Category: Russia

Second phase of Nord Stream gas pipeline to Germany not a new project, Russia’s Gazprom says. Photo by tcly/Shutterstock ST. PETERSBURG, Russia, Oct. 6 (UPI) — Parties to the twin Nord Stream pipeline through the Baltic Sea are covered for plans to expand the existing infrastructure, Russia’s Gazprom said. Gazprom Chairman Alexei Miller last month signed a shareholder agreement on the development of the second phase of the twin Nord Stream pipeline system in the Baltic Sea with his counterparts at German energy companies BASF and E.ON, as well as those from French company ENGIE, Austria’s OMV and Royal Dutch Shell. Under the proposed expansion, two more lines would be added to the existing network running to the German coast, bringing the net aggregate annual capacity to 1.9 trillion cubic feet of natural gas. Miller told an audience at an investment conference in St. Petersburg the expansion was not […]

Click here to view full article at www.upi.com

Russia’s ruble trimmed the biggest advance in more than two weeks, falling the most among emerging markets as prices for crude oil, its main export earner, declined. The currency weakened 0.6 percent to 65.1350 per dollar as of 11:12 a.m. in Moscow, paring Monday’s 2 percent rally, which was the biggest since Sept. 16. Brent crude fell for the first time in three days, retreating 0.4 percent to $49.05 per barrel. Stocks and government bonds were little changed. “If you watch from day to day, the ruble is either the best or the worst in emerging markets, which just shows that it’s a high-beta currency,” Yury Tulinov, head of research at Rosbank PJSC in Moscow, said by e-mail. “After yesterday’s gains, a technical correction is absolutely logical. Oil is falling, and that adds to the negative backdrop.” The ruble jumped the most among developing-nation currencies yesterday as investors speculated […]

Click here to view full article at www.bloomberg.com

Oil and Gas thread Only. Please post comments on all other subjects on the “Other Subjects” thread below. Russia oil output at post-Soviet high on foreign projects, Rosneft Russian oil output, one of the world’s largest, reached a new post-Soviet monthly high of 10.74 million barrels per day (bpd) in September thanks to foreign-led projects and Rosneft, Energy Ministry data showed on Friday. Output rose from 10.68 million bpd in August and eclipsed the previous record of 10.71 million bpd reached earlier this year, adding to a global glut that has battered oil prices. This answers a question I have been asking for years, “why is Russian reported production always at least half a million barrels per day higher than EIA or JODI reported Russian production”? Russia is reporting foreign production as if it were produced in Russia! What if the United Kingdom were to do this? Then the […]

Click here to view full article at peakoilbarrel.com

Photo The Vankorskoye oil field, north of the Russian Siberian city of Krasnoyarsk, owned by Rosneft. Credit Sergei Karpukhin/Reuters MOSCOW — A refinery went to the Chinese. A stake in a Siberian oil field went to BP. And a large regional oil company widely expected to be gobbled up by Rosneft , the Russian state oil giant, remained on the balance of a government agency instead. With a powerful ally of President Vladimir V. Putin at the helm, Rosneft has for more than a decade grown rapaciously inside Russia and abroad, as a company coming to symbolize the wealth and might of Russia during the oil boom. But that changed this year. Rosneft, though still the world’s largest publicly traded oil company when measured by production, has been unloading assets while struggling to pay down debt. “The government is really facing tough times,” said Ildar Davletshin, an energy analyst […]

Click here to view full article at www.nytimes.com

The ruble fell the most among emerging-market currencies and Russian government bonds slid as oil retreated and weak U.S. data fanned uncertainty over the timing of Federal Reserve rate increases. The Russian currency slid 1.1 percent to 66.3750 as of 5:34 p.m. in Moscow, set for a 1.3 percent weekly drop, its first since the five days ended Sept. 4. The yield on the government’s five-year bond rose eight basis points as the note declined for the first time in three days. Investors pulled $40 billion out of developing economies in the three months through September, the first quarterly outflow since 2009, as the Fed moved closer to an increase and data signaled faltering Chinese economic growth. Brent crude tumbled as much as 1.4 percent to $47.02 per barrel on Friday after U.S. payrolls rose less than projected in September. "This uncertainty is even worse for risk assets than […]

Click here to view full article at www.bloomberg.com

Plants are pictured near an oil pump, owned by oil company Rosneft, in the settlement of Akhtyrskaya in Krasnodar region, southern Russia, December 21, 2014. Russian oil output, one of the world’s largest, reached a new post-Soviet monthly high of 10.74 million barrels per day (bpd) in September thanks to foreign-led projects and Rosneft, Energy Ministry data showed on Friday. Output rose from 10.68 million bpd in August and eclipsed the previous record of 10.71 million bpd reached earlier this year, adding to a global glut that has battered oil prices. In tonnes, oil output reached 43.961 million, versus 45.17 million in August. Russian oil production has surprised analysts and industry watchers with its almost uninterrupted rising trend despite widely assumed predictions it would fall due to the depletion of fields in West Siberia, the country’s largest oil province. New technologies and active drilling helped production to rise. Russia […]

Click here to view full article at www.reuters.com