May 2008

Upstream investment in Colombia should set a new record this year, helping the country build towards 1m barrels a day of oil production by 2020, says the upstream regulator. Tom Nicholls writes

Drilling for oil in a war-torn African country was always going to be a high-risk venture, but the consequences of Range Resource's activities in Puntland, Somalia, could be dire

If it is to achieve its ambitions, Eni must restore its reputation as a company capable of managing big projects

The growing prospect of shortages in LNG supply after 2010 could start to destroy demand, as potential buyers consider alternative fuels. Alex Forbes reports from the Gastech conference in Bangkok

A long-running contractual problem limiting operations in the Niger delta could be resolved under a new arrangement proposed by the government. Finding an end to the terrorism problem could take longer, Martin Quinlan writes

A new generation of nuclear power stations is at the heart of the UK's plans to cut carbon emissions and make its energy supplies more secure, says the government. Derek Brower reports

Lithuania is making a last-ditch – almost certainly doomed – attempt to keep open its Ignalina nuclear plant. Without it, the country faces power shortages and increased dependency on Russia, writes NJ Watson

After decades of selling gas on the cheap, Central Asia is to charge Gazprom European prices. The price rises will benefit Russia by discouraging competition for the region's gas, writes Isabel Gorst

Spain – one of Europe's fastest-growing and most-liberalised gas markets – recently passed two milestones. Gas has become the main fuel for electricity generation and the regulated market has been abolished. Essential to both has been an enthusiasm for LNG that has made the country the world's third-largest importer. Alex Forbes reports

BP and its Russian joint venture, TNK-BP, are feeling the heat again. It could herald the company's exit from Russia – or a new partnership with Gazprom or Rosneft. Derek Brower reports

Oil futures have set new record highs above $122 a barrel, amid continuing attacks on Nigeria's oil infrastructure.

OIL PRICES fell on Tuesday, following Monday's record high of $126.40 a barrel. Traders expect data from the US Department of Energy, to be released tomorrow, to show a 2.5m barrel build in crude stocks, taking them to over 325m barrels – above the five-year average.

Oil prices set yet another new record high – US futures today moved above $129 a barrel for the first time – and a handful of influential investors seem to think they could move much higher.

The government plans to allow Gazprom to raise the domestic price it charges for gas, while the oil sector is set to benefit from tax cuts, writes Derek Brower

Oil prices fell below $127 a barrel on Wednesday as concern grew that high prices may be starting to dampen demand.