Energy Roundup: Shell Prez Downplays Drilling Lift, Chavez Wants Oil Bank, $1 Billion Wind Farm for Rhode Island, and More

Shell president downplays end of drilling ban –U.S. Shell Oil Co. President Marvin Odum has said that he’s optimistic that drilling could take place off the Atlantic and Pacific coasts in the next few years, but that there are still major challenges ahead that could prevent new production, including interference by Congress. [Source: Rigzone]

Chavez calls for creation of oil bank – Venezuela’s president, Hugo Chavez, has called for oil producing countries to create an oil bank. “We once proposed the creation of an OPEC bank,” said Chavez during a state visit to Brazil. “But it wasn’t adopted. Let’s work with the idea of an oil bank, a couple of oil (producing) countries can do it,” Chavez said as he arrived in Brazil for a state visit. He did not provide details. Chavez also noted that he expected oil prices to “stabilize between $80, $90 and $95 a barrel.” [Source: Rigzone]

Offshore $1B wind farm to supply 15 percent of Rhode Island’s power –Deepwater Wind said it plans to build an offshore, $1 billion wind farm in Rhode Island. The company said that it expects the farm to provide 15 percent of Rhode Island’s electricity. Deepwater Wind is funded by Massachusetts-based First Wind and investment firms D.E. Shaw and Ospraie Management. [Source: StrategyEye Cleantech]

Major airlines create sustainable aviation-fuel group – Several major airlines, including Air France, Air New Zealand, All Nippon Airways, Cargolux, Gulf Air, Japan Airlines, KLM, SAS and Virgin Atlantic Airways have pledged to promote biofuels in aviation by establishing the Sustainable Aviation Fuel Users Group. The airlines said the new group will call for airlines to voluntarily adopt biofuel targets and fund research into producing jet fuel from non-food sources. The aviation sector accounts for around 3 percent of man-made greenhouse gas emissions. [Source: StrategyEye Cleantech]