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Energy Blast – Nov 20, 2008

The liberalization of power prices – ‘a key element of the electricity sector reforms that enticed investors to take on mandatory multibillion-dollar expansion programs‘ – is likely to be delayed by the government, after a number of oil companies complained that the measures were too much to deal with on top of the economic crisis.  A difficult week for BP – pipeline maker Transneft is threatening to take it to court over a dispute about extending a link for the Chevron-led Caspian Pipeline, and a minor fire has disrupted output at a TNK-BP deposit.  Spanish bank La Caixa has been in talks with Russia’s Lukoil about the possible sale of its 14% stake in oil major Repsol.  The deadline for countries to extend their territories into the resource-rich Arctic seabed is set for May of next year, writes The Economist.