Energy Blast – September 16, 2010

Yesterday’s agreement over the maritime boundary in the Arctic Ocean signed by Dmitri Medvedev and Norway’s Prime Minister, Jens Stoltenberg, settling a 40-year long dispute, has been heralded as proof that the Arctic is not a ‘zone of lawlessness’, according to the New York Times.   Concurrently President Medvedev asserted that there was no need for a NATO presence in the Arctic.  The US has taken issue with Iran’s treatment of nuclear inspectors, citing claims of intimidation, which, if they lead to a report of a breach in IAEA policies, could intensify international pressure on Tehran to increase transparency.  Lukoil has released an official statement refuting accusations made two U.S. congressmen that the company violated sanctions against Iran by supplying the country with petroleum products.  The company, along with TNK-BP and Bashneft, have bid for the rights to explore the colossal Trebs and Titov oil fields, in the Yamal-Nenets autonomous district, where the starting price is $588 million.