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Energy Blast – Sept 29, 2008

In a surprise move, Russia has backed a new United Nations Security Council resolution condemning Tehran’s nuclear program. Venezuelan President Hugo Chávez has signed a deal granting five major Russian energy companies access to Venezuelan oil, and announced that Russia would help his country develop nuclear energy. The Venezuelan oil minister says OPEC has no further plans to alter production levels. Gazprom may be on the verge of reaching an agreement to buy the east Siberian Kovykta gas field from TNK-BP. Georgia has temporarily halted imports of Russian electricity. Gazprom, Lukoil and Rosneft are some of the global energy companies interested in a stake of Spain’s Repsol. Polish gas monopoly PGNiG has announced plans to spend $547 million abroad next year on oil and gas exploration and extraction.