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    Russian Oil and Gas Industry: News

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    Post  Viktor on Fri Jan 10, 2014 3:05 pm

    sepheronx wrote:Good.

    Russia really needs to get their other brand of goods (besides resources) on the market. Real potential is its energy industrial goods (Rosatom and Power Machines), high tech, CNC and automotove. Hopefully it is those goods that will have big returns for Russia in long run after decades as that equipment will need to be replaced and people already trained on Russian gear will be inclined to buy Russian goods again (As example is defence industry with accordance to many former USSR allies).

    As well, maybe this will reduce cost of fuel in Russia for average driver.

    Thats 180 000 000 barels per year = 19.2 bin $ per year at 107$ per barel and thats a fricking lots of money that can buy lots of machinery and weapons and

    products like planes or even entire factories. It could be that Russia will get that oil on a more privileged price and the total sum of money will be less but

    nevertheless it is still big amount of money.
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    Post  etaepsilonk on Fri Jan 10, 2014 11:20 pm

    Viktor wrote:Nice. Russia would buy 500 000 barels of oil per day from Iran which would would increase Iranian oil output by 50% and in exchange Russia would provide

    unspecified goods. Sounds like a perfect deal!

    Exclusive: Iran, Russia negotiating big oil-for-goods deal

    On a somewhat related note, there is a port being built in northern Iran, isn't it? If so, that would greatly serve Iran to work around those sanctions.
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    Post  Viktor on Sat Jan 11, 2014 12:19 am

    etaepsilonk wrote:On a somewhat related note, there is a port being built in northern Iran, isn't it? If so, that would greatly serve Iran to work around those sanctions.

    Yes, India is financing buiding of that port for the same reason  Very Happy .
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    Post  Viktor on Thu Jan 16, 2014 11:48 am

    Interesting comparison that crossed my mind:

    - Rosfnjet signed with China oil delivery for 260 bin$ during 25 years and that was huge.

    - I dont know for how long will Russia-Iran contract last but if we (for the sake of argument) assume that it will last 25 years like in China case than we are talking about 450 bin $
     which is almost 60% bigger deal than those of China. Basically Iran will oblige itself to spend 1/3 of all of its export oil money on goods from Russia and in return Russia will find customers
     for Iranian oil. Sounds like a perfect deal to me for Russia. Boost to Russian industry will be huge and to Iranian defense forces and modernization as a whole.

    In light of its biggnes  Very Happy 

    Russia-Iran Oil Talks to Go Ahead Despite US Concerns – Report

    MOSCOW, January 16 (RIA Novosti) – Russia is set to continue talks with Iran on a possible oil-for-goods swap that would make Moscow a major importer of Iranian oil despite concerns by the United States, the Kommersant business daily said Thursday, citing a Russian diplomatic source.
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    Post  Viktor on Thu Jan 23, 2014 12:14 am

    Finally ... this thing is big.

    Gazprom and CNPC to sign gas export deal in May
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    Post  Austin on Sun Jan 26, 2014 3:28 pm

    This is Interesting on Russian plans to maintain the current level of oil output

    http://www.reuters.com/article/2014/01/21/russia-oil-forecast-idUSL5N0KV0N920140121




    Energy Minister Alexander Novak told Reuters last month that breaks should help Russia keep production at a minimum of 10.1-10.2 million bpd in coming years and could lead to an increase to 10.8-11.0 million bpd before 2030.


    In its annual outlook, oil company BP said Russia and South America would join the United States in tapping shale oil over the next two decades, contributing about 1 million bpd of shale oil each by 2035.
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    Post  magnumcromagnon on Sun Jan 26, 2014 6:14 pm

    Austin wrote:This is Interesting on Russian plans to maintain the current level of oil output

    http://www.reuters.com/article/2014/01/21/russia-oil-forecast-idUSL5N0KV0N920140121




    Energy Minister Alexander Novak told Reuters last month that breaks should help Russia keep production at a minimum of 10.1-10.2 million bpd in coming years and could lead to an increase to 10.8-11.0 million bpd before 2030.


    In its annual outlook, oil company BP said Russia and South America would join the United States in tapping shale oil over the next two decades, contributing about 1 million bpd of shale oil each by 2035.

    It shouldn't be a surprise to anyone, I suspect Gazprom went along with the idea of "Russian Peak Oil" because it helped drive oil commodity prices up...No major oil company is stupid enough to say "There's enough oil for everyone, many times over...so yeah commodity oil speculators, please keep the price of oil down!" There's a fine line between having enough oil for large economies to live on, and restricting over-pumping to keep oil prices from dropping.

