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    Russian Oil and Gas Industry: News

    Hannibal Barca
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    Post  Hannibal Barca Tue Mar 25, 2014 3:53 pm

    South stream will not be canceled. There is no alternative.
    magnumcromagnon
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    Post  magnumcromagnon Tue Mar 25, 2014 6:19 pm

    Hannibal Barca wrote:South stream will not be canceled. There is no alternative.

    Exactly, the only chance of destroying it was the White Stream pipeline, which is all history now that Crimea is part of Russia again lol!
    magnumcromagnon
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    Post  magnumcromagnon Tue Mar 25, 2014 10:51 pm

    Austin wrote: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.

    South Stream is not dead, the only people who are claiming that is the same people who claim having a legal military base in Crimea established in 1997 is evidence of invasion force despite no bombs or missiles used.
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    Post  Austin Sun Mar 30, 2014 8:05 am

    Russian Oil and Gas Industry: News - Page 8 Oil-re10
    sepheronx
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    Post  sepheronx Wed Apr 02, 2014 4:52 pm

    Europe risks loss of $215B if drops Russian Gas imports
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    Post  Austin Sun Apr 06, 2014 3:38 pm

    Analysts believe that for the next several decades, the Americans will be unable to replace Gazprom as Europe’s key gas supplier.

    Does U.S. natural gas pose a threat to Russia?


    U.S. President Barack Obama is ready to allow exports of gas to Europe in order to free it from dependence on Russian gas. However, experts agree that this is a bold but not particularly realistic statement. At least for the next several decades, the Americans will be unable to replace Gazprom as Europe’s key gas supplier.

    "We are ready to authorize the export of as much natural gas each day as Europe uses each day," U.S. President Barack Obama said at a news conference on March 26 following the U.S.-EU summit in Brussels.

    Speaking of possible new sanctions against Russia over the events in Ukraine, Obama said that the EU and the U.S. should focus on energy. "Europe needs to look at how it can further diversify its energy sources," he stressed.

    This is a bold statement, according to Sergei Vakhrameyev, an industry expert with the investment company Ankorinvest. But there are a lot of buts here that indicate that Obama's threat cannot be put into action at least for the next several decades.

    Terminals to be built first

    In order to export gas overseas, in addition to liberalizing gas exports, the U.S. needs to build LNG terminals. Since 2011, the U.S. Department of Energy has approved only six applications for the construction of export LNG terminals, with the seventh approval coming at the end of March. Among those terminals approved are a Cheniere Energy Partners terminal in Louisiana and a Freeport terminal in Texas. Meanwhile, 25 more projects have still not received the go-ahead.

    However, even the approved terminals have to be built first. The first LNG export terminal will be completed no sooner than the end of 2015, which means that the first export deliveries of U.S. gas cannot start earlier than 2016. The construction projects that have already received approval will be completed by 2020, with projects beyond that date not having been approved yet.

    The total capacity of the approved terminals that will be commissioned between 2016 and 2020 is 118 billion cubic meters of gas.

    However, even if the U.S. were to supply the total amount of 118 billion cubic meters of gas directly to Europe, European countries would still be unable to give up Russian gas. In 2013, Russia supplied some 135 billion cubic meters of gas to Europe (excluding Turkey), according to Sergei Vakhrameyev. "It is impossible to give up such an amount overnight," he pointed out. Not to mention that the prospects of U.S. gas entering the European market are still quite remote.

    Besides, the anticipated amount will not be allowed to be exported in its entirety since it may not leave the U.S. with enough gas for domestic consumption.

    "Before 2012, the U.S. was experiencing a shortage of gas, although this shortage was constantly diminishing. By 2013, it had a surplus, though not a large one, so it is not yet clear how much gas it will be possible to supply to the European market," said Rustam Tankayev, managing director of the company Info-TEK-Terminal and a leading expert with the Russian Union of Oil and Gas Producers, in comments to news portal Vesti.ru.

    Would traders agree?

    Another problem is that initially the U.S. planned to supply its gas not to Europe but to the more profitable Asian markets.

    "Traders can supply this gas anywhere. However, the market is such that in Asia gas prices are considerably higher. Besides, traders are the most pragmatic market players. It is not clear how they
     could be made to sell gas at cheaper prices (say, to Europe)," said Sergei Vakhrameyev.

