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Energy Blast – Feb 2, 2011

The AAR consortium has reportedly won its desired British court order to block BP’s proposed joint venture with state-run company Rosneft.  A spokesman from the latter has declared that the injunction ‘should not derail the deal’, Reuters reports.  BP has apparently acknowledged that it may be obligated to pay compensation to its outraged Russian partners.  The British oil major has, with a fourth-quarter profit of £3.5 billion, restored its dividend payment to shareholders and pledged to become a smaller, safer company.  Despite the dividend, shareholders should beware, says the Telegraph’s Alistair Osborne, for ‘Big Oil is a dirty business’.  BP’s Arctic plans with Rosneft will eat into key nature reserves in the Kara Sea, with a devastating effect on local wildlife, says a highly concerned WWF.  As the price of oil rises, how will Russia choose to spend its windfall? wonders the FT.  The chief economist at the International Energy Agency has assuaged fears that oil transit through the Suez Canal may be imperiled by the ongoing protests in Egypt.