The uncertainty ahead created by a fudged agreement can only make it harder for E&P operators to plan properly.
For all the noise and colour of the most important climate change conference since Kyoto, everyone expects only limited progress. Most participants admit privately it will ultimately only be a staging post, but on an important road to a low-carbon economy.
With key countries like the US struggling to convince their own citizens, there can never be much more than broad principles to be signed up to.
However,
