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Energy Blast – May 2, 2011

The Independent’s editorial yesterday called for Bob Dudley to refrain from joining any further negotiations on the fate of TNK-BP.  Oil output last month was only just short of a post-Soviet record, which really brings home the craze for exports in light of recent regional shortages.  Kiev is saying that the South Stream pipeline threatens Ukraine’s national security ‘and we will always be against it‘.  Has the presence of political figures on the boards of oil companies over the last years damaged the industry?  Vladimir Putin is calling for a ‘balanced‘ Russian energy industry, ‘based on several sources: nuclear, hydrocarbon, hydro power, wind, solar panels.‘  The FT reports on the resource nationalism being driven by high commodity prices, as governments levy ‘economic ransoms‘ from oil and mining companies.  Venezuela is struggling to reassure foreign investors after imposing a 95% tax on oil revenues crossing the $100-per-barrel price.