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Saudi Arabia ‘keeping some oil for future’
The world’s top exporter has ordered some new oil discoveries left untapped to preserve the nation’s oil wealth. “I keep no secret from you that when there were some new finds, I told them, ‘no, leave it in the ground, with grace from god, our children need it’,” said King, the official Saudi Press Agency reported.
Gazprom wins Chayanda
Russian gas giant Gazprom won the rights to develop the Chayanda gas field without an auction, according to reports. Deputy Energy Minister Andrei Dementyev was quoted by Russian news agencies as saying Gazprom would start work on the license this year aiming to start production in 2016.
Greece signs on to South Stream
Greece agreed to join the South Stream gas pipeline project, further boosting the nation’s energy ties with Russia, the country’s Development Minister Christos Folias announced.
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