Much of the focus recently about the dangers of Arctic drilling has focused on Shell’s plans to drill off Alaska. But let’s not forget about the real and growing dangers to the Russian Arctic too. Once again it seems that the oil industry is not prepared for the risks of a spill and maybe operating … Read More
Russian oil
Lloyds Warns of Arctic Drilling Risk
Late last week, the Russian President Vladimir Putin outlined plans to create “globally competitive conditions” to attract foreign investment in Russia’s largely unexplored Arctic. “Offshore fields – especially in the Arctic – are without any exaggeration our strategic reserve for the 21st century,” Putin told a meeting attended by the heads of Rosneft and Gazprom. … Read More
Exxon Beats BP to Arctic Prize
It will not just be Bob Dudley from BP who will be aghast at the news that Exxon and Rosneft have signed a historical deal to develop Arctic oil reserves, but many people from Alaska too. Just months after BP failed in a bid to form a strategic alliance with Rosneft, ExxonMobil has outsmarted its … Read More
And for Shell We Present an “Erratum”
Sometimes the best protests are the most simple and symbolic. Yesterday, Shell’s shareholders and senior management at the company’s AGM in the Hague were presented with an “erratum” to the company’s recent Annual Report. The spoof report by Friends of the Earth looks like a real Shell report, until you start to read it. For … Read More
BP’s Credibility in Tatters Again
BP’s long-term strategic direction and its credibility with City analysts is in tatters this morning after its bid for a strategic alliance with Rosneft, the Russian state oil champion, collapsed late last night. A year on from the Deepwater disaster, this was the deal that was meant to revitalise BP’s reputation. This was the deal … Read More
One Year Later: BP’s Contamination Continues
BP’s AGM tomorrow is set to be a tumultuous affair with the oil giant having to absorb criticism over the legacy of the it’s catastrophic oil spill in the Gulf of Mexico, its investment in the dirty Canadian tar sands and its dodgy deal with the Russian Rosneft to drill in the Arctic. Throw in … Read More
BP, the Russian Godfather & Rogue States
As BP reported a $5bn loss after Gulf oil spill, confusion reigns this morning whether the company will be able to pay its dividend in full. The company has publicly announced that it will pay a dividend for the first time since the Deepwater disaster. But Bob Dudley’s hopes of winning round the investment community … Read More
Bolshoi Petroleum is “environmental villain number one”
Ever since BP’s complex deal with Russian giant Rosneft was announced late last Friday, the list of critics to the deal has been growing. Take today’s leader in the Financial Times that calls the deal “risky, ethically vexing” and a “difficult transaction to spin.” I am surprised that a tabloid newspaper hasn’t spun the deal … Read More
Its January, must be time for a Russian energy dispute
It’s that time of year again. It’s January, snow is on the ground (and no that doesn’t mean that climate change is not happening), it’s freezing outside and … Russia is having an energy dispute with its neighbours. Somethings never change. This time it is Belarus and the spat is about oil rather than gas, … Read More
Spat Between Russia and BP Escalates
Whilst the world obsesses about how the oil industry could help bring down the oil price, a growing spat is taking place that could have huge ramifications for the oil industry. It concerns the Russians and BP, with some saying the Kremlin is trying to push BP out of the country. Over the past few … Read More