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Tag Archive for Oil

RIA Novosti: Economy Minister Confirms Russian Plans to Privatize 19.5% in Rosneft Oil Company in 2015

File Photo Rosneft and Russian Flags Next to Rosneft Banner

MOSCOW, August 28 (RIA Novosti) – The Russian government is to go ahead with plans to privatize a 19.5 percent stake in oil major Rosneft in 2015, likely in two stages, Russian Economic Development Minister Alexei Ulyukayev said Thursday. “The [government] plan is being upheld and preliminary operations have already begun. We are talking about

Economy faces challenge from fall in oil price and ruble value

Oil Well file photo

(Russia Beyond the Headlines – rbth.ru – Alexei Lossan, RBTH – August 25, 2014) Low price-per-barrel for Urals crude oil is putting pressure on the Russian budget On Aug. 18, Reuters reported that the price for Russia’s benchmark Urals oil fell to $98 a barrel – its lowest level since May 2013. Even as recently

RIA Novosti: Russian Finance Ministry Expects Oil Prices of $90-95 per Barrel in 2015

Oil Well file photo

MOSCOW, August 26 (RIA Novosti) – Russia’s Ministry of Finance expects an average oil price of $90-95 per barrel in 2015, Deputy Finance Minister Alexei Moiseyev told RIA Novosti on Tuesday. “The price for oil in 2015 will be $90-95 per barrel,” Moiseyev said. The Ministry of Economic Development earlier predicted an average oil price

Business New Europe: Sanctions aim at Russia’s Arctic push

Polar Map Showing Permafrost Areas, Adapted From NOAA.gov Graphic

(Business New Europe – bne.eu – Joe Parson in Moscow – August 21, 2014) US and EU sanctions are threatening to derail a monster exploration and production project in the Russian Arctic between state-owned Rosneft and US oil major ExxonMobil. The threat is not that Washington will pressure US companies to pull out of Russian

Struggling With Sanctions, Russia Faces Oil Price Crash

Oil Well file photo

(Moscow Times – themoscowtimes.com – Alexander Panin – August 20, 2014) The price of Urals crude oil, Russia’s key export and the lynchpin of its government finances, fell below $100 this week for the first time in more than a year, after plummeting $15 in under a month. Russia relies on hydrocarbon exports for 50

RIA Novosti: Ukrainian Transit Not Crucial For Russian Oil Deliveries to Europe – Transneft

Map of Western CIS/FSU and European Environs

MOSCOW, August 8 (RIA Novosti) – Russia has alternative routes to deliver oil to Europe if Ukraine decides to stop transit via its territory, but Hungary, Slovakia and Czech Republic will sustain losses, a spokesman for Russia’s oil transit monopoly Transneft said Friday. Russia delivers about 14 million tons of oil to European consumers via

EU opposes Russian oil and gas sanctions, considers targeting other sectors

EU Map

(Business New Europe – bne.eu – Concorde Capital – July 24, 2014) EU Energy Commissioner GYnther Oettinger opposes sanctions on Russian natural gas and oil but doesn’t rule out sanctions on energy technology and equipment, he told a July 23 press conference in Brussels, as reported by the UNIAN news agency. “I always spoke against

Russia’s gamekeeper has turned poacher

Kremlin and Saint Basil's File Photo

(opendemocracy.net – Mikhail Kreindlin – June 20, 2014) Mikhail Kreindlin is an expert at Greenpeace Russia on specially protected areas. Russia has a vast number of nature reserves and national parks. But the government body supposed to be protecting them is in fact destroying many of them by allowing development and mining. In Russia, as

Nobody wants to give up energy cooperation with Russia – Putin

Oil Well file photo

(Interfax – Archangelsk, June 9, 2014) Other countries benefit from cooperation with the Russian Federation in the energy sector, Russian President Vladimir Putin believes. “Nobody is going to give up energy cooperation (with Russia – Interfax) voluntarily,” Putin said at a meeting with students in Arkhangelsk. Speaking about this, the head of state pointed out

Sechin Sues Forbes for ‘Highest-Paid Executive’ Rating

Igor Sechin file photo

(Moscow Times – themoscowtimes.com – May 28, 2014) Rosneft head Igor Sechin has filed a lawsuit against journalists and publishers of the Russian edition of Forbes and Komsomolskaya Pravda for an article he says threatens to damage his business reputation. The lawsuit, filed on May 15, demands that the journalists and publishers behind a November

RIA Novosti: Russia’s Oil Reserves to Produce 600 Million Tons Annually for 30 Years – Minister

