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Energy Blast – Aug 1, 2011

The fate of the Nabucco pipeline is in the hands of Azerbaijan, says the WSJ, speculating that the country could favor the pipeline’s competitors when it comes to choose its long-term buyers.  Russia may lose 30% of its permafrost by 2050 thanks to climate change, which will likely cause the release of large amounts of methane into the atmosphere, according to the emergencies ministry.  An out-of-the-ordinary delivery of Iraq’s Basra oil to Europe could start a pricing war with Russia, and could help to lower current prices, says Reuters.  Bulgaria anticipates that Russia will withdraw its €58 million claim against NEK for delayed payments after it promised to submit a counter claim.  The Independent reports on Australia-based Wildhorse Energy’s use of UCG technology to generate gas from unused coal fields in Europe.  The Telegraph reminisces about Shell’s 2004 over-stated reserves scandal, suggesting that there is a lesson in the story for BP.  Brazil’s state-run Petrobras is planning to triple its share of the country’s ethanol production by 2015.  BP’s Forties Pipeline System will be shut down for 5 days whilst an unexploded WW2 mine, discovered near the pipeline in March, is removed.