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Energy Blast – April 28, 2010

Analysts are keeping a close watch on whether or not the oil industry will be able to prevent the disastrous BP oil spill in the Gulf of Mexico from spreading to the shoreline, says the FT, which also reports that the company is spending over $100 million on damage control for the spill (a small fraction of BP’s profits, which rose by 135% in the first quarter), which was caused by an explosion at a well that killed 11 people.  A US coast guard is quoted as saying, ‘If we don’t secure the well, this could be one of the most significant spills in US history‘.  Russia’s deal with Norway over the Barents Sea territory, thought to be rich in oil and gas reserves, opens the area up to possible exploration.  Viktor Vekselberg says he is planning to leave his management position at oil and gas producer TNK- BP ‘in the near future‘.  Shell’s profits haven’t suffered from volatile prices, oh no.  They’re reporting a 60% increase. The run-up to Britain’s May election is seeing ‘more dull worthiness than high drama‘ in the realm of environmental priorities, says The Economist.  Europe will be looking to North Africa and Azerbaijan for its future gas needs, according to the FT, as analysts speculate about demand volumes.