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Energy Blast – July 19, 2011

Russian President Dmitri Medvedev and German Chancellor Angela Merkel will meet today in Hanover for consultations on energy cooperation; Kommersant reports that one of the main talking points will be the possibility of building a third line on the Nord Stream pipeline.  Medvedev is, this article argues, in a strong position to negotiate the increasing role of Russia in Germany’s energy sector, now that the latter has closed the door on nuclear power.  Echoes of last year’s Gulf of Mexico headache for BP as it registered a small oil leak in Alaska, although apparently the flow of escaping oil is contained.  Former BP CEO Tony Hayward is, according to the Telegraph, considering making offers for Russian firms Bashneft and Russneft.  Whether they have any chance of success is another matter, suggest some industry stalwarts quoted by Reuters. China’s energy needs are apparently likely to increase 75% by 2035: could Mongolia help Beijing quench its thirst?  Italian oil major ENI apparently plans to invest $7 billion in projects in Venezuela.  Meanwhile TNK-BP has shown an interest in Brazil, with a purchase of a 45% stake in Amazon oil exploration blocks from Brazil’s Petra Energia.  Kazakhstan’s aging oil pipelines are apparently a major concern for the country’s Emergencies Ministry.