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Energy Blast – Oct 26, 2011

The management board of TNK-BP wants its board of directors to sue BP over the Rosneft deal, with the motion requiring only a simple majority to pass.  TNK-BP are reporting an 8% profit boost for this quarter, with Russian production overall reaching a historic high last month.  Gazprom’s Sakhalin-2 consortium is mulling a decision on whether or not to build a third LNG train.  Russia has launched the Purpe-Samotlor pipeline, which will help provide China with the 300,000 barrels of crude per day that it currently requires.  China Petrochemical Corp (Sinopec) is planning to boost refining capacity to address the current diesel shortage.  China National Offshore Oil Corp (CNOOC) says that its oil and gas production with the U.S. was 3-4 million barrels this year, and anticipates production eventually reaching 8 million.  Project Horizon, the German consortium behind plans for the UK’s new nuclear plants, is negotiating to exchange a €5 billion cash injection for a 25% stake in new projects.  A PwC report suggests that shale gas activity has increased U.S. mergers and acquisitions this year by 135%.