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Energy Blast – Sept 22, 2008

Ukraine’s economy is suffering even more than Russia’s, partly thanks to the latter cutting its energy price subsidies. Nigerian militants have called a ceasefire, potentially halting attacks on oil and gas facilities in the country which have seriously damaged oil production for many major companies. Gazprom has signed a deal to develop an offshore gas field with Petroleos de Venezuela. BP’s appointment of a new Russia head at TNK-BP apparently signals that it intends to take a ‘tough new line’. A dispute over pipeline expansion could lead BP to sell its stake in the Chevron-led Caspian Pipeline Consortium. The Russian government is planning to implement further tax cuts for the oil industry in 2010.