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Energy Blast – May 9, 2012

Norwegian oil firm Statoil has held its production forecast for 2012 and expressed optimism regarding its partnership with Rosneft to drill for oil in the Arctic.  Reuters has a special report on how Exxon has found itself at loggerheads with oil rich states.   Shale gas-rich Poland apparently has no intention of introducing a moratorium on exploration of the unconventional gas.  ‘The increased gas taxes and fiscal incentives for unconventional oilfields are all geared to one end — to get the maximum out of the energy sector for the state coffers both in the short and long term’ says one analyst on Putin’s oil and gas measures on Bloomberg.  Mark Adomanis considers the likelihood of oil prices dropping significantly enough to endanger Putin’s rule.  US Secretary of State Hillary Clinton has called on India to further pressure Iran over its nuclear program after officials said the South Asian nation will reduce its imports of Iranian oil by 20%.  The EU is mulling measures against Argentina over the Repsol expropriation, says the Telegraph.