    According to him, in Asia the price of gas is $15 per million British thermal units (BTU), in Europe, slightly under $12. The difference of $3 translates into about $100 per thousand cubic meters. That is to say that 1,000 cubic meters of gas in Asia costs at least $100 more than in Europe, and in some cases even more than that.

    "It may happen that first U.S. gas will go to Asia and when prices there go down (because of excessive supply), they may start deliveries to Europe," suggested Vakhrameyev. In other words, the (partial) replacement of Russian gas in Europe with American gas is, one way or another, pushed back by many years.

    Europe is not ready to receive U.S. gas

    Even if the U.S. manages, by some miracle, to resolve all of its domestic difficulties with LNG supplies to Europe, it will have to deal with another one, that of the lack of a ready-made infrastructure there. This problem is particularly acute in Eastern Europe, which is most dependent on Russian gas. For instance, Lithuania relies on Russia for 100 percent of its gas supplies.

    "The U.S. can supply gas to West European countries, for example Spain, the UK, and France, because there are LNG terminals there, whereas supplies to Eastern Europe are impossible because of infrastructure limitations. There are no LNG terminals for receiving American gas there and no capability to redirect American gas via a gas pipeline from Western to Eastern Europe. All gas flows go from east to west," Vakhrameyev explained.

    Furthermore, European countries have 20-year-long contracts with Gazprom. "What are they going to do with those? Break them?" Vakhrameyev wondered. Of course, Europe's dependency on Russian gas will be gradually reduced over time, but very slowly, he concluded.

    First published in Russian by Vzglyad.
    Viktor
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    Post  Viktor Sun Apr 06, 2014 4:01 pm

    Austin wrote:Analysts believe that for the next several decades, the Americans will be unable to replace Gazprom as Europe’s key gas supplier.

    Does U.S. natural gas pose a threat to Russia?



    I agree for the following reasons.

    1. US does not have its own infrastructure in EU
    2. To build infrastructure in EU, US would need huge sums of money and time (which has neither)
    3. US does not have LNG terminals and the ones planed are pending due to bureaucracy (not one)
    4. It takes time to build one and even with more of them US is still not able to make substantial/meaningful deliveres to EU
    5. Price of LNG is up to 50% more than natural gas
    6. Deliveries of LNG to Ukraine from Arab states is a no-no because LNG has much higher price in Asia (who would substitute the difference to Arabs)
    7. EU industry products will loose its concurency in the international markets if they are produced on more expensier gas which is why private owners will never accept that
    8. US shale gas production is stagnating and Shell is withdrawing from it
    9. Price of shale gas deliveres to EU would be even more expensive than LNG so it makes even less sense
    10. Because Crimea is now part of Russia, South Stream construction price will be now more than  half of originaly planned (20 bin $ less) and does not have to go throughout territorial waters of Turkey

    thats about it ![/quote]
    dino00
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    Post  dino00 Thu Apr 17, 2014 11:13 am

    Giant oil field found near Astrakhan

    In Russia a new oil field was discovered. Business FM reports this with reference to Natural Resources Minister Sergei Donskoi. The field, called "Velikoe", is located in the Astrakhan region. Its reserves are estimated at 300 million tons of oil and 90 billion cubic meters of gas.

    Such a large oil field was discovered for the first time in recent years. According to Donskoi, it confirms the prospects of the Astrakhan region in terms of such findings. Previously significant discovery was also made in the Astrakhan region. In 2006, on the Caspian shelf geologists of "Lukoil" found Filanovsky field with recoverable reserves of more than 150 million tons of oil.
    It is probable that oil and gas company AFB, which is working in the Astrakhan region not for the first year will be developing the field "Velikoe”. Two years ago, the company opened 140 million tons of oil in the neighboring Tambov.

    The company can work and develop the oil field by itself or can attract a partner. "Rosneft" and "Lukoil" are the most likely partner candidates as their assets are located in the neighboring regions. All the major oil and gas industry players can demonstrate interest in the project, considering the shortage of rich hydrocarbon deposits on land.
    The last major field discovered on land was Vanqor, discovered by geologists in 1988. Its reserves exceed 500 million tons of oil. "Rosneft" is engaged in the development field. Two years ago, the state sold the license on the oil field Lodochnoe, Spielmann and Imilorskoe that at the time were considered the last big fundings. "Rosneft", "Surgutneftegas" and "Lukoil" received the rights to develop them respectively.

    http://voiceofrussia.com/news/2014_04_17/Giant-oil-field-found-near-Astrakhan-1843/
    Viktor
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    Post  Viktor Thu Apr 17, 2014 4:19 pm

    This is huuuge  thumbsup 

    Huuuge new 30 bin $ pipeline conecting Russian Altai region with India throughout China !