    ...The last person who was stupid enough to give oil away at bargain-basement prices was *drum roll*....Saddam Huessin, and look what happened to him!
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    Post  Austin on Mon Feb 10, 2014 5:21 am

    Rosneft official plans for Gas Development , good read

    Sechin: "Rosneft" prepares gas strategy of not less than 30 years
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    Post  Austin on Mon Feb 10, 2014 5:44 pm

    Russian draft energy strategy sees 23% of exports to Asia-Pacific by 2035


    The Russian energy ministry released a draft energy strategy to 2035 on Friday, which forecasts that 23% of all energy exports will be sent to the Asia-Pacific region by 2035.

    "The primary task is to speed up entry into Asia-Pacific markets," the ministry said in a statement outlining the key points.Russia aims to send 32% of crude, and 31% of gas produced to the region by 2035.

    Officials have long indicated that Russia is aiming to further diversify its export portfolio and ship greater volumes eastward.

    "Energy markets in Europe and the CIS will remain key markets for Russian energy production, but export volumes after 2015 will fall, and by the end of the period will be 95% of 2010 levels," the statement said.

    Russia currently ships around 6% of the gas it produces to the Asia-Pacific region, in the form of LNG from its Sakhalin 2 LNG plant, which has a capacity of 10 million mt/year.

    Gas giant Gazprom is aiming to finalize a major deal for shipments via the Eastern route to China this year, which envisages supplies of 38 billion cubic meters a year to China from 2018. Gazprom has not ruled out increasing supplies to China to as much as 60 Bcm.

    Russia's largest crude producer, Rosneft, is also increasing volumes of crude shipped to China, adding an additional 800,000 mt in 2013.

    The company was supplying China's CNPC with 300,000 b/d of crude via the East Siberia-Pacific Ocean pipeline under a contract signed in 2009, but last year agreed to increase volumes gradually to around 620,000 b/d by 2018.

    Rosneft has also agreed to supply around 200,000 b/d over 10 years to Sinopec, with deliveries to start this year.

    The draft strategy envisages increasing the proportion of oil products and petrochemicals to no less than 40% of exports by 2035.

    Russia also plans to cut fuel oil exports from 57 million mt in 2010, to 20 million mt in 2035, while raising vehicle fuel exports to 58 million mt from 44 million mt.

    Capital expenditure in the energy sector is also set to increase gradually to $793 billion between 2031 and 2035 from $460 billion between 2011 and 2015, according to the draft.

    Ministry monitors indicate that development is by and large in line with the current strategy.

    "Production, domestic consumption and export of energy resources is, on the whole, within or close to the forecasts in the Energy Strategy 2030," the statement said.

    The draft forecasts growth in world energy consumption of 1.2% by 2035, compared with the previous estimate of 1.5% by 2030.
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    Post  Austin on Tue Feb 11, 2014 5:11 pm

    Gazprom Milestones of 2013
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    Post  Austin on Sat Feb 22, 2014 6:24 pm

    they keep finding more Oil and Gas these days

    Gazprom discovers huge oil deposits on Sakhalin
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    Post  magnumcromagnon on Sat Mar 01, 2014 4:41 am

    Rosneft to spend $83 bln developing Siberian oil field


    KRASNOYARSK, February 28 (RIA Novosti) – Russian state energy giant Rosneft said Friday that it will invest around $83 billion on developing a strategic oil and gas field in Eastern Siberia over the next decade.
    Vankor field in Siberia’s Krasnoyarsk region contains an oil and gas cluster capable of producing 55 million tons of oil annually by 2025, Rosneft vice president Svyatoslav Slavinsky said.
    Slavinsky said developing the cluster would create 15,000 jobs for high-skilled laborers.
    Rosneft has steadily expanded drilling operations in Eastern Siberia over the last decade, acquiring a license to build up Vankor in 2003. The company paid more than $410 million for exploration and development rights for four more nearby oil and gas fields in 2005 and 2006.
    Vankor, which is the largest field to be discovered and put into production in Russia in the last quarter of a century, is estimated by independent auditors to hold the equivalent of more than 1.6 billion barrels of oil in confirmed hydrocarbon reserves.
    The field, which started commercial output in July 2009, is viewed as central to Russian plans to meet sales targets to energy-hungry China.

    http://en.ria.ru/russia/20140228/187964590/Rosneft-to-Spend-83Bln-Developing-Siberian-Oil-Field.html
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    Post  Austin on Tue Mar 04, 2014 1:15 pm

    Some good news on China Gas Deal Front  attack 

    Gazprom may reorient gas deliveries to Asia region — CEO


    MOSCOW, March 04. /ITAR-TASS/. In May 2014, Gazprom “will sign a contract with China for the supply of 38 billion cubic meters of gas, with the term of the contract making up 30 years,” Gazprom CEO Alexei Miller said on Tuesday.

