Energy Blast – March 18th, 2009

‘An optimistic assessment of the Nabucco project would be that it is in deep trouble.’  A consortium of Russian companies is to join with Petroleos de Venezuela to create a joint venture to work on oil projects ‘not only in Venezuela, but also throughout the world,’ according to President Hugo Chávez.  The venture – the fourth between the two countries – will seek to pump 200,000 barrels a day of heavy crude from the Orinoco Belt.  Turkmenistan may need at least $5 billion a year in the next decade to stem a decline in natural gas production and meet export commitments to China, Iran and Russia.  GDF Suez wants the European Union to allow agreements between utilities to buy natural gas from new fields to ensure their development, as a measure against supply interruptions such as those caused by Russia earlier this year.