Kazakhstan to see arbitration decision on Karachaganak by year's end
Yerlan Aktenzhenov, Kazakhstan's Energy Minister, said on Monday that a decision in the arbitration?case involving a consortium of international companies developing the Karachaganak -oil -and -gas condensate?field?would be expected by year's end. Akkenzhenov told reporters in Astana that there are arbitration proceedings relating to the Karachaganak Project.
OPEC data show that Russian oil production increased in November.
OPEC data on Thursday showed that Russian oil production increased in November by 10,000 barrels per day, up from October. This was after the OPEC+ group agreed to a moderate increase in output quotas. OPEC+ (which includes the Organization of the Petroleum Exporting Countries, Russia, and some smaller producers) has increased their?oil production targets by over 2.7 million bpd in this?year.
The central bank of Russia says that the discount on Russian Urals oil prices has increased to 23% by November.
The Russian central bank announced on Thursday that the discount between Brent and Urals, which is Brent's global benchmark oil, has increased by six percentage points to 23% this month. These discounts are less severe than the first wave of Western sanctions that began in 2022 but they still reflect increasing pressure on Russian oil revenue, which is a vital lifeline for Moscow’s budget.
Russia's Lukoil talks to potential foreign buyers about its assets
Lukoil, Russia's second largest oil producer, said it was in talks on Friday with potential buyers for its foreign assets after sanctions were imposed by the UK and US last month and a deal made with Gunvor Trading House collapsed. The specific deal would be announced once the final agreements had been reached and all regulatory approvals obtained.
Lukoil, a Russian oil company, says it will sell its international assets in response to Western sanctions
Lukoil - Russia's second largest oil producer - announced on Monday that it will sell its international assets in response to sanctions imposed by the United States last week over Ukraine. The sale of assets will be the biggest action taken by a Russian firm in response to Western sanctions over Russia’s war in Ukraine that began in February 2022.
Energy Minister: Orenburg plant in Russia restarts gas imports from Kazakhstan field
Kazakhstan's Energy Minister said that the Russian Orenburg gas plant was damaged by a drone strike on Sunday. It has since resumed receiving natural gases from Kazakhstan's Karachaganak gas field. As part of Kyiv’s campaign to destroy Russian energy infrastructure, the strike on Orenburg, located approximately 1,700 km (1.056 miles east of Ukraine)…
Karachaganak, a Kazakh gas producer, reduces output after a drone strikes a Russian gas plant
The operator of Kazakhstan's Karachaganak Oil and Gas Condensate Field said in an email on Tuesday that production levels have been reduced following "an accident" at Russia's Orenburg Plant. Two industry sources said that on Monday, a Ukrainian drone strike against the Orenburg Gas Processing Plant, one of the largest in the world…
Novak, the Deputy Prime Minister of Russia, says that Russia has gradually increased its oil production.
The Interfax news agency reported that Alexander Novak, Deputy Premier, said on Wednesday that Russia had been steadily increasing its oil production, and was close to meeting last month the output quota set by the OPEC+ oil producing group. The Russian energy sector has suffered a serious setback in the last two months as a result…
Russia downgrades gas exports, production outlook
Russia's forecasts for 2025 gas and oil exports have been lowered, while projections on oil exports have increased. The fallout of its conflict with Ukraine as well as its strained relations with the West continue to impact the energy sector. While Russia's economy is still thriving despite the sanctions, signs of stress are appearing in several industries.
Exxon not the only company that is interested in returning to Russia, says Kremlin
When asked on Wednesday about the possibility of Exxon Mobil returning to Russia, Kremlin spokesperson Dmitry Peskov said that it was not only the U.S. oil major who wanted to return. Peskov said on RBC radio that "there are more than one company interested in reincarnating their presence on the Russian Market". Exxon was one of…
Ukrainian drones strike Russian oil refinery and petrochemical complex
Ukraine announced on Thursday that drones it had used in Russia struck an oil refinery and a major oil-processing and petrochemical facility. This was part of a campaign intensifying to disrupt the oil and gas industry in Moscow. In recent weeks, Ukraine has intensified drone attacks against Russian energy infrastructure, targeting the key facilities in an effort to reduce Moscow’s export revenues…
The IEA reports that Russia's oil export revenues fell in August.
The International Energy Agency reported on Thursday that Russia's revenues from crude oil and petroleum products fell in August, to the lowest level since the beginning of the conflict with Ukraine. The Russian energy industry is being challenged by drone attacks on oil refineries, export pipelines and Western sanctions. The IEA…
The IEA reports that Russia's oil export revenues fell in August.
The International Energy Agency reported on Thursday that Russia's revenues from crude oil and petroleum products fell in August, to the lowest level since the beginning of the conflict with Ukraine. The Russian energy industry is being challenged by drone attacks on oil refineries, export pipelines and Western sanctions. The IEA…
Putin sees the 'light at the end of tunnel' for Russia-US relations, and cooperation in Arctic Alaska
Vladimir Putin, President of Russia and the United States, said that "light is at the end" of the tunnel in Russia-U.S. Relations and that both countries are discussing joint projects for the Arctic and Alaska. In response to questions from reporters during a tour of a nuclear research center, the Russian president said that he…
Gazprom and CNPC discuss future Russian Gas Supplies to China
Gazprom reported that the heads of Russia's Gazprom, and China's CNPC, discussed future Russian gas deliveries to China in Beijing during their talks. Moscow is seeking stronger ties with China, which is the world's largest energy consumer. Since the beginning of the Ukraine conflict in February 2022, Russia, which holds the world's largest reserves of gas, has diverted oil from Europe to India, and China.
Russia will compensate for overproduction of oil in August and September
Interfax reported that Alexander Novak, Deputy Premier, said on Friday that Russia will compensate in August and September for oil production in excess of the OPEC+ quota. This is in accordance with the current plan. Novak also said that the government is still debating a complete ban on gasoline exports and that any decision would depend on the market price in the coming days.
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.