Energy Blast – September 3, 2009

The Indian President Pratibha Patil has arrived in Moscow to discuss nuclear energy among other issues.  In August, Russia increased oil production by 1.3% in comparison with 2008, as Lukoil and Rosneft both increased production in new fields and exports rose by 5.9%.  According to Reuters, this is a record monthly high, and has seen Russia grab a large market share from a frustrated OPEC.  Gazprom has grand plans for the LNG market, according to Bloomberg.  BP estimates that the Arctic may hold around 200 billion barrels of oil equivalent resources. Denmark’s military intelligence agency has warned that Russia’s interests in the Arctic could become a concern for other northern nations.  BP has apparently made a ‘giant’ oil find in the Gulf of Mexico, which could contain more than 1 billion barrels of recoverable reserves.  The Telegraph reports that it could take more than 10 years for the oil to be tapped due to the distance from infrastructure.  Bulgaria’s new prime minister has announced he is reconsidering the previous government’s engagement in three energy projects with Russia.  Yulia Latynina in the Moscow Times suggests partnership with Moscow in technological and energy affairs leaves much to be desired.