Energy Blast – April 20, 2010

A 170-page United Nations report on Russia’s energy sector issues a series of strong criticisms of the current energy situation, suggesting that natural resources extraction is causing long-term damage to the economy, environment, and public health, and that the expected depletion date for oil and natural gas have moved forward by 21.9 years and 9.4 years respectively. It also suggests that the current Kremlin plan for development ‘is not realistic‘.  The Gas Exporting Countries Forum has agreed to seek higher prices for spot sales in a bid to support suppliers that rely on long-term contracts, although each country in the forum will ‘adopt its own strategy‘.  Russia and Qatar will work together to develop the gas reserves of Russia’s Arctic Yamal peninsula.  Steam coal miner KTK will be the first Russian company of its kind to carry out a large scale IPO this year.  Volcanic ash clouds are causing helicopter flights to Norway’s oil and gas platforms to be suspended today.