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Russians decide against selling Iraqi oilfield to China

Russia’s Lukoil PJSC is retracting its decision to sell its stake in West Qurna-2 field in the south to Chinese companies, according to Iraqi state-run newspaper Al-Sabah.

Energy transition may hit Russia in the pocketbook, warns finance minister

Russian Finance Minister Anton Siluanov warned the Kremlin needs to brace for falling revenues after a stress test showed the global clean energy push could lead to a significant decline in demand for fossil fuel exports.

Regional Report: Russia

Mike Slaton, Contributing Editor

Like the rest of us, Russia’s oil and gas industry has been hammered by Covid and the price collapse. But the Bear’s pain, and recovery, is compounded by a pack of uniquely ursine issues.

Russia’s Rosneft projects global oil shortages during “hasty” energy transition

“The world risks a severe deficit of oil and gas,” Rosneft CEO Igor Sechin said Saturday at the St. Petersburg International Economic Forum. “The world consumes oil, but isn’t ready to invest in it.”

OPEC leaders mock IEA’s “la-la land” 2050 net zero roadmap

If the world were to follow the International Energy Agency’s controversial road map, which said investment in new fields would have to stop immediately to achieve net-zero carbon emissions by 2050, “the price for oil will go to, what, $200? Gas prices will skyrocket,” said Russian Deputy Prime Minister Alexander Novak.

Biden loosens Nord Stream 2 pipeline sanctions, but startup challenges remain

A natural gas pipeline linking Russia and Germany edged closer to completion after the Biden administration loosened sanctions of the controversial project, but significant hurdles remain before the fuel can start flowing under the Baltic Sea.

Russia projects OPEC+ will maintain oil price course at this week’s meeting

“If nothing extraordinary happens, we have already formed our three-month plans,” Russia’s Deputy Prime Minister Alexander Novak told reporters in Moscow on Wednesday, “Our task will be to look at these plans and maybe confirm or adjust them - yet most likely, this is the meeting to assess the current situation,” he said.

Russian oil production rose in March under higher OPEC quota

Russia pumped 43.34 million tons of crude and condensate last month, according to preliminary data from the Energy Ministry’s CDU-TEK unit. That equates to 10.249 million barrels a day, based on 7.33 barrel-per-ton conversion ratio, or 1.3% more than in February.

OPEC cuts global oil demand estimates ahead of production decision

The revision, which mainly affects the next few months, follows a recommendation from OPEC Secretary-General Mohammad Barkindo that the coalition should remain very cautious.

KCA Deutag lines up $110MM of land drilling projects across the Eastern hemisphere

KCA Deutag has secured contracts worth around $110 million for its land drilling business in Pakistan, Russia, Kurdistan, south-eastern Europe and Germany. The new business is made up of a mix of contract wins, allowing the company to mobilize stacked rigs, and contract extensions.

Russia’s carbon-dependent economy challenges a clean energy shift

Seen from Moscow, the melting of the polar ice cap is as much economic opportunity as natural disaster, opening the Northern Sea Route from Asia to Europe for shipping and creating access to potentially vast new reserves of minerals, oil and gas.

Republicans leverage Biden’s CIA pick to add Nord Stream 2 pressure

Senator Ted Cruz is delaying William Burns’s confirmation as CIA director to demand that the Biden administration do more to halt the Nord Stream 2 gas pipeline, as Republicans seek to ramp up pressure now that construction has resumed.

Higher oil revenue gives Putin room to challenge Russian discontent

Amid growing tensions with the West and fears of new sanctions, Putin has been reluctant to spend heavily in recent years, even during the pandemic. Stagnant living standards have helped fuel public anger at the Kremlin, which has boiled over into the biggest nationwide protests in years and poses a challenge for Putin’s ruling party in parliamentary elections this fall.

Lukoil added nearly 500 MMboe proved reserves in 2020

As a result of geological exploration and production drilling conducted in 2020, Lukoil added 464 million barrels of oil equivalent to its proved reserves. The largest contribution was made by the assets in West Siberia, Ural region, Timan-Pechora and Russian sector of the Caspian Sea.

Net zero regulation: Russia will replace all the U.S. oil Biden wants to ban

Investors are betting that Russian oil giants such as Lukoil, Rosneft and Tatneft will rally as they mop up market share from rivals in the U.S. and and other countries seeking to switch to clean energy.

Merkel stands by Nord Stream 2, but is open to discussing Russia with Biden

“We need to also discuss which economic relations in the gas sector are possible with Russia, and which aren’t,” Merkel said during a news conference in Berlin Thursday, referring to planned talks with Joe Biden’s government. “My basic position on Nord Stream 2 hasn’t changed,” she added, when asked about plans to complete the pipeline between Germany and Russia.

Russian bank funds lion’s share of Trafigura’s $7B Rosneft oil deal

A Rosneft spokesman said that the deal was “a logical extension” of its cooperation with Trafigura and would give the trading house “long-term access to high quality hydrocarbons to be produced with a low-carbon footprint that can be shipped both to the west and east.”

Pakistan’s new pipeline with Russia to increase LNG import capacity

Pakistan has become one of the top emerging markets for the super-chilled fuel in recent years as domestic gas production has plateaued, forcing the nation to import cargoes.

BP’s Caspian Sea project emerges as Russia’s rival for European gas market

Gas pumped from the BP-led Shah Deniz deposit in the Caspian Sea began flowing into Italy, Greece and Bulgaria on Dec. 31, BP and Azerbaijan’s state energy company Socar said in a joint statement. The European Union has worked for years to ease its dependence on Russia, which accounts for about a third of the region’s gas supplies.

Russia accelerates Nord Stream 2 project to beat U.S. sanctions

When complete, Nord Stream 2 will allow Russia to expand deliveries of gas to Europe and circumvent the traditional transport corridor through Ukraine. The U.S. and Eastern European nations say the pipeline will make Germany and the European Union too reliant on Russian gas.