Oil Well file photo

MOSCOW, May 28 (RIA Novosti) – Russia’s known oil reserves are enough to provide a yearly extraction of 600 million tons of oil for the next 30 years, Natural Resources Minister Sergei Donskoi told lawmakers on Wednesday, reaffirming the country may continue to heavily rely on natural resources to sustain its economy. “The Russian Federation

Exxon’s $900 Billion Arctic Prize at Risk After Ukraine

Arctic Satellite Image and Map

(Bloomberg – bloomberg.com – Stephen Bierman – April 29, 2014) Exxon Mobil (XOM) Corp.’s dream of drilling in the Russian Arctic may risk running aground on the politics of Ukraine. The company plans to start drilling in August in the Arctic’s remote Kara Sea — the centerpiece of Exxon’s global alliance with Russian state-controlled OAO

Russia Beyond the Headlines: Who controls the Arctic?

Polar Map Showing Permafrost Areas, Adapted From NOAA.gov Graphic

(Russia Beyond the Headlines – rbth.ru – Andrey Gubin, special to RBTH – April 23, 2014) Andrey Gubin is the head of research programs at the Asia-Pacific Center of the Russian Institute for Strategic Studies. International competition for control over Arctic resources is only a matter of time, says researcher Andrey Gubin. The Arctic has

Interfax: Europe can’t easily turn back on Russian energy resources – minister

Russian Gas Facility file photo

MOSCOW. April 4 (Interfax) – It would be difficult for Europe to give up Russian energy resources, Energy Minister Alexander Novak said in an interview with TV channel Rossiya 24. He recalled that statements have been made about reducing the dependence on Russia in future. “And such work is being done in the European Union,

Gazprom’s $910 Billion Gaffe Shows Putin Economy Waning

Gas Flame file photo

(Bloomberg – bloomberg.com – Halia Pavliva and Ksenia Galouchko – April 3, 2014) Back in April 2007, in the midst of the greatest commodities rally on record, OAO Gazprom’s (OGZD) deputy chief executive officer, Alexander Medvedev, was talking big. Russia’s natural-gas export monopoly aspired to be the world’s largest company, he said while offering up

Ukraine Crisis Nets Billions of Dollars for Kremlin

Kremlin and Saint Basil's

(Moscow Times – themoscowtimes.com – Anatoly Medetsky – March 5, 2014) A cheaper ruble and more expensive oil could actually go a long way in improving Russia’s economy, possibly offsetting other potential aftershocks of the Ukraine crisis. U.S. Secretary of State John Kerry in interviews on Sunday identified the ruble’s slide as among Russia’s economic

NEWSLINK: Don’t Worry About U.S. Fracturing

File Photo of Blue Flame from Natural Gas

[Moscow Times - Todd Wood - February 13, 2014 - themoscowtimes.com/opinion/article/dont-worry-about-us-fracturing/494439.html] Todd Wood, in a Moscow Times op-ed, writes that while the United States has used fracking to seize the lead in global petroleum exports, Russia has more reserves, and could expand oil field services. Unfortunately for Russia, the U.S. has taken the lead in

RIA Novosti: Russia Forecasts Increase in Oil, Gas Output in 2014

Oil Well file photo

MOSCOW, February 12 (RIA Novosti) – Russia will increase oil production this year by 0.3 percent to 525 million tons and boost its natural gas output by 4.8 percent to 700 billion cubic meters, the country’s deputy energy minister said Wednesday. “We could increase gas production even more, but there are issues with storage, transportation

Russian oil major Rosneft extends U.S. embrace

File Photo Rosneft and Russian Flags Next to Rosneft Banner

(Russia Beyond the Headlines – rbth.ru – David Miller, special to RBTH – February 7, 2014) Russia’s biggest crude producer agrees to buy Morgan Stanley’s oil merchanting assets as it ramps up cooperation on new fields with U.S. major ExxonMobil. Russia’s largest oil firm, Rosneft, purchased Morgan Stanley’s oil trading and transportation business in a

Gazprom Overspending Dwarfs Sochi Costs, Expose Says

File Photo of Blue Flame from Natural Gas

(Moscow Times – themoscowtimes.com – Alexander Panin – February 5, 2014) Gazprom is spending money on useless pipelines that makes the $51 billion spent on the Sochi Olympics look modest, an opposition party investigation said. The state-owned gas giant is lavishing billions of dollars on transportation infrastructure, including the South Stream pipeline to Europe, that

