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Energy Blast – June 11, 2008

Gazprom is reportedly “in talks with holders of a few gas traders in the United States” about potential buyouts. Alexei Miller, the chief executive of Gazprom, has promised that his company would invest $30 billion by the end of the year, and predicted that oil will reach $250 per barrel “in the foreseeable future”. BP’s chairman rejected the “apocalyptic” prediction. TNK-BP head Robert Dudley said his five-hour questioning by the authorities yesterday “was a very routine meeting. There were no problems.” Tony Hayward, he head of BP, writes in today’s Financial Times that “the markets will solve the energy crisis”. Italy’s Eni has started production at its Alaskan oil field.