Wednesday AM March 10th, 2010
by: Ed Mayberry, March 10, 2010 6:03:00 am
This is the 29th CERA-Week, organized by HIS Cambridge Energy Research Associates.
One of the speakers, Energy Secretary Steven Chu, says the Department of Energy is investing $154 million in a Texas clean coal project in Thompson, Texas, with Houston-based NRG Energy. Captured CO² from the capture and sequestration project can be used to help recover oil from a nearby field.
Also speaking at CERA-Week, Saudi Aramco CEO and President Khalid Al-Falih is calling on the oil industry to increase investments to keep up with world demand. Aramco is investing $90 billion in five years, with much of that in natural gas exploration, production and processing.
St. Petersburg-based Gazprom Neft says Russian taxes are hindering ventures with international oil companies, thwarting expansion. Gazprom Neft is the oil arm of Russia's gas export monopoly. The company's head of business development, Alexander Pankratov, told CERA-Week conference attendees that the Finance Ministry is considering reinstating duties on oil fields in eastern Siberia after Russia ran its first budget deficit in a decade last year.
Panelists note that growing economies in Asia will shape supply and demand in oil and gas in the next two decades.
CERA-Week continues through Friday at the Hilton Americas downtown.