In order to control the specifics of supplies, the European Commission initially tried to obtain a mandate from EU countries for negotiations with Russia on the conditions for building the gas pipeline – but without success. According to EU legislation, these decisions remain with member countries and Brussels only has a consultative voice in this […]
Earlier this year the US energy major Exxon Mobil officially announced its intention to sell its 50% share in the Neptun Deep offshore project located on the Romanian Black Sea shelf. Although rumours of a sale had circulated since November 2019, no serious buyer has yet come forward. And here is why. Export issue still […]
Spot prices for gas in Europe reached a historical high on 21 December 2021, exceeding $2,000 per thousand cubic metres of gas for the first time. By the end of January 2022, the price of gas had experienced a double downward correction. The situation in the European gas market remains complex however. According to Emily […]
Last year, not too long ago, some independent experts called the construction of the Baltic Pipe trunk gas pipeline (TGP) from Norway to Poland via Denmark a very ambitious project for the North Europe region. Precisely a year ago potential participants in the project started another round of the Baltic Pipeline discussions, the third in […]
In recent years production of crude oil in Azerbaijan has been steadily declining. In 2015 Azerbaijan, a former Soviet Transcaucasian Republic and a large global oil- and gas-market player, produced 41.7 million tonnes of ‘black gold’, whereas in 2016 production was a million tonnes less. Over the first six months of this year Azerbaijan produced […]
Against the backdrop of a growing interest in the evolution of the digital economy both in Russia and abroad the future of the development and processing of conventional and non-conventional hydrocarbons tends to fade somewhat into insignificance. In the long term that is fair. However in the medium-term the oil and gas sector may see […]
The world’s biggest gas consumer and supplier, Сhina and Russia respectively, are establishing stronger energy ties. The 3,000km-long Power of Siberia pipeline is just one of their latest joint projects. With anti-Russian sanctions adopted by the US Senate on 27 July and signed by Donald Trump on 2 August, it is likely that Russia will […]
Energy consumption is linked direct to economic activity. According to Eurostat the most significant drop in European energy consumption – 5.8% – occurred in 2009 and is attributed by the agency “to a lower level of economic activity as a result of the global financial and economic crisis”, although in general the consumption of energy continues to grow […]
In the early stages of global economic turmoil, the Russian oil and gas industry misjudged the true scale of coming trouble on hydrocarbon markets. The turmoil appears to have been regarded as a classic over-production crisis and generally seen as a healthy shakeup for the system, which would help deflate the dangerously expanding bubble of […]
Talk in Europe about the steady growth of alternative energy and the potentially vanishing demand for Russian natural gas would appear to derive more from political than from economic considerations. The desire to make Vladimir Putin suffer for his aggressive stance on Ukraine and Syria by stopping energy imports from Siberia – effectively an indirect […]
There are no miracles: survival is for the fittest. Nowhere is this truer than in the global energy market. Toshiba has finally published its third quarter results for 2016, revealing record losses in the history of the Japanese giant of 552.4 billion yen ($4.97 billion dollars at the current exchange rate), or 15 percent up […]
Since Ukraine stopped buying Russian natural gas in November 2015, it has been importing the fuel under sales contracts with suppliers in Germany, Austria, and Luxemburg. With Moscow and Kiev entrenched in a bitter drawn-out conflict, relations between Ukraine’s Naftogaz and Russia’s Gazprom have degenerated into a state of permanent litigation. The global energy community […]
According to its letter of March 28 to the governments of Denmark and Sweden, the European Commission will not block the construction of Nord Stream 2 (NS2). The Commission’s spokesperson Anna-Kaisa Itkonen has stated that Nord Stream 2 (NS2) is not subject to the rules of the EU Third Energy Package. Nevertheless, the European Commission […]
When oil prices collapsed in 2014, many experts predicted bleak scenarios for renewable energy: cheap oil would make pushing on with expensive and less efficient wind farms and solar cells economically questionable. Other fossil fuels such as natural gas and coal, which were also becoming cheaper, would compete more strongly against renewables, it was thought. […]