    Talks on Russia to India oil pipeline make headway
    macedonian
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    Post  macedonian Thu Apr 17, 2014 4:47 pm

    Viktor wrote:This is huuuge  thumbsup 

    Huuuge new 30 bin $ pipeline conecting Russian Altai region with India throughout China !


    Talks on Russia to India oil pipeline make headway

    Huge indeed...but...

    ...Let's wait for confirmation from the Indian side first.
    If indeed it does happen - I bow to the Indians.
    magnumcromagnon
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    Post  magnumcromagnon Fri Apr 18, 2014 1:54 am

    Looks like Russia is making major waves in the global crude oil market:

    Russia is helping Iraq Return To the World Oil Market

    Now Iraq wishes to become the fastest-growing oil exporter, compensating for the loss of Libyan production in the market, and possibly reviving the competition for participation share in the market among OPEC members. Despite the escalation of violence in the country, due to the exports of instability from neighboring Syria, Iraq, which is already the second largest oil supplier among OPEC members, has shown one of the most spectacular increases in annual production in the history of the industry. These successes are associated with the fact that foreign oil companies are developing deposits in the south – a region that almost has not been affected by the unrest.

    Thanks to the fact that it was possible to eliminate export “bottlenecks” in the terminals of Basra in the south of Iraq, through which almost all Iraqi oil is exported, it is expected that Baghdad will be able to maintain, or even increase, the volume of oil exports. The exports in 2014 are estimated at about 140-150 million tons. If Baghdad manages to keep the export of oil at this level, its revenues will exceed $100 billion (at oil prices of $100 per barrel).

    Oil renaissance. In 2010, the world’s leading oil companies began the work on expanding production at the giant South Iraqi oilfields of Rumaila (British Petroleum), West Qurna-1 (Exxon), Zubair (Eni), Majnoon (Shell), and Halfaya, where PetroChina operates under service agreements signed with Baghdad. This revival has been in progress for five years, and has allowed Iraq to set a goal of achieving an export level of 170 million tons per year.

    Russia is making a significant contribution to this process. On March 31, 2014, the Russian company Lukoil started oil production in the Iraqi field of West Qurna-2. Its estimated reserves are 4.8 billion tons of oil, with recoverable reserves set at 1.8 billion. It is planned to extract at least 100 million tons from there by 2035.

    Lukoil received the first oil in West Qurna-2 in October of last year. Now the field has reached the production level of 16,000 tons per day, which allows talking about the beginning of commercial operations. Lukoil is developing the field as a service company, under a contract signed with the Iraqi government in 2010 and valid through 2025. It owns 75% of the project, its partner, the Iraqi state-owned company South Oil Co, owns 25%.

    The Iraqi government will compensate Lukoil’s costs for the project with oil produced in West Qurna-2. The compensation will start in three months. Lukoil has already spent about $4 billion on the project, and the total investment will be about $40 billion by the end of the contract.

    The total amount of compensation for Lukoil, over the term of the contract, will be 90-100 million tons, which is comparable to the annual production of Lukoil. This oil will be sold through Lukoil’s trading company Litasco. Lukoil expects to earn about $90 billion from this project. Deductions to the Iraqi side will be about $1 trillion dollars, and to achieve this, Lukoil has to increase production at the field by 10 times, i.e., up to 160,000 tons per day by 2017, and to keep this level for almost twenty years. Thus, it is obvious that it will be not only a mutually beneficial, but also long-term cooperation between Russia and Iraq in this country’s critical industry.

    Moreover, gradually this will apply to the processing of the associated gas, extracted during the production of oil (after reaching peak production, the West Qurna-2 will produce up to 6 billion cubic meters annually). In two months, Lukoil intends to submit proposals, to the Iraqi government, for the creation of capacities for processing of associated gas. Most likely, this will be the production of polyethylene and polypropylene, as the associated gas produced has a very high content of ethane.

