Energy Blast – March 31, 2010

Currently, only Rosneft and Gazprom have permission to explore and develop oil and gas resources off the coast of Russia, and the Natural Resources and Environment Ministry are now proposing to change the rules to allow access for non-state-run Russian and foreign energy companies as well.  A European court has awarded Chevron $700 million of the $1.6 billion it originally sought in its 2006 claim against Ecuador, charging that the country failed to pay the price of oil fixed in a 1970s agreement.  On the difference of opinion between Opec and the US on avoiding oil price volatility. Greenpeace wants technology and internet giants, whose energy needs are gargantuan, to power their data centers with renewable energy.  Australia’s Macarthur Coal has rejected a $3 billion unsolicited cash takeover bid from Peabody Energy, calling it ‘inadequate‘.