Given its former status as a gulag for exiled Tsarist dissidents, Sakhalin Island has long had a reputation as one of the bleakest places on the planet. But thanks to its abundant reserves of oil and gas, the island could yet prove an unlikely source of hope for global energy markets – a fact not lost on IOCs, argues Senior Editor Ben Thompson.
Taking a look at the biggest issues that will affect the oil and gas industry in 2010.
We need an international arrangement to tackle global warming. But for cap and trade, cap and dividend or carbon tax to work globally there needs to be agreement either about how to share the limited allowable carbon emissions between sovereign nations or about how to share the trillions of revenue from an international tax or auction of allowances. Such an agreement seems unlikely any time soon if ever.
Ocean Therapy Solutions made headlines a month ago, when co-founder and Hollywood actor Kevin Costner held a press conference to bring attention to the firm's siphoning machines that separate oil from water. At the conference, Costner said the machines would be given to BP to help with the disastrous Gulf of Mexico oil spill, as the largest machines can separate 200 gallons of oil a minute. After being tested by BP, the machines are now being sent out to the Gulf of Mexico to begin collecting oil and cleaning the water.