Energy Blast – Nov 2, 2010

TNK-BP looks set to acquire BP’s Vietnamese assets, after PetroVietnam waived its option to buy them.  Activity in the uranium industryhas all the makings of a scramble,‘ says The Independent, ‘with Russia already investing more than 20 billion rubles in uranium mining‘.  The First Revenue Watch Index has praised Russia’s natural resources industry for its transparency and openness, placing it third below Brazil and Norway.  Transneft is testing its Eastern Siberia-Pacific pipeline to China with a delivery of technological oil.  Russia’s October oil output has hit a new record at 10.26 million barrels per day.  The governor of Murmansk has emphasized the need for advanced technology in the Arctic to help Russia meet its energy goals there.  BP has returned to profit, and as such is helping to boost the FTSE 100, but is now revealing ‘shock estimates‘ that the Gulf of Mexico oil spill costs will come to almost $40 billion.  The $1.9 billion clean-up bill that BP sent to Mitsui & Co is reportedly ‘four times bigger than a bill sent three months ago‘, and will not be paid until it has been carefully examined. ‘We asked BP for more details as it was unclear how they calculated the bill, but there was no response.‘