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Energy Blast – Nov 11, 2010

EU Energy Commissioner Günther Oettinger has unveiled a new strategy paper for the European energy market which calls for €1,000 billion of new investment.  Oettinger’s comments praising EU-Russian energy relations come just as Gazprom announces that its sales to South Korea could reach a draw with those to its major European buyers, demonstrating the region’s huge increase in demand and hinting at a shift of priority to Asian markets.  Bulgarian Energy and Gazprom have reached an agreement on forming a joint venture to run the Bulgarian section of the South Stream pipeline.  Deepwater drilling has ‘recovered quickly‘ from the Macondo indicent, taking share prices up with it, with one investor anticipating ‘an increase in business because of stricter regulatory environments.‘  China may resort to tapping state fuel reserves to cope with its current diesel shortage.