Russia & CIS ///
The 23-nation coalition is debating whether to maintain the output cuts at current levels, deferring the increase scheduled for January. Some members are concerned that global markets remain too fragile to absorb additional barrels -- particularly after Libya’s output soared -- while others are keen to sell more crude.
When OPEC+ meets this week in Vienna, impatient member states, surging Libyan production, and Chinese demand splitting off from the West will create headaches for ministers. Also, Arctic drilling plans in the U.S. and Norway are being motivated less by economics and more by geopolitical maneuvering, and the North American drilling rig count shows strength that exceeds even the most optimistic predictions from earlier in the year.
Russia’s biggest liquefied natural gas producer expects to be able to mitigate any impact should U.S. sanctions on China prevent it from using a third of its fleet.
Jacques Sapir, Contributing Editor
Russia’s current account, the oil market and the ruble
Global drilling and engineering contractor KCA Deutag (KCAD) is delighted to announce that its land drilling operation has won three new contracts in Russia worth approximately $168 million.
The AB1 recoverable oil reserves of Russkoye field have increased 8% following exploration work carried out by Tyumenneftegaz, a petroleum production company belonging to Rosneft.
Total and its partners have approved the launch of Phase 3 development of the onshore Dunga field in the Mangystau Region of western Kazakhstan.
Lukoil is successfully evolving its priority projects in the north of the Caspian Sea. The company continues to construct facilities at Vladimir Filanovsky, Yury Korchagin and Rakushechnoye fields.
Russian President Vladimir Putin plans to meet Saudi Crown Prince Mohammed Bin Salman at the Group of 20 summit in Japan this week, just days before OPEC and its allies gather in Austria to discuss extending oil-output cuts.
Gazprom Neft subsidiary Gazpromneft-GEO has drilled a second horizontal well at Ignyalinskoye field in the Irkutsk Oblast. Commercial inflow is more than double the flowrate at the first well, constructed last year.
President Donald Trump’s threat to sanction Russia’s controversial new natural gas pipeline into Europe is an indication that competition to supply the fuel is heating up.
President Donald Trump said Wednesday he’s considering using U.S. sanctions to stop construction of the Nord Stream 2 gas pipeline between Russia and Germany.
Russia’s strong natural gas shipments to Europe may be an attempt to test the resilience of U.S. exporters, according to Citigroup Inc.
Gazprom Neft and the Government of the Yamalo-Nenets Autonomous Okrug are to expand their cooperation in developing viable technologies for exploiting Achimovsky-strata oil deposits.
Gazprom Neft, Repsol and Shell have signed a memorandum of understanding at this year’s St. Petersburg International Economic Forum, establishing a JV to develop the Leskinsky and Pukhutsyayakhsky license blocks on the Gydan Peninsula.
A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Ben van Beurden, CEO of Royal Dutch Shell, took place today at the St. Petersburg International Economic Forum 2019.
During the official visit of the President of the People’s Republic of China Xi Jinping to the Russian Federation, PAO NOVATEK, Sinopec and Gazprombank signed Heads of Agreement on establishing a joint venture to market LNG and natural gas to end-customers in the People’s Republic of China.
Rosneft has put into commission West Erginskoye field as part of the Erginsky cluster.
Gazprom PJSC surged to a decade-high in Moscow trading on speculation the world’s largest natural-gas exporter will make more changes to senior management.
Turkey is considering deploying a Russian missile-defense system along the country’s southern coast, near where its warships are accompanying vessels exploring for energy, according to four people with knowledge of the deliberations.