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View Article  TheBusinessOnline: At last: a G8 summit with something
The core of the former Soviet Union generates just 2.6% of the world’s wealth but holds 32% of the world’s proven gas reserves. The rest of the G8 generate 40% of the wealth but just 4.4% of the gas. Russia is poor and in many ways does not deserve even to be part of the G8; but it is an energy superpower, a point Mr Putin will no doubt seek to emphasise during the G8’s deliberations.   more »
View Article  Royal Dutch Shell Plc: Petronas and Petrobras give Rosneft $10bn IPO boost
From The Business Online: “BP and Shell are very keen, but the two of them have bigger issues.   more »
View Article  The Business Online: What keeps BP’s Lord Browne in the driving seat?
Next month 58-year-old Browne will celebrate 11 years at the top, but he is fast running out of gas. He will have to drive to pastures new shortly because the oil giant has a strict policy on retirement at 60. Next year it will announce his successor. Before that Browne faces challenges on a number of fronts and last week he ran through with me some of the issues facing BP and the industry as a whole.   more »
View Article  The Business Online: The big oil companies target Canadian oil sands operators
Alberta’s vast reserves of oil sands and heavy oil, with more than 174bn barrels, rival Saudi Arabia’s and, thanks to the $70-a-barrel oil price, what was five years ago marginally economic is now highly profitable. So when Royal Dutch Shell last week snapped up Canadian heavy oil company Blackrock Ventures for $2.18bn (E1.68bn, £1.15bn) hopes were raised that the long-awaited oil sands takeover boom may have begun.   more »
View Article  The Business Online: US could attack Iran next month
Iran has said it will cut back oil production, a threat that sent prices soaring in a speculative frenzy wholly unwarranted by current production levels, which comfortably exceed demand despite the refinery shortage.   more »
View Article  The Business Online:
Only oil group Exxon Mobil, with a market capitalisation of $381bn and General Electric, with a market capitalisation of $358bn, now stand in the way of Russian government’s goal to turn the massive gas monopoly into the world’s most valuable company based on market capitalisation.   more »
View Article  The Business: Oil companies remain supine as Chavez grabs control of two fields
Chavez has been courting Chinese, Russian and Indian companies, but when it comes to developing Venezuela’s reserves of heavy oil, western companies like Total, Chevron and Royal Dutch Shell have the skills.   more »
View Article  The Business: Battle begins for Russia’s huge Arctic Sea gas field
RUSSIAN gas giant Gazprom will this week begin deciding which of five international oil companies will win the right to take part in the largest single gas project of the next decade – the $25bn (E21bn, £14bn) development of the Shtokman field in the Arctic Sea.    more »
View Article  TheBusiness: BP leaves investors to spend $65bn surplus
And the companies themselves are actually shrinking. This year, under US rules, Shell only brought enough new oil on to its books to replace 60%-70% of what it pumped out. BP managed 95%.   more »
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