Russia’s major oil and natural gas companies saw their stock values nosedive on foreign exchanges during the past week amid the war in Ukraine, unlike their western peers, despite record-high energy prices. Oil and natural gas prices climbed this week to their highest level in more than a decade with …
Read More »OPEC+ is Unlikely to Break from Its Production Plan
OPEC+ is widely expected to continue raising its overall production quota by 400,000 barrels per day (bpd) per the plan from last summer, despite the surging oil prices over the Russian invasion of Ukraine, a Bloomberg survey of 18 analysts and traders showed on Tuesday. The OPEC+ group—led by Saudi …
Read More »$100 Oil could Help Africa Realize its Hydrocarbon Potential
As the conflict in Ukraine continues, several African states could stand to benefit from rising oil prices as many countries look to develop their burgeoning oil sectors. With Big Oil eying several African countries as potential development areas for low-cost, low-carbon oil, this could be the opportunity they have been …
Read More »India Looks to Gulf for Oil to Replace Russian Supply
State-run Indian refiner Bharat Petroleum Corp is seeking extra oil from Middle Eastern producers for April, fearing Western sanctions against Russia could hit deliveries of Urals crude, a source familiar with the matter said. BPCL, India’s second biggest state refiner, on average buys two million barrels of Russian Urals every …
Read More »Germans Launch Participation Procedure for Subsea Power Link to Sweden
Germany’s Federal Maritime and Hydrographic Agency (BSH) has launched the participation procedure for the German continental shelf section of the Hansa PowerBridge subsea cable project. BSH is now accepting submissions from public interest representatives as part of the participation procedure for the 300 kV cross-border submarine cable between Germany and …
Read More »Russian Invasion Affects Ukraine’s Largest State Oil and Gas Firm
Ukraine’s largest state-owned oil and gas company has announced it had stopped the work in some of its production facilities after Russian troops invaded Ukraine. As of Friday 4pm, Naftogaz said one gas storage facility in the Chernihiv region, north-central Ukraine, temporarily suspended gas extraction due to reports of hostilities …
Read More »Putin Puts Russia’s Nuclear Force on High Alert as War Intensifies
Russian President Vladimir Putin has ordered his defence troops to put nuclear weapons on high alert as he claims the US and her allies are advancing in an ‘unfriendly’ way. This is according to a New York Times Monday briefing. His remarks come after Ukrainian President Volodymyr Zelensky announced that …
Read More »Russia’s Gazprom Continues Transit of Gas via Ukraine in Regular Mode
Russia’s Gazprom continues to supply gas for transit through Ukraine in the regular mode and following consumers’ demands amounting to 107.5 million cubic meters as of Sunday, the company said. “Gazprom supplies Russian gas for transit through the territory of Ukraine in the regular mode, in accordance with the applications …
Read More »German Officials Reevaluate SWIFT Ban for Russia; Energy Impact Uncertain
German officials said Feb. 26 they were looking for a “targeted and functional” way to ban Russia from the international financial payment system SWIFT, but it remains unclear what impact such a move could have on oil and gas flows. Any actions by the US or EU to cut Russia …
Read More »U.S. to Help Uzbekistan Explore New Shale Deposits
Scientists from the United States will team up with experts from Uzbekistan to prospect for shale oil and gas deposits this year as Tashkent moves to ramp up production to tackle energy shortages and provide raw material for the gas-processing industry. Experts from the United States Geological Survey, or USGS, …
Read More »