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Energy Blast – July 24, 2008

US government scientists estimate that the Arctic holds potentially a fifth of the world’s remaining oil and gas reserves – 90 billion barrels of undiscovered oil, and as much gas as all the reserves already known to exist in Russia. India’s “contentious” nuclear co-operation agreement with America will go ahead, despite opposition from the country’s Communist party. The absence of a global energy agency is “a glaring exception” in light of the energy crisis. Industry sources believe that the TNK-BP dispute could affect Russia’s oil production in 2009. The venture’s Russian shareholders have accused Robert Dudley of breaching his duties and warned they may seek damages of hundreds of millions of dollars. Meanwhile, a Siberian court has ruled that BP employees can not work for TNK-BP. Gazprom Neft will supply jet fuel to Transaero, the country’s third-biggest airline, “to help bring down record prices by removing middlemen and deflect government charges of price fixing”.