December 16, 2017

U.S. adds Russian oil field to sanctions list| Reuters

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The United States has added a Russian oil and gas field, the Yuzhno-Kirinskoye Field, to its list of energy sector sanctions prompted by Moscow’s actions in Ukraine, drawing a prompt rebuke from the Kremlin on Friday. The federal government said on Thursday the field, located in the Sea of Okhotsk of the Siberian coast and owned by Russia’s leading gas producer Gazprom, contains substantial reserves of oil in addition to reserves of gas. “The Yuzhno-Kirinskoye Field is being added to the Entity List because it is reported to contain substantial reserves of oil,” according to a rule notice in the…

Greece finally admits €2bn gas pipeline deal with Russia – Telegraph

Greece has admitted for the first time it is planning a €2bn gas pipeline with Russia. The move is likely to worry the US, which has stepped up its involvement in Greece’s debt talks with international creditors over fears the cash-strapped country could drop out of the single currency and come under the influence of its Cold War rival. Panayotis Lafazanis, Greece’s energy minister, said the move would be a key part of the country’s “multi-faceted” foreign policy and would create 20,000 jobs, the Financial Times reported. Figures released by Greece’s National Statistics Service on Thursday showed unemployment at 25.6pc in April. Reports in April suggested…

Russia to Benefit From Lion’s Share of Arctic Shelf Oil and Gas by 2030 / Sputnik International

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According to a report from the World Petroleum Council, between now and 2030, Russia’s share of the oil and gas extracted from the Arctic shelf will be 55 percent, followed by Norway, Canada and the USA.  Between now and 2030, Russia will account for 55 percent of all oil and gas extracted from the Arctic shelf, increasing production 3.6 times to 2.2 million barrels per day [BPD], according to a report produced this week by the World Petroleum Council [WPC]. After Russia, the next most prolific Arctic producer will be Canada, which is set to increase its production from 200,000 BPD to 900,000 over the next 15 years, followed by Norway,…

Russia halts gas supplies to Ukraine after talks breakdown – BBC News

Russian gas firm Gazprom has confirmed it has halted gas supplies to Ukraine after a breakdown on pricing talks. It comes a day after Ukraine’s state energy firm Naftogaz announced it was suspending gas purchases from Russia. That announcement came after EU-brokered talks aimed at keeping supplies running for three to six months broke down without agreement. Gazprom said it halted the supply because Ukraine did not make an “advance payment” for July’s delivery. CEO Alexei Miller said Russia stopped delivering gas to Ukraine at 10:00 local time (07:00 GMT) on Wednesday. “Gazprom won’t deliver gas to Ukraine at any…

EU will struggle to reduce natural gas imports from Russia, experts say – Yahoo Finance UK

LONDON (ShareCast) – The European Union would find it difficult to reduce its reliance on natural gas imports from Russia, according to industry experts. While overtures are afoot to decouple from Russian imports in wake of the Ukraine crisis and subsequent sanctions on Moscow, published data paints a grim picture. According to Eurogas, a non-profit lobby group of natural gas wholesalers, retailers and distributors, the EU’s 28 members sourced 24% of their gas from Russia in 2012. However, averages can be misleading. For instance, Estonia, Finland, Latvia and Lithuania got nearly 100% of their gas from Russia, with Bulgaria, Hungary and…

Oil firms in Russia plan 10,000 jobs in Nigeria | NigerianReviews

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The Deputy Head of Mission, Russian Embassy, Valeriy Shaposhmikov has said two major Russian oil companies, Gazprom and Lukoil would be coming to invest in Nigeria’s oil and gas sector. The envoy stated that the proposed nuclear power plant in the country would generate 10,000 jobs and also create new industries. Speaking to journalists during the Russian Federation Day celebration on Thursday in Abuja, the diplomat observed that there are various opportunities for Russian firms in Nigeria, noting that Gazprom could be involved in developing oil and gas pipelines infrastructure and protection system. He said, “As you know, we have…

U.S. Ousts Russia as Top World Oil, Gas Producer in BP Data – Bloomberg Business

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The U.S. has taken Russia’s crown as the biggest oil and natural-gas producer in a demonstration of the seismic shifts in the world energy landscape emanating from America’s shale fields. U.S. oil production rose to a record last year, gaining 1.6 million barrels a day, according to BP Plc’s Statistical Review of World Energy released on Wednesday. Gas output also climbed, putting America ahead of Russia as a producer of the hydrocarbons combined. The data showing the U.S.’s emergence as the top driller confirms a trend that’s helped the world’s largest economy reduce imports, caused a slump in global energy…

Iran hopes to begin Russia oil-for-goods exports this week: report| Reuters

Iranian Oil Minister Bijan Zanganeh talks to journalists before a meeting of OPEC oil ministers at OPEC's headquarters in Vienna December 4, 2013. REUTERS/Heinz-Peter Bader

Russia will begin importing Iranian oil under a long-heralded oil-for-goods barter arrangement in the coming week, Iran’s oil minister was quoted as saying, more than a year after negotiations began. The Kremlin announced in April it had begun to implement the deal, in which Iran would export up to 500,000 barrels per day (bpd) of crude oil to Russia in exchange for goods of an equivalent value, but traders said they saw no signs of it. “Russia will begin oil imports from Iran this week,” the semi-official Fars news agency quoted Bijan Zanganeh as saying on Saturday, citing a report…

Greece crisis: Tsipras and Putin make gas pipeline plans as Europe deal flounders – The Independent

Alexis Tsipras, the Greek prime minister, has discussed plans with Vladimir Putin,the Russian President, to build a gas pipeline across Europe just hours after delaying a debt repayment to the International Monetary Fund until the end of the month, according to reports. The two leaders spoke on the phone ahead of a meeting in Russia in two weeks, prompting fears that Athens could turn from negotiations in the EU. However the Kremlin reportedly said Tsipras did not ask for aid. Fears were sparked after Greece delayed a debt repayment to the IMF due today, choosing to roll it into a…

World Bank Lifts Russia Economic Outlook On Oil… | Morningstar

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MOSCOW (Alliance News) – Further stabilization of oil prices is likely to help lower inflation in Russia, allowing the central bank to reduce rates at a faster pace, the World Bank said Monday as it raised the economic outlook for the country. The lender forecast 2.7% contraction this year for the Russian economy, which is an improvement on the April prediction of 3.8% decline in the national output. In 2014, the economy grew 0.6%. The outlook for next year was raised to 0.7% growth versus 0.3% contraction predicted in April. Growth was seen improving strongly to 2.5% in 2017. The…