As I write the oil price has fallen 10 dollars in a week. This renewed volatility is a reminder of the sensitivity of our industry to geopolitical and economic issues beyond our control.
Global gas markets will come but not for several decades, the head of BG Group told a conference this morning. Sir Frank Chapman, chief executive, said getting gas to a similar position as oil, where it can be freely traded globally, would take time.
US oilfield services major, Baker Hughes, has opened a research and technology centre in Dhahran, Saudi Arabia to concentrate on new ways of unlocking "unconventional" hydrocarbons like shale gas.