Energy Blast – May 29, 2012

In what has been described as a ‘shock move’, Mikhail Fridman, the chief executive and chairman of the board of TNK-BP has resigned.  It is a sign, one source told Reuters, that ‘the AAR consortium has lost confidence in BP as a partner’.  It has been seen, says the Guardian, ‘as the start of a Russian attempt to seize control of the venture’.  See here for a time line of the troubled joint Russian-British venture.  The IMF has reminded Ukraine of the necessity to increase consumer gas prices if it wishes to secure bailout money from the fund.  Russia’s second largest oil company Lukoil has announced that it plans a secondary listing in Hong Kong through the buyback of existing shares of more than $1 billion.  Kazakhstan’s foreign partners in developing the huge Kashagan oilfield will contribute almost $1 billion this year and next to cover the state’s portion of investment in the world’s biggest oil discovery in 40 years.  The Moscow Times reports on the start of phase three of ExxonMobil’s Sakhalin-1 project.  Nigeria plans to put a stop to gas flaring.