    “Gazprom is ready to reorient Western Siberian gas deliveries to Asia instead of Europe, and their amounts will be comparable with the amount of gas deliveries to Europe,” Miller said.
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    Post  Austin on Tue Mar 04, 2014 2:06 pm

    Gas deliveries via South Stream to begin in December 2015


    MOSCOW, March 04. /ITAR-TASS/. Russian Gazprom CEO Alexei Miller said on Tuesday that gas deliveries to Europe via the South Stream gas pipeline would begin at the end of December 2015.




    “Everything proceeds as scheduled, the construction of onshore sections of the gas pipeline was launched on the territories of Bulgaria and Serbia,” Miller said at a meeting with Prime Minister Dmitry Medvedev.

    He also said the amount of gas produced by Gazprom last year made up 487.5 billion cubic meters, with exports to Europe to the amount of 162 billion cubic meters. The main route of gas deliveries was through Ukraine, and more than 86 billion cubic meters of gas were delivered to Europe in transit via Ukraine.

    He added that in May, Gazprom “will sign a contract with China for the supply of 38 billion cubic meters of gas, with the term of the contract making up 30 years”.

    “We expect that the contract may be signed in May of this year,” Miller said.

    “An agreement was reached with Chinese partners that as soon as a contract for gas deliveries from Eastern Siberia to the People’s Republic of China is signed, we will immediately launch negotiations on gas supplies on the western route, where the resource base is Western Siberia, which has been traditionally a resource base for gas deliveries to Europe,” Miller said.


    “In the medium term we can bring gas deliveries in the Asian direction to the amount that will be comparable with gas deliveries to Europe,” he added.
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    Post  Austin on Wed Mar 19, 2014 6:37 pm

    Tenth of Rosneft’s offshore resources to yield $2.5 trillion
    Economy
    March 19, 17:01 UTC+4

    TOKYO, March 19. /ITAR-TASS/. One tenth of Rosneft’s offshore resources is estimated at $2.5 trillion, company's president, Igor Sechin said in a report.

    According to the presentation, Rosneft’s offshore prospective resources reach 24.2 billion tonnes of oil and 23.8 trillion cubic meters of gas.

    “Mining of a tenth of these resources means yielding about $2.5 trillion, if estimated under the current prices. This will require no less than $400 billion of investments,” Sechin told the sixth Russian-Japanese Investment Forum that opened in Tokyo on Wednesday. This, he added, would surely necessitate “joint efforts and qualified partners”.

    The potential of further expansion of Russian-Japanese energy cooperation was huge and reached dozens and hundreds of billions of dollars in Rosneft’s case alone, Sechin told the forum’s opening; Japan can count on a considerable increase of hydrocarbon and electricity supplies.

    “In order to provide energy security of Japan and the entire Asia-Pacific region in the future Rosneft is ready to offer a wide range of opportunities to satisfy oil and gas needs,” he added.

    Russia was interested not only in cooperation with certain partners but also joint work along the entire production line — production, infrastructure, processing, and transportation of resources.

    “Asset swap as well as a clearer contract system is crucially important to achieve a long-term economic effect. This will help avoid any political and contract risks,” Sechin said.

    Rosneft’s president highly evaluated the work of the Japanese partners.

    “Some of them are working in Iraq with a 7% breakeven level. The inflation level as it is, they are making truly heroic efforts,” said Sechin. Russia’s breakeven level “considerably exceeds these figures”, Sechin said and invited Japanese partners to partake in petrochemical and ship-building projects in Russia’s Far East.

    The forum in Tokyo has gathered more than 700 government officials and businessmen from Russia and Japan. Improving Russia's investment climate and investment cooperation between the two countries are on the agenda.

    http://en.itar-tass.com/economy/724367
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    Austin

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    Post  Austin on Wed Mar 19, 2014 6:37 pm

    Why mining 1/10 of the resources what happens to the rest of it ?
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    Post  magnumcromagnon on Wed Mar 19, 2014 6:51 pm

    Austin wrote:Why mining 1/10 of the resources what happens to the rest of it ?

