BP given go-ahead on 4.5B Pound oil project west of Shetland Islands. Will include investment from Shell, Conoco, Chevron. Investment will be almost 10B Pounds in N. Sea over next 5 yrs. Dudley: we now see potential to maintain our N. Sea production at ~200-250kb/d until '30.
Supreme Court agreed to decide on whether oil comps and multinationals can be sued in US courts for human rights abuses. Royal Dutch Petrol case will test statute enacted in 1789.
Kinder Morgan buying El Paso for $21B, creating NG pipeline giant. Kinder will sell off the wells. El Paso carries ~1/4 of US NG.
Flow of NG from Libya to Sicily resumed last week . . . Turkmenistan NG field world's 2nd largest. Est. 21TCF . . . Iraq has est. 112TCF reserves.
China bought 900K metric tons of corn last week. They need to import 7-10M tons this year to refill stockpiles depleted by bad weather. Think prices will be going up?
Venezuela oil comp expects to increase production at existing oil fields by 250kb/d by '15 with $13B investment.
Iran suspended Chinese gas contract, replaced Gazprom (Russian) with a domestic comp as their energy production slumps.
Supertanker owners will probably idle the most ships in over 2 decades. Charter rates lowest in at least 14 yrs.
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