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Energy Blast – Dec 29, 2010

The Telegraph reports on Brazilian company Petrobas’ plans to revolutionize oil exploration by constructing underwater ‘cities’ that will obviate the need for conventional rigs.  Lukoil has held several high-profile meetings with representatives from Ghana, Liberia and Sierra Leone as a part of a $9 billion overseas investment program.  According to Oil and Gas Eurasia, Lithuania will open a gas exchange in 2011, which will not increase competition, but could be used to sell surplus gas that has been bought but not used.   Ascendant oil producer Petroneft reportedly hopes to triple output and reserves by resurrecting deposits abandoned during the Soviet era.  Azerbaijan has reached an agreement with Venezuela in which the two countries will assure each other’s exports to Belarus and the United States respectively.  According to Reuters, the US apparently hopes to re-open negotiations that would put a stop to production of weapons-grade plutonium and uranium,