    Because if you over saturate the commodities market it causes the commodity in context to lose financial value, driving prices down and you start to lose profits. Contrary to popular belief the only major economies that want cheap gas are the heavy industrial export economies that are energy starved/dependent (China, Germany, India, etc.) the major oil companies (which are dominated by oil speculators) prefer bottled-necked oil at a high price meaning they want oil to be as controlled, the price to be as high as possible, and the world economy to be completely dependent on oil-futures.
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    Post  Austin on Wed Mar 19, 2014 6:53 pm

    Thanks for your reply.

    My concern was can they only mine 1/10 of the reserves due to technical feasibility of doing so ? I mean the difference between available resource and explorable reserves
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    Post  magnumcromagnon on Wed Mar 19, 2014 7:10 pm

    Austin wrote:Thanks for your reply.

    My concern was can they only mine 1/10 of the reserves due to technical feasibility of doing so ? I mean the difference between available resource and explorable reserves

    I'm not too sure, but what I find interesting about that article is that it talks about powerful Russo-Japanese economic cooperation, if Abe destroys this with economic sanctions than this could potential destroy his political career and his party, especially if China replaces Japan as the most important investor. The ideal situation for Rosneft is for Chinese and Japanese oil companies to compete with each other in offering better investment deals.
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    Post  GarryB on Thu Mar 20, 2014 1:19 am

    Likely 1/10th is used as an example because it will be the most accessible material. The other 90% will be harder to reach/extract and therefore cost more, some will never be worth extracting...
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    Post  Austin on Tue Mar 25, 2014 12:28 pm

    Russian-Chinese contract likely to be signed in May - Chinese diplomat





    China hopes that China National Petroleum Corporation (CNPC) and Russia's gas giant Gazprom (MOEX: GAZP) will sign a contract for laying a gas pipeline from Russia to China and for Russian gas deliveries during Russian President Vladimir Putin's visit, set for May, the Chinese embassy's plenipotentiary minister and counselor for economic affairs, Zhang Di, told Interfax.



    "The current talks suggest that the companies' positions are drawing nearer, progress is apparent, so the signing of a contract during the Russian president's visit to China is quite likely," he said. But he noted that, "as in the past, the price remains unsettled, which may become the main hurdle," he said.

    Gazprom and CNPC kept saying all through last year that they would finalize the contract before the end of 2013, but they failed to come to terms on a price. Talks between Gazprom CEO Alexei Miller and CNPC Chairman Zhou Jiping in Beijing at the start of the year produced a tentative agreement to conclude a contact in May 2014.

    Gazprom's press service reported that, "the two companies are interested in a successful outcome of the talks and plan to sign a contract as soon as possible. It was said that the talks are proceeding according to schedule and that the contract would take effect before the end of 2014, as agreed. A proposal was made for preparing the contract for signing during the Russian president's visit to China, scheduled for May 2014."

    Gazprom's deputy chief executive officer, Alexander Medvedev, said in turn that in the case of Russian gas deliveries to China "revenue cannot be lower than that of gas exports to Europe." He also said that Asia is a premium market and that Gazprom's competitive advantage in its proximity to it.
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    Post  Austin on Tue Mar 25, 2014 12:30 pm

    Why does Gazprom asks for European price from China's market .......what a frekin stupid they are ....expecting China to pay $400 for Gas price ?

    The situation is more worse now as Europe is moving away from Russia and South Stream prospects are dead.

    Give them a good discount of $100 and sell as much Gas as possible to China ........Russia has huge Gas Deposits that would last 100 + years.
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    Post  Austin on Tue Mar 25, 2014 1:30 pm

    In current situation South Stream seems dead

    South Stream victim of Crimea annexation
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    Post  Viktor on Tue Mar 25, 2014 2:49 pm

    Austin wrote:In current situation South Stream seems dead

    South Stream victim of Crimea annexation

    South Stream was always a gloomy project thanks to EU "friends" which used every single laverage to sabotage it but still until is dead it is not dead as Mr. Medvedev

    once said "If you build they will come" Very Happy

    anyway excellent news:

    Russia to March 19 increased grain exports by 40.8%.
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    Post  Hannibal Barca on Tue Mar 25, 2014 3:53 pm

    South stream will not be canceled. There is no alternative.

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