Greece's DEPA signs out-of-court agreement with Gazprom on gas prices
DEPA Commercial, the Greek gas supplier, announced on Tuesday that it had reached an agreement outside of court in its dispute with Gazprom regarding gas prices. DEPA signed with Gazprom a contract in January 2022 for 2 billion cubic meters of gas annually through 2026. The price was 80% index to the Dutch TTF benchmark price, with the remaining 20% index to oil prices.
Russian LNG exports dropped 4.4% year-on-year in January to June, according to data
LSEG's preliminary data on Wednesday showed that Russia's liquefied gas exports in the first six months of this year fell by 4.4% compared to a year ago, reaching 15.2 million metric tonnes. This was despite international sanctions over Ukraine. The United States, in particular, has imposed sanctions against companies and vessels connected to Russia's Arctic LNG 2 plant due to the conflict in Ukraine.
Gazprom's Q1 net profit reaches $8.4 billion
Gazprom, a Russian energy company, reported that its first-quarter net profit rose around 1% from the same period in the previous year. Sales and the rouble's exchange rate were also higher. Gazprom reported that the strengthening of the Russian rouble resulted in a profit thanks to the revaluation its foreign currency debt. Analysts…
Russia's Arctic LNG 2 Plant Shuts Down First Production Train In Absence of Tankers
Russia's Arctic LNG 2 plant, currently under U.S.
Russian Arctic LNG 2 Starts Second Production Train
Russia's Arctic LNG 2 plant, which is subject to U.S. sanctions, has started production at its second train even after it has been unable to sell liquefied natural gas from a first train, a source familiar with the matter told Reuters.Russian energy company Novatek declined to comment.It owns 60% in the plant located on the Gydan…
Kremlin: Russia and US have begun talks about Russian gas flowing to Europe
A Kremlin official confirmed on Friday that the issue of Russian gas shipments into Europe was being discussed in talks between Russia, and the United States. This confirms an exclusive report from a day before. After the Nord Stream pipes under the Baltic Sea blew up in 2022, Russian gas exports into Europe were slashed. Gas flows…
IEA: Russia's oil export revenue fell in February
The International Energy Agency reported on Thursday that Russia's revenue from crude oil sales and oil products fell by 2.6% in February compared to the same period last year, to $15.88billion. This was due to the fall in crude oil price and the widening of discounts for Russian grades. The report also stated that Russian oil exports fell by 100…
OPEC data show that Kazakhstan was the biggest laggard of OPEC+ in February.
OPEC data on Wednesday showed that Kazakhstan contributed over half of the overall OPEC+ rise in oil production during February. However, it lags behind its pledges for reducing production. Kazakhstan consistently exceeded its production quota of 1.468 millions bpd, as per the agreement struck between the Organization of the Petroleum Exporting Countries (OPEC+) and their allies, including Russia.
Sakhalin LNG and oil production to decline in 2024
According to the local administration, production of LNG, oil and gas on Sakhalin, a Russian Pacific island, will decline in 2024. According to the administration's figures, production of LNG from Sakhalin Energy, a project led by Kremlin controlled Gazprom in Russia, decreased by around 2 percent to 10,2 million metric ton, or about a third of Russia’s total.
Data shows that Russia's LNG exports between January and February fell 7.3%.
LSEG released preliminary data on Friday showing that Russia's LNG exports in the first half of this year were down 7.3% compared to a year ago, at 5.1 million metric tonnes. This was due to sanctions and the Sakhalin-2 supply cut. Due to U.S. sanctions over the conflict in Ukraine, Russia has been unable to increase LNG exports.
Kazakhstan wants better terms for oil production sharing agreements
Kazakh President Kassym Jomart Tokayev ordered the government on Tuesday to intensify talks with international oil giants about an extension existing Production Sharing Agreements (PSA) at "better conditions". Central Asia is one of the top 10 oil producing countries in the world. It has a chequered past when it comes to international oil companies. They have been sued for billions of dollars.
Interfax reports that Gazprom wants to increase the domestic gas price in Russia.
Interfax reported that Gazprom, the Russian gas giant, was trying to increase prices in order to fund investments. The company's sales abroad have plummeted as European buyers are turning away due to the Ukraine conflict. Gazprom suffered losses of nearly $7 billion in 2023. This was its first loss in over 20 years. The decline in gas sales to Europe…
Russia's proposed gas pipeline to Iran
The Russian President Vladimir Putin announced on Friday plans to build a pipeline to Iran that will eventually transport up to 55 billion cubic meters (bcms) of gas per year into the West Asian nation. Here are some background details about the cooperation between Iran, Russia and the gas sector. Iran is the second largest gas producer in the world after Russia. However, U.S.
Russia will continue its oil and gas projects in spite of US sanctions
New U.S. The Russian government has accused the US of attempting to destabilise global markets by sabotaging the energy sector in Moscow. It said that the country will continue with its large oil and natural gas projects. In a statement, the ministry said that Russia will also respond to Washington's actions announced on Friday as "hostile", while drafting its foreign policy strategy.
The Serbian President says that Azerbaijani gas to Serbia has been suspended.
The gas flow from Azerbaijan into Serbia has been stopped and it's unclear when it will resume. This was the statement of Serbian President Aleksandar Vucic, according to news agency Tanjug. Vucic stated that it was unclear when gas flow would resume. Vucic added that the gas flow would be resumed in about a month. Serbia, which consumes more than 3 billion cubic meters of gas annually…
Bulgaria claims Azerbaijan has stopped gas supply until January 11
Bulgargaz EAD, the Bulgarian gas state company, has received notification that Azerbaijan suspended gas supplies to Bulgaria for unspecified reasons from January 7 to 11. Bulgargaz reported that Bulgargaz has sourced replacement gas volumes from Botas in Turkey. The company said that it did not incur additional costs to replace the natural gas…
Bulgaria claims Azerbaijan has stopped gas supply until January 11
Bulgargaz EAD, the Bulgarian gas state company, has received notification that Azerbaijan suspended gas supplies to Bulgaria for unspecified reasons from January 7 until January 11. Bulgargaz reported that Bulgargaz has sourced replacement gas volumes from Botas in Turkey. The company said that it did not incur additional costs to replace the natural gas…
Russia stops gas exports via Ukraine to Europe
The transit agreement has expired, according to Gazprom. Gas exports from Russia via Ukraine have been stopped as of 08:00 Moscow Time (0500 GMT). The closure of Russia's longest gas route to Europe brings an end to a decade-long fraught relationship sparked by Russia s 2014 seizure Crimea. The TurkStream pipeline, which runs along the Black Sea bed, is still used by Russia to export gas.
SOCAR sources: Russia and Ukraine cannot agree on gas deal mediated by Azerbaijan
Azeri SOCAR, a leading energy company in Azerbaijan, said on Friday that Moscow and Kyiv failed to reach an agreement on the deal brokered by Azerbaijan for Russian gas to be exported to Europe via Ukraine. Azerbaijan was asked by the European Union and Ukraine to facilitate talks with Russia regarding a gas-transit deal due to expire this year.
Putin is clear: there will be no Ukraine Gas Transit Deal
Vladimir Putin, President of Russia, said that it is now clear that no new gas transit agreement will be signed with Kyiv for Russian gas to be sent through Ukraine to Europe. However, Russia will survive. As the EU attempts to reduce its dependency on Moscow, Russia has lost nearly all its European clients. Before the Ukraine War, Russia was Europe's largest single natural gas supplier.
