Energy Blast - July 10, 2009

Russia may have sidestepped greenhouse gas emission cuts at the G8 summit, but Finance Minister Alexei Kudrin has pledged a Russian 'energy revolution' when the State Duma consider a bill to increase energy efficiency by 40% by 2020.  A transit deal for the Nabucco pipeline is to be signed next week but according to analysts, 'the major obstacles to Nabucco still stand and supply is number one'.  Reuters has a Q and A on what to expect from the Nabucco deal.  The European Commission has tempered demands for powers to coordinate gas flows across the union in the event of a gas cut off.  The European Commission will declare a 'Community Emergency' if the EU loses more than 10% of its gas supply.  Venezuela's Oil Minister has said that the country is making progress towards developing the Mariscal Sucre oil field with Russia's Gazprom and Italy's ENI among the companies considering involvement.  An article in the Economist reports on the need for Turkmenistan, holder of the fourth largest gas reserves in the world, to develop an adequate pipeline infrastructure as it is courted for deals by gas hungry nations.