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Energy Blast – September 21, 2010

The fight for the unexploited Trebs and Titov oil fields has begun, with Russia’s five largest oil companies vying to win access to its untapped reserves.  Apparently Rosneft has decided not to bid for the fields as it has enough ‘promising projects’ in East Siberia already.  TNK-BP chairman Mikhail Fridman has told reporters that the consortium’s plan for expansion would see it produce only 50% of its oil in Russia.  Russia is redoubling its efforts to assert its Arctic claims with increased research efforts.  Poland’s gas monopoly PGNiG has expressed fears of a potential natural gas shortage in the fourth quarter.  Apparently Warsaw’s attempts to have the Nord Stream pipeline rerouted to prevent it from crossing a strategic water canal have been thwarted.  Turkey’s lucrative financial dealings with Iran have, this article suggests, possibly made it complicit in allowing banks with alleged links to Tehran’s nuclear program to operate on its territory.  The WSJ examines whether the Czech Republic’s energy needs will see it turn eastwards or westwards.