Esso, the UK unit of oil giant Exxon, have closed down an oil pipeline and two suspects have been arrested after thieves tapped into one of the country’s main underground transit routes. More than 30,000 liters of fuel were stolen, according to reports.
Contrary to popular ‘green’ beliefs, a study funded by the US federal government argues that corn-based biofuels are actually worse for the environment than gasoline, as they emit more greenhouse gasses and deplete soil carbon.
Gazprom has unveiled the new Arctic crude blend called ARCO. It comes from the Arctic field in North-West Russia. The oil will cost less than the main Russian export Urals blend, as it’s quality is lower.
The Obama administration said Friday that it is giving federal agencies more time to assess a proposed trans-national pipeline, likely keeping a decision about the controversial Keystone XL project from being made anytime soon.
Royal Dutch Shell’s new CEO Ben Van Beurden met with Russian President Vladimir Putin on Friday, signaling Ukraine tension has not affected investment in Russia, and that energy contracts won't be derailed by international politics.
Opportunities for the West to hurt the Russian economy are limited, President Vladimir Putin said Thursday. Europe cannot stop buying Russian gas without inflicting pain on itself, and if the US tries to lower oil prices, the dollar will suffer.
The discovery of large hydrocarbon deposits in the Arctic has sparked international competition over resources in frozen waters. Regional powers are quickly filing claims for the sea shelf, with Russia preparing to bring in the biggest bid to the UN.