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Energy Blast – Dec 3rd, 2008

The falling price of oil is worrying because it ‘is a symptom of a sharply worsening world economy‘, says The Economist.  A consultant for Brazilian state-controlled oil company Petroleo Brasileiro is speculating that Brazil’s oil production could exceed that of Russia in 2014.  Equipment breakdowns, reduced gas supplies and delays in new projects in Russia, Qatar and Yemen, could severely halt the global output of liquefied natural gas.  Oil firm Sibir Energy is to buy real estate assets worth $340 million, including the Russia Tower project, from a Russian entrepreneur.  The move will almost double its losses.  Gazprom may ask the state to co-fund its investments in 2009 in order to be able to fulfill expansion plans.  Naftogaz, the Ukrainian state oil firm, wants Gazprom to postpone the deadline for repayment of its natural gas debts.