Energy Blast – Aug 24, 2011

On Ukraine’s plans to reduce its dependence on Russian gas over the next five years through energy efficiency and alternative sources, such as coal.  Denmark says it is ‘not afraid of letting industry’ into the Arctic, much to the disappointment of Greenpeace.  Norway says that Lukoil has already qualified for operations on its shelf, on the back of a border agreement between Moscow and Oslo last year.  The underwater canyon beneath Alaska’s Chukchi Sea is both a rare ecosystem and a target for Shell’s oil exploration: the Washington Post reports on the problems of drilling in such a region.  TNK-Uvat, a subsidiary of TNK-BP, is planning to invest $100 million in the Uvat project in the Tyumen region.  UK Coal has returned to profit for the first time in four years.  BP’s oil fund compensation payouts, one year on, have hit the $5 billion mark.  Eni reveals that it has been in close contact with Libya’s rebel movement since April. Click here for some analysis of how Saudi Arabia’s role in the oil market has changed since Libyan unrest began, and factors for the oil market to consider ahead of resumed Libyan production.