Changes in Regulations Could Help Break the Offshore Ice

Polar Map Showing Permafrost Areas, Adapted From NOAA.gov Graphic

(Moscow Times – themoscowtimes.com – Alexander Panin – February 3, 2014) State-controlled oil giant Rosneft had a very good year. That is what company chief executive Igor Sechin told Prime Minister Dmitry Medvedev on Friday at a meeting to review Russia’s largest oil producer, whose capitalization grew by 18 percent to $73 billion at the

Echoing Soviet Era, Putin Uses Oil Giant Rosneft to Tighten Economic Grip

File Photo Rosneft and Russian Flags Next to Rosneft Banner

(Bloomberg – bloomberg.com – Irina Reznik, Stephen Bierman and Henry Meyer – January 30, 2014) The record stretched across the history of the party and its socialist predecessor — from the first meeting in March 1898 to the last one in July 1990, a year and a half before the Soviet Union collapsed, Bloomberg Markets

LUKoil Hit With ‘Biggest Oil Spill Fine in Russian History’

Oil Well file photo

MOSCOW, January 10 (RIA Novosti) ­ A subsidiary of the Russian oil giant LUKoil has been slapped with a fine of 614 million rubles ($18.5 million), which Greenpeace said appeared to be the biggest such fine in Russia’s history. LUKoil-Komi was fined for nine oil spills from 2011 in Russia’s northern republic of Komi, according

Decision Looms in $100 Billion Yukos Lawsuit

Kremlin and St. Basil's

(Moscow Times – themoscowtimes.com – January 13, 2014) Businessman Leonid Nevzlin said that he would continue a $100 billion legal battle with the Russian government over the assets of defunct oil firm Yukos, in contrast to his former business partner Mikhail Khodorkovsky’s recent promise not to participate in the litigation. Nevzlin, who emigrated to Israel

Russia boosts oil output 1% in 2013

Oil Well file photo

MOSCOW. Jan 9 (Interfax) – Russia’s oil and gas condensate output grew 1.0% year-on-year to 523.276 million tonnes (10.508 million barrels a day) in 2013, the Central Dispatching Department of the Fuel and Energy Complex (CDU TEK) said. Russia produced 44.964 million tonnes of oil in December, with the average daily produce of 10.632 million

Ruble Strengthens as Russia Readies for Olympics Amid Oil Gain

Cash, Calculator, Pen

(Bloomberg – bloomberg.com – Vladimir Kuznetsov – January 8, 2014) The ruble strengthened after the resumption of trading in Moscow as oil gained and investors bet next month’s Winter Olympics will support Russia’s currency. The ruble appreciated 0.4 percent to 38.4873 against Bank Rossii’s target basket of dollars and euros by 2:03 p.m. in Moscow.

Exxon Russia Ambitions Show Oil Trumps Obama-Putin Spats: Energy

Polar Bear on Ice, Looking Back at Camera

(Bloomberg – bloomberg.com – Stephen Bierman – January 2, 2014) As Barack Obama and Vladimir Putin argue over human rights in Russia and the fate of fugitive U.S. intelligence analyst Edward Snowden, the countries’ biggest oil companies are preparing to drill for giant discoveries together in the Arctic Ocean. Exxon Mobil Corp. (XOM:US) and OAO

Russia to study Arctic oil, gas prospects in shelf border extension

Polar Map Showing Permafrost Areas, Adapted From NOAA.gov Graphic

MOSCOW. Dec 31 (Interfax) – Russia is looking to study oil and gas prospects as it prepares to extend its Arctic shelf borders. Subsurface resources agency Rosnedra has already announced – on the state procurement portal – a tender for the selection of an outfit to evaluate the prospects of oil and gas fields on

Senior security official: rising shale oil, gas production a threat to Russia

File Photo of Blue Flame from Natural Gas

MOSCOW. Dec 26 (Interfax) – Growing production of shale oil and gas poses a significant risk to Russia’s economic security, the secretary of Russia’s Security Council has claimed. “Having increased its production of shale gas, the United States has reduced its imports of liquefied natural gas. So its exporters have switched over to Europe. In

Interfax: Russia can keep oil output at 500 million tons for 10 yrs – Donskoi

Oil Well file photo

MOSCOW. Dec 25 (Interfax) – Russia’s subsurface resource base allows the country to maintain oil production of 500 million tonnes a year for the next ten, given the current conditions, Natural Resources Minister Sergei Donskoi said during a meeting devoted to the ‘effectiveness of studying and developing raw hydrocarbons on Russia’s continental shelf.’ However, the

