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Energy Blast – Aug 19, 2010

Gazprom Neft has increased its revenue by over 50% this quarter, ahead of a possible tender for the Trebs and Titov oil fields.  Greenpeace is drawing attention to South Africa’s potential for maximizing its renewable resources, calling for a ‘paradigm shift‘ that, it says, could create over 78,000 jobs.  China is apparently planning to invest $3 billion into the development of alternative energy and planting trees to prevent landslides and desertification.  German Chancellor Angela Merkel says that nuclear technology is still a crucial part of Germany’s energy network, despite the country’s drive to promote renewable energy.  India’s Essar Energy is struggling to maintain profits, due to the fluctuating value of its oil inventories, says the FT.  Canada’s senate insists that it does not need to implement a moratorium on offshore drilling as there are no current safety concerns over its operations.  Halliburton and Shell have been granted a letter of intent to develop southern Iraq’s Majnoon oil field, Reuters reports, with plans to ramp up production to 1.8 million barrels per day.