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Energy Blast – May 4, 2012

Prime Minister Putin has revealed that the government will introduce stimulus measures, including tax relief, for those wishing to develop unconventional oil production, which if exploited in Western Siberia, could increase oil production by up to 2 million barrels per day.  Meanwhile the FT considers Putin’s ‘illogical’ decision to raise taxes on all gas companies, which have dealt them a considerable blow.  Leading natural gas producer Gazprom has announced it is contemplating deliveries of gas to Japan via a pipeline.   Oil and Gas Eurasia reports on the transit conundrum Norway faces in developing its Barents Sea reserves.  Amid rumors that North Korea is preparing a new nuclear test, the five permanent members of the UN Security Council have apparently urged Pyongyang to refrain.