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Energy Blast – Feb 3rd, 2009

Russia’s gas dispute with Ukraine last month caused a 10% drop in production.  ‘It has become cliche to say that the latest natural-gas row between Russia and Ukraine should be a wake-up call for the EU in its sluggish struggle to secure energy supplies devoid of Kremlin control’ – and yet the Nabucco project continues to stall.  Stranger still, this report suggests that Russia could be invited to join Nabucco, which was initially conceived of as a means of bypassing Russia.  BP, Europe’s second-biggest oil company, reported its first quarterly loss in seven years, in part due to major losses in its Russian unit.  The $37 million fine levied on Gazprom Neft last year for abusing its monopoly position has been overturned.