Wednesday, October 15, 2008
More Financing Problems for Oil and Gas Development
The discerning likely don’t need any more evidence that depressed crude oil prices and the world financial meltdown are endangering new oil and gas development, but here are a couple more items. In Iran, Oil Minister Gholamhossein Nozari notes that low crude prices are making it harder to finance projects, while the Russian government is disgorging a massive amount of cash to help certain companies because of the problems in getting financing. Among those companies are Lukoil and Gazprom.