Russia’s Gazprom gas monopoly has threatened to halve supplies to Belarus tomorrow in a payment dispute that could disrupt deliveries to western Europe. Moscow said yesterday it would cut by 45% supplies flowing to its neighbour through export pipelines – which also carry gas to Germany, Poland and Ukraine – if Minsk did not pay … Read More
Gas
Victims of Oil
The shop around the corner raised the price of sandwiches by a quarter this week. Although the housing meltdown is raising concerns that it may take the whole American economy down with it, prices are going up and the reason is the cost of oil. Oil, and therefore gas, prices remain at near-record levels. A … Read More
Shell Invests in Russia as the Russians Invest in the UK
Oil giant Shell plans to increase investments in Russia despite losing control of the giant Sakhalin-2 project earlier this year. “If we see other opportunities for setting up offshore joint ventures, then we will look at them without a doubt,” the company’s CEO, Jeroen van der Veer has said.
Putin Turns The Screw on BP
Well all the papers this morning are about the new cold war stand-off between American and Russia over its missile defence system, with Putin retaliating that he might position Russian nuclear weapons towards Europe. Well nuclear missiles are not the only standoff Putin is involved in at the moment. He also cranked up the tension … Read More
Exxon Says Arctic Gas Pipeline “Not Viable”
Exxon’s CEO, Rex Tillerson, has said that rising costs to build pipelines to exploit Arctic natural gas from Alaska and Canada could soon be uneconomic. Tillerson said that the cost estimate to build a gas line from Canada’s Mackenzie Delta gas fields had more than doubled to about $15 billion. “At those costs, it’s not … Read More
BP Secures $900m Libyan Gas Deal
BP has secured a $900m (ÂŁ455m) gas exploration deal with Libya, in a sign of Tripoli’s transformation from pariah to attractive investment destination for UK and US companies. Tony Hayward, BP’s new chief executive, described the agreement as the group’s “single biggest exploration commitment”. The deal coincides with a visit to Tripoli by Tony Blair, … Read More
BG Group to Supply Gaza Gas to Israel
This is a really hot political potato. The British BG Group is poised to agree the terms of an historic $4 billion deal to supply Palestinian gas to Israel from a discovery off the Gaza coastline. Representatives from BG are due to thrash out a 15-year contract with the Israeli Cabinet next week. Despite the … Read More
Moscow Warns TNK-BP Over Gas Licence
There is no sign of BP’s troubles stopping. Moscow has now ratcheted up the pressure on BP’s Russian venture, warning that TNK-BP could see the licence for its vast Kovykta gas field revoked within “a matter of days”. Oleg Mitvol, head of Russia’s environmental watchdog, said his agency would open a probe tomorrow into whether … Read More
Veco CEO Pleads Guilty to Bribery
Some say that corruption always starts at home. The CEO of VECO, an oil field services company, has pleaded guilty in an American federal court to bribing Alaska lawmakers during negotiations over a proposed natural gas pipeline. Bill J. Allen, has entered his plea in US. District Court to numerous counts, including conspiracy and bribery. … Read More
Gazprom Targets UK Expansion
The Russian gas monolith, Gazprom, is making a concerted effort to increase its influence in Britain by targeting landmark buildings as customers. The energy company, whose chairman is Dimitry Medvedev, the first deputy prime minister of Russia and a presidential hopeful, has also stepped up its lobbying efforts in the UK with the appointment of … Read More