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Energy Blast – June 22, 2011

Mongolia’s growing dependence on Russia and China for fuel and power poses a major risk to its booming mining sector,‘ says Reuters – the country needs its own refinery.  Under new rules, Russian companies working on the continental shelf will be responsible for preventing spills, will have to demonstrate their financial ability to prevent such accidents, and will be fully responsible for any damages.  Shale gas and its possible negative effect on Russian energy power finally gives Europe and the U.S. a chance to wriggle out from under Russia’s thumb, says the WSJ.  PetroChina and Canada’s Encana have abandoned plans for a shale gas joint venture.  Shell’s new technology designed to harness natural gas will allow it to capture gas from fields previously considered too small or difficult to reach, and constitutes a ‘milestone‘ for the LNG industry, says the FT.