Seven Greenpeace Activists Allowed to Leave Russia

File Photo of Polar Bear on Ice and Snow with Water Nearby

(Moscow Times – themoscowtimes.com – Yekaterina Kravtsova – December 26, 2013) As the last Greenpeace activist detained in the Arctic 30 protest   received notification Thursday that he was cleared of all charges under a recently passed amnesty, several other international activists who’d already been granted amnesty received permission to leave Russia. The news marks the

Interfax: Evidence collection for third Yukos case started directly after 2nd conviction – source

Mikhail Khodorkovsky file photo

MOSCOW. Dec 18 (Interfax) – Investigative procedures in the so-called “third Yukos case” started two weeks after the second sentence was handed down on former Yukos CEO Mikhail Khodorkovsky. “Two weeks after Khodorkovsky and former top manager Platon Lebedev were sentenced, i.e. in the beginning of 2011, the police started to collect evidence for the

Construction of New Pipeline from North Siberia to China Kicks Off

China Map

(Moscow Times – themoscowtimes.com – Anatoly Medetsky – December 18, 2013) Construction of a major pipeline kicked off Tuesday in an effort that will likely bring more oil from Siberia to China. Governor Lev Kuznetsov made a show at the starting ceremony in his Krasnoyarsk region, braving the rubber-bullet injury he suffered during a robbery

Caught in the Bear Trap: why Russia never grows

Empty Boardroom

(Business New Europe – bne.eu – December 17, 2013) Below find the link to a new paper from academics Clifford G Gaddy and Barry W Ickes, the men that brought us the term “virtual economy” in the 1990s the defining idea of the Yeltsin-era. In this new paper the thesis is that Russia suffers from

Russian military returns to the Arctic

File Photo of Polar Bear on Ice and Snow with Water Nearby

(Russia Beyond the Headlines – rbth.ru – Yulia Ponomareva, RBTH – December 12, 2013) Russia intends to deploy a military force on its northern coast to engage in the fight for control over promising oil and gas reserves in the Arctic Ocean. Russia will send a military force to be set up in the Artic

Russia Readies to Take Shale Oil Lead

File Photo Rosneft and Russian Flags Next to Rosneft Banner

(Oilprice.com – Daniel J. Graeber – December 7, 2013) President of Russian energy company Rosneft, Igor Sechin, said he was eager to unlock the shale oil potential in the Samara region of western Russia. With forecasts warning the U.S. shale phenomenon won’t last, Russia could be moving its pawns into play. Sechin met Friday with

RIA Novosti: Russia Mulls New Case Against Khodorkovsky – Paper

Mikhail Khodorkovsky file photo

MOSCOW, December 9 (RIA Novosti) ­ Russian law enforcement officials are considering bringing new charges against jailed former oil tycoon Mikhail Khodorkovsky and other figures over alleged money laundering, Vedomosti daily reported on Monday. Deputy Prosecutor General Alexander Zvyagintsev told Russian media last week that “several cases against former Yukos CEO Khodorkovsky and other people

NEWSLINK: Rushing for the Arctic’s Riches

File Photo of Polar Bear on Ice and Snow with Water Nearby

[Rushing for the Arctic's Riches - New York Times - Michael T. Klare - December 8, 2013 - http://www.nytimes.com/2013/12/08/opinion/sunday/rushing-for-the-arctics-riches.html] Michael Klare and the New York Times address Russia’s temptation to exploit Arctic energy resources: While many existing oil and gas reserves in other parts of the world are facing steep decline, the Arctic is thought

Interfax: Shuvalov: modest GDP growth given high oil prices means little real growth

Igor Shuvalov file photo

MOSCOW. Nov 27 (Interfax) – Russia’s modest economic growth despite high oil prices means that the economy is barely growing at all, First Deputy Prime Minister Igor Shuvalov said. “Given such high prices for energy resources, it must be acknowledged that we are not in fact growing,” Shuvalov said at a business conference on Wednesday.