    According to one of the top-managers of South Oil Co (SOC), partner of Lukoil, Ibrahim al-Maliki, unlike the Western companies operating in Iraq, the Russian company “pays special attention to the development of social facilities in areas of its presence”. This fact is also noted by elders of Imara Tribe, who welcome the work of the training center for local residents, established back in 2011 by Lukoil, where 350 specialists in various professions are being trained, who subsequently will be able to find good jobs, both in the oil industry and in other spheres.

    On its own initiative and at its own expense, Lukoil supplies the necessary materials and equipment to the local school, medical and sports facilities, and even searches for new sources of drinking water for the population, something that is definitely not provided for in the formal agreements with the Iraqi government. Moreover, 2/3 of the 11,000 people employed in Lukoil’s enterprises in Iraq are Iraqis. No foreign company operating in Iraq has this ratio of local and foreign labor force.

    http://journal-neo.org/2014/04/18/rus-rossiya-pomogaet-vozvrashheniyu-iraka-na-mirovoj-ry-nok-nefti/
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    Post  Firebird Fri Apr 18, 2014 2:17 am

    I think its not just its own resources that can make Russia dominant in energy. It will also be developing top level extraction methods. AND it can act as "bodyguard" to states that choose not to cave in to the US/anyone else.

    The India issue is interesting. Ofcourse there is a lot of speculation about how far the Eurasian Union and relinkage with the Ukraine will go. However, I'm very interested in the North South corridor linking Russia with India. The big question is how will the 2 connect? Will it be via the Caspian Sea and Iran and the Arabian Sea? Or via the Southern ICS and Afghanistan and Pakistan. Or via Kazakstan and India?

    I think a deeper Russia/CIS - India partnership could have great synergy. One needs food and resources. The other has a vast population and can do many labour intensive jobs cheaply. And both have highly talented technical people and a growing middle class income group. Ofcourse neither of them have any grievances/potential disputes - which is also very helpful.
    Cyberspec
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    Post  Cyberspec Sun Apr 20, 2014 1:32 am

    Important development.....First batch of oil from the new "Prirazlomnaya" oil platform in the Arctic

    macedonian
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    Russian Oil and Gas Industry: News - Page 8 Empty Our media here is reporting that Austrian OMV has signed a deal with Gazprom for SouthStream defying the sanctions.

    Post  macedonian Wed May 07, 2014 7:14 am

    Our media here is reporting that Austrian OMV has signed a deal with Gazprom for SouthStream defying the sanctions.
    Will try to find another source for it, but if true Great News!  thumbsup

    -------------
    Edit:

    Russia's Gazprom and Austria's OMV said on Tuesday that they had signed a memorandum of understanding to build a spur of the South Stream gas pipeline to Austria, despite Western sanctions against Moscow over Ukraine.

    The pipeline is designed to carry Russian gas to Europe, bypassing Ukraine - through which existing pipelines carry nearly half the gas that Europe buys from Russia. The project faces stiff resistance from some EU and U.S. officials, who want Europe to reduce its reliance on Russian energy.

    NatGas Europe

     russia


    --------
    Edit2:
    Bloomberg is also reporting it
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    Austin

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    Post  Austin Wed May 28, 2014 5:16 pm

    Some official news on Russian Reserves

    http://ria.ru/economy/20140528/1009685659.html



    Russia's oil resources will ensure production of 600 million tonnes per year for 30 years


    Scouting resource base oil fields in Russia enough to provide annual production to 600 million tons over the next 30 years, according to the Minister of Natural Resources and Environment Minister Sergei Donskoi, speaking in the Federation Council.


    "The Russian Federation has significant growth potential oil reserves - the most reliable prospective oil resources, which are localized in the country is 12.5 million tons, and inferred resources, characterized by a lower degree of scrutiny, estimated at nearly 50 billion tons."



