Energy Blast – Feb 4, 2010

The Natural Resources and Environment Ministry finally may grant Rosneft the opportunity to build a presence on the Sakhalin shelf, as part of broader aims to give the state a larger role in shaping groups that operate offshore projects.  Diplomatic issues are hampering the transit of oil-product shipments from Estonia to Russian ports, which Russian Railways wants to restore by the end of the year.  Shell is planning to cut another 1,000 jobs and save $1 billion this year due to an uncertain outlook for refining.  The head of BP suggests that Britain should focus on securing gas supplies if it wants to secure its energy needs for the next ten years, and warned against government ministers being sidetracked by wind power and clean coal.  ‘We are not that pessimistic about gas demand in Europe,‘ says Gazprom, anticipating a significant rise in EU gas consumption over the next decade.  Russia and Venezuela have signed a €16 billion deal to develop the Orinoco oil field.