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Energy Blast – July 22, 2010

The Finance Ministry is apparently considering not just the initial 61% tax on gas and oil extraction, but further rises in subsequent years, estimating 6-8% earnings drops for major integrated companies like Gazprom Neft or LUKoil.  The Energy Ministry is also looking to cash in, seeking a reported $2 billion to develop the ‘strategic‘ Trebs and Titov oil fields, Russia’s two largest remaining oil deposits.  USAID and the Russian Energy Agency have signed a ‘Protocol of Intent’ to collaborate on energy efficiency and foster partnership between US and Russian industry players, Reuters reports.  Japan’s Mitsui & Co, which owns 10% of the Macondo well, boosted its share price by announcing that it would not reimburse BP for the spill.  BP is considering new ‘static kill‘ measures to stop the leak, and India’s ONCG could buy up the company’s Vietnamese assets as part of its drive to raise funds.