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Energy Blast – Oct 13, 2011

BP has been given the go-ahead for its Clair oil field, which will be one of the North Sea’s largest; the second-phase investment, worth $7.1 billion, also counts Shell, Chevron and ConocoPhillips as its backers.  In other news, BP has been formally charged by the U.S. government over the Deepwater Horizon disaster for breaching offshore regulations.  Reuters has further info on the BP vs TNK-BP lawsuit over the failed Rosneft tie-up, which will almost certainly be thrown out due to lack of shareholder support.  American accusations of an Iranian plot to kill the Saudi ambassador ‘may throttle any slim chance of diplomacy resolving the long-running dispute over Tehran’s nuclear program’; ramped-up tensions with Saudi Arabia will almost certainly affect the global oil price, analysts say.  An Exxon Mobil executive is urging Europe to look into developing shale gas and other more unconventional resources in response to declining gas supplies.  Belarus has its sights set on an early 2012 contract with Russia over the construction of a nuclear plant.  Libya has suspended the signing of any new oil contracts until it has formed a new government.