    Already explored resource base, in principle, sufficient to ensure annual production to 600 million tons over the next 30 years "- said Don.  Laughing 

    The Minister noted that due to the complicated structure is not involved in mining, for their development must take several measures. According to him, in order to maintain current levels of production of hydrocarbons, is developing a range of measures to get the greatest effect on public funding exploration. In addition, the government pays great attention to the development of hard recoverable and unconventional. Adopted economic measures to stimulate the development of such deposits will increase to 2032 annual oil production by an average of 20 million tons and get over this period of more than 60 billion dollars in taxes.


    navyfield
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    Post  navyfield Wed May 28, 2014 8:49 pm

    There are different kinds of reserves ,proven ,potential etc..., most of new reserves are expencive far away and yield less profits then old did...
    Also that production timetable 600 mill T for 30 years is pretty amateurish ,production follows a curve because of geologic and physics reasons.
    Russia has peaked its oil production. Gas is 20 years behind...
    TR1
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    Post  TR1 Wed May 28, 2014 9:31 pm

    navyfield wrote:There are different kinds of reserves ,proven ,potential etc..., most of new reserves are expencive far away and yield less profits then old did...
    Also that production timetable 600 mill T for 30 years is pretty amateurish ,production follows a curve because of geologic and physics reasons.
    Russia has peaked its oil production. Gas is 20 years behind...

    There are new surveying and prospecting methods in the works, that will ensure a much more viable supply than with today's technology.
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    Post  Asf Wed May 28, 2014 11:05 pm

    When Russia will run out of oil, we all will live in caves
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    Post  Austin Thu May 29, 2014 11:14 am

    via RT

    Russia's reserves to provide 600mn tons of oil annually for 30 years




    Russia’s oil reserves are enough to provide a yearly extraction of 600 million tons of oil for the next 30 years, RIA Novosti quoted Natural Resources Minister Sergey Donskoi as saying on Wednesday. Russia “has a substantial potential to expand its oil reserves – the most reliable prospective oil resources found in the country make up 12.5 billion tons,” Donskoi said. “The less carefully studied forecast resources are estimated to have 50 billion tons,” he added.
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    Post  Austin Thu May 29, 2014 11:15 am

    How much 600 Million Tons of Oil will cost taking $100 per barrel ?
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    Post  Asf Thu May 29, 2014 3:52 pm

    Austin wrote:How much 600 Million Tons of Oil will cost taking $100 per barrel ?
    About 440 billion dollars if I'm correct
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    Post  Austin Thu May 29, 2014 3:58 pm

    Asf wrote:
    Austin wrote:How much 600 Million Tons of Oil will cost taking $100 per barrel ?
    About 440 billion dollars if I'm correct
     
    On mp.net some one calculated on todays price at $109

    600,000,000 x 7.2 x $109 = approx $471 Bn.


    Do you know how much Oil Tax Revenue Russia Government gets as that would determine how much of 440 billion dollar oil sale would Russian Government get as tax revenue ?
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    Post  Asf Thu May 29, 2014 5:06 pm

    Austin wrote:
    Do you know how much Oil Tax Revenue Russia Government gets as that would determine how much of 440 billion dollar oil sale would Russian Government get as tax revenue ?
    It's really complicated and depends on many factors (say, the goverment can invest money into a mining company in form of a tax reduction). There are mineral resources mining tax (the tool with what Putin got the country on it's feet), income tax, excise tax, ect. Not to mention taxes paid by oil companies employeers as a private persons and, say, taxes paid by companies who sell equipment to the oil companies. And income of goverment-controlled oil companies is generally a state's money as well
    navyfield
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    Post  navyfield Thu May 29, 2014 8:08 pm

    TR1 wrote:
    navyfield wrote:There are different kinds of reserves ,proven ,potential etc..., most of new reserves are expencive far away and yield less profits then old did...
    Also that production timetable 600 mill T for 30 years is pretty amateurish ,production follows a curve because of geologic and physics reasons.
    Russia has peaked its oil production. Gas is 20 years behind...

    There are new surveying and prospecting methods in the works, that will ensure a much more viable supply than with today's technology.
    people in that branch tend to get over optimistic...
    TR1
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    Post  TR1 Thu May 29, 2014 8:35 pm

    navyfield wrote:
    TR1 wrote:
    navyfield wrote:There are different kinds of reserves ,proven ,potential etc..., most of new reserves are expencive far away and yield less profits then old did...
    Also that production timetable 600 mill T for 30 years is pretty amateurish ,production follows a curve because of geologic and physics reasons.
    Russia has peaked its oil production. Gas is 20 years behind...

    There are new surveying and prospecting methods in the works, that will ensure a much more viable supply than with today's technology.
    people in that branch tend to get over optimistic...

    Just wait and see, you will be shocked.
    Not just in Russia too.

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