RIA Novosti: Last Imprisoned Greenpeace Activist Granted Bail in Russia

Polar Map Showing Permafrost Areas, Adapted From NOAA.gov Graphic

MOSCOW, November 28 (RIA Novosti) ­ The last of the Greenpeace activists arrested in Russia over a September protest at an Arctic oil rig was granted bail Thursday by a St. Petersburg court. The court set bail for Colin Russell from Australia at 2 million rubles ($60,000), the same condition set for the other 29

RIA Novosti: Arctic Made Priority for Russian Navy in 2014

File Photo of Polar Bear on Ice and Snow with Water Nearby

MOSCOW, December 2 (RIA Novosti) ­ Russian naval forces are set to make the Arctic a priority region, boosting combat training and scouting lesser-known areas of the icy territory in 2014, a navy spokesman said Monday. The Northern Fleet will conduct sailing and diving expeditions in the Arctic and develop a series of ice-class patrol

Interfax: Greenpeace has noble goals but wrong methods – Putin

File Photo of Polar Bear on Ice and Snow with Water Nearby

MOSCOW. Nov 21 (Interfax) – The actions of the Greenpeace environmentalists who tried to climb an oil platform in the Arctic posed a threat to the lives of the people who are working there, Russian President Vladimir Putin said. “When they climb the platform and create an emergency situation, there could be not just one

RIA Novosti: Detained Greenpeace Activists Deserve Clemency – Putin

Polar Map Showing Permafrost Areas, Adapted From NOAA.gov Graphic

MOSCOW, November 21 (RIA Novosti) ­ The Greenpeace activists detained in Russia over a protest at an Arctic oil rig should be granted clemency, Russian President Vladimir Putin said Thursday as 10 of them were released and many others granted bail. When asked to comment on their case at a meeting with Russian writers, publishers,

The Next Shale Revolution­ Probably Russia

File Photo of Blue Flame from Natural Gas

(Oilprice.com – Charles Kennedy – November 19, 2013) More than 400 shale oil and gas wells will be drilled outside of the US in 2014, most of them in China and Russia, while Europe largely sits on the sidelines of the so-called revolution, according to energy consulting firm Wood Mackenzie Ltd. The geological conditions­not to

Putin Adviser Sees Political Will to End Greenpeace Dispute

Polar Map Showing Permafrost Areas, Adapted From NOAA.gov Graphic

(Bloomberg – bloomberg.com – Henry Meyer – November 19, 2013) Russia is showing “political will” to end a two-month-long dispute over the prosecution of Greenpeace activists after they began to be set free on bail, President Vladimir Putin’s human rights adviser said. “It’s a good sign,” Mikhail Fedotov said in a phone interview today from

Shuvalov Considers Delaying Rosneft Sale Until 2016

File Photo Rosneft and Russian Flags Next to Rosneft Banner

(Moscow Times – themoscowtimes.com – Andrew McChesney – November 13, 2013) The government is considering delaying the privatization of oil giant Rosneft until 2016 or later as it seeks to maximize the price it can secure. Rosneft is scheduled to be privatized in 2015, and a postponement could put a dent in projected government spending.

Interfax: Kremlin rights council asks Investigative Committee head to change pre-trial restrictions of Greenpeace activists

Polar Map Showing Permafrost Areas, Adapted From NOAA.gov Graphic

MOSCOW. Nov 12 (Interfax) – The Russian president’s Human Rights Council has asked Investigative Committee Chairman Alexander Bastrykin to consider the possible release of the Arctic Sunrise crewmembers who were detained for staging a protest off Gazprom’s Prirazlomnaya oil rig in the Pechora Sea from custody. “The Russian president’s Council for the Development of Civil

Russia and China Move Closer to Energy Partnership

China Map

(Institute of Modern Russia – imrussia.org – Donald N. Jensen – November 5, 2013) The visit by Russian Prime Minister Dmitri Medvedev to China once again highlighted the strategic importance that Moscow attaches to Asia. Donald N. Jensen, Resident Fellow at the Center for Transatlantic Relations at the Johns Hopkins School of Advanced International Studies,

Arctic resources: Any competitors in sight for Russia?

File Photo of Polar Bear on Ice and Snow with Water Nearby

(Russia Beyond the Headlines – rbth.ru – Maria Karnaukh, special to RBTH – November 1, 2013) Many countries would like to tap into the Arctic’s vast hydrocarbon resources, but Russia is the only nation so far to have risked hefty investments in the region. Experts wonder whether Moscow will be successful in selling Arctic oil

Greenpeace Rebuffs Talk of Arctic Protest Conspiracy

Polar Map Showing Permafrost Areas, Adapted From NOAA.gov Graphic

(Moscow Times – themoscowtimes.com – Yekaterina Kravtsova – November 1, 2013) In early October, Rosneft head Igor Sechin made a brief, enigmatic comment suggesting that there was more than meets the eye behind a Greenpeace protest Sept. 18 against a Gazprom oil rig in the Arctic, an action that resulted in the arrest of 30

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