing the EU-backed project to propose a smaller alternative.